Working Papers

The ADEMU working paper series is archived in an open access repository that is being managed by the Barcelona Graduate School of Economics, Universitat Pompeu Fabra (UPF) and Universitat Autonoma de Barcelona (UAB).


A Parliamentary assembly for the Eurozone?

D Fromage | ADEMU Working Paper: 2018/134

Fiscal rules and structural reforms

R Sajedi, A Steinbach  | ADEMU Working Paper: 2018/133

Step away from the zero lower bound: Small open economies in a world of secular stagnation

G Corsetti, E Mavroeidi, G Thwaites, M Wolf | ADEMU Working Paper: 2018/132

Controlling the Powers of the ECB: delegation, discretion, reasoning and care

H C H Hofmann | ADEMU Working Paper: 2018/131

Paper to follow

Optimal Government Policies in Models with Heterogeneous Agents

R Bohacek, M Kejak  | ADEMU Working Paper: 2018/130

Which Ladder to Climb? Wages of workers by job, plant, and education

C Bayer, M Kuhn | ADEMU Working Paper: 2018/129

Sovereign Debt and Debt Reliefs

C de Soyres | ADEMU Working Paper: 2018/128

Paper to follow

The Maturity Structure of Sovereign Debts within a solidarity zone

C de Soyres | ADEMU Working Paper: 2018/127

Downward Wage Rigidity and Wage Restraint

M Wolf | ADEMU Working Paper: 2018/126

The fiscal theory of the price level in a world of low interest rates

M Bassetto, W Cui| ADEMU Working Paper: 2018/125

Debt dilution and debt overhang

J Jungherr, J Schott | ADEMU Working Paper: 2018/124

Bank funding and risk taking

A Ferrari, C Garcia Galindo, M Petricek, A Winkler | ADEMU Working Paper: 2018/123

The effects of inflation target changes in an open economy with heterogeneous households

Isabel Correia  | ADEMU Working Paper: 2018/122

Changes in the inflation regime

B Adão, I Correia  | ADEMU Working Paper: 2018/121

Is a separate Eurozone budget a good idea?

R Crowe | ADEMU Working Paper: 2018/120

Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission

T Hintermaier, W Koeniger | ADEMU Working Paper: 2018/119

Sovereign default in a monetary union

S de Ferra, F Romei | ADEMU Working Paper: 2018/118

Interconnectedness – mapping the shadow banking system*

R Portes | ADEMU Working Paper: 2018/117

Debt sustainability and the terms of official support

G Corsetti, A Erce, T Uy | ADEMU Working Paper: 2018/116

Indirect contagion: the policy problem*

L Clerc, A Giovannini, S Langfield, T Peltonen, R Portes, M Scheicher | ADEMU Working Paper: 2018/115

Mapping the inter-connectedness between EU banks and shadow banking entitites

J Abad, M D’Errico, N Killeen, V Luz, T Peltonen, R Portes, T Urbano | ADEMU Working Paper: 2018/114

Fiscal risk and public sector balance sheets

J von Hagen, J Chen | ADEMU Working Paper: 2018/113

Debt Seniority and Sovereign Debt Crises

A Ari, G Corsetti, L Dedola | ADEMU Working Paper: 2018/112

Optimal Fiscal Transfers in a Monetary Union

M Dmitriev,  J Hoddenbagh | ADEMU Working Paper: 2018/111

Financial Frictions, Asset Prices, and the Great Recession

Z Huo, J V Ríos-Rull | ADEMU Working Paper: 2018/110

Insurance-type cooperation mechanisms under EU law

A Steinbach | ADEMU Working Paper: 2018/109

The ‘Haircut’ of Public Creditors under EU Law

A Steinbach | ADEMU Working Paper: 2018/108

Controlling the Powers of the ECB: delegation, discretion, reasoning and care – what Gauweiler and Weiss and others can teach us

H C Hofmann | ADEMU Working Paper: 2018/107

On the design of a European Unemployment Insurance System

A Ábrahám, J Brogueira de Sousa, R Marimon and L Mayr | ADEMU Working Paper: 2018/106

On the Optimal Design of a Financial Stability Fund

A Ábrahám, E Carceles-Poveda, Y Liu, R Marimon | ADEMU Working Paper: 2018/105

Paper to follow

The Commission’s 2017 Reflection Paper on the Deepening of the Economic and Monetary Union: a few critical observations

L Radic | ADEMU Working Paper: 2018/104

The negative correlation between non-performing loans of large and small banks

H Rodríguez Mendizábal | ADEMU Working Paper: 2018/103

All’s well that ends well? Crisis policy after the German Constitutional Court’s ruling in Gauweiler

