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For release on delivery
9:00 a.m. EST
December 1, 2006

Opening Remarks

Ben S. Bernanke
Board of Governors of the Federal Reserve System
at the
Fourth Conference of the International Research Forum on Monetary Policy
Washington, D.C.

Vice President Papademos, ladies and gentlemen, I would like to welcome you to
the fourth conference ofthe International Research Forum for Monetary Policy. The
forum is one outgrowth of the increased interaction between central banks and academic

institutions that, in my opinion, benefits both groups. It is a true joint effort involving the
European Central Bank, the Federal Reserve Board, the BMW Institute for German and
European Studies at Georgetown University, and the Centre for Financial Studies at
Goethe University in Frankfurt.
You have a very full agenda for the next two days. The topics represent a good
mix of theoretical work as well as empirical work based on both calibration and
econometric estimation. You are beginning with two papers that emphasize the
importance of inflation expectations. Other papers examine such topics as the application
of search theory, the functioning of mortgage markets, the theoretical analysis of optimal
monetary policy, and empirical research on price-setting at the aggregate level.
There is a lot of intellectual food on the table. Bon appetit!