s1

09.30 - 11.00

Session 1
Stability and Growth Pact

Chair: Agnès Bénassy-Quéré, University of Paris X (THEMA) and CEPII

How successful has the SGP been? An empirical analysis, Andrew Hughes Hallett, Vanderbilt University and CEPR, John Lewis, Bank of Estonia [ updated: 2004/05/27]
The impact of the EU fiscal framework on economic activity, Alessandro Turrini and Jan in 't Veld, DG ECFIN, European Commission 
Pressures on the Stability and Growth Pact from asymmetry in policy, David Mayes and Matti Virén, Bank of Finland and University of Turku 
The economic importance of fiscal rules, Luca Onorante, European Central Bank

Discussant: Pierre Villa, CEPII and Université Paris Dauphine – CERPEM/CREFED

s2

09.30 - 11.00

Session 2
Fiscal Policy Rules

Chair: Paolo Onofri, Prometeia

Fiscal rules and sustainability of public finances in an endogenous growth model, Barbara Annicchiarico, Department of Economics - University of Rome "Tor Vergata", Nicola Giammarioli, ECB - Fiscal Policies Division
Allocative inefficiency of debt financing of public investment - an ignored aspect of "the golden rule of public sector borrowing", Kersten Kellermann, University of Fribourg
Stability consequences of fiscal policy rules, Jukka Railavo, Bank of Finland
Taxation-based stabilisation policy, Bernhard Herz, Economics Department - University of Bayreuth; Werner Röger, European Commission - DG ECFIN; Lukas Vogel, Economics Department - University of Bayreuth

Discussant: Antoine d'Autume, EUREQua, Université Paris I

s3

11:30 - 13:00

Session 3
Fiscal Policy Effectiveness

Chair: Selma Mahfouz, DP-MINEFI

The Finnish experience of fiscal consolidation in the 1990s: what was cyclical and what was structural? Jaakko Kiander, Government Institute for Economic Research VATT
The development of public finances in Germany after the qualification for EMU - The origins of the excessive deficit, Jana Kremer and Karsten Wendorff, Deutsche Bundesbank
Is the Ricardian equivalence proposition an "aerie fairy" theory for Europe? Jesús Crespo Cuaresma, Department of Economics, University of Vienna, Gerhard Reitschuler, Österreichische Nationalbank, Foreign Research Division

Discussant: John Fitz Gerald, ESRI

s4

11.30- 13.00

Session 4
Fiscal Policy Rules

Chair: Markus Marterbauer, Austrian Institute of Economic Research (WIFO)

Fiscal rules and stabilisers in Europe, Ray Barrell, Dawn Holland, Ian Hurst and Ali al Eyd, NIESR
Fiscal policy rules for stabilisation and growth: a simulation analysis of deficit and expenditure targets in a monetary Union, Tilman Brück and Rudolf Zwiener, DIW
Sustainability of EU public finances, Fernando C. Ballabriga, ESADE Business School, Carlos Martinez-Mongay, European Commission
Cyclical sensitivity of fiscal policies based on real-time data, Lorenzo Forni and Sandro Momigliano, Banca d'Italia

Discussant: Jan In' t Veld, DG ECFIN, European Commission

s5

14.00 - 15.15

Session 5
Stability and Growth Pact

Chair: Henri Sterdyniak, OFCE - Université Paris Dauphine, CERPEM/CREFED

Stability and Growth Pact: how much co-ordination in an expanding Union? John Fitz Gerald, Adele Bergin, and Daniel McCoy, ESRI
A simple and flexible alternative to the Stability and Growth Pact deficit ceilings: is it at hand? V. Anton Muscatelli, University of Glasgow and CESIFO, Munich; Piergiovanna Natale, Università di Milano Bicocca and Università Cattolica del Sacro Cuore; Patrizio Tirelli, Università di Milano Bicocca
Population ageing, pension reforms and public finance targets, Heikki Oksanen, European Commission - DG ECFIN [updated: 06/04/2004]
Contributed Paper: Macroeconomic stabilisation in the EMU: rules versus institutions, Lilia Cavallari, University of Rome III; Debora di Gioacchino, University of Rome la Sapienza

Discussant: Jean Pisani-Ferry, Université Paris Dauphine

s6

14.00 - 16.00

Session 6
Tax Competition

Chair: Nicola Giammarioli, European Central Bank

How does FDI react to corporate taxation? Agnès Bénassy-Quéré, University of Paris X (THEMA) and CEPII, Lionel Fontagné, CEPII and TEAM, Amina Lahrèche-Révil, CEPII and TEAM
Tax co-ordination, tax competition and fiscal pressure in Europe, Silvia Giannini, University of Bologna and CAPPalso available as PowerPoint presentationCompany tax competition in an enlarged EU, budget consolidation and the proposed reforms of the taxation of corporate income in the EU, Margit Schratzenstaller, Austrian Institute of Economic Research (WIFO)
Taxation, ethnic ties, and the location choice of highly-skilled immigrants, Thomas Liebig and Alfonso Sousa-Poza, Department of Economics and Research Institute for Labour Economics and Labour Law, University of St. Gallen

Discussant: Jacques Le Cacheux, OFCE - Université de Pau et des Pays de l'adour

s7

14.00 - 15.15

Session 7
Fiscal Policy Interdependences

Chair: Xavier Timbeau, OFCE

Stabilization and fiscal policy coordination in a heterogeneous monetary union, Amélie Barbier-Gauchard and Christophe Blot, Laboratoire d'Économie d'Orléans
Is an increase of the fiscal budget at EMU level desirable? Davide Furceri, University of Illinois at Chicago - University of Palermo
Transatlantic monetary and fiscal policy interaction, Bas Van Aarle, LICOS - University of Leuven, Harry Garretsen, Utrecht School of Economics - Utrecht University, Florence Huart, Médée - Université des Sciences et Technologies de Lille

Discussant: Wim Suyker, CPB

s8

15.30 - 16.45

Session 8
Fiscal Policy Effectiveness

Chair: Jorgen Mortensen, CEPS

The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries, Christophe Kamps, IfW
Should we forget fiscal stabilisation policies? A critical survey of the new anti Keynesian view of public finances, Jérôme Creel, Bruno Ducoudré, Catherine Mathieu, Francesco Saraceno and Henri Sterdyniak, OFCE
Public finances and long-term growth in Europe: evidence from a panel data analysis, Diego Romero de Ávila, School of Business and Economics, University of Exeter, Rolf Strauch, European Central Bank

Discussant: Markku Kotilainen, ETLA

s9

15.30 - 16.45

Session 9

Enlargement

Chair: Danny McCoy, ESRI

Macroeconomic effects of fiscal policies in the acceding countries, Gabriele Tondl, Vienna University of Economics & BA
Hungary's experience with fiscal stabilisation and budgetary consolidation in the 1990s and the 2000s. Lessons and conclusions, Miklós Losoncz, GKI Economic Research Co

Discussant: Ray Barrell, NIESR

rt

17.00 - 18.15

Round Table

Chair: Henri Sterdyniak, OFCE and Université Paris Dauphine - CERPEM/CREFED

Ray Barrell, NIESR
Marco Buti, European Commission
Jean-Paul Fitoussi, OFCE and Institut d'Etudes Politiques de Paris
Joachim Scheide, IfW