A Steinbach | ADEMU Working Paper: 2018/102

Deposit Insurance and Bank Risk-Taking

C Lopez-Quiles Centeno, M Petricek | ADEMU Working Paper: 2018/101

On the asset prices and leverage requirements

R Levinsky, T Gehrig | ADEMU Working Paper: 2018/100

The Paradox on Global Thrift

L Fornaro, F Romei | ADEMU Working Paper: 2018/099

Paper to follow

Failure to Launch: Housing, Debt Overhang, and the Inflation Option

A Hedlund | ADEMU Working Paper: 2018/098

On Overborrowing: Trend Shocks and Capital Controls

H D Seoane, E Yurdagul | ADEMU Working Paper: 2018/097

Paper to follow

A European Finance Minister: Form follows function, but is it legal? A legal analysis of the  European Commission’s proposal to create a European Minister of Economy and Finance

M. Patrin | ADEMU Working Paper: 2018/096

A fiscal union for the EMU?

P. L. SandbergT. Saarenheimo | ADEMU Working Paper: 2018/095

Sovereign Risk and Bank Risk-Taking

A. Ari | ADEMU Working Paper: 2018/094

Why is Europe Falling Behind? Structural Transformation and Services’ Productivity Differences between Europe and the U.S.

C. BuiattiJ. B. DuarteL. F. Saenz | ADEMU Working Paper: 2018/093

Putting the Cycle Back into Business Cycle Analysis

P. Beaudry, D. Galizia, F. Portier | ADEMU Working Paper: 2018/092

Real Keynesian Models and Sticky Prices

P. BeaudryF. Portier | ADEMU Working Paper: 2018/091

Self-Fulfilling Runs and Endogeneous Liquidity Creation

D. R. LeivaH. Rodríguez Mendizábal | ADEMU Working Paper: 2018/090

Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs

G. CorsettiL. Dedola, S. Leduc | ADEMU Working Paper: 2018/089

Wage Risk and the Skill Premium

C. SlavíkH. Yazici  | ADEMU Working Paper: 2018/088

One Money, Many Markets

G. Corsetti, J. B. Duarte, S. Mann | ADEMU Working Paper: 2018/087

Sovereign default: the role of expectations

This is an updated version of ADEMU working paper WP2016/25

J. AyresG. NavarroJ. P. NicoliniP. Teles | ADEMU Working Paper: 2018/086

Should robots be taxed?

J. GuerreiroS. RebeloP. Teles | ADEMU Working Paper: 2018/085

Ramsay Taxation in the Global Economy

V. V. Chari, J. P. Nicolini, P. Teles | ADEMU Working Paper: 2018/084

Should I Stay or Should I Go? Austerity, Unemployment and Migration

G. Bandeira, J Caballe,  E. Vella  | ADEMU Working Paper: 2018/083

Time-Consistently Undominated Policies 

C. Brendon, M. Ellison | ADEMU Working Paper: 2018/082

Towards a Meaningful Prudential Supervision Dialogue in the Euro Area? A Study of the Interaction between the European Parliament and the European Central Bank in the Single Supervisory Mechanism

F. Amtenbrink, M. Markakis | ADEMU Working Paper: 2017/081

Calibrating central banks´mandate

C. Petit  | ADEMU Working Paper: 2017/080

The Independence of the ECB Justification, Limitations and Possible Threats

A. Thiele | ADEMU Working Paper: 2017/079

Fiscal Consolidation Programs and Income Inequality

P. Brinca, M. H. Ferreira, F. Franco, H. A. Holter, L. Malafry | ADEMU Working Paper: 2017/078

Competences and alignment in an emerging future. After L-Bank: how the Eurosystem and the Single Supervisory Mechanism may develop

R. Smits | ADEMU Working Paper: 2017/077

Sovereign Defaults and Banking Crises

C. Sosa-Padilla | ADEMU Working Paper: 2017/076

Monetary Policy Stretched to the Limit: How Could Governments Support the European Central Bank?

A, van Riet | ADEMU Working Paper: 2017/075

Is deregulation of product and labour markets promoting employment and productivity? A difference-in-differences approach

H. Correia, A. Fontoura Gouveia | ADEMU Working Paper: 2017/074

Managing the UK National Debt 1694-2017

M. Ellison, A. Scott | ADEMU Working Paper: 2017/073

Liquidity, Government Bonds and Sovereign Debt Crises

F. Molteni | ADEMU Working Paper: 2017/072

Quantifying the Welfare Gains from History Dependent Income Taxation

M. Kapička | ADEMU Working Paper: 2017/071

Official Sector Lending Strategies During the Euro Area Crisis

G. Corsetti, A. Erce, T. Uy | ADEMU Working Paper: 2017/070

The macroeconomic effects of government asset purchases: evidence from postwar US housing credit

A. Fieldhouse, K. Mertens, M. Ravn | ADEMU Working Paper: 2017/069

Policy shocks and wage rigidities: empirical evidence from regional effects of national shocks * Ridder, D. Pfajfar | ADEMU Working Paper: 2017/068

Debt stocks meet gross financing needs: a flow perspective into sustainability.

