The European Crisis:
Historic Parallels and Economic Lessons

April 19-20, 2012

The JRCPPF inaugural conference took place in April 2012.  Paul Krugman, Professor of Economics and International Affairs at the Woodrow Wilson School, gave the first day's keynote and Benoit Coeure, Executive Board member of the European Central Bank, gave the Friday keynote address.  

Leading economists (including Nobel Prize winner Chris Sims) and historians gave presentations. 

Program

Thursday, April 19, 2012

Welcome
Markus Brunnermeier, Princeton University

Session I

Chris Sims, Princeton University
"Gaps in the Institutions of the Euro Area"
(Paper | Slides | Video)

Ricardo Reis, Columbia University
"Can a Central Bank with Negative Capital Still be Effective?" 
(Slides | Video)

Harold James, Princeton University
"Lessons for the Euro from History"
(Paper | Slides | Video)

Chair:
Hyun Shin, Princeton University

Session II

Luis Garicano, London School of Economics
"The Spanish Variant of the Dutch Disease"
(Slides | Video)

Tano Santos, Columbia University
“Domestic Banking in a Monetary Union: The Spanish Case”
(Slides | Video)

Chair:
David Thesmar, HEC Paris

Thursday Keynote Address

Paul Krugman, Princeton University
"Europe's Two Depressions"
(Slides | Video)

Friday, April 20, 2012

Session III

Hans-Werner Sinn, University of Munich
"The Euro Crisis"
(Slides | Video)

Chair:
Mark Aguiar, Princeton University

Friday Keynote Address

Benoit Coeure, European Central Bank
"Risk Sharing in EMU: Before, During and After the Crisis"
(Speech | Video)

Session IV: Policy Panel, "Current Events in Europe"

Jean-Pierre Landau, Princeton University
"Internal Imbalances in the Eurozone"
(Slides | Video)

Ashoka Mody, IMF
“Banks in the Eurozone and Capital Flows’ Reversal”
(Slides | Video)

Jacob Goldfield
"Did the Three Year LTROs Really Cause the Yield Decline?"
(Video)

Christian Kastrop, German Ministry of Finance
“Eurozone: What Strategy Against Failure?“
(Slides | Video)

Franklin Allen, University of Pennsylvania 
"How Will the Eurozone Emerge from the Crisis?"
(Slides | Video)

Inaugural Conference

Keynote Speakers

Paul KrugmanPaul Krugman
Princeton University

Benoit CouereBenoit Couere
European Central Bank