Publications

2020

8 October 2020 (El País) Article on El País: 'The design of the Monetary and Economic Union turns 50' (El diseño de la Unión Monetaria y Económica)

Authors: Joaquín Almunia (former Vice President of the European Commission and Honorary President of the Barcelona Graduate School of Economics) and Ramon Marimon is Pierre Werner Chair and professor of Economics at the European University Institute (Florence) and at the Pompeu Fabra University (Barcelona).\

> Full article (in Spanish)

> English translation

2018

• Poeschl, Zhang,  Housing, Financial Crises and Macroprudential Regulation: The Case of Spain - May 2018
• Bayer, Kim, Kriwoluzky,  The Term Structure of Redomination Risk - May 2018
• Gourinchas, Martin, Messer,  The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis - May 2018
• Dolado, Motyovszki, Pappa,  Monetary Policy and Inequality under Labor Market Frictions and Capital-Skill Complementarity - May 2018
• Dedola, Georgiadis, Grab,  Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates - May 2018

2017

• Beukers, Thomas and Bruno de Witte and Claire Kilpatrick, “Constitutional change through Euro-crisis law: taking stock, new perspectives and looking ahead”, in: Beukers, De Witte and Kilpatrick (eds.), Constitutional Change Through Euro-Crisis Law (Cambridge University Press, 2017) p. 1-24.
• Beukers, Thomas and Marijn van der Sluis, “Different Integration from the Perspective of Non-Euro Area Member States”, in: Beukers, De Witte and Kilpatrick (eds.), Constitutional Change Through Euro-Crisis Law (Cambridge University Press, 2017) p. 143-176.
• Beukers, Thomas, “The Eurozone Crisis and the Autonomy of Member States in Economic Union: Changes and Challenges, in: Research Handbook on the Law of the EU’s Internal Market (Edgar Elgar Publishing, 2017) p. 263-288
• Lanati, Mauro, “ The impact of foreign aid on migration revisited,” Max Weber Programme WP 2017/05
• Steinbach, Armin, “ Insurance-type Coordination under EU Law,” 28 Swiss Review of International and European Law 19-40 (2017).
• Steinbach, Armin, “ Effect-based Analysis in the Jurisprudence on the Euro Crisis,” 42 European Law Review 255-270 (2017).
• Steinbach, Armin, “ All’s well that ends well? Crisis policy after the German Constitutional Court’s ruling,” in Gauweiler, 24 Maastricht Journal of European and Comparative Law 140-149 (2017).
• Steinbach, Armin, “ Promoting Coherence Between PTAs and the WTO Through Systemic Integration,” Journal of International Economic Law 20 (2017) 61-85 (with Pamela Apaza).

2016

• Gaballo, G. & Marimon, R. (2016), Breaking the spell with credit-easing: self-confirming credit crises in competitive search economies, ADEMU Working Paper; 2016/001
• Kapetanios, George, Khalaf, L. & Marcellino, M. (2016), ‘ Factor based identification-robust inference in IV regressions’, Journal of applied econometrics, Vol. 31, No. 5, pp. 821–842
• Steinbach, Armin, “ Structural Reforms in EU Member States: Exploring Sanction-based and Reward-based Mechanism,” ADEMU Working Paper; 2016/040.
• Steinbach, Armin, “ Promoting Coherence Between PTAs and the WTO Through Systemic Integration,” RSCAS Working Paper; 2016

2015

• Canova, Fabio; Perez-Forero, Fernando; “ A General Algorithm for Estimating Structural VARs”, Quantitative Economics, 2015, 6(2).
• Canova, Fabio; Schlaepfer, Alain; “ Has the Euro-Mediterranean Partnership changed Mediterranean Business Cycles?” - Appendix, Journal of Applied Econometrics, 03/2015, 30(2).
• Marcellino, Massimiliano; Carriero, Andrea; Todd, Clark; “ Bayesian VARs: Specification Choices and Forecasting Performance”, Journal of Applied Econometrics, 2015, 30, 46-73.
• Marcellino, Massimiliano; Foroni, Claudia; Schumacher, Christian; “ U-MIDAS: MIDAS regressions with unrestricted lag polynomial”, Journal of the Royal Statistical Society, 2015, Series A, 178, 57-82.
• Marcellino, Massimiliano; Bulligan, Guido; Venditti, Fabrizio; “ Forecasting economic activity with targeted predictors”, International Journal of Forecasting, 2015, 31, 188-206.
• Marcellino, Massimiliano; Lemke, Wolfgang; Eickmeier, Sandra; “ A Classical Time Varying FAVAR Model: Estimation, Forecasting, and Structural Analysis”, Journal of the Royal Statistical Society, 2015, Series A, 178, 57-82.

2014

• Bridging DSGE Models and the Raw Data, Fabio Canova, "Journal of Monetary Economics", 2014, vol. 67, issue C, 1-15.
• A General Algorithm for Estimating Structural VARs, Fabio Canova and F. Perez-Forero, "Quantitative Economics", Volume 6, Issue 2 (July 2015)
• The effects of the monetary policy stance on the transmission mechanism, Massimiliano Marcellino with Ana Galvao, "Studies in Nonlinear Dynamics and Econometrics", 2014, vol. 18(3).
• Forecasting with Factor Augmented Error Correction Models, Massimiliano Marcellino, Anindya Banerjee and Igor Masten, "International Journal of Forecasting", 2014, vol. 30, 589-612.

