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 *

M.de 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