ADEMU Working Papers Series

 

ADEMU (A Dynamic Economic and Monetary Union) is part of the Horizon 2020 work program topic Resilient and sustainable economic and monetary union in Europe (EURO-1-2014). The primary focus of the project is on the dimension The impact of macroeconomic and social imbalances on economic stability.

Enviaments recents

  • Bassetto, Marco; Galli, Carlo (2017-04)
    We consider a two-period Bayesian trading game where in each period informed agents decide whether to buy an asset ("government debt") after observing an idiosyncratic signal about the prospects of default. While second-period ...
  • Corsetti, Giancarlo; Dedola, Luca; Jarocinski, Marek; Mackowiak, Bartosz; Schmidt, Sebastian (2016)
    The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro ...
  • Beaudry, Paul; Galizia, Dana; Portier, Franck (2016-09)
    Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect ...
  • Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio (2016-09)
    We construct a dynamic theory of sovereign debt and structural reforms with three interacting frictions: limited enforcement, limited commitment, and incomplete markets. A sovereign country in recession issues debt to ...
  • Ferrari, Alessandro; Rogantini Picco, Anna (2017-01)
    This paper aims at empirically assessing the effect of the adoption of the euro on the ability of euro area member states to smooth consumption and share risk. With the objective of evaluating the economic performance of ...
  • Chari, V. V.; Dovis, Alessandro; Kehoe, Patrick J. (2017-01)
    We offer a theoretically based narrative that attempts to account both for the formation of the European Monetary Union and the callenges it has faced. Lack of commitment to policy plays a central role in this narrative.
  • Priftis, Romanos; Zimic, Srecko (2017-01)
    We find that debt-financed government spending multipliers vary considerably depending on the location of the debt holder. In a sample of 59 countries we find that government spending multipliers are larger when government ...
  • Rodríguez Mendizábal, Hugo (2017-01)
    What would be the effect of imposing a 100 percent reserve requirement to depository institutions? This paper contends that reserves do not compete with loans on the asset side of bank’s balance sheets. Thus, they only ...
  • Juggler, Joachim; Schott, Immo (2016-11)
    This paper introduces a maturity choice to the standard model of firm financing and investment. Longterm debt renders the optimal firm policy time-inconsistent. Lack of commitment gives rise to debt dilution. This problem ...
  • Monge-Naranjo, Alexander; Sanchez, Juan M.; Santaeulalia-Llopis, Raul (2016-07)
    Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we construct a new dataset of estimates for the output shares of natural resources for a large ...
  • Balke, Neele L.; Ravn, Morten O. (2016-09)
    We analyze time-consistent fiscal policy in a sovereign debt model. We consider a production economy that incorporates feedback from policy to output through employment, features inequality though unemployment, and in which ...
  • Dolls, Mathias; Fuest, Clemens, 1968-; Neumann, Dirk; Peichl, Andreas (2016-09)
    This is the first paper that assesses the importance of different stabilization channels of an unemployment insurance system for the euro area (EA). We provide insights on the potential added value of common unemployment ...
  • Almeida Bandeira, Guilherme de (2016-06)
    This paper considers a scheme of fiscal transfers between member states of a monetary union subject to sovereign spread shocks. The scheme consists of a set of cross-country transfer rules triggered when sovereign spreads ...
  • Kankanamge, Sumudu; Weitzenblum, Thomas (2016-05)
    This paper examines the optimal time-consistent unemployment insurance policy in a search economy with incomplete markets. In a context of repeated choice without a commitment device, we show that the optimal replacement ...
  • Steinbach, Armin (2016-09)
    An insufficient level of structural reforms remains a perennial phenomenon in the EU. Despite the gradual expansion of macroeconomic governance, legal instruments fostering the implementation of structural reforms have ...
  • Gambetti, Luca; Gallio, Francesco (2016-04)
    We study fiscal policy coordination and fiscal policy spillovers in Germany, France, Spain and Italy using a Time-Varying Coefficients VAR model for the period 1995-2014. While the four country-specific cycles share large ...
  • Martinelli, Thibault (2016-05)
    After explaining the role of Collective Action Clauses (CAC), this paper explores how these have been developed in the ‘statutory’ CAC operation in Greece in 2012 and the Euro-area CAC provisions found in the ESM Treaty ...
  • Andrés, Javier; Arce, Óscar; Thomas, Carlos (2016-09)
    We analyze the interaction between fiscal consolidations and private sector deleveraging in an economy inside a monetary union. Pre-existing long-term collateralized private debt - a core ingredient of the deleveraging ...
  • Leino, Päivi (2015-12)
    This paper discusses the legal and institutional aspects relating to risk-sharing mechanisms at EU level. For this purpose, an attempt will first be made to define a “risk-sharing mechanism” and the relevant legal framework, ...
  • Leino, Päivi; Saarenheimo, Tuomas (2016-09)
    Successive EMU roadmaps have presented the expansion of EU controls over Member States’ economic policies as an integral part of monetary union, vital to its survival. Possible alternatives have been hardly discussed. In ...

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