La Banque de France (BdF) et le CEPR organisent une conférence sur le thème « Politique monétaire, politique fiscale et dette publique dans un monde post COVID » les 18-19 novembre 2021, à Paris. Merci de vous inscrire ci-dessous.
Fiscal policy has responded to the economic disruptions caused by the global COVID-19 pandemic with stimulus and income-support packages of unprecedented scale, while monetary policy has further enlarged the set of instruments it uses to respond to large shocks in a low r-star environment. In parallel, the resulting increase in public debt has rekindled debates on the possible constraints put by high levels of public debt on the ability of monetary policy to control inflation, and the impact of inflation on public debt.
This new environment opens numerous questions on how to design monetary and fiscal policies going forward and how they interact in an environment of high public debt, in particular in a monetary union. Will the post-pandemic economy require a different policy mix, and/or a different form of coordination between fiscal and monetary authorities? Do high levels of public debt pose a threat to the central bank’s ability to deliver price stability? Is inflation a feasible and/or desirable solution to high levels of public debt?
This conference aims at bringing together researchers from academia, central banks and other policy institutions to present empirical and theoretical work on monetary policy, fiscal policy, and public debt, with a particular interest in works that speak of their interactions.
Thursday, 18 November
12:30 – 13:00 Registration
13:00 – 13:15 Welcome speech by Olivier Garnier (BdF)
13:15 – 14:45 Session 1 “Fiscal dominance: practice and theory”
14:45 – 15:00 Coffee break
15:00 – 16:00 Invited speaker Ricardo Reis (LSE and CEPR)
16:00 – 17:30 Session 2 “The optimal level of public debt”
17:30 – 17:45 Coffee break
17:45 – 19:15 Session 3 “Pricing government debt in the Euro area”
Friday, 19 November
11:30 – 13:00 Session 4 “Sovereign default risk and central bank asset purchases”
13:00 – 14:00 Lunch break
14:00 – 15:00 Invited speaker: Federica Romei (University of Oxford and CEPR) “Sovereign Default in a Monetary Union” (with Sergio de Ferra)
15:00 – 16:30 Session 5 “Risk sharing in a currency union”
16:30 – 17:00 Coffee break
17:00 – 18:00 Invited speaker: John H. Cochrane (Hoover Institute and NBER) “Monetary and Fiscal Policy, Entwined in the Shadow of Debt”
Presentations are divided into 30 minutes for presenters, 10 minutes for discussants and 5 minutes for Q&A.
Presentations of invited speakers are divided into 45 minutes for presenter and 15 minutes for general discussion.
Organising committee: Vincent Bignon (BdF and CEPR) ; Stéphane Dupraz (BdF) & Christoph Grosse-Steffen (BdF)
Mis à jour le : 16/11/2021 17:39