Resultado final
Web dissemination of ADEMU data, indicators and software Web dissemination of the new data and software generated by the project, such as the data and new set of Macroeconomic Imbalance Indicators (D.3.6) and the experimental data and software (D.4.6).
Workshop 2.2Input to MS3. Summary of the outcome of the Workshop on Fiscal Policy Coordination which is expected to take place in the second year.
Dissemination of Working Papers IDissemination of Working Papers I The dissemination of the Working Papers will be a constant activity through the project, with the on-line ADEMU Working Papers depository. Furthermore, the ADEMU webpage will highlight their main results and policy prescriptions. The deliverables will summarize the corresponding work, keeping track of the impact and additional publications coming out of the WPs.
Support and dissemination of the two ADEMU Final ReportsSupport and dissemination of the two ADEMU Final Reports: The State of the Van Rompuy Roadmap in 2018 and The Final Scientific Report
Support and dissemination of the ADEMU Lectures and CoursesSupport and dissemination of the ADEMU Lectures and Courses The open ADEMU Lectures will be widely disseminated and will be available online. Development of material for the ADEMU module courses on New Research on the New Macroeconomics of the EMU and their dissemination. D.5.7. will account for the corresponding educational activities of the first two years.
Dissemination of the results of the Take-off ConferenceDissemination of the results of the Take-off Conference, which will include a leaflet explaining the ADEMU project
Dissemination of the events of last year of the projectDissemination of the events of last year of the project Report on the support and dissemination of the events of last year, aside from the Final Conference (D.5.12); i.e. Workshops, the Policy Forum and the ADEMU Lectures and Courses
Dissemination of Working Papers IIWorkshop 1.1
Input to MS3 and MS8 Summary of the outcome of the Workshop on Fiscal Consolidation and Fiscal Risk-sharing in the EU which is expected to take place in the first year
Workshop 1.3Input to MS6 Summary of the outcome of the Workshop on Measures of Public Balance Sheet Risk assessment and on Social & Labour Insurance Risks which is expected to take place in the third year.
Workshop 4.2input to MS3 and MS8 Summary of the outcome of the Workshop on the legal, political economy and behavioural (experimental) implications of the ADEMU policy proposals which is expected to take place in the third year of the project
Support and dissemination of The Risk Assessment Report on Public Sector Balance SheetsWorkshop 3.2
Input to MS3 Summary of the outcome of the Workshop on Macro-Fiscal Imbalances which is expected to take place in the third year.
Workshop 2.1Input to MS3. Summary of the outcome of the Workshop on Fiscal Multipliers which is expected to take place in the second year.
Dissemination of the results of Workshops IDissemination of the results of the Workshops I The dissemination of the ADEMU events will also be a constant activity through the project. On a yearly basis the work on the dissemination of Workshops and Policy Forums will be summarized as a deliverable
Workshop 3.1Input to MS3 Summary of the outcome of the Workshop on Macro-Financial Imbalances which is expected to take place in the first year.
Dissemination of the results of the Workshops II & Policy ForumsWorkshop 1.2
Input to MS3. Summary of the outcome of the Workshop on long-term fiscal sustainability which is expected to take place in the second year.
Workshop 4.1Input to MS3 and MS8 Summary of the outcome of the Workshop on the legal changes and challenges that the European and national constitutional orders face in response to the Eurozone crisis which it is expected to take place in the first year of the project.
Input to MS9 1. Policy Brief with summary of main conclusions in WP4 Objective 1 2. Policy Brief with summary of other main conclusions in WP4 Objective 2 3. Policy Brief with summary of main conclusions in WP4 Objective 3
Working papers WP1Input to MS4 Final version of working papers D.1.1
Report on The State of the Van Rompuy Roadmap in 2018Report on The State of the Van Rompuy Roadmap in 2018, input to MS11. Although it will involve the whole consortium, WP4, with the support of WP6, will be responsible for the Final Policy Report to be presented and debated in the Final Conference (WP5 for its dissemination).
