Workshop on Fiscal policies and sovereign debt

After the financial crisis and the ensuing sovereign debt crisis, policymakers face substantial fiscal challenges, especially at times when conventional monetary policy is constrained at the zero lower bound. While the effects of fiscal stimulus on economic growth are still debated, the high level of sovereign debt and lack of fiscal space may require large fiscal consolidations in some countries. In order to provide an opportunity for exchange of views for both policymakers and scientific researchers, the International Macroeconomics division at Banque de France is organizing the workshop ‘Fiscal policies and sovereign debt’ to improve the understanding of current challenges for fiscal policy and point to possible ways forward.

Confirmed speakers are Florin Bilbiie (Paris School of Economics), Daniele Siena (Banque de France), Yanos Zylberberg (University of Bristol), Francesco Giavazzi (Bocconi University), Tamon Asonuma (IMF) and Giovanni Ricco (University of Warwick). Their papers will be discussed by Axelle Ferrière (European University Institute), Annabelle Mourougane (OECD), Davide De Bortoli (Universitat Pompeu Fabra), Ethan Ilzetzki (London School of Economics), Christoph Grosse Steffen (Banque de France) and Wenyi Shen (Oklahoma State University).

Registration is free but the number of places is limited so we ask you to register (and commit to come) by sending an email to by December 8th.

Organizers: Laurent Ferrara & Francesco Pappadà



Welcome coffee 


The New Keynesian Cross and the Multiplier Conundrum

Florin Bilbiie (Paris School of Economics)

Discussant: Axelle Ferrière (European University Institute)


Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results

Matthieu Bussière (Banque de France), Laurent Ferrara (Banque de France), Michel Juillard (Banque de France) and Daniele Siena (Banque de France)

Discussant: Annabelle Mourougane (OECD)




Hanging Off a Cliff: Fiscal Consolidations and Default Risk

Francesco Pappadà (Banque de France) and Yanos Zylberberg (University of Bristol)

Discussant: Davide De Bortoli (Universitat Pompeu Fabra)


Is it the “How” or the “When” that Matters in Fiscal Adjustments?

Alberto Alesina (Harvard University), Gualtiero Azzalini (Bocconi University), Carlo Favero (Bocconi University), Francesco Giavazzi (Bocconi University) and Armando Miano (Harvard University)

Discussant: Ethan Ilzetzki (London School of Economics)




Sovereign Bond Prices, Haircuts and Maturity

Tamon Asonuma (IMF), Dirk Niepelt (Study Center Gerzensee) and Romain Rancière (University of Southern California)

Discussant: Christoph Grosse Steffen (Banque de France)


A New Identification Of Fiscal Shocks Based On The Information Flow

Giovanni Ricco (University of Warwick)

Discussant: Wenyi Shen (Oklahoma State University)



Mis à jour le : 08/12/2017 09:07