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