Browsing ADEMU Working Papers Series by Issue Date

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  • Levine, David K.; Mattozzi, Andrea (2016-04)
    We re-examine the theory of rational voter participation where voting is by two collusive parties enforcing social norms through costly peer punishment. The model nests both the ethical voter model and the pivotal voter ...
  • Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes (2016-04-27)
    We investigate if a reduction of government consumption lowers the sovereign default premium. For this purpose we build a new data set for 38 emerging and developed economies. Results vary along three dimensions. First, ...
  • Monti, Giorgio; Petit, Christy Ann (2016-05)
    This paper analyses the principal legal challenges posed by the current Banking Union apparatus. It focuses on the legal basis for Banking Union, the powers of the various agencies and regulators and the problems that arise ...
  • Beaudry, Paul; Galizia, Dana; Portier, Franck (2016-05)
    In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in the sense that, in the absence of shocks, the economy would converge to the steady state. In this paper, ...
  • 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 ...
  • 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 ...
  • Yiatrou, Mikaella (2016-05)
    This paper tests the credibility of the bank resolution regime in the European Union in removing the implicit public guarantee that governments will bail-out their troubled banks, and discusses the implications of a ...
  • Arce, Óscar; Hurtado, Samuel; Thomas, Carlos (2016-05)
    We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow ...
  • Levine, David K.; Modica, Salvatore (2016-05)
    How can a small special interest group successfully get an inefficient transfer at the expense of a much larger group with many more resources available for lobbying? We consider a simple model of collusive organizations ...
  • 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 ...
  • Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro (2016-06)
    In the standard model of sovereign default, as in Aguiar and Gopinath (2006) or Arellano (2008), default is driven by fundamentals alone. There is no independent role for expectations. We show that small variations of that ...
  • Corsetti, Giancarlo; Kuester, Keith (2016-06)
    We analyze macroeconomic stabilization in a small open economy which faces a large recession in the rest of the world. We show analytically that for the economy to remain isolated from the external shock, the exchange rate ...
  • Dolado, Juan J.; Garcia-Peñalosa, Cecilia; Tarasonis, Linas (2016-06)
    The aim of this paper is to evaluate the role played by selectivity issues induced by nonemployment in explaining gender wage gap patterns in the EU since the onset of the Great Recession. We show that male selection into ...
  • Ábrahám, Árpád; Cárceles Poveda, Eva (2016-06)
    This paper studies different income tax reforms in an infinite horizon economy with a progressive labor income tax code, incomplete markets and endogenous borrowing constraints on asset holdings. The endogenous limits are ...
  • Gazzani, Andrea; Vicondoa, Alejandro (2016-06)
    This paper provides the first empirical evidence on the macroeconomic effects of liquidity shocks in secondary sovereign debt markets. We consider the Italian case in a VAR analysis by applying different identification ...
  • 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 ...
  • Rodríguez Mendizábal, Hugo (2016-07)
    This paper presents a theoretical model based on risk diversification to rationalize the observed dichotomy in money markets by which small banks are net providers of funds while large banks become net purchasers. Unlike ...
  • Corsetti, Giancarlo; Dedola, Luca (2016-07)
    We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary scale and monetary policymakers. When purchasing ...
  • Hintermaier, Thomas; Koeniger, Winfried (2016-07)
    This paper documents facts about differences in household portfolio composition across European countries, using the Eurosystem’s Household Finance and Consumption Survey (HFCS) as a data source. On the asset side of balance ...
  • 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 ...

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