The Banco de España and at the Barcelona GSE are jointly organizing a Policy Week on the general topic of fiscal sustainability, and on reforms to European fiscal architecture in particular. The week begins with a policy-oriented workshop at the Banco de España, in Madrid (Monday June 6 - Wednesday June 8). This will be followed by a more theoretical workshop in Barcelona on Thursday June 9 - Friday June 10, which forms part of this year's BGSE Summer Forum
.
Information
6 June 2016 - 8 June 2016
Banco de España and Barcelona Graduate School of Economics
Speakers
6 June
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- 11:00h - 11:20h
- Registration and Coffee
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- 11:20h - 11:30h
- Introductory remarks
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- 11:30h - 12:30h
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Optimal Austerity
*Timothy J. Kehoe (University of Minnesota)
Juan Carlos Conesa (Stony Brook University)
Kim J. Ruhl (NYU Stern School of Business)
Discussant: Roel Beetsma (University of Amsterdam)
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- 12:30h - 13:30h
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When Fiscal Consolidation Meets Private Deleveraging
( 608 KB )
*Óscar Arce(Banco de España)
Javier Andrés (Universidad de Valencia)
Carlos Thomas (Banco de España)
Discussant: Michal Andrle (International Monetary Fund)
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- 13:30h - 14:30h
- Lunch
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- 14:30h - 15:30h
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Does austerity pay off?
( 765 KB )
*Johannes Pfeifer (University of Manheim)
Benjamin Born (University of Bonn) and Gernot J. Müller (University of Tübingen)
Discussant: António Afonso (University of Lisbon)
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- 15:30h - 16:30h
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Does the Confidence Fairy Exist? Evidence from a New Narrative Dataset on Announcements of Fiscal Austerity Measures
( 1 MB )
*Oana Furtuna (University of Amsterdam)
Roel Beetsma and Massimo Giuliodori (University of Amsterdam)
Discussant: Enrique Moral Benito (Banco de España)
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- 16:30h - 17:00h
- Coffee Break
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- 17:00h - 18:00h
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Crisis, Austerity and Automatic Stabilization
( 334 KB )
*Christian Wittneben (ZEW)
M. Dolls, C. Fuest and A. Peichl (ZEW)
Discussant: Roberto Ramos Magdaleno (Banco de España)
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- 18:00h - 19:00h
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Budget-neutral Fiscal Rules Targeting Inflation Differentials
( 354 KB )
*Maren Brede (Humboldt University)
Discussant: Dmitry Matveev (University of Mannheim)
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- 19:00h - 20:00h
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KEYNOTE ADDRESS
Athanasios Orphanides (Massachusetts Institute of Technology)
(290 KB)7 June
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- 09:00h - 10:00h
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When and why do countries break their national fiscal rules?
( 424 KB )
*Wolf Heinrich Reuter (Staff of the German Council of Economic Experts)
Discussant: Javier J. Pérez (Banco de España)
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- 10:00h - 11:00h
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How to explain errors in budget balance forecasts in euro area countries? Real-time evidence based on IMF data
( 1 MB )
*Maritta Paloviita (Bank of Finland)
Pasi Ikonen (Bank of Finland)
Discussant: Enrique Martín Quilis (AIReF)
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- 11:00h - 11:30h
- Coffee Break
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- 11:30h - 12:30h
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Do Subnational Fiscal Rules Foster Fiscal Discipline?
( 811 KB )
*Victor Duarte Lledo (International Monetary Fund)
Ananya Kotia (University of Oxford)
Discussant: Carlos Cuerpo (AIReF)
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- 12:30h - 13:30h
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Optimal Mechanisms for the Control of Fiscal Deficits
( 284 KB )
*Hans Peter Grüner (University of Mannheim )
Discussant: Antoine Loeper (Universidad Carlos III de Madrid)
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- 13:30h - 14:30h
- Lunch
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- 14:30h - 16:30h
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PANEL
- Agnes Benassy (Chair, Council of Economic Advisors, France)
- Robert Chote (Chair, Office of Budget Responsibility, UK)
- João Nogueira Martins (Economic Advisor to President Donald Tusk)
- Torsten Arnswald (Head of Fiscal Policy Division, Ministry of Finance, Germany)
- Juan Rojas (Head of Economic and Market Analysis, European Stability Mechanism)
Moderator: Pablo Hernández de Cos (Director General, DG Economics, Statistics and Research, Banco de España)
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- 16:30h - 17:00h
- Coffee Break
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- 17:00h - 18:00h
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Fiscal rules and the sovereign default premium
( 3 MB )
* Leonardo Martínez (IMF)
J. C. Hatchondo (Indiana University)
F. Roch (IMF)Discussant: Alberto Martín (CREI, UPF and Barcelona GSE)
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- 18:00h - 19:00h
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Fiscal Rules and Sovereign Default
( 760 KB )
*Laura Alfaro (Harvard Business School)
Fabio Kanczuk (Universidade de São Paulo)Discussant: Hernán Daniel Seoane (Universidad Carlos III de Madrid)
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- 19:00h - 20:00h
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On the Risk of Leaving the Euro
*Albert Marcet (Institut d’Anàlisi Econòmica, CSIC)
Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis)
Manuel Macera (Colorado State University)Discussant: Luca Onorante (Central Bank of Ireland).
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- 21:00h - 23:59h
- Dinner (invitation only)
8 June
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- 09:00h - 10:00h
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Monetary Conservatism and Sovereign Default
( 605 KB )
*Joost Roettger (University of Cologne)
Discussant: Galo Nuño (Banco de España)
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- 10:00h - 11:00h
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Fiscal delegation in a monetary union: Instrument assignment and stabilization properties
( 647 KB )
*Henrique Basso (Banco de España)
James Costain (Banco de España)Discussant: Luisa Lambertini (Ecole Polytechnique Federale de Lausanne)
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- 11:00h - 11:30h
- Coffee Break
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- 11:30h - 12:30h
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Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?
( 939 KB )
*Tamon Asonuma (International Monetary Fund)
Said Bakhache (IMF)
Heiko Hesse (IMF)Discussant: Omar Rachedi (Banco de España)
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- 12:30h - 13:30h
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Sovereign Risk and Fiscal (In)Attention: A Look at the U.S. State Default of the 1840s
( 296 KB )
*Huixin Bi (Federal Reserve Bank of Kansas City)
Nora Traum (North Carolina State University)Discussant: Peter Claeys (Vrije Universiteit Brussel)
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- 13:30h - 14:30h
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KEYNOTE ADDRESS
Enrique G. Mendoza (University of Pennsylvania)
Pablo D’Erasmo (Federal Reserve Bank of Philadelphia)
Jing Zhang (Federal Reserve Bank of Chicago)