Working Papers

The ADEMU working paper series includes 135 titles and it is archived in an open access repository which is being managed by the Barcelona Graduate School of Economics, Universitat Pompeu Fabra (UPF) and Universitat Autonoma de Barcelona (UAB).

TitleAuthor(s)Working Paper Year / Number
Breaking the Spell with Credit-EasingG.Gaballo, R.MarimonWP 2016/001
Bank opacity and financial crisesJ.JungherrWP 2016/002
Fiscal Consolidation in a Disinflationary Environment: Price- vs. Quantity-Based MeasuresE.Pappa, R.Sajedi, E.VellaWP 2016/003
Does Austerity pay off?*B.Born, G. J.Müller, J. PfeiferWP 2016/004
Exit expectations and debt crises in currency unions?A. Kriwoluzky, G.J. Müller, M.WolfWP 2016/005
Policy Spillovers and Synergies in a Monetary Union*Ó.Arce, S.Hurtado, C.ThomasWP 2016/006
The new Economic component of EMU: A Lawful and Effective Design? C. Kilpatrick WP 2016/007
Unemployment (Fears) and Deflationary SpiralsW. Den Haan, P. Rendahl, M.RieglerWP 2016/008
Rethinking optimal currency areasV.V. Chari, A.Dovis, P.KehoeWP 2016/009
The dark corners of the labour marketV.SterkWP 2016/010
The Effect of Firm Cash Holdings on Monetary PolicyB.Adão, A.C. SilvaWP 2016/011
Fiscal Unions ReduxP.Kehoe, E. PastorinoWP 2016/012
Tax Reform with Endogenous Borrowing Limits and Incomplete Asset MarketsÁ.Abrahám, E.Carceles-PovedaWP2016/0013
The Real Effects of Liquidity Shocks in Sovereign Debt Markets: Evidence from Italy°A.Gazzani, A.VicondoaWP2016/0014
The effects of government spending endogeneity on estimated multipliers in the U.S.A.MouraWP2016/0015
The Single Supervisory Mechanism: legal fragilities and possible solutionsC.A. Petit, G.MontiWP2016/0016
Towards Understanding Differences in European Household FinancesT.Hintermaier, W.KoenigerWP2016/0017
Asymmetric Trade Liberalizations and Current Account Dynamics*A. BarattieriWP2016/0018
Capital Taxation and GlobalizationI.CorreiaWP2016/0019
The Changing Nature of Gender Selection into Employment: Europe over the Great RecessionJ.J. Dolado, C. Garcia-Peñalosa, L.TarasonisWP2016/0020
Voter Participation with Collusive PartiesD.K.Levine, A.MattozziWP2016/0021
Size, fungibility and the Strength of Lobbying OrganizationsD.K.Levine, S.ModicaWP2016/0022
Collusion constrained equilibriumR.Dutta, D.K.Levine, S.ModicaWP2016/0023
The Case for Flexible Exchange Rates in a Great RecessionG.Corsetti, K.Kuester, G.J. MüllerWP2016/0024
Sovereign Default: The Role of ExpectationsJ.Ayres, G. Navarro,
J.P.Nicolini, P.Teles
Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider TradingJ.Caballe, A. DumitrescuWP2016/0026
Persistent Government Spending and Fiscal Multipliers: the Investment-ChannelM.Dupaigne, P.FéveWP2016/0027
In search of the transmission Mechanism of Fiscal Policy in the Euro AreaP.Fève, G.SahucWP2016/0028
Risk Sharing and Contagion in NetworksA. Cabrales, P.Gottardi, F. Vega-RedondoWP2016/0029
Job uncertainty and deep recessionsM.Ravn, V.SterkWP2016/0030
