ADEMU Working Papers related to Work Package 1

Researchers involved in Work Package 1 have extensively analysed topics related to long-term sustainability of a monetary and fiscal union, mostly focusing on the determinants of sovereign debt crises, the strategies for a sustainable public debt management and new risk-sharing mechanisms.

Below you can find a list of working papers published in the ADEMU Working Paper Series, which have been relevant for the achievement of the objectives of Work Package 1.

Title Author(s) Working Paper Number
Tax Reform with Endogenous Borrowing Limits and Incomplete Asset Markets Á.Abrahám, E.Carceles-Poveda WP2016/0013
Sovereign Default: The Role of Expectations J.Ayres, G. Navarro,
J.P.Nicolini, P.Teles
Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider Trading J.Caballe, A. Dumitrescu WP2016/0026
Risk Sharing and Contagion in Networks Cabrales, Gottardi, Vega-Redondo WP2016/0029
The “Mystery of the Printing Press”: monetary Policy and Self-fulfilling debt crises G.Corsetti, L.Dedola WP2016/0035
How does access to the unsecured debt market affect investment? K. Biguri WP2016/0041
When Fiscal Consolidation Meets Private Deleveraging  J. Andrés, Ó. Arce, C. Thomas WP2016/0042
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. Peichl WP2016/0048
Time-consistent fiscal policy in a debt crisis N. Balke, M. O. Ravn WP2016/0049
Natural Resources and Global Misallocation A. Monge-Naranjo,
J. M. Sanchez, R.Santaeulalia-Llopis
Sovereign Debt and Structural Reforms A. Muller, K. Storresletten, F. Zilibotti WP2016/0056
Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union G. Corsetti, L. Dedola, M. Jarociński, B. Maćkowiak, S. Schmidt WP2016/58
International Risk Sharing in the European Monetary Union A. Ferrari, A. Rogantini Picco, WP2017/0055
Is Inflation Default? The Role of Information in Debt
M. Bassetto, C. Galli WP2017/59
Endogenous Uncertainty and Credit Crunches L. Straub
R. Ulbricht
Monetary Policy with Declining Deficits: Theory
and an Application to Recent ArgentineMonetary Policy
R. Manuelli
J. I. Vizcaino
Debt Stocks Meet Gross Financing Needs: A
Flow Perspective into Sustainability
C. Gabriele,
A. Erce,
M. Athanasopoulou,
J. Rojas,
Policy Shocks and Wage Rigidities: Empirical
Evidence from Regional Effects of National Shocks
M. de Ridder,
D. Pfajfar
The Macroeconomic Effects of Government Asset
Purchases: Evidence from Postwar US Housing Credit
A. Fieldhouse,
K. Mertens,
M. O. Ravn,
Official Sector Lending Strategies
During the Euro Area Crisis
G. Corsetti, A. Erce and T. Uy WP2017/70
Liquidity, Government Bonds and
Sovereign Debt Crises
F. Molteni WP2017/72
Managing the UK National Debt 1694-2017 M. Ellison, A. Scott WP2017/73
Monetary Policy Stretched to the Limit: How Could Governments Support the European Central Bank? A. van Riet WP2017/75
Sovereign Defaults and Banking Crises C. Sosa-Padilla WP2017/76
Fiscal Consolidation Programs and Income Inequality P. Brinca WP2017/78
Time-Consistently Undominated Policies C. Brendon and M. Ellison WP2018/82
One Money, Many Markets G. Corsetti, J. B. Duarte, S. Mann WP2018/87
Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs G. Corsetti, L. Dedola, S. Leduc WP2018/89
Why is Europe Falling Behind? Structural Transformation and Services Productivity Differences
between Europe and the U.S.
C. Buiatti, J. B. Duarte, L. F. Saenz WP2018/93
Sovereign Risk and Bank Risk-Taking A. Ari WP2018/94
A Fiscal Union for EMU – Managing Incompleteness P. Leino, T. Saarenheimo WP2018/95
Failure to Launch: Housing, Debt Overhang, and the Inflation Option A. Hedlund Wp2018/98
The Paradox on Global Thrift L. Fornaro, F. Romei WP2018/99
Deposit Insurance and Bank Risk-Taking C. Lopez-Quiles Centeno, M. Petricek WP2018/101
On the Optimal Design of a Financial Stability Fund A. Ábrahám, E. Carceles-Poveda, Y. Liu and R. Marimon WP2018/105
Financial Frictions, Asset Prices, and the Great Recession Z. Huo, J.V. Ríos-Rull WP2018/110
Debt Seniority and Sovereign Debt Crises A. Ari, G. Corsetti, L. Dedola WP2018/112
Fiscal Risk and Public Sector Balance Sheets J. von Hagen, Y. Chen WP 2018/113
Debt Sustainability and the Terms of Official Support G. Corsetti, A. Erce and T. Uy WP 2018/116
Sovereign default in a monetary union S. de Ferra, F. Romei WP2018/118
Bank funding and risk taking A. Ferrari,
C. Garcia Galindo, M. Petricek,
A. Winkler
Debt dilution and debt overhang J. Jungherr, I. Schott WP2018/124
The Maturity Structure of Sovereign Debts within a solidarity zone C. de Soyres WP2018/127
Sovereign Debt and Debt Reliefs C. de Soyres WP2018/128
Step away from the zero lower bound: Small open economies in a world of secular stagnation G. Corsetti, E. Mavroeidi, G. Thwaites, and M. Wolf WP2018/132