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Interactions between Monetary and Fiscal Policies
25 – 26 Febrero 2010
Madrid
Información
Las autoridades monetarias y fiscales han llevado a cabo ambiciosas e innovadoras intervenciones como respuesta a la reciente crisis financiera. Para comprender mejor los efectos de estas políticas, el Banco de España organizó una conferencia titulada Interactions between Monetary and Fiscal Policies que se celebró en Madrid los días 25 y 26 de febrero de 2010. Algunos temas para el análisis fueron los efectos cuantitativos de las políticas monetaria y fiscal y sus interacciones, las políticas monetaria y fiscal en el contexto de una unión monetaria o las implicaciones fiscales a largo plazo y posibles estrategias de salida.
Giancarlo Corsetti (EUI), Philip Lane (Trinity College), Eric Leeper (Indiana University), Albert Marcet (LSE), Roberto Perotti (IGIER), y Volker Wieland (Goethe University, Frankfurt) fueron algunos de los invitados.
Ponencias
- 25 Febrero 2010
- Session 1
- 08.30 - 10.45
- Chair: José Luis Malo de Molina (Banco de España)
"Unfunded liabilities’ and uncertain fiscal financing"
(683 KB)
Troy Davig (Fed Kansas City), Eric Leeper (Indiana University) and Todd B. Walker (Indiana University)
Discussant: Oscar J. Arce (CNMV) (358 KB)
"Fiscal sustainability in a new keynesian model" (294 KB)
Campbell Leith (University of Glasgow) and Simon Wren-Lewis (University of Oxford)
Discussant: Javier Andrés (Universidad de Valencia) (251 KB)
- Session 2
- 11.15 - 13.15
- Chair: Christiane Nickel (European Central Bank)
"Keynesian government spending multiplier and spillovers in the euro area"
(2 MB)
Tobias Cwik (Goethe University, Frankfurt) and Volker Wieland (Goethe University, Frankfurt)
Discussant: Massimiliano Pisani (Banca d’Italia) (228 KB)
"Fiscal multipliers and open economy spillovers in a model with labour turnover costs" (261 KB)
Ester Faia (Goethe University, Kiel IFW and CEPREMAP), Wolfgang Lechthaler (Kiel IFW) and Christian Merkl (Kiel IFW, Christian Albrechts University and IZA).
Discussant: Raffaela Giordano (Banca d’Italia) (56 KB) - Session 3
- 14.30 - 16.00
- Chair: Juan Varela (Spanish Ministry of Economics)
"On ricardian equivalence and twin divergence: the spanish experience in the 2009 crisis"
(390 KB)
Miguel Cardoso (BBVA) and Rafael Domenech (BBVA and Universidad de Valencia)
Discussant: Guido Ascari (Università di Pavia) (410 KB)
"Fiscal policy and external imbalances: a quantitative evaluation for Spain" (417 KB)
Francisco Jimeno, Pablo Hernández de Cos and Juan Rojas (Banco de España)
Discussant: Gernot Müller (University of Bonn and CEPR)
(268 KB) - Session 4
- 16.30 - 19.30
- Chair: Eduardo Ley (World Bank)
"Fiscal shocks and the real exchange rate"
(358 KB)
Philipp Lane (Trinity College Dublín)
Discussant: Davide Furceri (OECD) (264 KB)
"On the international dimension of fiscal policy" (273 KB)
Gianluca Benigno (London School of Economics, CEP and CEPR) and Bianca de Paoli (Bank of England and London School of Economics)
Discussant: Hubert Kempf (Banque de France) (21 KB)
"Monetary policy matters: new evidence based on a new shock measure" (292 KB)
S. Mahdi Barakchian (Cambridge University) and Christopher Crowe (IMF)
Discussant: Luca Gambetti (Universitat Autònoma de Barcelona) (122 KB)
- 26 Febrero 2010
- Session 5
- 08.30 - 10.30
- Chair: Karsten Wendorff (Deutsche Bundesbank)
"When, where and how does fiscal stimulus work?"
(254 KB)
Giancarlo Corsetti (EUI, Florence), Gernot Müller (University of Bonn and CEPR) and André Meier (IMF)
Discussant: Bianca di Paoli (London School of Economics) (92 KB)
"Insulation impossible: fiscal spillovers in a monetary union" (608 KB)
Russell Cooper (University of Texas), Hubert Kempf (Banque de France) and Dan Peled (University of Haifa)
Discussant: Evi Pappa (Universitat Autònoma de Barcelona) (268 KB) - Session 6
- 11.00 - 13.00
- Chair: José María Labeaga (Institute for Fiscal Studies, Madrid)
"Optimal fiscal policies. Long bonds and interest rate policy under incomplete markets"
(278 KB)
Elisa Faraglia (Institut d’Anàlisi Econòmica, CSIC), Albert Marcet (London School of Economics) and Andrew Scott (London Business School)
Discussant: Isabel Correia (Banco de Portugal) (48 KB)
"Optimal fiscal and monetary response to financial shocks" (588 KB)
Harris Dellas (University of Bern), Behzad Diba (Georgetown University) and Olivier Loisel (Banque de France)
Discussant: Luisa Lambertini (Ecole Polytechnique Federale de Lausanne) (139 KB) - Closing speech
- 13.15 - 14.00
- Chair: José Luis Malo de Molina (Banco de España)
