Fiscal policy during and after the crisis, Frankfurt am Main - Hoofdinhoud

Thursday, 10 November 2016

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  indicates the presenter

09:30

Registration and coffee

10:00

Welcome remarks Policy panel 1

The current fiscal governance framework

Chair: Peter Praet, European Central Bank

Discussants:

Alberto Alesina, Harvard University

Alexander Stubb, former Finnish Prime Minister and Minister of Finance

Clemens Fuest, University of Munich

Maria João Rodrigues, Member of European Parliament, S&D Vice President in charge of Economic and Social Policies

11:30

Coffee break

12:00

Session 1

Optimal policy and sovereign default

Chair: Günter Coenen, European Central Bank

Paper 1

A Model of the Twin Ds: Optimal Default and Devaluation

Stephanie Schmitt-Grohé*, Seunghoon Na and Martin Uribe, Columbia University;

Vivian Zhanwei Yue, Emory University

Discussant: Huixin Bi, Federal Reserve Bank of Kansas City

12:45

Lunch

13:45

Paper 2

The Optimal Composition of Government Spending in a Deep Recession

Hafedh Bouakez*, HEC Montreal;

Michel Guillard, Université Evry Val d'Essonne;

Jordan Roulleau-Pasdeloup, HEC Lausanne

Discussant: Lena Boneva, Bank of England

Session 2

Fiscal stabilisation policy

Chair: Francesco Drudi, European Central Bank

14:30

Paper 3

Optimal Automatic Stabilizers

Ricardo Reis*, London School of Economics; Alisdair McKay, Boston University

Discussant: Keith Kuester, University of Bonn

15:15

Paper 4

Determinants and Effects of Fiscal Stabilization: New Evidence from Time-Varying Estimates

Davide Furceri* and João Tovar Jalles, International Monetary Fund

Discussant: Ryan Banerjee, Bank for International Settlements

16:00

Coffee break

16:30

Session 3

Risk sharing

Chair: Johannes Lindner, European Central Bank

Paper 5

The Role of Fiscal Transfers in Smoothing Regional Shocks: Evidence from Existing Federations

Tigran Poghosyan*, Abdelhak Senhadji and Carlo Cottarelli, International Monetary Fund

Discussant: Massimo Giuliodori, University of Amsterdam

17:15

Paper 6

An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives using Micro Data

Mathias Dolls*, Centre for European Economic Research;

Clemens Fuest, University of Munich;

Dirk Neumann, Université catholique de Louvain;

Andreas Peichl, University of Mannheim

Discussant: Francesca Carta, Banca d’Italia

19:00

Conference Dinner

Keynote speech

Mario Monti, Senator, former Prime Minister of Italy and EU Commissioner

Friday, 11 November 2016

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  indicates the presenter

9:00

Coffee

Session 4

Fiscal consolidations

Chair: Frank Smets, European Central Bank

09:15

Paper 7

Is it the "How" or the "When" that Matters in Fiscal Adjustments?

Carlo Favero* and Francesco Giavazzi, Bocconi University;

Gualtiero Azzalini, NYU Stern School of Business;

Alberto Alesina and Armando Miano, Harvard University

Discussant: Gernot Müller, University of Tübingen

10:00

Paper 8

When Fiscal Consolidation Meets Private Deleveraging

Carlos Thomas* and Óscar Arce, Banco de España; Javier Andrés, University of Valencia

Discussant: Massimiliano Pisani, Banca d’Italia

10:45

Coffee break

11:15

Policy panel 2

Mechanisms of public and private risk-sharing in monetary union

Chair: Vítor Constâncio, Vice-President of the European Central Bank

Discussants:

Nicolas Véron, Bruegel and Peterson Institute for International Economics

Peter Grasmann, European Commission

Erik F. Nielsen, Unicredit

Marco Pagano, University of Naples Federico II and ESRB Advisory Scientific Committee