C. Gabriele, A. Erce, M. Athanasopoulou, J. Rojas | ADEMU Working Paper: 2017/067

Monetary policy with declining deficits: theory and an application to recent Argentine monetary policy *

R. Manuelli, J. Vizcaino | ADEMU Working Paper: 2017/066

Endogenous uncertainty and credit crunches

L. Straub, R. Ulbricht | ADEMU Working Paper: 2017/065

A unified framework for optimal taxation with undiversifiable risk

V. Panousi, C. Reis | ADEMU Working Paper: 2017/064

Volatility during the Financial Crisis through the Lens of High Frequency Data: A Realized GARCH Approach

D. Banulescu-Radu, P. Reinhard Hansen, Z. Huang, M. Matei | ADEMU Working Paper: 2017/063

Default Cycles

W. Cui, L. Kaas | ADEMU Working Paper: 2017/062

Search-Based Endogenous Asset Liquidity and the Macroeconomy

W. Cui, S Radde | ADEMU Working Paper 2017/061

Leverage Bounds with Default and Asymmetric Information

R. Boháček | ADEMU Working Paper: 2017/060

Is Inflation Default? The Role of Information in Debt Crises *

M. Bassetto, C. Galli | ADEMU Working Paper: 2017/059

Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union

G. Corsetti, L. Dedola, M. Jarociński, B. Maćkowiak, S. Schmidt | ADEMU Working Paper: 2016/058

Reconciling Hayek’s and Keynes’ Views of Recessions

P. Beaudry, D. Galizia, F. Portier | ADEMU Working Paper: 2016/057

Sovereign Debt and Structural Reforms *

A. Müller, K. Storesletten, F. Zilibotti | ADEMU Working Paper: 2016/056

International Risk Sharing in the European Monetary Union

A. Ferrari, A. R. Picco | ADEMU Working Paper: 2017/055

A Journey Down the Slippery Slope to the European Crisis: A Theorist’s Guide 

V. V. Chari, A. Dovis, P. J. Kehoe | ADEMU Working Paper: 2017/054

Sources of Borrowing and Fiscal Multipliers *

R. Priftis, S. Zimic | ADEMU Working Paper: 2017/053

Narrow banking with modern depository institutions: Is there a reason to panic?

H. Rodriguez Mendizábal | ADEMU Working Paper: 2017/052

Optimal Debt Maturity and Firm Investment

J. Jungherr, I. Schott | ADEMU Working Paper: 2016/051

Natural Resources and Global Misallocation*

A. Monge-Naranjo, J.M. Sanchez, R. Santaeulalia-Llopis | ADEMU Working Paper: 2016/050

Time-consistent fiscal policy in a debt crisis

N. Balke, M. O. Ravn | ADEMU Working Paper: 2016/049

An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives Using Micro Data*

M. Dolls, C. Fuest, D. Neumann, A. Peichl | ADEMU Working Paper: 2016/048

Fiscal Transfers in a Monetary Union with Sovereign Risk

G. de Almeida Bandeira | ADEMU Working Paper: 2016/047

Time-consistent unemployment insurance

S. Kankanamge, T. Weitzenblum | ADEMU Working Paper: 2016/046

Structural Reforms in EU Member States: Exploring Sanction-based and Reward-based Mechanisms

A. Steinbach | ADEMU Working Paper: 2016/045

Measuring Fiscal Policy Spillovers in the Euro Area

L. Gambetti, F. Gallio | ADEMU Working Paper: 2016/044

Euro CAC and the existing rules on sovereign debt restructuring in the Euro area: an appraisal four years after the Greek debt swap

T. Martinelli | ADEMU Working Paper: 2016/043

When Fiscal Consolidation Meets Private Deleveraging *

J. Andrés, Ó, Arce, C Thomas | ADEMU Working Paper: 2016/042

How does access to the unsecured debt market affect investment?*

K. Biguri | ADEMU Working Paper: 2016/041

Risk diversification and the large-small bank dichotomy in money markets

H. Rodriguez Mendizábal | ADEMU Working Paper: 2016/040

EMU and national constitutional conditions to long-term change

T.Beukers, C.Fasone | ADEMU Working Paper: 2016/039

Bank resolution credibility and economic implications

M.Yiatrou | ADEMU Working Paper: 2016/038

An Overview of Legal Aspects of Risk Sharing

P.Leino-Sandberg | ADEMU Working Paper: 2016/037

On the limits of EU economic policy coordination

P.Leino, T.Saarenheimo | ADEMU Working Paper: 2016/036

The Mystery of the Printing Press: Monetary Policy and Self-fulfilling Debt Crises

G.Corsetti, L.Dedola | ADEMU Working Paper: 2016/035

Is the macroeconomy locally unstable and why should we care?

