Working Papers

The ADEMU working paper series includes 141 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.MarimonWP2016/001
Bank opacity and financial crisesJ.JungherrWP2016/002
Fiscal Consolidation in a Disinflationary Environment: Price- vs. Quantity-Based MeasuresE.Pappa, R.Sajedi, E.VellaWP2016/003
Does Austerity pay off?*B.Born, G. J.Müller, J. PfeiferWP2016/004
Exit expectations and debt crises in currency unions?A. Kriwoluzky, G.J. Müller, M.WolfWP2016/005
Policy Spillovers and Synergies in a Monetary Union*Ó.Arce, S.Hurtado, C.ThomasWP2016/006
The new Economic component of EMU: A Lawful and Effective Design? C. Kilpatrick WP2016/007
Unemployment (Fears) and Deflationary SpiralsW. Den Haan, P. Rendahl, M.RieglerWP2016/008
Rethinking optimal currency areasV.V. Chari, A.Dovis, P.KehoeWP2016/009
The dark corners of the labour marketV.SterkWP2016/010
The Effect of Firm Cash Holdings on Monetary PolicyB.Adão, A.C. SilvaWP2016/011
Fiscal Unions ReduxP.Kehoe, E. PastorinoWP2016/012
Tax Reform with Endogenous Borrowing Limits and Incomplete Asset MarketsÁ.Abrahám, E.Carceles-PovedaWP2016/013
The Real Effects of Liquidity Shocks in Sovereign Debt Markets: Evidence from Italy°A.Gazzani, A.VicondoaWP2016/014
The effects of government spending endogeneity on estimated multipliers in the U.S.A.MouraWP2016/015
The Single Supervisory Mechanism: legal fragilities and possible solutionsC.A. Petit, G.MontiWP2016/016
Towards Understanding Differences in European Household FinancesT.Hintermaier, W.KoenigerWP2016/017
Asymmetric Trade Liberalizations and Current Account Dynamics*A. BarattieriWP2016/018
Capital Taxation and GlobalizationI.CorreiaWP2016/019
The Changing Nature of Gender Selection into Employment: Europe over the Great RecessionJ.J. Dolado, C. Garcia-Peñalosa, L.TarasonisWP2016/020
Voter Participation with Collusive PartiesD.K.Levine, A.MattozziWP2016/021
Size, fungibility and the Strength of Lobbying OrganizationsD.K.Levine, S.ModicaWP2016/022
Collusion constrained equilibriumR.Dutta, D.K.Levine, S.ModicaWP2016/023
The Case for Flexible Exchange Rates in a Great RecessionG.Corsetti, K.Kuester, G.J. MüllerWP2016/024
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. DumitrescuWP2016/026
Persistent Government Spending and Fiscal Multipliers: the Investment-ChannelM.Dupaigne, P.FéveWP2016/027
In search of the transmission Mechanism of Fiscal Policy in the Euro AreaP.Fève, G.SahucWP2016/028
Risk Sharing and Contagion in NetworksA. Cabrales, P.Gottardi, F. Vega-RedondoWP2016/029
Job uncertainty and deep recessionsM.Ravn, V.SterkWP2016/030
Macroeconomic Fluctuations with HANK & SAM: an analytical approachM.Ravn, V.SterkWP2016/031
Regime-Dependent Sovereign Risk Pricing during the Euro CrisisA.L.Delatte, J.Fouquau, R.PortesWP2016/032
The Government Wage Bill and Private ActivityD.Bermperoglu, E.Pappa, E.VellaWP2016/033
Is the macroeconomy locally unstable and why should we care?P.Beaudry, D.Galizia, F.PortierWP2016/034
The "Mystery of the Printing Press": monetary Policy and Self-fulfilling debt crisesG.Corsetti, L.DedolaWP2016/035
On the limits of EU economic policy coordinationP.Leino-Sandberg, T.SaarenheimoWP2016/036
An Overview of Legal Aspects of Risk SharingP.Leino-SandbergWP2016/037
Bank resolution credibility and economic implications°M.YiatrouWP2016/038
EMU and national constitutional conditions to long-term change°T.Beukers, C.FasoneWP2016/039
Risk diversification and the large-small bank dichotomy in money marketsH.Rodriguez MendizabalWP2016/040
How does access to the unsecured debt market affect investment?°K.BiguriWP2016/041
When Fiscal Consolidation Meets Private Deleveraging*J.Andrés, Ó.Arce, C.ThomasWP2016/042
Euro CAC and the existing rules on sovereign debt restructuring in the euro area:
an appraisal 4 years after the Greek debt swap°
T. MartinelliWP2016/043
Measuring Fiscal Policy Spillovers in the Euro AreaL. Gambetti, F. GallioWP2016/044
Structural Reforms in EU Member States: Exploring Sanction-based and Reward-based Mechanisms°A. SteinbachWP2016/045
Time-consistent unemployment insuranceS.Kankanamge and T. Weitzenblum WP2016/046
Fiscal Transfers in a Monetary Union with Sovereign Risk°G. de Almeida Bandeira WP2016/047
An Unemployment Insurance Scheme for the Euro Area?
