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2017 - Programme Fiscal and Monetary Policy in a changing Economic and Political Environment


MONDAY, 9 OCTOBER 2017 - Board room at DNB

8:45-9:30         Registration with coffee/tea
9:30-9:45         Opening address: Jan Marc Berk (Division Director Economic Policy and Research at DNB)

SESSION I: Incomplete Markets, Zero lower bound and Redistribution

Chair: Andrea Colciago (DNB and Milano Bicocca)

9:45-10:45      The New Keynesian Cross: Understanding Monetary Policy with Hand-to- Mouth Households
Presenter: Florin Bilbiie (PSE, Paris 1 and CEPR)
Discussant: Adam Elbourne (CPB) Discussion
10:45-11:15     Coffee break
11:15-12:15     Designing QE to overcome the lower bound constraint on interest rates in a fiscally sound monetary union
Presenter: Leo Von Thadden (ECB) Presentation
Discussant: Keith Kuester (Bonn University) Discussion
12:15-13:30      Lunch in Foyer
13:30-14:30      Keynote Address: John Cochrane (Hoover Institute at Stanford University) Presentation
Michelson-Morley, Fisher, and Occam: The Radical Implications of Stable Quiet Inflation at the Zero Bound

SESSION II, Part 1: Price level determination

Chair: Peter van Els (DNB)

14:30-15:30      A Demand Theory of the Price Level
Presenter: Marcus Hagedorn (University of Oslo) Presentation
Discussant: Luigi Iovino (Bocconi University and IGIER) Discussion
15:30-16:00     Coffee break
16:00-17:30      Policy Panel: John Cochrane (Stanford University), Christopher Sims (Princeton University), Frank Smets (ECB)
Moderator: Jakob De Haan (DNB and University of Groningen)
18:30-21:30  Conference Dinner

TUESDAY, 10 OCTOBER 2017 -  Board room at DNB

8:45-9:15        Registration with coffee/tea

SESSION II, Part 2: Price level determination

Chair: Robert Vermeulen (DNB)

09:15-10:15     Controlling Inflation with timid monetary-fiscal regime changes
Presenter: Guido Ascari (University of Oxford and Pavia)   Presentation
Discussant: Kostas Mavromatis (DNB)   Discussion

SESSION III: Fiscal-Monetary Interaction in Monetary Unions

Chair: Gabriele Galati (DNB)

10:15-11:15       Generalized stability of monetary unions under regime switching in monetary and fiscal policies
Presenter: Dennis Bonam (DNB)   Presentation
Discussant: Jean Barthélemy (Sciences Po - Banque de France)   Discussion
11:15-11:30  Coffee break
11:30-12:30      Dynamic fiscal limits and monetary-fiscal policy interactions in the euro area
Presenter: Niccolò Battistini (ECB)
DiscussantRaffaele Rossi (University of Manchester)
12:30-13:30      Lunch in Foyer
13.30-14.30      Keynote speech: Christopher Sims (Princeton University) Presentation
14:30-15:00      Coffee break

SESSION IV: Implications of Large Central Banks Balance Sheet

Chair: Aerdt Houben (DNB)

15:00-16:00      Non-Neutrality of Open-Market Operations
Presenter: Salvatore Nisticò (Sapienza Università di Roma) Presentation
Discussant: Vivien Lewis (KU Leuven) Discussion

16:00-16:15      Coffee break
16:15-17:15      A Large Central Bank Balance Sheet? The Role of Interbank Market Frictions
Presenter: Dominik Thaler (Banco de España)   Presentation
Discussant: Robert Vermeulen (DNB)