Working papers first draft WP4Input to MS2 and MS8 1. Analysis of the conditions posed to legal change in reaction to the Eurozone crisis at both EU and national level (analyzing the relevant issues at EU and national level, as well as the profound interconnections between the two). This will identify varieties of practice as well as possibly the best practice under Objective 1 [TB, BdW, CF, CK, GM] 2. Analysis of the legal aspects of economic governance after the crisis (analyzing the legal implications of the various economic findings for the multilateral surveillance system, macroeconomic imbalances procedure, and excessive deficit procedure). This will feed into EMU policy reviews under Objective 1 [TB, BdW, CF, CK, GM] 3. Analysis of legal aspects of risk-sharing mechanisms (analyzing the legal implications of the various economic findings on for example a Financial Stability Fund and mutualization of debt). This will feed into policy proposals under Objective 1 [TB, BdW, CF, CK, GM] 4. Analysis of legal aspects of a banking union (analyzing the legal implications of the various economic findings on for example optimal design of banking supervision, the independence of the European Central Bank, and the coordination of banking policies). This will feed into policy reviews under Objective 1 [TB, BdW, CF, CK, GM] 5. A cross-country study of the fiscal effects of political tenure on budgetary policies in Objective 2 [AM] 6. Trade-offs between efficiency and political power as banks grow larger in Objective 2 [DL, AM, SM]. 7. Experimental evidence on the effects of political constraints on public debt management in Objective 3 [DL, MC] 8. The effects of productivity and wealth asymmetries on the resilience of cooperation: New experimental evidence in Objective 3 [DL, MC] Preliminary versions of the working papers will be delivered within 12 months. To be discussed in a wokshops The final version will be delivered within 34 months.
Working papers WP2Input to MS4 Final version of Working papers D.2.1
Working papers first draft WP2Input to MS2 1. Policy credibility and the design of optimal common currency areas under Objective 1 [PK] 2. Benefits from fiscal policy coordination within a currency union under a zero lower bound for interest rates under Objective 1 [GM] 3. Fiscal policy coordination, fiscal risk-sharing arrangements and tax havens in a monetary union under Objective 1 [PT] 4. On the limitations of using SVARs to estimate fiscal multipliers under Objective 2 [AM, PF] 5. How does the size of fiscal multipliers depend on the composition of public expenditure cuts ? under Objective 2 [EP] 6. How do preferences regarding consumption and leisure affect the channels through which fiscal multipliers operate in the economy ? under Objective 2 [MD, FV] 7. Recessions as liquidation periods: The size of fiscal multipliers under limited coordination ? under Objective 2 [FP] 8. On the aggregate consequences of uninsurable idiosyncratic income and employment risk for macroeconomic dynamics under Objective 3 [HL, PR; MR, VS] 9. The effects of demand shocks on technology adoption, job turnover and sectorial composition in dual labour markets under Objective 3 [JD] 10. The determining factors of households´ wealth composition in EU countries and its response to financial shocks under Objective 3 [CB, TH, HS] 11. On the optimal job-tenure profile of dismissal costs and the role of a single contract under Objective 3 [JD] 12. On the time- consistency problems of reforming unemployment insurance in the presence of precautionary savings under Objective 3 [SK] Preliminary versions of the working papers will be delivered within 12 months. To be discussed in a wokshops The final version will be delivered within 34 months.
