Conference jointly sponsored with CEPR. The program was prepared by professor Albert Marcet (UPF). Financial support was obtained from the Spanish Ministerio de Ciencia y Tecnología and from the Generalitat de Catalunya.

The conference provided a forum for new research on macroeconomics of open economies and brought together leading experts in the field of fiscal policy. There were presented fourteen papers and covered topics such as models of fiscal policy, optimal taxation, empirical evidence on the effects of fiscal policy, distributive issues of taxation and interdependence of monetary and fiscal policy.