Research Bulletin No. 1, November 2004

1 Financial Contagion: Myth or Reality? 2 Monetary Policy in a Low Inflation Environment 6 Policy Changes: Macroeconomics and Identification 8 Hicks-Tinbergen Medal for Eurosystem Researchers 10 ECB Lamfalussy Fellow Wins Research Prize 10 Thomas Sargent on Learning and Model Uncertainty 11 Selected Recent Journal Publications by ECB Staff 11 References 12 – Joint Workshop of the ECB and the IMF on “Global Financial Integration, Stability and Business Cycles: Exploring the Links”, Frankfurt, 16-17 November, 2004. – 4th Workshop of the Euro Area Business Cycle Network (EABCN), Brussels, 19-20 November, 2004. – IPN Conference on “Inflation Persistence in the Euro Area”, Frankfurt, 10-11 December 2004. – Workshop on “Monetary Policy Implications of Heterogeneity in a Currency Area”, Frankfurt, 13-14 December, 2004. – Workshop on “Monetary Policy Implementation in the Euro Area: Lessons from the Past and Challenges Ahead”, Frankfurt, 20-21 January, 2005. – International Conference on “Competition, Stability and Integration in European Banking”, ECB-CFS Research Network, CEPR and NBB, Brussels, 23-24 May, 2005. Editorial