10th BIS Annual Conference 2011 - Fiscal policy and its implications for monetary and financial stability

23-24 June 2011, Palace Hotel, Lucerne, Switzerland

The proceedings of the conference were published in December 2011.


Thursday 23 June
13:45 Opening remarks by Stephen Cecchetti (BIS) (paper, presentation)
14:00 Session 1: The risks and challenges of long-term fiscal sustainability
  Chair: Øystein Olsen (Central Bank of Norway)
  Author: Alan Auerbach (University of California, Berkeley)
"Long-term fiscal sustainability in major economies" (paper, presentation)
  Discussants: Pier Carlo Padoan (OECD) (presentation)
Ray Barrell (NIESR) (presentation)
16:00 Session 2: The effects of fiscal consolidation
  Chair: Stefan Ingves (Sveriges Riksbank)
  Author: Roberto Perotti (Universitá Bocconi)
"The 'Austerity Myth': Gain without pain?" (paper and presentation)
  Discussants: Carlo Cottarelli (IMF) (paper)
Harald Uhlig (University of Chicago) (presentation)
19:00 Keynote lecture Martin Feldstein (Harvard University/NBER) (paper)
Friday 24 June
08:00   Session 3: Fiscal policy and financial stability
  Chair: Patrick Honohan (The Central Bank of Ireland)
  Author: Carmen Reinhart (Peterson Institute for International Economics)
"The Liquidation of Government Debt" (paper and presentation)

Ignazio Visco (Bank of Italy) (presentation)
Alan Taylor (Morgan Stanley) (presentation)

10:00 Session 4: Fiscal policy and inflation
  Chair: Prasarn Trairatvorakul (Bank of Thailand)

Eric Leeper (Indiana University)
"Perceptions and misperceptions of fiscal inflation" (paper, presentation)

  Discussants: Christopher Sims (Princeton University) (presentation)
Michael Bordo (Rutgers University) (presentation)
11:45 Session 5: Fiscal policy challenges in EMEs
  Chair: Axel Weber (The University of Chicago Booth School of Business)
  Author: Andrés Velasco (Harvard Kennedy School) (presentation)
"Was this time different? - Fiscal policy in commodity republics" (paper and presentation)
  Discussants: Choongsoo Kim (Bank of Korea) (presentation)
Guillermo Calvo (Columbia University) (presentation)
15:00 Panel discussion "Fiscal policy sustainability and implications for monetary and financial stability"
  Chair: Jaime Caruana (BIS) (paper)

José De Gregorio (Central Bank of Chile) (paper)
Peter Diamond (Massachusetts Institute of Technology) (paper)
Peter Praet (European Central Bank) (paper)