• Tres reflexions crítiques sobre el futur de l'estat del benestar

  López i Casasnovas, Guillem (2018)
• Solvència del sistema fiscal i sostenibilitat de l'estat del benestar

  López i Casasnovas, Guillem (2018)

  La sostenibilitat és un concepte eminentment polític. És opinable la pressió fiscal que una economia pot suportar. Depèn de moltes coses. També del retorn de serveis públics, el context internacional en el que es competeix, ...
• Sovereign risk and bank risk-taking

  Ari, Anil (2018-03)

  I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks’ investment decisions are not ...
• Bankia's IPO: some remarks on the biggest failure in the Spanish banking system

  Farrando Miguel, Ignacio (2018)

  The multiple judicial decisions in favour of those who invested in Bankia's IPO have posed a serious problem for this major Spanish credit institution. This situation has been made even more complicated for the bank by the ...
• Why is Europe falling behind? Structural transformation and services' productivity differences between Europe and the U.S.

  Buiatti, Cesare; Duarte, Joao B.; Sáenz, Luis Felipe (2018-03)

  We explain labour productivity differences of the service sector between Europe and the U.S. through the labour allocation taking place within the service sector. We measure labour productivity using a multisector ...
• El interfaz entre los responsables de la economía y de la asistencia sanitaria

  López i Casasnovas, Guillem (2018)

  La tirantez de las relaciones entre los responsables de la economía y la asistencia sanitaria suele ser en muchos países un clásico en toda regla. La narrativa suele operar como sigue: El presidente del país se vanagloria ...
• Data modelling for the evaluation of virtualized network functions resource allocation algorithms

  Rankothge, Windhya; Le, Franck; Russo, Alessandra; Lobo, Jorge (2017)

  To conduct a more realistic evaluations on resource allocation algorithms for Virtualized Network Functions (VNFs), researches need data on: (1) potential Network Functions (NFs) chains (policies), (2) traffic flows ...
• Exchange rate misalignment, capital flows, and optimal monetary policy trade-offs

  Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain (2018-03)

  What determines the optimal monetary trade-off between internal objectives (inflation, and output gap) and external objectives (competitiveness and trade imbalances) when inefficient capital flows cause exchange rate ...
• Wage risk and the skill premium

  Slavík, Ctirad; Yazici, Hakki (2018-03)

  The skill premium has increased significantly in the United States in the last five decades. During the same period, individual wage risk has also increased. This paper proposes a mechanism through which a rise in wage ...
• Putting the cycle back into business cycle analysis

  Beaudry, Paul; Galizia, Dana; Portier, Franck (2018-03)

  Are business cycles mainly a response to persistent exogenous shocks, or do they instead reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena? In this paper we present new evidence in favour ...
• Real Keynesian models and sticky prices

  Beaudry, Paul; Portier, Franck (2018-03)

  In this paper we present a generalized sticky price model which allows, depending on the parameterization, for demand shocks to maintain strong expansionary effects even in the presence of perfectly flexible prices. The ...
• Self-fulfilling runs and endogeneous liquidity creation

  Rivero Leiva, David; Rodríguez Mendizábal, Hugo (2018-03)

  This paper incorporates endogenous money creation into the liquidity mismatch problem of Diamond and Dybvig (1983). We characterize a nominal economy where demandable deposits are created through lending. Depositors use ...
• One money, many markets: a factor model approach to monetary policy in the euro area with high-frequency identification

  Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel (2018-03)

  We reconsider the effects of common monetary policy shocks across countries in the euro area, using a data-rich factor model and identifying shocks with high-frequency surprises around policy announcements. We show that ...
• Ramsey taxation in the global economy

  Chari, V. V.; Nicolini, Juan Pablo; Teles, Pedro (2018-02)

  We study cooperative optimal Ramsey equilibria in the open economy, addressing classic policy questions: Should restrictions be placed to free trade and capital mobility? Should capital income be taxed? Should goods be ...
• Should I stay or should I go? Austerity, unemployment and migration

  Bandeira, Guilherme; Caballé, Jordi; Vella, Eugenia (2018-02)

  High unemployment and fiscal austerity during the recent crisis have led to significant migration outflows from the periphery of the euro area. This paper introduces endogenous migration both for the unemployed and ...
• Time-consistently undominated policies

  Brendon, Charles; Ellison, Martin (2018-01)

  This paper proposes and characterises a new normative solution concept for Kydland and Prescott problems, allowing for a commitment device. A policy choice is dominated if either (a) an alternative exists that is superior ...
• What shape great expectations? Gender, social origin and country differences in students’ expectations of university graduation

  Ortiz Gervasi, Luis (2018-04-25)

  Over the last decades, female educational attainment has progressively caught up with male one in many OECD countries. Expectations of university graduation have correspondingly been found to be higher among female adolescents ...
• Towards a meaningful prudential supervision dialogue in the euro area? A study of the interaction between the European Parliament and the European Central Bank in the single supervisory mechanism

  Amtenbrink, Fabian; Markakis, Menelaos (2017-12)

  This working paper focuses on the accountability arrangements for the ECB in the framework of the EU's Banking Union. For this purpose, first of all an analytical framework for the purposes of evaluating the preconditions ...
• Sovereign default: the role of expectations

  Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro (2018-02)

  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 ...
• Should robots be taxed?

  Guerreiro, Joao; Rebelo, Sergio; Teles, Pedro (2018-02)

  We use a model of automation to show that with the current U.S. tax system, a fall in automation costs could lead to a massive rise in income inequality. This inequality can be reduced by raising marginal income tax rates ...

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