Objectives

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.

Background

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 regime. 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 regime or the other over time. 

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.

• December 15^th , 2016              submission
• January 3^rd, 2017                     notification
• January 16^th, 2017                   registration
• March 2^nd-3^rd, 2017                 workshop