Sixth ECB biennial conference on “Fiscal Policy and EMU Governance”
Monday, 18 and Tuesday, 19 December 2023
Frankfurt am Main
At the sixth biennial ECB conference on “Fiscal Policy and EMU Governance” we welcomed a keynote lecture by Olivier Blanchard, a high-level policy panel on EMU policy challenges and reforms, and cutting-edge academic papers that discussed among other things monetary-fiscal interactions, public finance rules and sustainability and the impact of fiscal policy on the economy at a time when the revision of the EU’s Stability and Growth Pact was approved.
Photos
High-quality images of the conference are available on Flickr.
Programme
Times are Central European Time (UTC+1)
- 8:30
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Registration and coffee
- 9:00
-
Welcome remarks
Frank Smets, European Central Bank
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Session 1
Fiscal policies in monetary unions and the financing of fiscal deficitsChair: Frank Smets, European Central Bank
- 9:10
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Fiscal federalism and monetary unions
- 10:00
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Can deficits finance themselves?
Christian K. Wolf, MIT, together with George-Marios Angeletos and Chen Lian
- 10:50
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Coffee break
-
Session 2
The design of fiscal rules and fiscal consolidationsChair: Christophe Kamps, European Central Bank
- 11:20
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Measuring Fiscal Discipline: A Revealed Preference Approach
Geert Mesters, Universitat Pompeu Fabra, together with Regis Barnichon
Discussant: Facundo Piguillem, Einaudi Institute for Economics and Finance
- 12:10
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Is “expansionary fiscal austerity” for real?
Roberto Perotti, Bocconi University, together with Luca Sala
- 13:00
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Lunch
- 14:30
-
Keynote lecture
Fiscal versus monetary policy as stabilization toolsOlivier Blanchard, Peterson Institute for International Economics
Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank
- 15:30
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Coffee break
- 16:00
-
Policy panel
“New policy challenges and reform needs for the EMU”Chair: Philip R. Lane, Member of the Executive Board, European Central Bank
Panelli/conferences/shared/pdf/20231218_6th_biennial_conference_FP-EMU/Ardagna_Slides.pdf">Silvia Ardagna, Chief European Economist, Barclays
- Roel Beetsma, Member of the European Fiscal Board, University of Amsterdam
- Valdis Dombrovskis, Executive Vice-President, European Commission
- Jeromin Zettelmeyer, Director, Bruegel
- 17:30
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End of day one
- 18:00
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Dinner - by invitation only
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Dinner speech
Vítor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund
- 9:00
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Registration and coffee
-
Session 3
Macroeconomic effects of fiscal policyChair: Christiane Nickel, European Central Bank
- 9:30
-
Fiscal policy in a networked economy
John Sturm Becko, Princeton University, together with Joel P. Flynn and Christina Patterson
- 10:20
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Spending effects of fiscal transfers in a pandemic
Nils Wehrhöfer, Deutsche Bundesbank, together with Olga Goldfayn-Frank and Vivien Lewis
- 11:10
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Coffee break
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Session 4
Monetary fiscal interactions in a monetary unionChair: Oscar Arce, European Central Bank
- 11:40
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Asset Purchases in a Monetary Union with Default and Liquidity Risks
Huixin Bi, Federal Reserve Bank of Kansas City, together with Andrew Foerster and Nora Traum
- 12:30
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Fiscal influences on inflation in OECD countries, 2020-2022
Francesco Bianchi, Johns Hopkins University, together with Robert J. Barro - 13:30
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Lunch and end of conference
Each paper presenter has 25 minutes, each discussant 15 minutes, and there are 10 minutes for general discussion.
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.
General information
European Central Bank
C3.08/09
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Jacopo Cimadomo
- Demosthenes Ioannou
- Bartosz Mackowiak
- Leopold von Thadden
- Nico Zorell
all European Central Bank
Stefania Ferrara
+49 (0) 69 1344 24819
Stefania.Ferrara@ecb.europa.eu
Natalia Briseño Oloriz
+49 (0) 69 1344 24779
Natalia.Briseno_Oloriz@ecb.europa.eu