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 |
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| 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