A Comparison of Different Alternatives using Micro Data*
M.Dolls, C.Fuest, D. Neumann, A.PeichlWP2016/048
Time-consistent fiscal policy in a debt crisisN.Balke, M.O.RavnWP2016/049
Natural Resources and Global Misallocation*A.Monge-Naranjo,
J.M.Sanchez, R.Santaeulalia-Llopis
Optimal Debt Maturity and Firm InvestmentJ.Jungherr, I.SchottWP2016/051
Sovereign Debt and Structural Reforms*A.Muller, K.Storresletten, F.ZillibottiWP2016/056
Reconciling Hayek's and Keynes' View of RecessionsP.Beaudry, D.Galicia, F.PortierWP2016/057
Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary unionG.Corsetti, L.Dedola, M.Jarociński, B.Maćkowiak, S.SchmidtWP2016/058
Narrow banking with modern depository institutions: Is there a reason to panic?H.Rodriguez MendizábalWP2017/052
Sources of Borrowing and Fiscal MultipliersR.Priftis, S.ZimicWP2017/053
A Journey Down the Slippery Slope to the European Crisis: A Theorist's GuideV.V.Chari, A.Dovis, P.J.KehoeWP2017/054
International Risk Sharing in the European Monetary Union°A. Ferrari, A. Rogantini Picco, WP2017/055
Is Inflation Default? The Role of Information in Debt CrisesM.Bassetto, C.GalliWP2017/059
Leverage Bounds with Default and Asymmetric InformationR.BohacekWP2017/060
Search-Based Endogenous Asset Liquidity and the MacroeconomyW.Cui, S.RaddenWP2017/061
Default cyclesWei Cui, Leo KaasWP2017/062
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.MateiWP2017/063
A Unified Framework for Optimal Taxation with Undiversifiable Risk  V.Panousi, C.ReisWP2017/064
Endogenous Uncertainty and Credit CrunchesL.Straub,
Monetary Policy with Declining Deficits:
Theory and an Application to Recent Argentine Monetary Policy*
R.Manuelli, J.I. VizcainoWP2017/066
Debt Stocks Meet Gross Financing Needs: A Flow Perspective into Sustainability*C.Gabriele, A.Erce, M. Athanasopoulou, J. Rojas,WP2017/067
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.UyWP2017/070
Quantifying the Welfare Gains from History Dependent Income TaxationM.KapickaWP2017/071
Liquidity, Government Bonds and Sovereign Debt CrisesF.MolteniWP2017/072
Managing the UK National Debt 1694-2017*M.Ellison, A.ScottWP2017/073
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 RietWP2017/075
Sovereign Defaults and Banking Crises*C.Sosa-PadillaWP2017/076
Competences and alignment in an emerging futureR.SmitsWP2017/077
Fiscal Consolidation Programs and Income Inequality*P.BrincaWP2017/078
The Independence of the ECB: Justification, Limitations and possible Threats*A.ThieleWP2017/079
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. MarkakisWP2017/081
Time-Consistently Undominated PoliciesC.Brendon, Martin EllisonWP2018/082
Should I Stay or Should I Go? Austerity, Unemployment and MigrationG.Bandeira, J.Caballe, E.VellaWP2018/083
Ramsey Taxation in the Global EconomyV. V. Chari, Juan Pablo Nicolini, Pedro TelesWP2018/084
Should Robots Be Taxed?J.Guerreiro, S.Rebelo, and P.TelesWP2018/085
Sovereign Default: The Role of ExpectationsJ.Ayres, G.Navarro, J.P. Nicolini, P.TelesWP2018/086
One Money, Many MarketsG.Corsetti, J.B. Duarte S.MannxWP2018/087
Wage Risk and the Skill Premium*C.Slavik, H.YaziciWP2018/088
Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offsG.Corsetti, L.Dedola, S. LeducWP2018/089
Self-Fulfilling Runs and Endogeneous Liquidity CreationH.Rodriguez, D.LeivaWP2018/090
Real Keynesian Models and Sticky PricesP.Beaudry, F.PortierWP2018/091
Putting the Cycle Back into Business Cycle AnalysisP.Beaudry, D.Galizia, F.PortierWP2018/092
Why is Europe Falling Behind?
Structural Transformation and Services Productivity Differences between Europe and the U.S.°
C.Buiatti, J.B.Duarte, L.F.SaenzWP2018/093
Sovereign Risk and Bank Risk-Taking°A.AriWP2018/094
A Fiscal Union for EMU – Managing IncompletenessP.Leino-Sandberg, T.SaarenheimoWP2018/095
A European Finance Minister: Form follows function, but is it legal?°M. PatrinWP2018/096
On Overborrowing: Trend Shocks and Capital Controls*H.D.Seoane, E.YurdagulWP2018/097
Failure to Launch: Housing, Debt Overhang, and the Inflation Option*A. HedlundWP2018/098
The Paradox on Global ThriftL.Fornaro, F.RomeiWP2018/099
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*
Generalized Compensation PrincipleA.Tsyvinski, N.WerquinWP2018/137
Public Insurance in Fiscal Federations: Evidence from the USA°J.Fleck, C.Simpson-BellWP2018/138
Introducing an Austrian Backpack in SpainJ. Brogueira de Sousa, J. Díaz-Saavedra and R. MarimonWP2018/139
Fiscal Consolidation in a Low-Inflation Environment: Pay Cuts versus Lost Jobs G.Bandeira, E. Pappa, R. Sajedi, E. VellaWP2018/140
An analytical characterization of noisy fiscal policy P. Fève, T. Kass-Hanna, M.PietruntiWP2018/141

* 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