NBRE Spring Institute 2015 Keynote speaker: Martin Eichenbaum (Northwestern University)

15:40 – 16:55 Parallel Session 5B on monetary an fiscal policy interactions Chair: Stéphane Moyen (Deutsche Bundesbank). “Monetary Policy and the Maturity Structure of

Bygdaheimen – 15:00 Sævareid kapell – 16:00 Hålandsdalen kyrkje – 16:00. Lekmannsgudsteneste Lekmannsgudsteneste

Owing to the time lag in monetary policy, shocks that impact the economy and trade- offs with regard to stability in output and employment, Norges Bank emphasised that monetary

Solveig Erlandsen: Sticky house prices: Evidence from Norway, 1819-1989 Andre’ Anundsen: Micro efficiency in the housing market. Knut Are Aastveit: Monetary policy shocks

 Monetary policy controls inflation and gives weight to stabilising output.  No long-term trade-off between inflation and

While optimal monetary policy is able to stabilize price in‡ation, wage in‡ation and output around potential almost completely in the standard New Keynesian model, the trade- o¤s

13:00 - 13:50 SEMINAR: House prices and consumer spending David Berger (Northwestern University). Veronica Guerrieri (University of Chaicago) Guido Lorenzoni

Note: The model-implied values come from our model with no nominal rigidities and only technology shocks... The horizontal axis shows quarters after the shock. The horizontal axis