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. Registration

1:00 p.m. Welcoming Remarks
Volker Wieland
Goethe University Frankfurt & CFS
1:15 p.m. - 1:45 p.m. Keynote Speech
José Manuel González-Páramo
Member of the Executive Board, European Central Bank
  Session 1: Sustainability and Stabilization
Chair: Ludger Schuknecht (ECB)

1:45 p.m. - 2:45 p.m. "Fiscal Rules in a Monetary Union"
L. Lambertini (Boston College)
Discussant: X. Debrun (International Monetary Fund)
2:45 p.m. - 3:45 p.m. "Sustainable Monetary Unions with Free-Riding Fiscal Policies"
E. Faia (Universitat Pompeu Fabra)
Discussant: N. Giammarioli (ECB)
3:45 p.m. - 4:00 p.m. Coffee Break
  Session 1, Part 2: Sustainability and Stabilization
Chair: Jürgen von Hagen (ZEI)

4:00 p.m. - 5:00 p.m. "Debt Stabilizing Fiscal Rules"
L. von Thadden (ECB)
P. Michel (ECB)
J.-P. Vidal (ECB)
Discussant: R. Beetsma (University of Amsterdam and CEPR)
5:00 p.m. - 6:00 p.m. "Sustainability Analysis in Multilateral Surveillance"
S. Deroose (European Commission)
A. Montanino (European Commission)

Presenters: I.S. Wold (European Commission), P. Eckefeldt (European Commission), E. Flores (European Commission)
Discussant: C. Monticelli (Ministry of the Economy and Finance, Italy)
General Discussant: J. Marin Arcas (European Central Bank)
6:15 p.m. - 6:45 p.m. Keynote Speech
O. Issing (Member of the Executive Board, European Central Bank)

October 14, 2005

  Session 2: Financial Markets
Chair: Volker Wieland (CFS & Goethe University Frankfurt)

8:45 a.m. - 9:45 a.m. "Expected Budget Deficits and Interest Rate Swap Spreads - Evidence for France, Germany and Italy"
H. F. Hüfner (Deutsche Bundesbank & ECB)
K. Heppke-Falk (Deutsche Bundesbank)
Discussant: K. Bernoth (Dutch Central Bank)
9:45 a.m. - 10:45 a.m. "Fiscal Policy and Financial Markets"
T. Stratmann (George Mason University)
B. Akitoby (International Monetary Fund)
Discussant: R. Rovelli (Università di Bologna)
10:45 a.m. - 11:00 a.m. Coffee Break
11:00 a.m. - 12:00 p.m. "Public Debt and Long Term Interest Rates: The Case of Germany, Italy and the USA"
R. Strauch (ECB)
P. Paesani (Rome University)
M. Kremer (ECB)
Discussant: M. Binder (Goethe University Frankfurt)
12:00 p.m. - 1:00 p.m. Lunch
  Session 3: Political Economy
Chair: Ludger Schuknecht (ECB)

1:00 p.m. - 2:00 p.m. "Enforcement, Fiscal Governance, and the Stability and Growth Pact"
A. Annett (International Monetary Fund)
Discussant: D. Franco (Banca d'Italia)
2:00 p.m. - 3:00 p.m. "Sustainability, Debt Management and Public Debt Policy in Japan"
T. Ihori (University of Tokyo)
T. Doi (Keio University)
K. Mitsui (Gakushuin University)
Discussant: J. von Hagen (ZEI)
3:00 p.m. - 3:15 p.m. Coffee Break
3:15 p.m. - 4:15 p.m. "Sustaining Social Security"
D. Niepelt (Stockholm University)
Discussant: F. Kübler (University of Mannheim)




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)