Conference / Symposium

Fri, Jun 7, 2024 - Sat, Jun 8, 2024

【Academic Conference】Fiscal Policy and Sovereign Debt (IMF-CARF-TCER-WASEDA UNIVERSITY CONFERENCE)


Friday, June 7, 2024 – Saturday, June 8, 2024



Economics Research Annex (Kojima Hall) 2F, Conference Room (will be held Hybrid)

*Updated on 5/27. Webinar Live Streaming will be available too.

How to Participate and Register

Registeration Form for Face-to-face Participation

*This conference is an “Academic Conference”. The conference is mainly open to researcher on a first-come, first-served basis.

(For [Policy Panel], which is more open to the general public, please kindly see the following page.)


Webinar Live Streaming Registration Form

*Please register your name and e-mail address, and you will receive a URL to join the Webinar on the day of the event.
Kindly keep the e-mail you receive until the day of the event.

  • The above is registration for 【Academic Conference】.
    For participants who would also like to attend the Webinar Live Streaming for 【Policy Panel】, a separate registration will be required.

Friday, June 7

9:00 am – 09:20 am Opening remarks: Kenji Okamura (Deputy Managing Director, IMF)

09:20 am – 10:40 am Session 1: Demand for Sovereign Debt


Era Dabla-Norris (Fiscal Affairs Department, IMF)

“Who holds sovereign debt and why it matters?”
Xiang Fang (University of Hong Kong), Bryan Hardy (Bank of International Settlements) and Karen Lewis (University of Pennsylvania)

Discussant: Eric Leeper (University of Virginia)

“Convenience yields and financial repression”
Jonathan Payne (Princeton University) and Bálint Szőke (Board of Governors of the Federal Reserve System)

Discussant: Francesco Bianchi (Johns Hopkins University)

10:40 am – 11:10 am

Coffee break

11:10 am – 12:30 pm Session 2: Optimal Fiscal Policy


Keiichiro Kobayashi (Keio University)

“Can deficits finance themselves?”
George-Marios Angeletos (Northwestern University), Chen Lian (University of California Berkeley) and Christian K. Wolf (MIT)

Discussant: Huixin Bi (Federal Reserve Bank of Kansas City)

“Robust bounds on optimal tax progressivity”
Anmol Bhandari (University of Minnesota), Jaroslav Borovička (New York University) and Yuki Yao (University of Kent)

Discussant: Tomoyuki Nakajima (University of Tokyo)

12:30 pm – 02:00 pm 


02:00 pm – 03:20 pm Session 3: Pricing Sovereign Debt



Kenichi Ueda (University of Tokyo)

“Sovereign debt, default risk, and the liquidity of government bonds”
Gaston Chaumont (University of Rochester)

Discussant: Francisco Roch (IMF)

“The puzzling behavior of spreads during Covid”
Stelios Fourakis (Johns Hopkins University) and Loukas Karabarbounis (University of Minnesota and Federal Reserve Bank of Minneapolis)

Discussant: Taisuke Nakata (University of Tokyo)

03:20 pm – 03:50 pm

Coffee break

03:50 pm – 05:00 pm Policy Panel

*Please kindly check the bellow link for 「03:50 pm – 05:00 pm Policy Panel」


Saturday, June 8

09:10 am – 10:30 am Session 4: Sovereign Debt and Interest Rate Shocks


Kosuke Aoki (University of Tokyo)

“Default and interest rate shocks: renegotiation matters”
Victor Almeida (Carleton College), Carlos Esquivel (Rutgers University), Timothy J. Kehoe (University of Minnesota) and Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Torcuato Di Tella)

Discussant: Jing Zhang (Federal Reserve Bank of Chicago)

“Interest rate shocks and the composition of sovereign debt”
Eugenia Gonzalez-Aguado (Toulouse School of Economics)

Discussant: Kozo Ueda (Waseda University)

10:30 am – 11:00 am

Coffee break

11:00 am – 12:20 pm Session 5: Fiscal Policy in Japan


Sagiri Kitao (GRIPS)

“Comparison of Various Fiscal Policies in the Face of Different Demographic Stages”
Naoyuki Yoshino (Keio University), Keigo Kameda (Kwansei Gakuin University), Hiroaki Miyamoto (Ministry of Finance, Hitotsubashi University) and Zhenkun Lu (Kwansei Gakuin University)

Discussant: Jacopo Cimadomo (European Central Bank)

“What about Japan?”
Yi-Li Chen (Federal Reserve Bank of St. Louis), Harold L. Cole (University of Pennsylvania), and Hanno Lustig (Stanford University)

Discussant: Makoto Saito (Nagoya University)



12:20 pm – 12:30 pmConcluding remarks: Kenichi Ueda (Director, CARF, University of Tokyo, and Representative Director, TCER)
12:45 pm – 05:00 pmLunch/Social program

Conference organizers: Era Dabla-Norris, Carlos Goncalves, Alexandra Solovyeva, and Kenichi Ueda (CARF, University of Tokyo).