P.Beaudry, D.Galizia, F.Portier | ADEMU Working Paper: 2016/034

The Government Wage Bill and Private Activity

D.Bermperoglu, E.Pappa, E.Vella | ADEMU Working Paper: 2016/033

Regime-Dependent Sovereign Risk Pricing during the Euro Crisis

A. Delatte, J.Fouquau, R.Portes | ADEMU Working Paper: 2016/032

Macroeconomic Fluctuations with HANK & SAM: an analytical approach

M. Ravn and V. Sterk | ADEMU Working Paper: 2016/031

Job uncertainty and deep recessions

M. Ravn and V. Sterk | ADEMU Working Paper: 2016/030

Risk-sharing and contagion network

A. Cabrales, P. Gottardi and F. Vega-Redondo| ADEMU Working Paper: 2016/029

In search of the transmission Mechanism of Fiscal Policy in the Euro Area

P. Fève and G. Sahuc | ADEMU Working Paper: 2016/028

Persistent Government Spending and Fiscal Multipliers: the Investment-Channel

M. Dupaigne and P. Fève | ADEMU Working Paper: 2016/027

Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider Trading

J.  Caballe and A. Dumitrescu | ADEMU Working Paper: 2016/026

Sovereign Default: The Role of Expectations

An updated version of this paper is available, numbered 2017/086

J. Ayres, G. Navarro, J. Nicolini and P. Teles | ADEMU Working Paper: 2016/025

The Case for Flexible Exchange Rates in a Great Recession

G. Corsetti, K. Kuester and G. Müller | ADEMU Working Paper: 2016/024

Collusion constrained equilibrium

R. Dutta, D. Levine and S. Modica | ADEMU Working Paper: 2016/023

Size, fungibility and the Strength of Lobbying Organizations

D. Levine and S. Modica | ADEMU Working Paper: 2016/022

Voter Participation with Collusive Parties

D. Levine and A. Mattozzi  | ADEMU Working Paper: 2016/021

The Changing Nature of Gender Selection into Employment: Europe over the Great Recession

J. Dolado, C. Garcia-Peñalosa and L. Tarasonis | ADEMU Working Paper: 2016/020

        Capital Taxation and Globalization

        I. Correia | ADEMU Working Paper: 2016/019

        Asymmetric Trade Liberalizations and Current Account Dynamics*

        A. Barattieri | ADEMU Working Paper: 2016/018

        Towards Understanding Differences in European Household Finances

        T. Hintermaier and W. Koeniger | ADEMU Working Paper: 2016/017

        The Single Supervisory Mechanism: legal fragilities and possible solutions

        C. Petit and G. Monti | ADEMU Working Paper: 2016/016

The effects of government spending endogeneity on estimated multipliers in the U.S.

A. Moura | ADEMU Working Paper: 2016/015

The Real Effects of Liquidity Shocks in Sovereign Debt Markets: Evidence from Italy1

A. Gazzani and A. Vicondoa | ADEMU Working Paper: 2016/014

        Tax Reform with Endogenous Borrowing Limits and Incomplete Asset Markets

        A. Abrahám and E. Carceles-Poveda | ADEMU Working Paper: 2016/013

        Fiscal Unions Redux

        P. Kehoe and E. Pastorino | ADEMU Working Paper: 2016/012

        The effect of firm cash holdings on monetary policy

        B. Adao and A. Silva | ADEMU Working Paper: 2016/011

        The dark corners of the labor market

        V. Sterk | ADEMU Working Paper: 2016/010

        Rethinking optimal currency areas

        V.V. Chari, A. Dovis and P. Kehoe | ADEMU Working Paper: 2016/009

        Unemployment (fears) and deflationary spirals

        W. Den Haan, P. Rendahl and M. Riegler | ADEMU Working Paper: 2016/008

The new economic component of EMU: a lawful and effective design?

C. Kilpatrick | ADEMU Working Paper: 2016/007

        Policy spillovers and synergies in a monetary union*

        O. Arce, S. Hurtado and C. Thomas | ADEMU Working Paper: 2016/006

        Exit expectations and debt crises in currency unions?

        A. Kriwoluzky, G. Müller and M. Wolf | ADEMU Working Paper: 2016/005

        Does austerity pay off?*

        B. Born, G. Müller and J. Pfeifer| ADEMU Working Paper: 2016/004

Fiscal Consolidation in a Disinflationary Environment: Price- vs. Quantity-Based   Measures

E. Pappa, R. Sajedi and E. Vella | ADEMU Working Paper: 2016/003

        Bank Opacity and Financial Crises

        J. Jungherr | ADEMU Working Paper: 2016/002

        Breaking the Spell with Credit-Easing

        G. Gaballo and R. Marimon | ADEMU Working Paper: 2016/001

* External contribution to the ADEMU project
PhD Researchers