Thursday, June 1, 2017

 

 

08:30-09:00          

 

Registration, Coffee

 

09:00-09:15

 

Welcome to Danmarks Nationalbank, Per Callesen, Governor

 

Welcome to the conference, Svend E. Hougaard Jensen, Professor, Copenhagen Business School

 

   

Session 1:  Fiscal Institutions

09:15-10:00                          

 

Roel Beetsma, University of Amsterdam, the Netherlands;  Xavier Debrun, IMF; Victor Lledo, IMF; and Xiaoxiao Zhang, IMF: “The rise of independent fiscal institutions: Recent trends and perspectives”

Slides

Discussant: Charles Wyplosz, Graduate Institute of International and Development Studies, Switzerland

Slides

 

10:00-10:45

 

Zareh Asatryan, ZEW, Mannheim, Germany; Xavier Debrun, IMF; Friedrich Heinemann, ZEW, Mannheim, Germany; Michal Horvath, York University, UK;  L'udovít Ódor, Council for Budget Responsibility, Slovakia; and Mustafa Yeter, ZEW, Mannheim, Germany: "Making the most of the European Fiscal Board"

Slides

Discussant: Roel Beetsma, University of Amsterdam, the Netherlands

Slides

 

10:45-11:15

 

Coffee break

11:15-11:40

 

Árpád Ábrahám, European University Institute, Italy;  Eva Carceles-Poveda, Stony Brook University, USA; Yan Liu, Wuhan University, China; and Ramon Marimon, European University Institute, Italy: ”On the optimal design of a Financial Stability Fund”

Slides

 

11:40-12:05

 

Gregory Claeys, Bruegel; Zsolt Darvas, Bruegel; and Álvaro Leandro, Bruegel, Belgium: ”A proposal to revive the European Fiscal Framework”

Slides

 

12:05-12:30

 

David Vines, Oxford, UK: “The Macroeconomic Imbalances Procedure: Are the purposes being achieved?”

 

12:30-13:00  

Roundtable on Fiscal Institutional Design: Ramon Marimon, Gregory Claeys and David Vines

13:00-14:00

 
 

Lunch
 

   

Session 2: Fiscal Rules, the Welfare State and Inequality

14:00-14:45        

       

Torben M. Andersen, University of Aarhus, Denmark: “Budget rules and public sector size and structure”

Slides

Discussant: Michael Burda, Humboldt-Universität zu Berlin, Germany

Slides

 

14:45-15:30

 

Mathias Klein, DIW Berlin, Germany, and Roland Winkler, TU Dortmund University, Germany: “Austerity, inequality, and private debt overhang”

Slides

Discussant: Gregory Claeys, Bruegel, Belgium

Slides

 

15:30-15:45

 

Coffee break

 

15:45-16:30

 

Xavier Debrun, IMF, and Lars Jonung, Lund University, Sweden: “Rule-based fiscal policy: How sustainable is it?”

Slides

Discussant: Carolin Nerlich, Fiscal Policies Division, ECB

Slides

 

16:30-17:15

  Andrew Hughes Hallett, George Mason University, USA,  Svend E. Hougaard Jensen, Copenhagen Business School, Denmark, Thorsteinn S. Sveinsson, Central Bank of Iceland, and  Filipe Vieira, Copenhagen Business School, Denmark: “From here to there: The transition path of sustainable fiscal strategies under adverse demographics"

Slides

 

19:00-21:30  

Dinner at the Royal Danish Opera

 

Dinner speech: Niels Thygesen, University of Copenhagen, and chairman of the European Fiscal Board 

 

-------------------------------------------------------------------------------------------------

 

Friday, June 2, 2017 

 

 

08:30-09:15         

 

Registration, Coffee

 

   

Session 3: Fiscal Dimensions of Monetary Policy

09:15-09:40                          

 

Marco Del Negro, Federal Reserve Bank of New York, USA: ”On the fiscal implications of central banks’ balance sheets”

Slides

 

09:40-10:05

  Henrique Basso, Banco de Espana, Spain and James Costain, Banco de Espana, Spain: ”Fiscal delegation in a monetary union: Instrument assignment and stabilization properties”

 

10:05-10:30

 

Giancarlo Corsetti, University of Cambridge, UK; Luca Dedola, ECB; Marek Jarociński, ECB; Bartosz Maćkowiak, ECB; and Sebastian Schmidt, ECB: ”Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union”

 

10:30-11:00

 

Roundtable on Monetary-Fiscal Interactions:  Marek Jarociński, Henrique Basso and Marco Del Negro

Slides

 

11.00-11.30

 

Coffee break

11:30-12:15

 
 

Keynote address: Marco Buti, Director-General for Economic and Financial Affairs at the European Commission: "Fiscal Framework in Europe: between centralisation and decentralisation"

Slides

 

12:15-13:15

 

Lunch

   

Session 4: Public Debt, Rules and Financial Markets

13:15-14:00  

Guntram Wolff, Bruegel, Belgium: “On the no-bail-out clause and sovereign debt restructuring mechanism: How does it relate to Europe's fiscal framework?”

Discussant: Ramon Xifré, ESCI-Universitat Pompeu Fabra and IESE Business School, Spain

Slides

 

14:00-14:45  

U. Michael Bergman, University of Copenhagen, Denmark; Michael M. Hutchison, University of California, Santa Cruz, USA; and Svend E. Hougaard Jensen, CBS, Denmark: ”European policy and markets: Did policy initiatives stem the sovereign debt crisis in the Euro Area?”

Slides
Discussant: Massimo Giuliodori, University of Amsterdam, the Netherlands

Slides

 

14:45-15:00  

Coffee break

15:00-15:45        

       

Wolf Heinrich Reuter, Staff of the German Council of Economic Experts, Germany: “When and why do countries break their national fiscal rules?”

Slides

Discussant: Victor Lledo, IMF

Slides

 

15:45-16:00  

Closing remarks

 

 


 

Danmarks Nationalbank - Havnegade 5 - 1093 - KĂžbenhavn K - +45 3363 6363