| Breaking the Spell with Credit-Easing | G.Gaballo, R.Marimon | WP2016/001 |
| Bank opacity and financial crises | J.Jungherr | WP2016/002 |
| Fiscal Consolidation in a Disinflationary Environment: Price- vs. Quantity-Based Measures | E.Pappa, R.Sajedi, E.Vella | WP2016/003 |
| Does Austerity pay off?* | B.Born, G. J.Müller, J. Pfeifer | WP2016/004 |
| Exit expectations and debt crises in currency unions? | A. Kriwoluzky, G.J. Müller, M.Wolf | WP2016/005 |
| Policy Spillovers and Synergies in a Monetary Union* | Ó.Arce, S.Hurtado, C.Thomas | WP2016/006 |
| The new Economic component of EMU: A Lawful and Effective Design? | C. Kilpatrick | WP2016/007 |
| Unemployment (Fears) and Deflationary Spirals | W. Den Haan, P. Rendahl, M.Riegler | WP2016/008 |
| Rethinking optimal currency areas | V.V. Chari, A.Dovis, P.Kehoe | WP2016/009 |
| The dark corners of the labour market | V.Sterk | WP2016/010 |
| The Effect of Firm Cash Holdings on Monetary Policy | B.Adão, A.C. Silva | WP2016/011 |
| Fiscal Unions Redux | P.Kehoe, E. Pastorino | WP2016/012 |
| Tax Reform with Endogenous Borrowing Limits and Incomplete Asset Markets | Á.Abrahám, E.Carceles-Poveda | WP2016/013 |
| The Real Effects of Liquidity Shocks in Sovereign Debt Markets: Evidence from Italy° | A.Gazzani, A.Vicondoa | WP2016/014 |
| The effects of government spending endogeneity on estimated multipliers in the U.S. | A.Moura | WP2016/015 |
| The Single Supervisory Mechanism: legal fragilities and possible solutions | C.A. Petit, G.Monti | WP2016/016 |
| Towards Understanding Differences in European Household Finances | T.Hintermaier, W.Koeniger | WP2016/017 |
| Asymmetric Trade Liberalizations and Current Account Dynamics* | A. Barattieri | WP2016/018 |
| Capital Taxation and Globalization | I.Correia | WP2016/019 |
| The Changing Nature of Gender Selection into Employment: Europe over the Great Recession | J.J. Dolado, C. Garcia-Peñalosa, L.Tarasonis | WP2016/020 |
| Voter Participation with Collusive Parties | D.K.Levine, A.Mattozzi | WP2016/021 |
| Size, fungibility and the Strength of Lobbying Organizations | D.K.Levine, S.Modica | WP2016/022 |
| Collusion constrained equilibrium | R.Dutta, D.K.Levine, S.Modica | WP2016/023 |
| The Case for Flexible Exchange Rates in a Great Recession | G.Corsetti, K.Kuester, G.J. Müller | WP2016/024 |
| Sovereign Default: The Role of Expectations | J.Ayres, G. Navarro,
J.P.Nicolini, P.Teles | WP2016/025 |
| Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider Trading | J.Caballe, A. Dumitrescu | WP2016/026 |
| Persistent Government Spending and Fiscal Multipliers: the Investment-Channel | M.Dupaigne, P.Féve | WP2016/027 |
| In search of the transmission Mechanism of Fiscal Policy in the Euro Area | P.Fève, G.Sahuc | WP2016/028 |
| Risk Sharing and Contagion in Networks | A. Cabrales, P.Gottardi, F. Vega-Redondo | WP2016/029 |
| Job uncertainty and deep recessions | M.Ravn, V.Sterk | WP2016/030 |
| Macroeconomic Fluctuations with HANK & SAM: an analytical approach | M.Ravn, V.Sterk | WP2016/031 |
| Regime-Dependent Sovereign Risk Pricing during the Euro Crisis | A.L.Delatte, J.Fouquau, R.Portes | WP2016/032 |
| The Government Wage Bill and Private Activity | D.Bermperoglu, E.Pappa, E.Vella | WP2016/033 |
| Is the macroeconomy locally unstable and why should we care? | P.Beaudry, D.Galizia, F.Portier | WP2016/034 |
| The "Mystery of the Printing Press": monetary Policy and Self-fulfilling debt crises | G.Corsetti, L.Dedola | WP2016/035 |
| On the limits of EU economic policy coordination | P.Leino-Sandberg, T.Saarenheimo | WP2016/036 |
| An Overview of Legal Aspects of Risk Sharing | P.Leino-Sandberg | WP2016/037 |
