08.15 - 9.15




09.15 - 9.30

Opening address



09.30 - 11.00

Session 1
Fiscal sustainability (Sala Solari)

Chair: Francesco Daveri, Bocconi University

Is the debt brake behind Germany’s successful fiscal consolidation? Katja Rietzler, Macroeconomic Policy Institute (IMK) at Hans-Boeckler-Foundation, Düsseldorf, and Achim Truger, Berlin School of Economics and Law & Macroeconomic Policy Institute (IMK) at Hans-Boeckler-Foundation, Düsseldorf

Have fiscal rules made discretionary policy more countercyclical? – Evidence from fiscal reaction functions for the Euro Area, Christoph Paetz, Macroeconomic Policy Institute (IMK) at Hans-Boeckler-Foundation, Düsseldorf

New output gap estimates for assessing fiscal policy with lessons for euro area Reform, Heikki Oksanen, University of Helsinki


Discussant: Andrea Boitani, Catholic University of Milan


09.30 - 11.00

Session 2
Core-periphery developments (Sala Borromeo)

Chair: Markku Kotilainen, ETLA

Internal devaluations and equilibrium exchange rates: New evidences and perspectives for the EMU, Jamel Saadaoui, University of Strasbourg, BETA-CNRS, CEPN-CNRS

Profit shifting by EU banks: evidence from country-by-country reporting, Serena Fatica and Wildmer Daniel Gregori, European Commission, Joint Research Centre

Does political instability matter for sovereign yield spreads in the Euro area market?, Angela Cheptea, INRA Iuliana Matei, IESEG Paris and University Paris 1


Discussant: Gianpaolo Rossini, University of Bologna


11.20- 12.50

Session 3
Governance in EMU (Sala Solari)

Chair: Lorena Vincenzi, Prometeia Associazione 


Completing EMU:  a feasible and shared goal? Economics and political economy of the next EU reforms, Riccardo Rovelli, University of Bologna

European Monetary Union Reform preferences of French and German Parliamentarians, Sebastian Blesse, ZEW Mannheim, Pierre C. Boyer, CREST, École Polytechnique, University Paris-Saclay, Friedrich Heinemann, ZEW Mannheim, Eckhard Janeba, University of Mannheim, Anasuya Raj, CREST, École Polytechnique, University Paris-Saclay

Euro area macronomics, where do we stand?, Catherine Mathieu and Henri Sterdyniak, OFCE


Discussant: John FitzGerald, ESRI and Trinity College Dublin


11:20 - 12:50

Session 4
Unemployment (Sala Borromeo)

Chair: Stefania Tomasini, Prometeia Associazione


New evidence on unemployment hysteresis in the EU, Robert Calvert Jump, University of the West of England, Engelbert Stockhammer, Kingston University

The long-term unemployment adjusted NAWRU series for selected European countries, Markku Lehmus, Etla

How different are supply shocks under the zero lower bound and normal times? Empirical investigation of the New-Keynesian model and paradoxes, Raphael S.H. Lee and Jocelyn Boussard, INSEE-CREST


Discussant: Gerdien Meijerink, CPB


11.20- 12.50

Session 5
Public debt stabilization (Sala Agnesi)

Chair: Marek Dabrowski, CASE 


A threshold multivariate model to explain fiscal multipliers with government debt, Leonardo Augusto Tariffi, Universidad de los Andes and Universitat Autònoma de Barcelona

Effects of Debt Mutualization in a Monetary Union with Endogenous Risk Premia: Can Eurobonds Contribute to Debt Stabilization? Bas van Aarle, KU Leuven, Jacob Engwerda, Arie Weeren

Bank Stability and the European Deposit Insurance Scheme, Ilkka Kiema, Labour Institute for Economic Research, Esa Jokivuolle, Bank of Finland


Discussant: Emilia Pezzolla, Prometeia Associazione


14.00 - 16.00

Session 6
Fiscal policy rules (Sala Solari)

Chair: Paolo Onofri, Prometeia Associazione


Fiscal implications of the ECB´s Public Sector Purchase Programme (PSPP), Harmen Lehment, Kiel Institute for the World Economy

Finding the Bottom Line: A Quantitative Model of the EU's Fiscal Rules and their Compliance, Tero Kuusi, ETLA

Enhancing credibility and commitment to fiscal rules, Grzegorz Poniatowski, CASE, Warsaw School of Economics


Discussant: Angelo Stefano Baglioni, Catholic University of Milan


14.00 - 16.00

Session 7
Monetary policy (Sala Agnesi)

Chair: Klaus‐Jürgen Gern, IfW


What does “below, but close to, two percent” mean? Assessing the ECB’s reaction function with real time data, Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki and Juha Kilponen, Bank of Finland

Bank’s lending technology and the transmission of monetary policy, Salvatore Capasso, Oreste Napolitano, and Ana Laura Viveros, Parthenope University of Naples

Macro prudential policies interactions, José Antonio Carrasco-Gallego, University Rey Juan Carlos, Madrid

Prospects of monetary policy normalization in major currency areas, Marek Dabrowski, CASE – Bruegel


Discussant: Elizabeth Casabianca, Prometeia Associazione


14.00 - 16.00

Session 8
Unconventional monetary policy effects (Sala Borromeo)

Chair: Markus Scheiblecker, WIFO 


The impact of quantitative easing on a small open Euro Area economy, Huub Meijers, Joan Muysken, Maastricht University

Unconventional monetary policy and households' financial portfolio choices, Caterina Forti Grazzini, Humboldt University, DIW Berlin

The impact of the ECB’s QE programme: core versus periphery, Jagjit S. Chadha, University of Kent and NIESR, Arno Hantzsche, NIESR, Luigi Speranza, BNP Paribas 

The effects of unconventional monetary policy in the euro area, Adam Elbourne, Kan Ji and Sem Duijndam, CPB


Discussant: Lea Zicchino, Prometeia


16.20 - 18.00

Round Table

Chair: Paolo Onofri, Prometeia Associazione


Massimo Bordignon, Catholic University of Milan

Jagjit S. Chadha, NIESR

Klaus-Jürgen Gern, IfW

Henri Sterdyniak, OFCE