Debt, growth and macroeconomic policies

6 and 7 December 2012, Frankfurt am Main, Eurotower CVII

8.30 a.m. Registration and coffee
9 a.m. Keynote speech
The debt crisis in Europe: How did we get here and how can we get out?
Timothy Kehoe (University of Minnesota) presentation
  SESSION I:
MONETARY AND FISCAL POLICY IN AN ENVIRONMENT OF HIGH DEBT
10 a.m. Deficits, public debt dynamics, and tax and spending multipliers
Gauti B. Eggertsson (Federal Reserve Bank of New York) presentation
with Matthew Denes (University of Pennsylvania)
and Sophia Gilbukh (Federal Reserve Bank of New York)
Discussant: James Costain (Banco de España) presentation
11.10 a.m. Coffee break
11.30 a.m. Government debt, the zero lower bound and monetary policy
Mathias Trabandt (Board of Governors of the Federal Reserve System) paper, presentation
with Frank Smets (European Central Bank)
Discussants: Leopold von Thadden (University of Mainz) presentation
12.40 p.m. Lunch
  SESSION II:
DEBT OVERHANG AND DELEVERAGING
2 p.m. A European hangover
Jean Imbs (Paris School of Economics) paper, presentation
with Romain Rancière (Paris School of Economics)
Discussant: Ugo Panizza (Graduate Institute Geneva)
3.10 p.m. Debt deleveraging and the exchange rate
Federica Romei (LUISS Guido Carli) paper, presentation
with Pierpaolo Benigno (LUISS Guido Carli)
Discussant: Cédric Tille (Graduate Institute Geneva) presentation
4.20 p.m. Coffee break
4.40 p.m. On the optimal design of a financial stability fund
Ramon Marimon (European University Institute, UPF - Barcelona GSE) paper
with Árpád Ábrahám (European University Institute)
and Eva Carceles-Poveda (State University of New York at Stony Brook)
Discussant: Andreas Schabert (University of Dortmund) presentation
5.50 p.m. Fiscal policy and the distribution of consumption risk
M. Max Croce (University of North Carolina, Chapel Hill) paper, presentation
with Lukas Schmid (Fuqua School of Business, Duke University),
Thien T. Nguyen (The Wharton School, University of Pennsylvania)
Discussant: Alexander Michaelides (University of Cyprus) presentation
7.30 p.m. Conference dinner
  Dinner speech
Benoît Coeuré (Member of the ECB’s Executive Board)
Kindly note that dinner attendance is upon invitation only.
8.45 a.m. Registration and coffee
9 a.m. Keynote speech
New perspectives on the European debt crisis
Enrique Mendoza (University of Maryland) presentation
  SESSION III:
BAILOUTS AND DEBT STRUCTURE
10 a.m. Optimal policy for macro-financial stability
Eric Young (University of Virginia) paper, presentation
with Gianluca Benigno (London School of Economics)
Huigang Chen (MarketShare Partners)
Christopher Otrok (University of Missouri and Federal Reserve Bank of St. Louis),
Alessandro Rebucci (Inter-American Development Bank)
Discussant: Bartosz Maćkowiak (European Central Bank) presentation
11.10 a.m. Coffee break
11.30 a.m. Fiscal foundations of inflation: imperfect knowledge
Stefano Eusepi (Federal Reserve Bank of New York) paper, presentation
with Bruce Preston (Monash University)
Discussant: Christian Matthes (UPF - Barcelona GSE) presentation
12.40 p.m. Lunch
2 p.m. Policy panel
Macroeconomic policies in the presence of high debt
Frank Smets (Chair, European Central Bank)
Luc Laeven (International Monetary Fund)
Alexander Michaelides (University of Cyprus) presentation
Philip Turner (Bank for International Settlements) presentation
4 p.m. End of conference
Conference dates 6 and 7 December 2012
Conference venue

European Central Bank
Eurotower, CVII

Kaiserstraße 29
60311 Frankfurt am Main
Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
E-mail: info@ecb.europa.eu
Conference language English
Dinner venue Restaurant Emma Metzler
Schaumainkai 17
60594 Frankfurt am Main
Contact persons

Saskia Schwägermann
ECB Directorate General Economics
Monetary Policy Strategy Division
E-mail: conf-DebtMacroPolicies@ecb.int

Jutta Auth
ECB Directorate Communications
Publishing, Events and Protocol Division
E-mail: EVP-Events@ecb.europa.eu

Website http://www.ecb.europa.eu/events/conferences/html/201212_debtgrowthmacro.en.html
Programme Please note that this programme may be subject to change without notice.