| Bank resolution credibility and economic implications° | M.Yiatrou | WP2016/038 |
| EMU and national constitutional conditions to long-term change° | T.Beukers, C.Fasone | WP2016/039 |
| Risk diversification and the large-small bank dichotomy in money markets | H.Rodriguez Mendizabal | WP2016/040 |
| How does access to the unsecured debt market affect investment?° | K.Biguri | WP2016/041 |
| When Fiscal Consolidation Meets Private Deleveraging* | J.Andrés, Ó.Arce, C.Thomas | WP2016/042 |
Euro CAC and the existing rules on sovereign debt restructuring in the euro area:
an appraisal 4 years after the Greek debt swap° | T. Martinelli | WP2016/043 |
| Measuring Fiscal Policy Spillovers in the Euro Area | L. Gambetti, F. Gallio | WP2016/044 |
| Structural Reforms in EU Member States: Exploring Sanction-based and Reward-based Mechanisms° | A. Steinbach | WP2016/045 |
| Time-consistent unemployment insurance | S.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.Peichl | WP2016/048 |
| Time-consistent fiscal policy in a debt crisis | N.Balke, M.O.Ravn | WP2016/049 |
| Natural Resources and Global Misallocation* | A.Monge-Naranjo,
J.M.Sanchez, R.Santaeulalia-Llopis | WP2016/050 |
| Optimal Debt Maturity and Firm Investment | J.Jungherr, I.Schott | WP2016/051 |
| Sovereign Debt and Structural Reforms* | A.Muller, K.Storresletten, F.Zillibotti | WP2016/056 |
| Reconciling Hayek's and Keynes' View of Recessions | P.Beaudry, D.Galicia, F.Portier | WP2016/057 |
| Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union | G.Corsetti, L.Dedola, M.Jarociński, B.Maćkowiak, S.Schmidt | WP2016/058 |
| Narrow banking with modern depository institutions: Is there a reason to panic? | H.Rodriguez Mendizábal | WP2017/052 |
| Sources of Borrowing and Fiscal Multipliers | R.Priftis, S.Zimic | WP2017/053 |
| A Journey Down the Slippery Slope to the European Crisis: A Theorist's Guide | V.V.Chari, A.Dovis, P.J.Kehoe | WP2017/054 |
| International Risk Sharing in the European Monetary Union° | A. Ferrari, A. Rogantini Picco, | WP2017/055 |
| Is Inflation Default? The Role of Information in Debt Crises | M.Bassetto, C.Galli | WP2017/059 |
| Leverage Bounds with Default and Asymmetric Information | R.Bohacek | WP2017/060 |
| Search-Based Endogenous Asset Liquidity and the Macroeconomy | W.Cui, S.Radden | WP2017/061 |
| Default cycles | Wei Cui, Leo Kaas | WP2017/062 |
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.Matei | WP2017/063 |
| A Unified Framework for Optimal Taxation with Undiversifiable Risk | V.Panousi, C.Reis | WP2017/064 |
| Endogenous Uncertainty and Credit Crunches | L.Straub,
R.Ulbricht | WP2017/065 |
Monetary Policy with Declining Deficits:
Theory and an Application to Recent Argentine Monetary Policy* | R.Manuelli, J.I. Vizcaino | WP2017/066 |
| 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° | M.de Ridder,
D.Pfajfar | WP2017/068 |
The Macroeconomic Effects of Government Asset Purchases:
Evidence from Postwar US Housing Credit | A.Fieldhouse,
K.Mertens,
M.O.Ravn, | WP2017/069 |
| Official Sector Lending Strategies During the Euro Area Crisis | G.Corsetti, A.Erce, T.Uy | WP2017/070 |
| Quantifying the Welfare Gains from History Dependent Income Taxation | M.Kapicka | WP2017/071 |
| Liquidity, Government Bonds and Sovereign Debt Crises | F.Molteni | WP2017/072 |
| Managing the UK National Debt 1694-2017* | M.Ellison, A.Scott | WP2017/073 |
| Is deregulation of product and labour markets promoting employment and productivity? A difference-in-differences approach* | H.Correia
A.Fontoura Gouveia | WP2017/074 |
Monetary Policy Stretched to the Limit: How Could Governments Support
the European Central Bank?* | A.van Riet | WP2017/075 |
