Plenary Session
09.00 - 10.40
Plenary Session
What governance for the euro area?
Chair: Virginie Coudert, Bank of France, CEPII, and EconomiX‐CNRS, University of Paris Ouest
The European Monetary Fund – A systemic problem needs a systemic solution, Stephan Schulmeister, WIFO
How to restore sustainability of the euro? Kari Alho, ETLA
Discussant: John FitzGerald, ESRI
Session 1
11.00 - 13.00
Session 1
Fiscal policy
Chair: Catherine Mathieu, OFCE
Fiscal multipliers: A meta analysis of the literature, Sebastian Gechert, Chemnitz University of Technology, Henner Will, IMK
An assessment of stability and growth pact reform proposals in a small scale macro framework, Jérôme Creel, ESCP Europe & OFCE, Paul Hubert and Francesco Saraceno, OFCE
Macroeconomic imbalances as indicators for debt crises in Europe, Tobias Knedlik and Gregor von Schweinitz, IWH
Fiscal and monetary policy determinants of the euro zone crisis and its resolution, Marek Dabrowski, CASE
Discussant: Ulrich Fritsche, University of Hamburg
s2
11:00 - 13:00
Session 2
Financial issues
Chair: Enno Langfeldt, Kiel University of Applied Sciences
Debt, assets and imbalances in the euro area: An urgent call for rebalancing instead of deleveraging, Christophe Van Nieuwenhuyze, National Bank of Belgium
International monetary transmission with bank heterogeneity and default risk, Tsvetomira Tsenova, Bulgarian National Bank
Financial stress and economic activity in Germany, Björn van Roye, IfW
Financial crisis, economic adjustment and a return to growth in the EU, John FitzGerald, The Economic and Social Research Institute
Discussant: Carsten Patrick Meier, Kiel Economics
s3
11.00- 13.00
Session 3
Real exchange rate issues
Chair: Markku Kotilainen, ETLA
On currency misalignments within the euro area, Virginie Coudert, Bank of France, CEPII, and EconomiX-CNRS, University of Paris Ouest, Cécile Couharde, EconomiX-CNRS, University of Paris Ouest,
Valérie Mignon, EconomiX-CNRS, University of Paris Ouest and CEPII
Currency devaluation with dual labor market: Which perspectives for the euro zone? Amélie Barbier-Gauchard, Francesco De Palma and Giuseppe Diana, BETA, University of Strasbourg
Exchange rate misalignments, fiscal federalism and redistribution: How to adjust in a monetary union, Vincent Duwicquet, CLERSÉ, University of Lille 1, CNRS, Jacques Mazier, CEPN, University Paris 13 Nord, CNRS, Jamel Saadaoui, CEPN, University Paris 13 Nord, CNRS
Exchange rate volatility and the two margins of trade: Evidence from monthly trade data, Florian Johannsen, Georg-August University of Göttingen, Immaculada Martinéz-Zarzoso, University Jaume I, Spain, and Georg-August University of Göttingen
Discussant: Iulia Siedschlag, ESRI
s4
14.00 - 16.00
Session 4
Fiscal rules
Chair: Thomas Lux, Kiel University
The European redemption pact: An illustrative guide, Hasan Doluca, Malte Hübner, Dominik Rumpf and Benjamin Weigert, German Council of Economic Experts
Open to manipulation and pro-cyclical: A detailed analysis of Germany’s ‘debt brake’, Achim Truger, Berlin School of Economics and Law, Henner Will, IMK
Do we need fiscal rules?, Catherine Mathieu and Henri Sterdyniak, OFCE
A modified golden rule for the euro area, Pierre Villa
Discussant: Wim Suyker, CPB
s5
14.00 - 16.00
Session 5
Monetary policy
Chair: Klaus‐Jürgen Gern, IfW
Macroprudential policy rules, Tatiana Fic, NIESR
The global prudential response to the crisis and the EU framework: An assessment, Dominique Perrut, GRANEM, University of Angers
Monetary policy trade-offs in a portfolio model with endogenous asset supply, Stefan Schüder, University of Göttingen
On the performance of monetary policy committees, Etienne Farvaque, Université du Havre & Equippe - Universités de Lille & Skema Business School, Lille, Piotr Stanek, Cracow University of Economics, Stéphane Vigeant, Equippe - Universités de Lille & IESEG School of Management, Lille
Discussant: Christian Dreger, DIW
s6
14.00 - 16.00
Session 6
Debt sustainability
Chair: Stefan Kooths, IfW
When is debt sustainable?, Jasper Lukkezen, CPB, Utrecht University and Hugo Rojas-Romagosa, CPB
Fiscal shocks, public debt, and long-term interest rate dynamics, Luigi Marattin, University of Bologna, Paolo Paesani, University of Rome-Tor Vergata and Simone Salotti, National University of Ireland Galway
An empirical investigation of the sustainability of fiscal policy in Greece during the last centuries, Christian Richter and Dimitrios Paparas, University of East London
Irish government debt and implied debt dynamics: 2012–2015, John FitzGerald, Ide Kearney, and Nuša Žnuderl, ESRI
Discussant: Dawn Holland, NIESR
16.20 - 18.20
Round Table
Chair: Henning Klodt, IfW
16.20 -.16.50
Keynote introduction: Avoiding debt traps: Financial backstops and structural reforms, Pier Carlo Padoan, Urban Sila and Paul van den Noord, OECD
Paolo Onofri, PROMETEIA
Joachim Scheide, IfW
Henri Sterdyniak, OFCE
Paul van den Noord, OECD