02/03/2012 - 03/03/2012 : Fiscal Policy in the Aftermath of the Financial Crisis

Date & location

2-3 March 2012 - Brussels, Belgium

Venue

EU Commission - Salle Jean Rey, Berlaymont Building (BERL), rue de la Loi 200, 1049 Brussels

Key objective

The idea of the conference is to bring together economists who have recently contributed to new developments in fiscal policy, especially in areas such as fiscal stimuli in financial crises, sustainable fiscal policy in currency unions, the modelling of sovereign risk premia and their effects on the real economy, the link between government debt and interest rates for the private sector, moral hazard and bailouts in monetary unions, fiscal limits and empirical DSGE models of fiscal policy.

Pre-conference dinner for speakers and discussants

Thursday 1 March 2012 (Silken Berlaymont Hotel from 19h30 onwards – please contact the reception desk at the hotel for further details)

Organisers

Robert Kollmann (ECARES), Eric Leeper (Indiana University), Chris Otrok (University of Missouri & JEDC editor) & Werner Roeger (DG ECFIN)

Practical arrangements

See attached document for details regarding transport links; accommodation issues; directions from the hotel to the conference venue; specific security requirements; as well as details regarding the conference dinner.

• Practical arrangements(197 kB)  

Downloads

• Programme(109 kB)  

Conference programme

Day 1 - Friday, March 2
08:30 - 09:00	Registration, welcome and opening remarks
Morning session - Chairperson: Robert KOLLMANN
09:00 - 10:00	Paper 1 : "Securities Transactions Taxes" (375 kB)  Julia Lendvai (ECFIN), Rafal Raciborski (ECFIN), and Lukas Vogel (ECFIN)
	Presenter	Lukas Vogel(404 kB)
	Discussant	Gregory de Walque (National Bank of Belgium)(130 kB)
	Floor discussion
10:00 - 11:00	Paper 2 : "Estimating Sovereign Default Risk"(220 kB)   Huixin Bi (Bank of Canada) & Nora Traum (North Carolina State University)
	Presenter	Nora Traum(378 kB)
	Discussant	Chris Otrok (University of Missouri)(209 kB)
	Floor discussion
11:00 - 11:20	Coffee break
11:20 - 12:20	Paper 3 : "Unconventional Fiscal Policy at the Zero Bound" (670 kB)  Isabel Correia (Bank of Portugal), Emmanuel Farhi (Harvard), Juan Pablo Nicolini (Minneapolis Fed), and Pedro Teles (Bank of Portugal)
	Presenter	Pedro Teles(349 kB)
	Discussant	Samuel Reynard (National Bank of Switzerland)(223 kB)
	Floor discussion
12:20 - 13:20	Paper 4 : "The Maturity Structure of Debt, Monetary Policy and Expectations Stabilization" Bruce Preston (Columbia University) & Stefano Eusepi (NY Fed)
	Presenter	Bruce Preston(147 kB)
	Discussant	Leopold von Thadden (University of Mainz)(215 kB)
	Floor discussion
13:20 - 14:20	Lunch
Afternoon Session – Chairperson : Werner Roeger
14:20 - 15:20	Policy Panel : "The Fiscal Dimension of the Global Financial Crisis" Chair : Servaas Deroose, Deputy Director General, DG ECFIN Panel Speakers : Chris Sims (Princeton University, Nobel Laureate Economics 2011, President of the American Economic Association); Benoit Mojon (Bank of France); Harald Uhlig (University of Chicago), Volker Wieland (University of Frankfurt), Lucio Pench (DG ECFIN)
15:20 - 16:20	Paper 5 : "Modeling Fiscal Impacts on Inflation in a DSGE" Chris Sims (Princeton University)
	Presenter	Chris Sims(90 kB)
	Discussant	Harald Uhlig (University of Chicago)(268 kB)
	Floor discussion
16:20 - 16:40	Coffee break
16:40 - 17:40	Paper 6 : "Analyzing Fiscal Sustainability"  (392 kB)  Huixin Bi (Bank of Canada), and Eric Leeper (Indiana University)
	Presenter	Huixin Bi(377 kB)
	Discussants	Andreas Schabert (University of Dortmund)(176 kB)
	Floor discussion
17:40 - 18:30	Paper 7 : "Fiscal Consolidations in Currency Unions: Spending Cuts vs Tax Hikes" (477 kB)  Chris Erceg (Federal Reserve Board) and Jesper Lindé (Federal Reserve Board)
	Presenter	Jesper Lindé(2 MB)
	Discussants	Julia Lendvai (DG ECFIN)(236 kB)
	Floor discussion
19:30-22:00	Conference Dinner
Day 2 - Saturday, March 3
Morning Session – Chairperson : Chris Otrok
09:00 - 10:00	Paper 1 : "The Dynamics of Sovereign Debt Crises and Bailouts"(463 kB)   Francisco Roch (University of Chicago) and Harald Uhlig (University of Chicago)
	Presenter	Harald Uhlig(551 kB)
	Discussant	Peter Benczur (National Bank of Hungary)(94 kB)
	Floor discussion
10:00 - 11:00	Paper 2 : "Fiscal policy, welfare, and the zero lower bound" (277 kB)  Florin Bilbiie (Paris School of Economics), Tommaso Monacelli (Bocconi University), and Roberto Perotti (Bocconi)
	Presenter	Tommaso Monacelli(347 kB)
	Discussants	Rafal Raciborski (DG-ECFIN)(242 kB)
	Floor discussion
11:00 - 11:20	Coffee break
11:20 - 12:20	Paper 3 : "Banks, Fiscal Policy and the Financial Crisis"   Robert Kollmann (ECARES), Marco Ratto (EU-JRC), Werner Roeger (DG-ECFIN), and Jan In't Veld (DG-ECFIN),
	Presenter	Werner Roeger(184 kB)
	Discussant	Federico Signoretti (Bank of Italy)(90 kB)
	Floor discussion
12:20 - 13:20	Paper 4 : "Fiscal Policy & the Great Recession in the Euro Area" (280 kB)  Günter Coenen (ECB), Roland Straub (ECB), and Mathias Trabandt (FRB)
	Presenter	Roland Straub(2 MB)
	Discussant	Raf Wouters (National Bank of Belgium)(132 kB)
	Floor discussion
13:20 - 14:20	Lunch
Afternoon Session – Chairperson : Robert Kollmann
14:20 - 15:20	Paper 5 : "Fiscal Consolidation Strategies"(270 kB)   John Taylor (Stanford University), Volker Wieland (University of Frankfurt), and Maik Wolters (IMFS)
	Presenter	Volker Wieland(386 kB)
	Discussant	Günter Coenen (ECB)(111 kB)
	Floor discussion
15:20 - 16:20	Paper 6 : "Exchange Rate Regimes and Fiscal Multipliers"(389 kB)   Benjamin Born (University of Bonn), Falko Juessen (University of Dortmund), and Gernot Mueller (University of Bonn),
	Presenter	Gernot Mueller(2 MB)
	Discussant	Domenico Giannone (ECARES)(279 kB)
	Floor discussion