| Sovereign Defaults and Banking Crises* | C.Sosa-Padilla | WP2017/076 |
| Competences and alignment in an emerging future | R.Smits | WP2017/077 |
| Fiscal Consolidation Programs and Income Inequality* | P.Brinca | WP2017/078 |
| The Independence of the ECB: Justification, Limitations and possible Threats* | A.Thiele | WP2017/079 |
Calibrating central banks’ mandate:
Central banking objectives, tasks, and measures within unitary and federal constitutional settings° | C.A.Petit | WP2017/080 |
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. Markakis | WP2017/081 |
| Time-Consistently Undominated Policies | C.Brendon, Martin Ellison | WP2018/082 |
| Should I Stay or Should I Go? Austerity, Unemployment and Migration | G.Bandeira, J.Caballe, E.Vella | WP2018/083 |
| Ramsey Taxation in the Global Economy | V. V. Chari, Juan Pablo Nicolini, Pedro Teles | WP2018/084 |
| Should Robots Be Taxed? | J.Guerreiro, S.Rebelo, and P.Teles | WP2018/085 |
| Sovereign Default: The Role of Expectations | J.Ayres, G.Navarro, J.P. Nicolini, P.Teles | WP2018/086 |
| One Money, Many Markets | G.Corsetti, J.B. Duarte S.Mannx | WP2018/087 |
| Wage Risk and the Skill Premium* | C.Slavik, H.Yazici | WP2018/088 |
| Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs | G.Corsetti, L.Dedola, S. Leduc | WP2018/089 |
| Self-Fulfilling Runs and Endogeneous Liquidity Creation | H.Rodriguez, D.Leiva | WP2018/090 |
| Real Keynesian Models and Sticky Prices | P.Beaudry, F.Portier | WP2018/091 |
| Putting the Cycle Back into Business Cycle Analysis | P.Beaudry, D.Galizia, F.Portier | WP2018/092 |
Why is Europe Falling Behind?
Structural Transformation and Services Productivity Differences between Europe and the U.S.° | C.Buiatti, J.B.Duarte, L.F.Saenz | WP2018/093 |
| Sovereign Risk and Bank Risk-Taking° | A.Ari | WP2018/094 |
| A Fiscal Union for EMU – Managing Incompleteness | P.Leino-Sandberg, T.Saarenheimo | WP2018/095 |
| A European Finance Minister: Form follows function, but is it legal?° | M. Patrin | WP2018/096 |
| On Overborrowing: Trend Shocks and Capital Controls* | H.D.Seoane, E.Yurdagul | WP2018/097 |
| Failure to Launch: Housing, Debt Overhang, and the Inflation Option* | A. Hedlund | WP2018/098 |
| The Paradox on Global Thrift | L.Fornaro, F.Romei | WP2018/099 |
| On the asset prices and leverage requirements° | R.Levinsky, T.Gehrig | WP2018/100 |
| Deposit Insurance and Bank Risk-Taking° | C.Lopez-Quiles Centeno, M.Petricek | WP2018/101 |
| All's well that ends well? Crisis policy after the German Constitutional Court's ruling in Gauweiler° | A.Steinbach | WP2018/102 |
| The negative correlation between nonperforming loans of large and small banks | H.Rodriguez Mendizábal | WP2018/103 |
The Commission’s 2017 Reflection Paper on the Deepening of the Economic and Monetary Union:
a few critical observations* | L.Radic | WP2018/104 |
| On the design of a Financial Stability Fund | Á. 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. Hofmann | WP2018/107 |
| The 'Haircut' of Public Creditors under EU Law° | A.Steinbach | WP2018/108 |
| Insurance-type Cooperation Mechanisms under EU law° | A.Steinbach | WP2018/109 |
| Financial Frictions, Asset Prices, and the Great Recession* | Z.Huo, J.V.Ríos-Rull | WP2018/110 |
| Optimal Fiscal Transfers in a Monetary Union* | M.Dmitriev, J.Hoddenbagh | WP2018/111 |
| Debt Seniority and Sovereign Debt Crises | A.Ari, G.Corsetti, L.Dedola | WP2018/112 |
| Fiscal Risk and Public Sector Balance Sheets | J.von Hagen, J.Chen | WP2018/113 |
| Mapping the inter-connectedness between EU banks and shadow banking entities | J.Abad, M.D'Errico, N. Killeen, V.Luz,
T.Peltonen, R.Portes, T.