Macroeconomic Fluctuations with HANK & SAM: an analytical approachM.Ravn, V.SterkWP2016/0031
Regime-Dependent Sovereign Risk Pricing during the Euro CrisisA.L.Delatte, J.Fouquau, R.PortesWP2016/0032
The Government Wage Bill and Private ActivityD.Bermperoglu, E.Pappa, E.VellaWP2016/0033
Is the macroeconomy locally unstable and why should we care?P.Beaudry, D.Galizia, F.PortierWP2016/0034
The "Mystery of the Printing Press": monetary Policy and Self-fulfilling debt crisesG.Corsetti, L.DedolaWP2016/0035
On the limits of EU economic policy coordinationP.Leino-Sandberg, T.SaarenheimoWP2016/0036
An Overview of Legal Aspects of Risk SharingP.Leino-SandbergWP2016/0037
Bank resolution credibility and economic implications°M.YiatrouWP2016/0038
EMU and national constitutional conditions to long-term change°T.Beukers, C.FasoneWP2016/0039
Risk diversification and the large-small bank dichotomy in money marketsH.Rodriguez MendizabalWP2016/0040
How does access to the unsecured debt market affect investment?°K.BiguriWP2016/0041
When Fiscal Consolidation Meets Private Deleveraging*J.Andrés, Ó.Arce, C.ThomasWP2016/0042
Euro CAC and the existing rules on sovereign debt restructuring in the euro area:
an appraisal 4 years after the Greek debt swap°
T. MartinelliWP2016/0043
Measuring Fiscal Policy Spillovers in the Euro AreaL. Gambetti, F. GallioWP2016/0044
Structural Reforms in EU Member States: Exploring Sanction-based and Reward-based Mechanisms°A. SteinbachWP2016/0045
Time-consistent unemployment insuranceS.Kankanamge and T. Weitzenblum WP2016/0046
Fiscal Transfers in a Monetary Union with Sovereign Risk°G. de Almeida Bandeira WP2016/0047
An Unemployment Insurance Scheme for the Euro Area?
A Comparison of Different Alternatives using Micro Data*
M.Dolls, C.Fuest, D. Neumann, A.PeichlWP2016/0048
Time-consistent fiscal policy in a debt crisisN.Balke, M.O.RavnWP2016/0049
Natural Resources and Global Misallocation*A.Monge-Naranjo,
J.M.Sanchez, R.Santaeulalia-Llopis
Optimal Debt Maturity and Firm InvestmentJ.Jungherr, I.SchottWP2016/0051
Sovereign Debt and Structural Reforms*A.Muller, K.Storresletten, F.ZillibottiWP2016/0056
Reconciling Hayek's and Keynes' View of RecessionsP.Beaudry, D.Galicia, F.PortierWP2016/0057
Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary unionG.Corsetti, L.Dedola, M.Jarociński, B.Maćkowiak, S.SchmidtWP2016/0058
Narrow banking with modern depository institutions: Is there a reason to panic?H.Rodriguez MendizábalWP2017/0052
Sources of Borrowing and Fiscal MultipliersR.Priftis, S.ZimicWP2017/0053
A Journey Down the Slippery Slope to the European Crisis: A Theorist's GuideV.V.Chari, A.Dovis, P.J.KehoeWP2017/0054
International Risk Sharing in the European Monetary Union°A. Ferrari, A. Rogantini Picco, WP2017/0055
Is Inflation Default? The Role of Information in Debt CrisesM.Bassetto, C.GalliWP2017/0059
Leverage Bounds with Default and Asymmetric InformationR.BohacekWP2017/0060
Search-Based Endogenous Asset Liquidity and the MacroeconomyW.Cui, S.RaddenWP2017/0061