12:45

Lunch

13:45

Session 5: Fiscal stance

Chair: Christophe Kamps, European Central Bank

Paper 9

Measuring and assessing the fiscal stance in the euro area: Methodological issues

Eloise Orseau* and Matteo Salto, European Commission

Discussant: Krzysztof Bankowski, European Central Bank

14:30

Paper 10

Fiscal Policy Changes and Aggregate Demand in the U.S. Before, During and Following the Great Recession

William B. Peterman*, David Cashin, Jamie Lenney and Byron Lutz, Federal Reserve Board

Discussant: António Afonso, University of Lisbon

15:15

Paper 11

Fiscal Spillovers in the Euro Area: Sign, Size and Determinants

Josef Hollmayr*, Deutsche Bundesbank; Georgios Georgiadis, European Central Bank

Discussant: Roel Beetsma, University of Amsterdam and European Fiscal Board

16:00

End of conference

General information

About the conference

Transfers: Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise

Dinner venue: Goldmund im Literaturhaus, Frankfurt am Main

Schöne Aussicht 2, 60311 Frankfurt am Main

+49 (0) 69 210 85 985, Email: info@gold-mund.de

Please note that this programme may be subject to change without notice.

Contact details

Conference email address: fiscal-conference-2016@ecb.europa.eu

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  Jacopo Cimadomo, Directorate General Economics

  Tel.: +49 (0) 69 1344 5392, email: Jacopo.Cimadomo@ecb.europa.eu

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  Sebastian Schmidt, Directorate General Research

  Tel.: +49 (0) 69 1344 8266, email: Sebastian.Schmidt@ecb.europa.eu

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  Stephanie Bergbauer, Directorate General International and European Relations

  Tel.: +49 (0) 69 1344 9774, email: Stephanie.Bergbauer@ecb.europa.eu

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  Annekatrin Bergmann, Directorate General Economics

  Tel.: +49 (0) 69 1344 7818, email: Annekatrin.Bergmann@ecb.europa.eu

Call for Papers information

Submission deadline: 31 July 2016

The role of fiscal policy for business-cycle stabilisation and for risk sharing in a monetary union is a matter of interest for both policymakers and academics, especially in view of the financial crisis in Europe of past years. The aim of the conference is to explore this role, accompanied by policy discussions on completing Europe’s Economic and Monetary Union (EMU) with a focus on improving the EMU fiscal policy framework.

The conference will be hosted by the European Central Bank, in Frankfurt am Main on 10-11 November 2016.

Topics

Theoretical and empirical macroeconomic papers on the following topics are particularly welcome:

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  The role of fiscal policy as a stabilising tool, with a particular focus on fiscal policy stabilisation in monetary unions
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  Public risk-sharing mechanisms within monetary unions, including links with private risk sharing
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  The aggregate euro area fiscal stance, the national and international transmission of fiscal shocks
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  Tools to assess the long-term sustainability of public finances, measures of fiscal limits and fiscal space
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  The quality of fiscal policies, e.g. the optimal composition of public expenditure and tax policies
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  Monetary and fiscal determinants of inflation
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  The inter-linkages between fiscal policy and the financial sector

The scope of the conference can, however, be considered to be wider than the themes listed above, and submissions on other related topics are also encouraged. It is planned that the conference material will be published on the ECB’s website.

The conference will include invited speaker presentations by Carlo Favero (Bocconi University), Timothy Kehoe (University of Minnesota), and Stephanie Schmitt-Grohé (Columbia University). Members of the ECB’s Executive Board will also participate.

Submissions

Please submit papers in PDF format to fiscal-conference-2016@ecb.europa.eu by 31 July 2016. Authors will be notified whether their papers have been accepted by 31 August 2016.

Expenses

Travel and accommodation expenses of the presenters of accepted papers and discussants will be covered by the ECB. Participants from central banks and other official institutions will be expected to cover their own expenses.

Conference organisers

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  Jacopo Cimadomo
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  Sebastian Schmidt
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  Florian Walch