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

  • Fieldhouse, Andrew; Mertens, Karel; Ravn, Morten O. (2017-07)
    We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions ...
  • Ridder, Maarten de; Pfajfar, Damjan (2017-04)
    This paper studies the effect of wage rigidities on the transmission of fiscal and monetary policy shocks. We calculate downward wage rigidities across U.S. states using the Current Population Survey. These estimates are ...
  • Manuelli, Rody; Vizcaino, Juan I. (2017-05)
    We study the nature of the optimal monetary policy in a regime of “fiscal dominance” when the monetary authority -that can print money or issue interest earning debt- is required to finance an exogenous sequence of transfers ...
  • Gabriele, Carmine; Erce, Aitor; Athanasopoulou, Mariaelena; Rojas, Juan (2017-06)
    It is well known that no single metric can provide reliable cross-country risk assessments of debt sustainability. While approaches to understanding sustainability have traditionally relied heavily on stock metrics, a ...
  • Straub, Ludwig; Ulbricht, Robert (2017-03)
    We develop a theory of endogenous uncertainty where the ability of investors to learn about firm-level fundamentals declines during financial crises. At the same time, higher uncertainty reinforces financial distress of ...
  • Panousi, Vasia; Reis, Catarina (2017-04)
    This paper considers a model of linear capital taxation for an economy where capital and labor income are subject to idiosyncratic uninsurable risk. To keep the model tractable, we assume that investment decisions are made ...
  • Banulescu-Radu, Denisa; Hansen, Peter Reinhard; Huang, Zhuo; Matei, Marius (2017-05)
    We study financial volatility during the global financial crisis and use the largest volatility shocks to identify major events during the crisis. Our analysis makes extensive use of high frequency (HF) financial data to ...
  • Cui, Wei, 1970-; Radde, Soeren (2017-05)
    We develop a search-theory of asset market liquidity which gives rise to endogenous financing constraints in an otherwise standard dynamic general equilibrium model. Asset liquidity describes the ease of issuance and ...
  • Bohacek, Radim (2017-05)
    This paper analyzes productivity and welfare losses from capital misallocation in a general equilibrium model of occupational choice and financial intermediation. It studies the effects of risk sharing with default and ...
  • Cui, Wei, 1970-; Kaas, Leo (2017-05)
    Recessions are often accompanied by spikes of corporate default and prolonged declines of business credit. This paper argues that credit and default cycles are the outcomes of variations in self-fulfilling beliefs about ...
  • 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. (2017-09)
    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 (2017-09)
    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 ...

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