Sobre el Banco

"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). Discussant: Unfunded liabilities’ and uncertain fiscal financing  (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). Dicussant: Fiscal sustainability in a new keynesian model  (251 KB)

"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). Discussant: "Keynesian government spending multiplier and spillovers in the euro area"  (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)./p>

Discussant: Raffaela Giordano (Banca d’Italia). Discussant: "Fiscal multipliers and open economy spillovers in a model with labour turnover costs"  (56 KB)

"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). Discussant: "On ricardian equivalence and twin divergence: the spanish experience in the 2009 crisis"  (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). Discussant: "Fiscal policy and external imbalances: a quantitative evaluation for Spain"  (268 KB)

"Fiscal shocks and the real exchange rate"  (358 KB)
Philipp Lane (Trinity College Dublín)

Discussant: Davide Furceri (OECD). Discussant: "Fiscal shocks and the real exchange rate"  (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). Discussant: "On the international dimension of fiscal policy"  (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). Discussant: "Monetary policy matters: new evidence based on a new shock measure"  (122 KB)

"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). Discussant: "When, where and how does fiscal stimulus work?"  (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). Discussant: "Insulation impossible: fiscal spillovers in a monetary union"  (268 KB)

"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). Discussant: "Optimal fiscal policies. Long bonds and interest rate policy under incomplete markets"  (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). Discussant: "Optimal fiscal and monetary response to financial shocks"  (139 KB)

José Manuel González-Páramo (ECB’s Executive Board). Closing speech.