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10th Macroeconomic Policy Research Workshop on 'Fiscal Rebalancing, Public Debt, and its National and Global Implications' Sept 15-16, 2011

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September 15-16, 2011

Budapest, Hungary

Magyar Nemzeti Bank

Centre for Economic Policy Research

The Magyar Nemzeti Bank (MNB), in collaboration with the Centre for Economic Policy Research (CEPR), will hold its tenth Workshop on Macroeconomic Policy Research in Budapest on September 15-16, 2011.

With the onset of the current world financial crisis attention has been redirected towards the use of fiscal policy. After years of stimulus and a build-up of sizeable debt positions of the public sector, the focus is now shifting towards addressing the sustainability of these public debt positions, and on finding ways to an optimal fiscal consolidation process. An important issue for such a fiscal rebalancing process is finding the right timing and mix of financing (timing of fiscal retrenchment, tax increases versus expenditure cuts, and reforms in the tax system). Moreover, open economy aspects are becoming increasingly relevant for understanding the consequences of large outstanding public debt. These include aspects such as the role of a fiscal imbalance in causing external imbalances, the risk of sovereign debt defaults also in the industrialized world, and the design of policies to prevent these. The goal of the conference is to invite policy relevant theoretical and empirical academic contributions and bring together academic economists and central bank researchers to discuss these issues.

Topics of the 2011 meeting include:

1)    Public debt and the process of fiscal rebalancing: 

  • §  Sustainability considerations of public debt
  • §  Debt consolidation in times of recessions

2)    Fiscal Policy in a Globalized World 

  • §  Relation of fiscal debt and external debt
  • §  The role of foreign currency debt in external financing
  • §  Sovereign debt and the role of the public sector in country risk premia
  • §  Twin deficits

3)    Microeconomic aspects of public debt

  • §  Optimal mix of tax and spending measure in fiscal stimulus
  • §  Ways of financing public expenditure

Keynote Speakers:

•        Eric M. Leeper (Indiana University)

•        Carlos A. Végh (University of Maryland)

The workshop will be held at the Magyar Nemzeti Bank in Budapest. Participants from central banks are expected to cover costs of travel and local expenses. Costs of participants from academic institutions may be reimbursed by the organisers upon request. No conference fee will be charged.

Organising committee:

  • Péter Benczúr (MNB and Central European University)
  • István Kónya (MNB and Central European University)
  • Gernot Müller (University of Bonn and CEPR)
  • Katrin Rabitsch (MNB and Central European University)
Pictures of the 4th Macroeconomic Policy Research Workshop
9th Macroeconomic Policy Research Workshop on 'Understanding Financial Frictions' September 30-October 1, 2010
September 29-30 2005, 4th Macroeconomic Policy Research Workshop
October 3, 2002: Conference on Nominal and Real Convergence of Accession Countries
October 4-5, 2002: 1st Workshop on Macroeconomic Policy Research
January 19, 2007 Conference on Inflation Targeting
September 24-25, 2004: The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West
October 26-27, 2006: 5th Macroeconomic Policy Research Workshop on Micro Behavior and Monetary Policy
7th Macroeconomic Policy Research Workshop on Productivity, Trade and Development - October 30-31, 2008
October 2-3, 2003: 2nd Workshop on Macroeconomic Policy Research
October 29-30 2004, 3rd Macroeconomic Policy Research Workshop
11th Macroeconomic Policy Research Workshop on: 'Microeconomic behavior and its macro- economic implications during the financial crisis' - September 6-7, 2012
12th EABCN Workshop: 'International Business Cycle – Linkages, Differences and Implications' June 28-29, 2010
February 27-28, 2003: Monetary Strategies for Accession Countries
European Winter Meeting of the Econometric Society, 12-13 November, 2009, Budapest
May 10-12 2007, Frontiers In Central Banking Conference
November 29-30, 2007: 6th Macroeconomic Policy Research Workshop on Labor markets, wage behavior and inflation dynamics
August 27, 2007: 2nd Japanese-European Bayesian Econometrics and Statistics Meeting
October 2, 2008: Conference on financial awareness
SUERF/MNB Conference: "The Future of Banking in CESEE after the Financial Crisis" June 23, 2010 (and SUERF Annual Lecture on: "The role of domestic financial markets in an integrated Europe")
8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics
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