Urbano | WP2018/114 |
| Indirect contagion: the policy problem | L.Clerc, A.Giovannini,
S.Langfield,
T.Peltonen,
R.Portes,
M.Scheicher | WP2018/115 |
| Debt sustainability and the terms of official support | G.Corsetti, A.Erce, T.Uy | WP2018/116 |
| Interconnectedness - mapping the shadow banking system | R.Portes | WP2018/117 |
| Sovereign default in a monetary union* | S.de Ferra, F.Romei | WP2018/118 |
| Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission | T.Hintermaier, W.Koeniger | WP2018/119 |
| Is a separate Eurozone budget a good idea?* | R.Crowe | WP2018/120 |
| Changes in the inflation regime | B.Adão,
I.Correia | WP2018/121 |
| The effects of inflation target changes in an open economy with heterogeneous households | I.Correia | WP2018/122 |
| Bank funding and risk taking° | A.Ferrari,
C.Garcia Galindo, M.Petricek,
A.Winkler | WP2018/123 |
| Debt dilution and debt overhang | J.Juncherr, I.Schott | WP2018/124 |
| The fiscal theory of the price level in a world of low interest rates | M.Bossetti, W.Cui | WP2018/125 |
| Downward Wage Rigidity and Wage Restraint | M.Wolf | WP2018/126 |
| 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 |
| Which Ladder to Climb? Wages of workers by job, plant, and education | C.Bayer, M.Kuhn | WP2018/129 |
| Optimal Government Policies in Models with Heterogeneous Agents | R.Bohacek and M.Kejak | WP2018/130 |
Controlling the Powers of the ECB: delegation, discretion, reasoning and care*
| H.C.H. Hofmann | WP2018/131 |
| 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 |
| Fiscal rules and structural reforms° | R.Sajedi, A.Steinbach | WP2018/133 |
| A Parliamentary assembly for the Eurozone?* | D.Fromage | WP2018/134 |
| The Fiscal Multiplier* | M.Hagedorn, I.Manovskiiz, K.Mitman | WP2018/135 |
Self fulfilling crises and country solidarity*
| E.A.Marin | WP2018/136 |
| Generalized Compensation Principle | A.Tsyvinski, N.Werquin | WP2018/137 |
| Public Insurance in Fiscal Federations: Evidence from the USA° | J.Fleck, C.Simpson-Bell | WP2018/138 |
| Introducing an Austrian Backpack in Spain | J. Brogueira de Sousa, J. Díaz-Saavedra and R. Marimon | WP2018/139 |
| Fiscal Consolidation in a Low-Inflation Environment: Pay Cuts versus Lost Jobs | G.Bandeira, E. Pappa, R. Sajedi, E. Vella | WP2018/140 |
| An analytical characterization of noisy fiscal policy | P. Fève, T. Kass-Hanna, M.Pietrunti | WP2018/141 |
