MONETARY AND BANKING CONFERENCE 2003

June 2, 2003

9:00 – 9:30 | Accreditation

09:30 to 10:00 | Opening Act (streamed live on the Internet)

Alfonso Prat-Gay
(President of the Central Bank of the Argentine Republic)

10:00 to 11:30 | Inflation Targeting as a Monetary Policy Framework
Moderator: Alfonso Prat Gay

13 years of experience in Inflation Targeting: variations in design and results obtained
Klaus Schmitdt-Hebbel (Central Bank of Chile)

How to Balance the Risks of Deflation and Inflation.
Kenneth Rogoff (IMF)

11:30 to 12:00 | Recess

12:00 to 13:30 | Moderator: Martín Lagos

The importance of communication with the public, transparency and accountability in the framework of the Inflation Targets. Total CPI or core inflation? Is it advisable to have exit clauses?
Rodrigo Valdés (Central Bank of Chile)

Are there differences in the practice of Inflation Targeting between developed and emerging economies?
Andrew Powell (Universidad Torcuato Di Tella)

13:30 to 15:30 | Lunch at leisure

15.30 to 17:00 | Transition to Inflation Targeting
Moderator: Guillermo Lesniewier

Initial Conditions that support the achievement of Inflation Targets.
Guillermo Calvo (Inter-American Development Bank)

Monetary Aggregates vs. Monetary Aggregates Target Inflation Target: Is it possible to live with both during the transition?
Manuel Ramos Francia (Central Bank of Mexico)

17.00 to 19:00 | International Experience in Inflation Targeting
Moderator: Pedro Lacoste

(a) Industrialized countries

The UK
Experience Nigel Jenkinson (Bank of England)

The experience of Spain
José Luis Malo de Molina (Bank of Spain)

Sweden’s
experience Claes Berg (Riksbank – Sweden)

June 3, 2003

9:00 to 11:00 | The International Experience with Inflation Targeting
Moderator: Alfonso Prat Gay

b) Emerging countries (vehicles and obstacles)

Brazil’s
experience Arminio Fraga (former President – Central Bank of Brazil)

Mexico’s
experience Jesús Marcos Yacaman (Vice President – Central Bank of Mexico)

Chile’s
experience Roberto Zahler (former President – Central Bank of Chile)

11:00 to 11:30 | Recess

11:30 to 13:00 | Inflation Targets and Exchange
Rates Moderator: Javier Gonzalez Fraga

Inflation Targeting in a Context of Turbulence in the Foreign Exchange
Market Ilan Goldfajn (Central Bank of Brazil)

Pros and Cons of Using a Monetary Conditions Index (MCI)
John Murray (Central Bank of Canada)

13:00 to 15:00 | Lunch at leisure

15.00 to 16:30 | Inflation and Fiscal Solvency
Targets Moderator: Claudio Irigoyen

Debt Restructuring, Banking Restructuring, Fiscal Predominance and Inflation Targeting.
Pablo Guidotti (Universidad Torcuato Di Tella)

Monetary Policy Transmission Mechanisms and Inflation Targeting.
José de Gregorio (Central Bank of Chile)

4:30 PM to 5:00 PM | Recess

17:00 to 18:30 | Inflation Models and Forecasting in Inflation Targeting
Moderator: Guillermo Escudé

How to structure a forecasting and policy analysis system in support of Inflation Targeting. Models for Medium-Term Forecasting: How “Big” and “Modern” Should They Be to Be Useful in Practice?
Pablo García (Central Bank of Chile)

Forecasts and Forecast Models. Difficulties in economies that have undergone recent structural changes.
Sergio Werlang (Banco Itaú)

18:30 to 19:00 | Closing Address (webcast)

Pedro Lacoste
(Vice President- Central Bank of the Argentine Republic)