Public debt, fiscal policy and EMU deepening

Monday, 20 and Tuesday, 21 November 2017

Main Building, European Central Bank, Frankfurt am Main
Conference room C2.02

Attendance is upon invitation only.

Programme

* indicates the presenter

Monday, 20 November 2017

10:30
Registration and coffee
11:00

Welcome remarks

Luc Laeven, European Central Bank

 

Session 1: Fiscal policy and business cycle stabilisation

Chair: Luc Laeven, European Central Bank

11:15

Paper 1: “The Dire Effects of the Lack of Monetary and Fiscal Coordination”

Francesco Bianchi*, Duke University and Leonardo Melosi, Federal Reserve Bank of Chicago
Presentation

Discussant: Sebastian Schmidt, European Central Bank

12:15

Paper 2: “Fiscal Policy Coordination in Currency Unions at the Effective Lower Bound”

Gernot Müller* and Thomas Hettig, University of Tübingen
Presentation

Discussant: Jesper Lindé, Sveriges Riksbank

13:15
Lunch
 

Session 2: Fiscal/financial interactions

Chair: Michael Ehrmann, European Central Bank

14:15

Paper 3: “Fiscal Multipliers and Financial Crises”

Miguel Faria-e-Castro*, Federal Reserve Bank of St. Louis
Presentation

Discussant: Mathias Trabandt, Freie Universität Berlin

15:15

Policy panel 1
Fiscal and financial union: complements or substitutes?

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

Panelists

  • Tuomas Saarenheimo, Finnish Ministry of Finance
  • Mario Nava, European Commission, DG FISMA
  • Natacha Valla, European Investment Bank
16:45
Coffee break
17:00

Paper 4: “The Employment Cost of Sovereign Default”

Neele Balke*, University of Chicago and IIES Stockholm University

Discussant: Niccolò Battistini, European Central Bank

Tuesday, 21 November 2017

10:00
Registration and coffee
 

Session 3: Public debt sustainability

Chair: Hans-Joachim Klöckers, European Central Bank

10:30

Paper 5: “Fiscal Rules and Sovereign Default”

Laura Alfaro*, Harvard Business School and Fabio Kanczuk, University of São Paulo
Presentation

Discussant: Almuth Scholl, University of Konstanz

11:30

Paper 6: “Sovereign Debt and Structural Reforms”

Andreas Müller*, University of Essex; Kjetil Storesletten, University of Oslo and Fabrizio Zilibotti, Yale University
Presentation

Discussant: Árpád Ábrahám, European University Institute

12:30
Lunch
 

Session 4: Fiscal crises

Chair: Frank Moss, European Central Bank

13:45

Paper 7: “Fiscal Crises”

Paulo Medas*, Juan Farah-Yacoub, Kerstin Gerling, Tigran Poghosyan, Yizhi Xu, International Monetary Fund
Presentation

Discussant: Carlo Favero, Bocconi University

14:45

Paper 8: “The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis”

Philippe Martin*, Sciences Po; Pierre-Olivier Gourinchas and Todd Messer, University of California, Berkeley
Presentation

Discussant: Fernando Broner, Centre de Recerca en Economia Internacional and Barcelona Graduate School of Economics

15:45
Coffee break
16:00

Policy panel 2
Economic convergence: before or beyond fiscal union?

Chair: Benoît Cœuré, member of the Executive Board, European Central Bank

Panelists

  • Thomas Wieser, Economic and Financial Committee/Eurogroup Working Group
  • Lucrezia Reichlin, London Business School
  • Ludger Schuknecht, German Ministry of Finance
  • Henrik Enderlein, Hertie School of Governance and Jacques Delors Institute
17:30

End of conference

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building
Conference Room C2.02
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000
info@ecb.europa.eu

Conference language

English

Transfers

Participants are requested to arrange their own transfers, unless indicated otherwise.

Organising committee and contacts

Jacopo Cimadomo
Directorate General Economics
+49 69 1344 5392
jacopo.cimadomo@ecb.europa.eu

Bartosz Mackowiak
Directorate General Research
+49 69 1344 5364
bartosz.mackowiak@ecb.europa.eu

Demosthenes Ioannou
Directorate General International and European Relations
+49 69 1344 6343
demosthenes.ioannou@ecb.europa.eu

Fabio Tamburrini
Directorate General International and European Relations
+49 69 1344 95046
fabio.tamburrini@ecb.europa.eu

Carolina Cestonaro
Directorate General International and European Relations
+49 69 1344 7897
carolina.cestonaro@ecb.europa.eu

Conference email address: fiscalconference2017@ecb.europa.eu