09.00 - 9.40

Keynote lecture


Economic Consequences of the Pandemic – the Nordic Countries

Seppo Honkapohja, Aalto University 


Chair: Markku Lehmus, ETLA and EUROFRAME


Conference room: Honka


9.40 - 11.10

Parallel Session A1

Fiscal policy and institutions


Kiel Model of Corporate Stabilization Grants - Functionality and Application in the COVID-19 Crisis
Gabriel Felbermayr, Wifo, Stefan Kooths, Kiel Institute for the World Economy

Scarring effects of major economic downturns: the role of fiscal policy and government investment
Martin Larch, European Fiscal Board, European Commission, Peter Claeys, Economics Department, College of Europe, Bruges, Wouter van der Wielen, European Investment Bank

Public debt, economic growth and quality of institutions: A panel smooth transition regression approach for EU countries
Iuliana Matei, University Paris 1

Stefania Tomasini, Prometeia Associazione and EUROFRAME


Conference room: Kelo


9.40- 11.10

Parallel session A2
Interest rates and Covid crisis


The effects of climate policy on the real interest rate
Cecilie Marie Løchte Jørgensen, Aarhus University

Inequality and the Zero Lower Bound
Jesús Fernández-Villaverde, University of Pennsylvania, NBER, CEPR, Joel Marbet, CEMFI, Galo Nuño, Banco de España, and Omar Rachedi, ESADE Business School

European investment Bank loan appraisal, the EU climate bank?
Antoine Ebeling, University of Strasbourg, CNRS, BETA

: Tarmo Valkonen, ETLA


Conference room: Latva


11.30 - 13.15

Parallel Session B1
Supply shocks

Chair: Gerdien Meijerink, CPB and EUROFRAME

Shock Infections through Global Value Chains
Tero Kuusi and Jyrki Ali-Yrkkö, The Research Institute of the Finnish Economy

Optimal supply-side fiscal policies for Covid-19
Emanuele Colombo Azimonti, University of Pavia, Luca Portoghese, University of Pavia, and Patrizio Tirelli, University of Pavia, CefES and Griffith University

Business development grants in disruptive times -- evaluating the covid-19 government support for business development on firm outcomes
Johannes Hirvonen and Otto Kässi, Etla

Matching for three: search activity of workers, firms, and employment service in the corona crisis
Tobias Hartl, Institute for Employment Research (IAB), Nürnberg and University of Regensburg, Christian Hutter (IAB), and Enzo Weber (IAB and University of Regensburg)

Discussants: Alexis Guillaume, University Dauphine-PSL and Johannes Hirvonen (tbc)


Conference room: Kelo


11.30 - 13.15

Parallel Session B2
Financial conditions

Chair: Klaus-Jürgen Gern, IfW Kiel and EUROFRAME

A New Macro-Financial Condition Index for the Euro Area
Claudio Morana, University of Milano-Bicocca, Center for European Studies (CefES), Rimini Centre for Economic Analysis (RCEA-Europe ETS, RCEA-HQ), Center for Research on Pensions and Welfare Policies (CeRP)

Financial stocks and flows in the time of COVID-19
Nicholas Jackson, Government of Victoria – Department of Treasury and Finance, and Stephen Millard, National Institute of Economic and Social Research, Durham University Business School, Portsmouth University and Centre for Macroeconomics

Demand- and supply-side factors behind the higher inflation
Marek Dabrowski, CASE – Center for Social and Economic Research, Warsaw, Bruegel, Brussels

: Markku Lehmus, ETLA and EUROFRAME


Conference room: Latva


14.20 - 15.50

Parallel session C1
Fiscal discipline and monetary union

Chair: Olli Ropponen, ETLA

The impact of income tax changes on government revenue: moving beyond the Laffer curve
Richard McManus, Canterbury Christ Church University, F. Gulcin Ozkan, King’s College London, Dawid Trzeciakiewicz, Loughborough University

Fiscal Discipline meets Macroeconomic Stability: When the Eurobonds are a Good Idea
Luciano Greco, CRIEP & Department of Economics and Management, University of Padova, Francesco J. Pintus, CRIEP & Department of Economics and Management, University of Padova, Davide Raggi, Department of Economics, University Ca’ Foscari of Venice

Towards new fiscal rules in the euro area?
Catherine Mathieu and Henri Sterdyniak


Discussant: Ilkka Kiema, Labore


Conference room: Kelo


14.20 - 15.50

Parallel session C2
Term structure of interest rates

Chair: Lorenzo Forni, Prometeia Assoziazione

The Term Structure of Interest Rates in a Heterogeneous Monetary Union
James Costain, Galo Nuño, and Carlos Thomas, Banco de España

Treasury supply shocks and the term structure of interest rates in the UK
Andras Lengyel, University of Amsterdam

Reaction of euro area government risk premia to common policy responses during the COVID crisis
Anne-Laure Delatte, CNRS, University Dauphine-PSL, CEPR, Alexis Guillaume, University Dauphine-PSL


Discussant: Stephen Millard, NIESR and EUROFRAME


Conference room: Latva


16.20 - 18.00

Round Table

Chair: Tero Kuusi, ETLA

Lorenzo Forni, Prometeia Associazione

Stefan Kooths, IfW Kiel

Niku Määttänen, University of Helsinki


Conference room: Honka