February, 13 2019
Can currency competition destabilize central bankscontrol of interest ratesand prices? Yes, it can. In a two-currency world, the growth rate of cryp-tocurrency sets a lower bound on the nominal interest rate and the attainableination rate. In a world of...
January, 23 2019
P. Esposito, S. Collignon, S. Scicchitano: Immigration And Unemployment In Europe - Does The Core-Periphery Dualism Matter?
In this paper, we assess the relation between immigration and unemployment for a sample of 15 EU countries between 1997 and 2016. We estimate separate effects for Northern and Southern Countries based on the differences between the two groups in terms of...
January, 21 2019
In the last decade, citizens’ trust of economic experts has considerably declined. Even though the cause of this situation has not yet been completely understood and investigated, the aim of this note is to analyse the possible explanations of this...
January, 21 2019
The critical role of current account imbalances (CAI) is widely shared in the consensus narratives of the European crisis that followed the Great Recession. On the basis of this interpretation, new EU initiatives were introduced, in particular the so-...
October, 3 2018
From mid-2007 to mid-2013 the European Economic and Monetary Union (EMU) was characterized by financial and ‘real’ crises that had a significant impact on the evolution of European banks. In the post-crisis phase, these banks will be unable to keep their...
September, 4 2018
P. Canofari, G. Di Bartolomeo and M. Messori: Sovereign Debt Crisis, Fiscal Consolidation And Quantitative Easing In A Monetary Union
In a stylized model of the EMU, where centralized and national policy authorities strategically interact, we show that ‘quantitative easing’ (QE) operates as an indirect risk-sharing mechanism that could improve EMU stability and the welfare of (a part of...
June, 14 2018
Marco Committeri and Pietro Tommasino: Managing sovereign debt restructurings in the euro zone. A note on old and current debates
European economic governance is again under the spotlight. Several reform proposals have been put forward in recent years, including new arrangements for the management and resolution of sovereign debt crises. This note purports to: (a) critically review...
May, 11 2018
Lorenzo Bini Smaghi and Michala Marcussen: Strengthening the euro area Architecture A proposal for Purple bonds
The euro area is currently facing a dilemma. While it is widely recognized that its architecture needs to be strengthened, some of the key proposals to achieve this goal encounter political difficulties. Genuine Eurobonds with joint and several liability...
April, 12 2018
Fiscal discipline is commonly evaluated on the basis of the debt-GDP ratio, which exhibits a stockvariable measured relative to a flow variable. This way of monitoring debt solvency is arguably notconsistent with transversality conditions obtained from...