Default cyclesWei Cui, Leo KaasWP2017/0062
Volatility During the Financial Crisis Through the Lens of High Frequency Data:
A Realized GARCH Approach
D.Banulescu-Radu, P.R.Hansen, Z.Huang, M.MateiWP2017/0063
A Unified Framework for Optimal Taxation with Undiversifiable Risk  V.Panousi, C.ReisWP2017/0064
Endogenous Uncertainty and Credit CrunchesL.Straub,
Monetary Policy with Declining Deficits:
Theory and an Application to Recent Argentine Monetary Policy*
R.Manuelli, J.I. VizcainoWP2017/0066
Debt Stocks Meet Gross Financing Needs: A Flow Perspective into Sustainability*C.Gabriele, A.Erce, M. Athanasopoulou, J. Rojas,WP2017/0067
Policy Shocks and Wage Rigidities: Empirical Evidence from Regional Effects
of National Shocks° Ridder,
The Macroeconomic Effects of Government Asset Purchases:
Evidence from Postwar US Housing Credit
Official Sector Lending Strategies During the Euro Area CrisisG.Corsetti, A.Erce, T.UyWP2017/0070
Quantifying the Welfare Gains from History Dependent Income TaxationM.KapickaWP2017/0071
Liquidity, Government Bonds and Sovereign Debt CrisesF.MolteniWP2017/0072
Managing the UK National Debt 1694-2017*M.Ellison, A.ScottWP2017/0073
Is deregulation of product and labour markets promoting employment and productivity? A difference-in-differences approach*H.Correia
A.Fontoura Gouveia
Monetary Policy Stretched to the Limit: How Could Governments Support
the European Central Bank?*
A.van RietWP2017/0075
Sovereign Defaults and Banking Crises*C.Sosa-PadillaWP2017/0076
Competences and alignment in an emerging futureR.SmitsWP2017/0077
Fiscal Consolidation Programs and Income Inequality*P.BrincaWP2017/0078
The Independence of the ECB: Justification, Limitations and possible Threats*A.ThieleWP2017/0079
Calibrating central banks’ mandate:
Central banking objectives, tasks, and measures within unitary and federal constitutional settings°
Towards a Meaningful Prudential Supervision Dialogue in the Euro Area?
A Study of the Interaction between the European Parliament and the ECB in the SSM*
F.Amtenbrink and M. MarkakisWP2017/0081
Time-Consistently Undominated PoliciesC.Brendon, Martin EllisonWP2018/0082
Should I Stay or Should I Go? Austerity, Unemployment and MigrationG.Bandeira, J.Caballe, E.VellaWP2018/0083
Ramsey Taxation in the Global EconomyV. V. Chari, Juan Pablo Nicolini, Pedro TelesWP2018/0084
Should Robots Be Taxed?J.Guerreiro, S.Rebelo, and P.TelesWP2018/0085
Sovereign Default: The Role of ExpectationsJ.Ayres, G.Navarro, J.P. Nicolini, P.TelesWP2018/0086
One Money, Many MarketsG.Corsetti, J.B. Duarte S.MannxWP2018/0087
Wage Risk and the Skill Premium*C.Slavik, H.YaziciWP2018/0088
Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offsG.Corsetti, L.Dedola, S. LeducWP2018/0089
Self-Fulfilling Runs and Endogeneous Liquidity CreationH.Rodriguez, D.LeivaWP2018/0090
Real Keynesian Models and Sticky PricesP.Beaudry, F.PortierWP2018/0091
Putting the Cycle Back into Business Cycle AnalysisP.Beaudry, D.Galizia, F.PortierWP2018/0092
Why is Europe Falling Behind?
