ECB Public Finance Conference: “Fiscal policy, monetary policy and their interaction in a monetary union”

Conference dates: 11-12 December 2014

Venue: Steigenberger Frankfurter Hof, Salon 15

8 a.m. Registration and coffee
9 a.m. Opening remarks
Peter Praet, Member of the Executive Board, European Central Bank
Session 1: Monetary and fiscal interactions
Chair: Massimo Rostagno, European Central Bank
9.30 a.m. Paper 1: Monetary policy and debt fragility paper
Antoine Camous, European University Institute;
*Russell Cooper, Pennsylvania State University presentation

Discussant: Giancarlo Corsetti, University of Cambridge presentation
10.30 a.m. Coffee break
11 a.m. Paper 2: When does a central bank’s balance sheet require fiscal support? paper
*Marco Del Negro, Federal Reserve Bank of New York; presentation
Chris Sims, Princeton University

Discussant: Andreas Schabert, University of Cologne presentation
12 p.m. Presentation: Debt resolution in EMU presentation
Charles Wyplosz, Graduate Institute of International and Development Studies, Geneva

Chair: Pablo Hernández de Cos, Banco de España
1 p.m. Lunch
2 p.m. Session 2: Monetary and fiscal policy issues in currency unions (part I)
Chair: Francesco Drudi, European Central Bank

Paper 3: Fiscal multipliers: liquidity traps and currency unions paper
Iván Werning, Massachusetts Institute of Technology presentation

Discussant: Tommaso Monacelli, Bocconi University presentation
3 p.m. Paper 4: Exit expectations in currency unions paper
Alexander Kriwoluzky, *Gernot J. Müller and Martin Wolf, University of Bonn presentation

Discussant: Leopold von Thadden, European Central Bank presentation
4 p.m. Coffee break
4.30 p.m. Session 3: Monetary and fiscal policy issues: empirical studies
Chair: Klaus Masuch, European Central Bank
4.30 p.m. Paper 5: Interaction of government tiers and central banks in a federation: an empirical test paper
Peter Claeys, University of Barcelona presentation

Discussant: Josef Hollmayr, Deutsche Bundesbank presentation
5.30 p.m. Paper 6: Hard work, and foreign help: how to successfully conduct adjustment with official assistance paper
*Martin Larch, Kristin Magnusson Bernard and Balint Tatar, European Commission presentation

Discussant: Panos Tsakloglou, Athens University of Economics and Business presentation
8.00 p.m. Dinner
8 a.m. Registration and coffee
9 a.m. Policy Panel
Agnès Bénassy Quéré, University of Paris 1 Panthéon Sorbonne; presentation
Beatrice Weder di Mauro, University of Mainz; presentation
Vítor Gaspar, International Monetary Fund; presentation
Thomas Westphal, German Federal Ministry of Finance

Chair: Peter Praet, Member of the Executive Board, European Central Bank
10.30 a.m. Coffee break
11 a.m. Session 4: Monetary and fiscal policy issues: links to the financial system
Chair: Günter Coenen, European Central Bank

Presentation: The I Theory of Money presentation
Markus Brunnermeier, Princeton University
12 p.m. Paper 7: Financial intermediation and government debt default paper
*Huixin Bi, Bank of Canada; Eric M. Leeper, Indiana University; presentation
Campbell Leith, University of Glasgow

Discussant: Peter Karadi, European Central Bank presentation
1 p.m. Lunch
2 p.m. Session 5: Monetary and fiscal policy issues in currency unions (part II)
Chair: Werner Roeger, European Commission

Paper 8: The fiscal impact on euro-area inflation
*Giovanni Callegari and Francesco Drudi, European Central Bank presentation; Keith Kuester, University of Bonn

Discussant: Roel Beetsma, University of Amsterdam presentation
3 p.m. Paper 9: Jump-starting the euro area recovery: would a rise in core fiscal spending help the periphery? paper
Olivier Blanchard, International Monetary Fund;
Christopher J. Erceg, Board of Governors of the Federal Reserve System;
*Jesper Lindé, Sveriges Riksbank presentation

Discussant: Volker Wieland, Goethe University Frankfurt presentation
4 p.m. End of conference
Conference dates Thursday, 11 and Friday, 12 December 2014
Conference venue Hotel Steigenberger Frankfurter Hof
Conference room: Salon 15
Am Kaiserplatz
60311 Frankfurt, Germany
Tel: +49 (0) 69 215 02
Fax: +49 (0) 69 215 900
Conference language English
Transfers Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise
Dinner venue Hotel Jumeirah Frankfurt
Ballroom 1
Thurn-und-Taxis-Platz 2
60313 Frankfurt am Main
Tel: +49 (0) 69 2972370

Dress code: business attire

Participants are requested to make their own way to the venue, which is within easy walking distance of the meeting venue and the other hotels suggested
Contacts Maximilian Freier
Directorate General Economics
Mobile: : + 49 (0) 170 229 2470
E-mail: maximilian.freier@ecb.europa.eu

Annekatrin Bergmann
Directorate General Economics
Mobile: +49 (0) 174 340 9797
E-mail: annekatrin.bergmann@ecb.europa.eu

Jutta Auth
Directorate General Communications & Language Services
Outreach & Protocol Division
Tel.: +49 (0) 69 1344 7417
E-mail: dgc-events@ecb.europa.eu
  Please note that this programme may be subject to change without notice

The Fiscal Policies Division of the ECB, in collaboration with the Monetary Policy Strategy Division, is organising the 2014 ECB Public Finance Conference. In view of the crisis experience in Europe over the past years, the conference seeks to explore the interaction of fiscal and monetary policy, particularly but not exclusively in monetary unions. The event will be held in Frankfurt am Main on 11-12 December 2014.

Invited speakers and panellists include members of the ECB Executive Board as well as leading scholars in the field of monetary economics and public policy, including Agnès Bénassy-Quéré, Markus Brunnermeier (tbc), Clemens Fuest, Vítor Gaspar, Iván Werning and Charles Wyplosz.

We would like to invite you to submit new research for presentation at the conference. Possible conference topics include (but are not restricted to):

  • challenges of a single monetary policy with decentralised fiscal policies,
  • the impact of fiscal policies on prices and output,
  • the impact of fiscal policies on the monetary policy transmission mechanism, e.g. bank balance sheets and credit conditions,
  • public debt, economic growth and monetary policy,
  • fiscal and monetary policy interaction during a crisis, e.g. the impact of non-standard monetary policy measures or constrained fiscal policies.

Theoretical and empirical macroeconomic or political economy papers related to the topic of the conference are welcome. Our intention is to publish the material of the conference on the ECB's website.

Submissions of complete manuscripts should be made by 14 September 2014 to fiscalconference2014@ecb.europa.eu. You may also indicate whether you would be interested in acting as a discussant. Authors of selected papers will be notified by early October. The conference is open to researchers from academia, central banks as well as national and international institutions.

Expenses: Travel expenses of presenting authors and discussants will be reimbursed. Participants from central banks and other official institutions will be expected to cover their own expenses.

Organising Committee: Jacopo Cimadomo, Maximilian Freier, Leopold von Thadden, Thomas Warmedinger