The INFER Workshop on News and Fiscal Policy is jointly organised by Vrije Universiteit Brussel, Bucharest University of Economic Studies and INFER, the International Network for Economic Research on March 2 – 3, 2017 in Brussels, Belgium.
This workshop aims at bringing together experts in the analysis of news, forecasting, uncertainty and the role of expectations in fiscal policy. The main purpose is to debate issues in the theoretical and empirical analysis of expectations in fiscal policy, and what new insights the latest analysis can deliver to policymakers.
The workshop creates sufficient space for debate. Speakers get time to present their work; and assigned discussants lead the debate. Panel sessions discuss cross-area approaches. Separate rooms are available for discussion and collaboration between participants.
Changes in the behaviour of fiscal and monetary policy influence beliefs about the way debt will be stabilized. Time consistent policies that are bound by rules are just one of the possible regimes. There have been large shifts in the policy mix in economic history. Exiting from current strategies might be complicated and not time-consistent anymore. If policies become locked in, and economic agents start to believe future changes are unlikely, the effects of fiscal and monetary policy may change. There are substantial economic, political and financial risks that put pressures on the continued support for a fiscal and monetary régime. Governments and central banks may be forced to adopt policies on-the-going with no option to reset those options later on. Forecasts by agents may help to learn something on the shifts of beliefs in one policy régime or the other over time.
Agenda /Workshop Set Up
This workshop provides an opportunity for all those interested in fiscal policy, policy regimes, forecasting, uncertainty, and the role of expectations to discuss their research and to exchange ideas.
- Session A: Forecasting and Fiscal Policy, Chair: Javier Perez – Banco de España
- Session B: News and Fiscal Policy Panel discussion, Jacopo Cimadomo – European Central Bank
- Panel discussion with Martin Larch – European Commission, Paolo Onofri – Prometeia and Jacopo Cimadomo – ECB
- Session C: Uncertainty in Fiscal Policy, Chair: Giovanni Ricco – University of Warwick
- Session D: Role of expectations in Fiscal Policy – Keynote speech, Chair: Paul Hubert – Observatoire Français des Conjonctures Economiques — Sciences Po
- Keynote speech by Cars Hommes – Tinbergen Institute
- Peter Claeys [Vrije Universiteit Brussel]
- António Afonso [University of Lisbon]
- Wildmer Gregor [Prometeia]
- Andreea Stoian [University of Bucharest]
- Camelia Turcu [Université d’Orléans]
- Sebastian Gechert [Institut für Makroökonomie und Konjunkturforschung (IMK)]
- Katja Heinisch [Halle Institute for Economic Research (IWH)]
- Wolf Heinrich Reuter [German Council of Economic Experts]
- Juan Manuel Figueres [University of Padua]
- Sara Riscado [European Commission]
- Peter Claeys – Vrije Universiteit Brussel
- Helena Sanz-Moralez – Vrije Universiteit Brussel
- Nicolas Vamvas Ferrandez – Vrije Universiteit Brussel
- Diederik Kumps – Vrije Universiteit Brussel