CFSresearch conference
13.10.2005 - 14.10.2005

New Perspectives on Fiscal Sustainability


Jürgen von Hagen (Center for European Integration Studies (ZEI))
Ludger Schuknecht (European Central Bank, Frankfurt)
Volker Wieland (University of Frankfurt and CFS, Frankfurt)



October 13, 2005

12:30 p.m. <b>Registration</b><br><br>
1:00 p.m. <b>Welcoming Remarks</b><br>Volker Wieland<br>Goethe University Frankfurt & CFS
1:15 p.m. - 1:45 p.m. <b>Keynote Speech</b><br>José Manuel González-Páramo<br>Member of the Executive Board, European Central Bank
<b>Session 1: Sustainability and Stabilization</b><br><i>Chair:</i> Ludger Schuknecht (ECB)<br><br>
1:45 p.m. - 2:45 p.m. <b>"Fiscal Rules in a Monetary Union"</b><br>L. Lambertini (Boston College) <br><i>Discussant:</i> X. Debrun (International Monetary Fund)
2:45 p.m. - 3:45 p.m. <b>"Sustainable Monetary Unions with Free-Riding Fiscal Policies"</b><br>E. Faia (Universitat Pompeu Fabra) <br><i>Discussant:</i> N. Giammarioli (ECB)
3:45 p.m. - 4:00 p.m. <b>Coffee Break</b>
<b>Session 1, Part 2: Sustainability and Stabilization</b><br><i>Chair:</i> Jürgen von Hagen (ZEI)<br><br>
4:00 p.m. - 5:00 p.m. <b>"Debt Stabilizing Fiscal Rules"</b><br>L. von Thadden (ECB) <br>P. Michel (ECB) <br>J.-P. Vidal (ECB) <br><i>Discussant:</i> R. Beetsma (University of Amsterdam and CEPR)
5:00 p.m. - 6:00 p.m. <b>"Sustainability Analysis in Multilateral Surveillance"</b><br>S. Deroose (European Commission) <br>A. Montanino (European Commission) <br><br><i>Presenters:</i> I.S. Wold (European Commission), P. Eckefeldt (European Commission), E. Flores (European Commission) <br><i>Discussant:</i> C. Monticelli (Ministry of the Economy and Finance, Italy) <br><i>General Discussant:</i> J. Marin Arcas (European Central Bank)
6:15 p.m. - 6:45 p.m. <b>Keynote Speech</b> <br>O. Issing (Member of the Executive Board, European Central Bank)

October 14, 2005

<b>Session 2: Financial Markets</b> <br><i>Chair:</i> Volker Wieland (CFS & Goethe University Frankfurt)<br><br>
8:45 a.m. - 9:45 a.m. <b>"Expected Budget Deficits and Interest Rate Swap Spreads - Evidence for France, Germany and Italy"</b> <br>H. F. Hüfner (Deutsche Bundesbank & ECB) <br>K. Heppke-Falk (Deutsche Bundesbank) <br><i>Discussant:</i> K. Bernoth (Dutch Central Bank)
9:45 a.m. - 10:45 a.m. <b>"Fiscal Policy and Financial Markets"</b> <br>T. Stratmann (George Mason University) <br>B. Akitoby (International Monetary Fund) <br><i>Discussant:</i> R. Rovelli (Università di Bologna)
10:45 a.m. - 11:00 a.m. <b>Coffee Break</b>
11:00 a.m. - 12:00 p.m. <b>"Public Debt and Long Term Interest Rates: The Case of Germany, Italy and the USA"</b> <br>R. Strauch (ECB) <br>P. Paesani (Rome University) <br>M. Kremer (ECB) <br><i>Discussant:</i> M. Binder (Goethe University Frankfurt)
12:00 p.m. - 1:00 p.m. <b>Lunch</b>
<b>Session 3: Political Economy</b> <br><i>Chair:</i> Ludger Schuknecht (ECB)<br><br>
1:00 p.m. - 2:00 p.m. <b>"Enforcement, Fiscal Governance, and the Stability and Growth Pact"</b> <br>A. Annett (International Monetary Fund) <br><i>Discussant:</i> D. Franco (Banca d'Italia)
2:00 p.m. - 3:00 p.m. <b>"Sustainability, Debt Management and Public Debt Policy in Japan"</b> <br>T. Ihori (University of Tokyo) <br>T. Doi (Keio University) <br>K. Mitsui (Gakushuin University) <br><i>Discussant:</i> J. von Hagen (ZEI)
3:00 p.m. - 3:15 p.m. <b>Coffee Break</b>
3:15 p.m. - 4:15 p.m. <b>"Sustaining Social Security"</b> <br>D. Niepelt (Stockholm University) <br><i>Discussant:</i> F. Kübler (University of Mannheim)




Luisa Lambertini:  "Fiscal Rules in a Monetary Union"


Ester Faia: "Sustainable Price Stability Policies with Free-Riding Fiscal Policies"


Philippe Michel, Leopold von Thadden, Jean-Pierre Vidal: "Debt Stabilizing Fiscal Rules"


Per Eckefeldt, Elena Flores, Ingvild Strømsheim Wold: "Sustainability Analysis in Multilateral Surveillance"


Kirsten Heppke-Falk, Felix Hüfner: "Expected Budget Deficits and Interest Rate Swap Spreads - Evidence for France, Germany and Italy"


Thomas Stratmann, Bernardin Akitoby: "Fiscal Policy and Financial Markets"


Paolo Paesani, Rolf Strauch, Manfred Kremer: "Public Debt and Long-Term Interest Rates: The Case of Germany, Italy and the USA"


Anthony Annett: "Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Didn't Change under Europe's Fiscal Framework"


Takero Doi, Toshihiro Ihori, Kiyoshi Mitsui: "Sustainability, Debt Management, and Public Debt Policy in Japan"


Martín Gonzalez-Eiras, Dirk Niepelt: "Sustaining Social Security"





Goethe University Frankfurt

Campus Westend



Beate Rohé-Morgan

Center for Financial Studies

Taunusanlage 6, 60329 Frankfurt am Main, Germany

Phone: +49 (0) 69 798 25290

Fax: +49 (0) 69 798 25272

E-mail: fiscalpolicy(at)