Public debt, fiscal policy and EMU deepening

Welcome remarks

Luc Laeven, European Central Bank

Session 1: Fiscal policy and business cycle stabilisation

Chair: Luc Laeven, European Central Bank

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

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

Session 2: Fiscal/financial interactions

Chair: Michael Ehrmann, European Central Bank

Paper 3: “Fiscal Multipliers and Financial Crises”

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

Discussant: Mathias Trabandt, Freie Universität Berlin

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

Paper 4: “The Employment Cost of Sovereign Default”

Neele Balke*, University of Chicago and IIES Stockholm University

Discussant: Niccolò Battistini, European Central Bank

Session 3: Public debt sustainability

Chair: Hans-Joachim Klöckers, European Central Bank

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

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

Session 4: Fiscal crises

Chair: Frank Moss, European Central Bank

Paper 7: “Fiscal Crises”

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

Discussant: Carlo Favero, Bocconi University

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

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

End of conference