Working papers WP3Input to MS4 Final version of Working papers D.3.1
Working papers 4Input to MS4 Final version of Working papers D.4.1
Working papers first draft WP1Input to MS2 1. Comparative Analysis of the Euro-area financial and economic crisis from a historical perspective under Objective 1 [GC, CT] 2. Income inequality consequence of financial crisis under Objective 1 [LF] 3. The Role of uncertainty and incomplete information in the transmission and amplification of financial shocks under Objective 1 [RU, CH] 4. Balance -Sheet Risk Assessment of Sovereign Debt under Objective 1[JvH] 5. Quantitative analysis of belief-driven debt crises under Objective 1[ PT] 6. Incomplete markets and the optimal level of public debt under Objective 2 [PG] 7. Optimal public debt management policy in monetary unions under Objective 2 [PK, MB] 8. Interaction among economic reforms, private wealth and debt sustainability in an aging society under Objective 2 [GC, CT] 9. Time-consistent institutional design of debt- stabilisation schemes in Europe under Objective 2 [CB] 10. The effects of different income tax reforms under incomplete markets and endogenous borrowing constraints under Objective 2 [AA] 11. The effects of social norms inflation on tax compliance and government revenue under Objective 2 [JC] 12. Optimal transfer schemes against asymmetric shocks in a monetary union under limited enforcement and moral hazard under Objective 3 [AA, MK, EP] 13. On the Optimal design of a Financial Stability Fund under Objective 3 [RM, AA (with E. Carceles)] 14. The mutualisation of short-term European debt under information frictions and limits to arbitrage in financial markets: Trade-offs between fiscal discipline and international liquidity provision under Objective 3 [CH] 15. Debt default and asset pricing with heterogeneous information under Objective 3 [CH] A preliminary version of the working papers will be delivered within 12 months to be discussed in Workshops. The final version will be delivered within 34 months (see D.1.2)
Policy briefs WP2Input to MS9 1. Policy Brief with summary of main conclusions in WP2 Objective 1 2. Policy Brief with summary of main conclusions in WP2 Objective 2 3. Policy Brief with summary of main conclusions in WP2 Objective 3
Policy Briefs WP3Input to MS9 1. Policy Brief with summary of main conclusions in WP3 Objective 1 2. Policy Brief with summary of main conclusions in WP3 Objective 2
Indicators• Data and new set of Macroeconomic Imbalance Indicators
Working papers first draft WP31. Estimating the time-varying magnitude cross-border spillover effects of fiscal shocks in the Euro area under alternative methodological approaches under Objective 1 [FC, LG] 2. Volatility spillovers, contagion and the dynamics of financial-asset spreads under Objective 1 [PH] 3. The role of credit default swap (CDS) markets in the interconnecting euro area financial markets and sovereign default risk under Objective 1 [RP] 4. Liquidity and sovereign-bank interlinkages under Objective 1 [WC] 5. Bank size and net lending positions in money markets under Objective 1 [HR] 6. Analysis of the potential role of ‘credit-easing’ policies to improve financial conditions in times of high when economic uncertainty under Objective 2 [RM] 7. The effects of asymmetries in regulation across countries on the build-up of macroeconomic imbalances in the EU under Objective 2 [JJ] 8. Leverage bounds for optimal regulation in the financial markets of the EU and the Banking Union under Objective 2 [RB]. 9. The role of bank transparency and strategic competition among intermediaries as determinants of financial stability under Objective 2 [JJ] 10. Revisiting the pros and cons of narrow banking in the EU under Objective 2 [RM] 11. Macro-prudential regulations as an alternative to capital controls in achieving monetary policy autonomy under Objective 2 [RP] Preliminary versions of the working paper versions will be delivered within 12 months to be discussed in workshops. The final version will be delivered within 34 months.
