July, 5 2019
C. Battiati, C. Jona-Lasinio and S. Sopranzetti: Productivity growth and global value chain participation in the digital age
This paper provides a comprehensive overview of the current productivity trends and their potential drivers in the Euro area and in the US taking into account the ongoing digital transformation. We then investigate whether the reorganization of the...
May, 29 2019
P. Canofari, A. Marcelletti, M. Messori: Redenomination risk and bank runs in a monetary union with and without deposit insurance schemes
This paper develops a basic framework characterized by a monetary union in which a shock to the policy interest rate, to be intended as the determinant of a recessionary stance in the monetary policy, can imply that a member state finds it worthwhile to...
May, 15 2019
The only way to share common liabilities in the Eurozone is to achieve full fiscal and political union, i.e. unity of liability and control. In the pursuit of that goal, there is a need to smooth the transition, avoid unnecessary strains to macroeconomic...
May, 13 2019
E. Avgouleas and C. Goodhart - Bank Resolution 10 Years From The Global Financial Crisis: A Systematic Reappraisal
Since 2010 most Group of Twenty (G20) jurisdictions have introduced new recovery and resolution regimes to deal with bank failures. The common objective of these regimes is, first, to facilitate the orderly failure of financial institutions and, second,...
April, 5 2019
S. De Nardis: Dissecting Italian manufacturing - sector, dimension and resource allocation in the last ten years
After a prolonged and disappointing period, manufacturing productivity has relatively improved in Italy. It is a decade now that it has been increasing in line with Germany and France. Better manufacturing productivity helped to stop the long-lasting fall...
March, 13 2019
V. Ceriani and G. Ricotti - The international coordination of corporate taxation: old solutions for new challenges?
The ways in which multinational companies operate in the current economic context questions the adequacy of international coordination of corporate taxation. A conceptual approach would require abandoning the classic paradigms of the international tax...
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...