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).

Contribution to the Working Papers Series is open to all researchers involved in the ADEMU project. To submit your paper, please upload your working paper in PDF format from the introduction onwards. Working papers can be submitted here.


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.

M. 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-b.ased 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

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