On 8 and 9 June, ADEMU held a workshop on Macroeconomic and Financial Imbalances and Spillovers as part of the Barcelona GSE Summer Forum. The annual event of the Barcelona GSE Summer Forum attracts leading economists from around the world to debate the frontier of knowledge in Economics. The ADEMU workshop that took place as part of this event examined the following issues:
How do fiscal and financial shocks propagate from one country to another?
What are the implications of this for the conduct of fiscal policy in EU countries?
The two day workshop saw 12 researchers presenting their work in this area, which led to further discussion with the participants. The event involved participants and speakers from various banking groups as well as academic institutions.
The workshop ran as follows (all available presentations can be found below):
“Debt Dilution and Firm Investment”
Joachim Jungherr (IAE-CSIC and Barcelona GSE) with Immo Schott
Galip Kemal Ozhan (University of St Andrews)
“Why have Interest Rates Fallen Far Below the Return on Capital?”
Magali Marx (Banque de France) with François Mojon and Benoit Velde
“Fiscal rules and the Sovereign Default Premium”
Leonardo Martinez (IMF) with Juan Carlos Hatchondo and Francisco Roch
“Debt Burden and the Interest Rate Response to Fiscal Stimulus: Theory and Cross-Country Evidence”
Daniel Murphy (University of Virginia Darden School of Business) with Jorge Miranda-Pinto, Kieran Walsh and Eric Young