Structural Transformation and Services Productivity Differences between Europe and the U.S.°
C.Buiatti, J.B.Duarte, L.F.SaenzWP2018/0093
Sovereign Risk and Bank Risk-Taking°A.AriWP2018/0094
Fiscal Union for EMU – Managing IncompletenessP.Leino-Sandberg, T.SaarenheimoWP2018/0095
A European Finance Minister: Form follows function, but is it legal?°M. PatrinWP2018/0096
On Overborrowing: Trend Shocks and Capital Controls*H.D.Seoane, E.YurdagulWP2018/0097
Failure to Launch: Housing, Debt Overhang, and the Inflation Option*A HedlundWp2018/0098
The Paradox on Global ThriftL.Fornaro, F.RomeiWP2018/0099
On the asset prices and leverage requirements°R.Levinsky, T.GehrigWP2018/100
Deposit Insurance and Bank Risk-Taking°C.Lopez-Quiles Centeno, M.PetricekWP2018/101
All's well that ends well? Crisis policy after the German Constitutional Court's ruling in Gauweiler°A.SteinbachWP2018/102
The negative correlation between nonperforming loans of large and small banksH.Rodriguez MendizábalWP2018/103
The Commission’s 2017 Reflection Paper on the Deepening of the Economic and Monetary Union:
a few critical observations*
On the design of a Financial Stability FundÁ. Abrahám, E.Carceles-Poveda, Y.Liu and R.Marimon WP2018/105
On the Design of a European Unemployment Insurance System (EUIS)Á. Abrahám, J. Brogueira de Sousa, R.Marimon and L.Mayr WP2018/106
Controlling the Powers of the ECB: delegation, discretion, reasoning and care.
What Gauweiler and Weiss and others can teach us*
H.C.H. HofmannWP2018/107
The 'Haircut' of Public Creditors under EU Law°A.SteinbachWP2018/108
Insurance-type Cooperation Mechanisms under EU law°A.SteinbachWP2018/109
Financial Frictions, Asset Prices, and the Great Recession*Z.Huo, J.V.Ríos-RullWP2018/110
Optimal Fiscal Transfers in a Monetary Union*M.Dmitriev, J.Hoddenbagh WP2018/111
Debt Seniority and Sovereign Debt CrisesA.Ari, G.Corsetti, L.DedolaWP2018/112
Fiscal Risk and Public Sector Balance SheetsJ.von Hagen, J.ChenWP2018/113
Mapping the inter-connectedness between EU banks and shadow banking entitiesJ.Abad, M.D'Errico, N. Killeen, V.Luz,
T.Peltonen, R.Portes, T.
Indirect contagion: the policy problemL.Clerc, A.Giovannini,
Debt sustainability and the terms of official supportG.Corsetti, A.Erce, T.UyWP2018/116
Interconnectedness - mapping the shadow banking systemR.PortesWP2018/117
Sovereign default in a monetary union* Ferra, F.RomeiWp2018/118
Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy TransmissionT.Hintermaier, W.KoenigerWP2018/119
Is a separate Eurozone budget a good idea?*R.CroweWP2018/120
Changes in the inflation regimeB.Adão,
The effects of inflation target changes in an open economy with heterogeneous householdsI.CorreiaWP2018/122
Bank funding and risk taking°A.Ferrari,
C.Garcia Galindo, M.Petricek,
Debt dilution and debt overhangJ.Juncherr, I.SchottWP2018/124
The fiscal theory of the price level in a world of low interest ratesM.Bossetti, W.CuiWP2018/125
Downward Wage Rigidity and Wage RestraintM.WolfWP2018/126
The Maturity Structure of Sovereign Debts within a Solidarity Zone° SoyresWP2018/127
Sovereign Debt and Debt Reliefs° SoyresWP2018/128
Which Ladder to Climb? Wages of workers by job, plant, and educationC.Bayer, M.KuhnWP2018/129
Optimal Government Policies in Models with Heterogeneous AgentsR.Bohacek and M.KejakWP2018/130
Controlling the Powers of the ECB: delegation, discretion, reasoning and care*
H.C.H. HofmannWP2018/131
Step away from the zero lower bound: Small open economies in a world of secular stagnationG.Corsetti, E.Mavroeidi, G.Thwaites, and M.WolfWP2018/132
Fiscal rules and structural reforms°R.Sajedi, A.SteinbachWP2018/133
A Parliamentary assembly for the Eurozone?*D.FromageWP2018/134
The Fiscal Multiplier*M.Hagedorn, I.Manovskiiz, K.MitmanWP2018/135
Self fulfilling crises and country solidarity*

* External contribution to the ADEMU project (authors are not formally part of the research team, but have contributed as Associated Researchers or upon request)
° PhD and Post-doc Researchers