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February 09, 2005
A Conference I Missed Last Friday
I unfortunately missed last Friday's Federal Reserve Bank of San Francisco conference on the dollar and the international monetary system. Here's one conference report:
Mike Dooley and Peter Garber clearly have a point [in their belief that the current situation in convenient for both Asian and American governments, and could persist for quite a while], which they clearly push too far. They are articulate and convincing. But many people argued that their model did not fit non-China Asia... while Nick Lardy argued that their model did not fit China. So what's left?...
Two highlights were when Nouriel [Roubini] got very excited over [claims of Ricardian eqivalence] and other statements and loudly dismissed their view as "b*******," and when Steve Kamin asked, insightfully, what evidence if any would suffice to invalidate the Dooley-Folkerts-Landau-Garber model. (Alas, Steve is not as quick on his feet and quickly got stomped on.)
John Berry was there that and everything was on the record.
So now I'm waiting for a second conference report to come from John Berry at Bloomberg...
Posted by DeLong at February 9, 2005 08:59 AM
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Comments
http://www.roubiniglobal.com/archives/2005/02/my_new_paper_wi_1.html
Here is the calm and austerely collected Nouriel Roubini :)
Posted by: anne at February 9, 2005 09:06 AM
A related question that Kamin could have asked is what types of investment strategies Dooley & Garber would recommend based on their model.
Posted by: P O'Neill at February 9, 2005 09:47 AM
PO'N: there's a reason why they're in the classroom and not at some hedge fund :D
wow, that sounds like it'd have been fun to sit in on :D i guess that's why i like these blogs so much, as a chance to listen in!
i had garber for a wartime economics class that was pretty great (articulate & convincing!)... he's nice and self-effacing and all, so it'd been great seeing him defend himself against nouriel "mad dog" [roubini] :D
http://www.roubiniglobal.com/archives/2005/02/what_did_the_de.html
and the mind still boggles that poole is heading up the st. louis fed...
cheers!
Posted by: glory at February 9, 2005 11:00 AM
[troll]
Posted by: at February 10, 2005 09:19 AM
The SF Fed conference was indeed lively, to say the least. The paper that Brad Setser and I presented is now avaiable at:
http://www.stern.nyu.edu/globalmacro/BW2-Unraveling-Roubini-Setser.pdf
Posted by: Nouriel at February 10, 2005 03:30 PM
here's the writeup :D
http://quote.bloomberg.com/apps/news?pid=10000039&sid=aR8pW8sXJv7w
looks like sesit got out a little ahead and was able to move the markets tho :D the next berry/ip in waiting? he's a global player!
http://online.wsj.com/article/0,,SB110798911762950556,00.html
cheers!
Posted by: glory at February 11, 2005 09:29 AM