Workshop on Policy Spillovers

Banque de France and Aix Marseille School of Economics (AMSE) organized a research workshop on Policy Spillovers on 6 July 2018 in Marseille.

The goal of the workshop was to create a forum of discussion on the international effects of economic policies across countries starting from both theoretical and empirical contributions. Twelve researchers presented and discussed papers investigating international spillovers from monetary, fiscal and other types of economic policies currently implemented or actively discussed in the policy debate.
Massimo Ferrari (European Central Bank), Evgenia Passari (Paris Dauphine), Luca Dedola (European Central Bank), Federico Signoretti (Bank of Italy), Galina Hale (Federal Reserve of San Francisco), Julia Schmidt (Banque de France), Daniele Siena (Banque de France), Karine Gente (Aix Marseille School of Economics), Roberto Pancrazi (University of Warwick), Francesco Pappadà (Banque de France), Celine Poilly (Aix Marseille School of Economics), Drago Bergholt (Norges Bank) intervened during the workshop.

Workshop Organizers:
Laurent Ferrara, Banque de France (; Celine Poilly, AMSE (, Daniele Siena, Banque de France (


Are “narrative" monetary policy shocks measures contaminated by global shocks?

Massimo Ferrari (European Central Bank), with Michele Ca’ Zorzi and Georgios Georgiadis

Discussant: Evgenia Passari (Paris Dauphine)


Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates

Luca Dedola (European Central Bank) with Georgios Georgiadis, Johannes Grab and Arnaud Mehl

Discussant: Federico Signoretti (Bank of Italy)

The Rise in Home Currency Issuance

Galina Hale (Federal Reserve of San Francisco) with Peter Jones and Mark Spiegel

Discussant: Julia Schmidt (Banque de France)

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

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

Discussant: Karine Gente (AMSE)

Non-Exclusivity Externality in Sovereign Bond Markets

Roberto Pancrazi (University of Warwick) with Luca Zavalloni
Discussant: Francesco Pappadà (Banque de France)

Reforms and the Real Exchange Rate:  The Role of Pricing-to-Market

Celine Poilly (AMSE) with Lise Patureau
Discussant: Drago Bergholt (Norges Bank)


Updated on: 08/01/2018 11:54