• Refugee protests in hotspots : a first comparison between Lampedusa and Lesbos

  Guida, Alessandra (2018)

  In contrast with the narrative of voiceless refugees, this working paper shows the political agency of refugees in hotspots. The hotspot approach was introduced by the EU in 2015 to formerly alleviate pressure from Greece ...
• Equity concerns under fiscal restrain : the case of the Spanish health care system in Catalonia

  López i Casasnovas, Guillem (2018)

  What can we learn from the Catalan Health System Observatory 2017 report on the population’s health in order to derive evidence based policies? Which insights do results offer about the mechanisms through that socioeconomic ...
• Introducing an Austrian backpack in Spain

  Brogueira de Sousa, João; Díaz-Saavedra, Julián; Marimon, Ramon (2018-07)

  In an overlapping generations economy with incomplete insurance markets, the introduction of an employment fund (akin to the one introduced in Austria in 2003, also known as `Austrian backpack') can enhance production ...
• Generalized compensation principle

  Tsyvinski, Aleh; Werquin, Nicolas (2018-07)

  We generalize the classic concept of compensating variation and the welfare compensation principle to a general equilibrium environment with distortionary taxes. We derive in closed-form the solution to the problem of ...
• Self-fulfilling crises and country solidarity

  Marin, Emile-Alexandre (2018-05)

  Sovereign risk premia reflect investors’ beliefs for the equilibrium and off –equilibrium actions of international agents. This paper investigates the international dimension of self-fulfilling sovereign debt crises and ...
• The fiscal multiplier

  Hagedorn, Marcus; Manovskii, Iourii; Mitman, Kurt (2018-05)

  We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete markets, capital and rigid prices and wages. This environment captures all elements that are considered essential for a ...
• A parliamentary assembly for the Eurozone?

  Fromage, Diane (2018-05)

  On 6 December 2017, the European Commission presented its policy package on ‘Completing Europe’s Economic and Monetary Union’. Some of the proposals it entails aim at improving the democratic accountability of the governance ...
• Fiscal rules and structural reforms

  Sajedi, Rana; Steinbach, Armin (2018-05)

  Implementation of fiscal surveillance rules relies heavily on the proper interpretation of legal terms, creating a need to infuse economic insight into legal analysis. Rigid legal application of fiscal deficit rules may ...
• Step away from the zero lower bound : small open economies in a world of secular stagnation

  Corsetti, Giancarlo; Mavroeidi, Eleonora; Thwaites, Gregory; Wolf, Martin (2018-05)

  We study how small open economies can escape from deation and unemployment in a situation where the world economy is permanently depressed. Building on the framework of Eggertsson et al. (2016), we show that the transition ...
• An Environment for the analysis, transformation and resynthesis of music sounds

  Serra, Xavier (1988)

  This paper describes an environment developed at CCRMA for the analysis, transformation, and resynthesis of sounds. It has been written on a Lisp Machine workstation, using an Array Processor to speed up the signal processing ...
• Optimal government policies in models with heterogeneous agents

  Bohácek, Radim; Kejak, Michal (2018-04)

  In this paper we develop a new approach for funding optimal government policies in economies with heterogeneous agents. Using the calculus of variations, we present three classes of equilibrium conditions from government's ...
• Which ladder to climb? : wages of workers by job, plant, and education

  Bayer, Christian; Kuhn, Moritz (2018-05)

  How much does your wage depend on what you learned, for whom you work, or what job you do? Using largely unexplored administrative data from Germany allows us to relate 80% of wage variation to observable characteristics ...
• The maturity structure of sovereign debts within a solidarity zone

  Soyres, Constance de (2018-05)

  This paper characterizes the optimal bailout maturity structure for a sovereign on the verge of a default. I find that buying back long-term debt is strictly optimal when it can prevent a default today and in the future. ...
• Downward wage rigidity and wage restraint

  Wolf, Martin (2018-05)

  The combination of downward nominal wage rigidity and pegged exchange rate creates an externality which leads to excessive wage inflation (Schmitt-Groh_e and Uribe, 2016). This paper re-examines this result assuming that ...
• The fiscal theory of the price level in a world of low interest rates

  Bassetto, Marco; Cui, Wei (2018-05)

  A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government valuation equation"), which equates the real value of government debt to the present value of fiscal ...
• Debt dilution and debt overhang

  Jungherr, Joachim; Schot, Immo (2018-05)

  We introduce long-term debt (and a maturity choice) into a standard model of firm financing and investment. This allows us to study two distortions of investment: (1.) Debt dilution distorts firms’ choice of debt which has ...
• Bank funding and risk taking

  Ferrari, Alessandro; Garcia Galindo, Carmen; Petricek, Matic; Winkler, Andreas (2018-05)

  In this paper we use a novel approach to address issues of endogeneity in estimating a causal effect of leverage on risk taking by banks. Using data on local bank office deposits and local unemployment we construct an ...
• The effects of inflation target changes in an open economy with heterogeneous households

  Adão, Bernardino; Correia, Isabel (2018-05)

  When discussing the level for the target inflation in a Monetary Union typically questions of efficacy of stabilization of monetary policy or conditions for the fulfilment of an optimal monetary currency are in the forefront. ...
• Changes in the inflation regime

  Adão, Bernardino; Correia, Isabel (2018-05)

  Typically inequality is not taken into account to assess the effects of policy changes over aggregate variables. We study the decline of expected inflation in a closed economy, and show that the efficiency effect of the ...
• Is a separate eurozone budget a good idea?

  Crowe, Richard (2018-05)

  The sovereign debt crisis served to highlight the limitations of trying to use a Union budget in which all Member States participate to perform functions corresponding to a monetary union in which not all Member States ...

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