Policy Briefs WP1Input to MS9 1. Policy Brief with summary of main conclusions in WP1 Objective 1 2. Policy Brief with summary of main conclusions in WP1 Objective 2 3. Policy Brief with summary of main conclusions in WP1 Objective 3
Risk assesment reportInput to MS6 A new Risk Assessment Report on Public Sector Balance Sheets
Support and dissemination of the Policy Briefs Policy Briefs will be the main vehicles to communicate the policy prescriptions of the project, other than the Final Policy Report (see D.5.12). Editing support and wide dissemination will be provided, this deliverable will summarize this activity
Dissemination of the results of the Final ConferencePublicaciones
Autores:
Anne-Laure Delatte, Julien Fouquau, Richard Portes
Publicado en:
Review of Finance, Edición 21/1, 2016, Página(s) 363-385, ISSN 1572-3097
Editor:
Oxford University Press
DOI:
10.1093/rof/rfw050
Autores:
Joachim Jungherr
Publicado en:
Journal of Banking & Finance, Edición 97, 2018, Página(s) 157-176, ISSN 0378-4266
Editor:
Elsevier BV
DOI:
10.1016/j.jbankfin.2018.09.022
Autores:
Morten O. Ravn, Vincent Sterk
Publicado en:
Journal of Monetary Economics, Edición 90, 2017, Página(s) 125-141, ISSN 0304-3932
Editor:
Elsevier BV
DOI:
10.1016/j.jmoneco.2017.07.003
Autores:
Patrick J. Kehoe, Elena Pastorino
Publicado en:
Economic Theory, Edición 64/4, 2017, Página(s) 741-776, ISSN 0938-2259
Editor:
Springer Verlag
DOI:
10.1007/s00199-016-1016-x
Autores:
Wouter J Den Haan, Pontus Rendahl, Markus Riegler
Publicado en:
Journal of the European Economic Association, Edición 16/5, 2017, Página(s) 1281-1349, ISSN 1542-4766
Editor:
Wiley-Blackwell
DOI:
10.1093/jeea/jvx040
Autores:
Marco Bassetto, Wei Cui
Publicado en:
Journal of Economic Dynamics and Control, Edición 89, 2018, Página(s) 5-22, ISSN 0165-1889
Editor:
Elsevier BV
DOI:
10.1016/j.jedc.2018.01.006
Autores:
Radim Boháček, Michal Kejak
Publicado en:
Journal of Economic Theory, Edición 176, 2018, Página(s) 834-858, ISSN 0022-0531
Editor:
Academic Press
DOI:
10.1016/j.jet.2018.05.008
Autores:
João Ayres, Gaston Navarro, Juan Pablo Nicolini, Pedro Teles
Publicado en:
Journal of Economic Theory, Edición 175, 2018, Página(s) 803-812, ISSN 0022-0531
Editor:
Academic Press
DOI:
10.1016/j.jet.2018.02.006
Autores:
Martial Dupaigne, Patrick Fève
Publicado en:
European Economic Review, Edición 89, 2016, Página(s) 425-453, ISSN 0014-2921
Editor:
Elsevier BV
DOI:
10.1016/j.euroecorev.2016.09.004
Autores:
Armin Steinbach
Publicado en:
Maastricht Journal of European and Comparative Law, Edición 24/1, 2017, Página(s) 140-149, ISSN 1023-263X
Editor:
SAGE Journals
DOI:
10.1177/1023263x17693201
Autores:
Dimitrios Bermperoglou, Evi Pappa, Eugenia Vella
Publicado en:
Journal of Economic Dynamics and Control, Edición 79, 2017, Página(s) 21-47, ISSN 0165-1889
Editor:
Elsevier BV
DOI:
10.1016/j.jedc.2017.03.006
Autores:
Andrew J Fieldhouse, Karel Mertens, Morten O Ravn
Publicado en:
The Quarterly Journal of Economics, Edición 133/3, 2018, Página(s) 1503-1560, ISSN 0033-5533
Editor:
MIT Press
DOI:
10.1093/qje/qjy002
Autores:
Patrick Fève, Tannous Kass-Hanna, Mario Pietrunti
Publicado en:
Economics Letters, Edición 148, 2016, Página(s) 76-79, ISSN 0165-1765
Editor:
Elsevier BV
DOI:
10.1016/j.econlet.2016.09.013
Autores:
Guilherme Bandeira, Evi Pappa, Rana Sajedi, and Eugenia Vella
Publicado en:
International Journal of Central Banking, Edición June 2018, 2018, ISSN 1815-4654
Editor:
Association of the International Journal of Central Banking
Autores:
Ramon Marimon, Thomas Cooley, Morten Ravn, Hugo Rodriguez, Radim Bohacek, Arpad Abraham, Lukas Mayr, Joao Brogueira de Sousa, Paul Beaudry, Dana Galizia, Franck Portier, Martial Dupaigne, Patrick Feve, Pedro Teles, Giancarlo Corsetti, Giorgio Monti, David K.Levine, Andrea Mattozzi
Publicado en:
VOX E-Book Series, 2018
Editor:
CEPR
Autores:
Armin Steinbach
Publicado en:
SSRN Electronic Journal, 2018, ISSN 1556-5068
Editor:
SSRN
DOI:
10.2139/ssrn.2905391
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