2013

• Pooling Versus Model Selection for Nowcasting GDP with Many Predictors: Empirical Evidence for six Industrialized Countries , Journal of Applied Econometrics Massimiliano Marcellino, Vladimir Kuzin and Christian Schumacher, 2013
• Forecasting with Factor Augmented Error Correction Models , International Journal of Forecasting , 
  Massimiliano Marcellino, Anindya Banerjee and Igor Masten, 2013
• Markov Switching MIDAS Models , Journal of Business and Economic Statistics Massimiliano Marcellino and Pierre Guérin, 2013
• The Effects of the Monetary Policy Stance on the Transmission Mechanism , Studies in Nonlinear Dynamics and Econometrics Massimiliano Marcellino and Ana Beatriz Galvao, 2013
• Bayesian VARs: Specification Choices and Forecasting Performance , Journal of Applied Econometrics , Massimiliano Marcellino, Andrea Carriero and Todd Clark, 2013
• The multiscale causal dynamics of foreign exchange markets ”, Journal of International Money and Finance , 33, 282-305 
  Massimiliano Marcellino and Stelios Bekiros, 2013 
• Massimiliano Marcellino; Mario Porqueddu; Fabrizio Venditti, "Short-term GDP forecasting with a mixed frequency dynamic factor model with stochastic volatility" Banca d'Italia , Temi di Discussione, 896, 2013

2012

• Massimiliano Marcellino; Guido Bulligan and Fabrizio Venditti "Forecasting economic activity with targeted predictors", Banca d'Italia, Temi di Discussione, 847
• Elena Carletti; Franklin Allen; Douglas Gale “Money, Financial Stability and Efficiency”, Journal of Economic Theory , 2012
• Elena Carletti; Franklin Allen “What’s Systemic Risk?”, Journal of Money, Credit and Banking , 2012
• Elena Carletti; Franklin Allen; Ana Babus “Asset Commonality, Debt Maturity and Systemic Risk”, Journal of Financial Economics , 2012, 104(3), 519-534
• Carriero, Andrea; Kapetanios, George; Marcellino, Massimiliano “Forecasting Government Bond Yields with Large Bayesian VARs”, Journal of Banking and Finance , 2012, 36(7), 2026-2047.
• Demertzis, Maria; Marcellino, Massimilinao; Viegi, Nicola “ A Credibility Proxi: Tracking US Monetary Developments ”, B.E. Journal of Macroeconomics , Topics, 2012, 12(1).

2011

• Allen, Franklin; Carletti, Elena; Marquez, Robert; “Credit Market Competition and Capital Regulation” Review of Financial Studies, 2011, 24(4), 983–1018, lead article
• Allen, Franklin; Carletti, Elena; Leonello, Agnese, “Deposit Insurance and Risk Taking” (with), Oxford Review of Economic Policy, 2011, 27(3), 464-478
• Allen, Franklin; “New Theories to Underpin Financial Reform”, Journal of Financial Stability, forthcoming – 2011
• Carriero, Andrea; Kapetanios, George; Marcellino, Massimiliano “ Forecasting Large Datasets with Bayesian Reduced Rank Multivariate Models ”, Journal of Applied Econometrics, 2011, 26, 736-761.
• Kuzin, Vladimir; Marcellino, Massimiliano; Schumaker, Christian “MIDAS vs Mixed-Frequency VAR for Nowcasting GDP in the Euro Area”, International Journal of Forecasting , 2011, 27, 529-542.
• Carriero, Andrea “Sectoral survey-based confidence indicators for Europe”, Oxford Bulletin of Economics and Statistics , 73, 175–206.
• Musso, Alberto “The Reliability of Real Time Estimates of the Euro Area Output Gap”, with, Economic Modelling , 2011, 28, 1842–1856.

• Frale, Cecilia; Mazzi, Gianluigi; Marcellino, Massimiliano; Proietti, Tommaso “EUROMIND: A Monthly Indicator of the Euro Area Economic Conditions” Journal of the Royal Statistical Society , 2011, Series A, 174, 439-470.

• Angelini, Elena; Marcellino, Massimiliano “Econometric Analyses with Backdated Data: Unified Germany and the Euro Area”, Economic Modelling , 2011, 28, 1405–1414.
• Deak, Szabolcs; Fontagné, Lionel; Maffezzoli, Marco; Marcellino, Massimiliano “LSM: A DSGE Model for Luxembourg”, Economic Modelling , 2011, 28, 2862–2872.
• Kuzin Vladimir; Marcellino Massimiliano; Schumaker Christian; ‘MIDAS vs Mixed-Frequency VAR for Nowcasting GDP in the Euro Area’, with, International Journal of Forecasting, 2011, 27, 529-542.
• Carriero Andrea; Marcellino Massimiliano; ‘Sectoral survey-based confidence indicators for Europe’ Oxford Bulletin of Economics and Statistics, 2011, 73, 175–206.
• Marcellino Massimiliano; Musso Alberto; ‘The Reliability of Real Time Estimates of the Euro Area Output Gap’ with, Economic Modelling, 2011, 28, 1842–1856.
• Frale Cecilia; Marcellino Massimiliano; Mazzi Gianluigi; Proietti Tommaso; ‘EUROMIND: A Monthly Indicator of the Euro Area Economic Conditions’, Journal of the Royal Statistical Society, 2011, 174, 439-470.

2010

• Empirical Simultaneous Confidence Regions for Path-Forecasts ,  
  Massimiliano Marcellino, Oscar Jorda and Malte Knueppel, 2010
• Corsetti, Giancarlo; Meier, André; Müller, Gernot J., ‘Cross-Border Spillovers from Fiscal Stimulus’, International Journal of Central Banking, 2010, 6, 1, 5-37.
• Corsetti, Giancarlo; Kuester, Keith; Meier, André, Müller, Gernot; ‘Debt Consolidation and Fiscal Stabilization of Deep Recessions’, American Economic Review, 2010, 100(2), 41-45.

2008

• Corsetti, Giancarlo; ‘A Modern Reconsideration of the Theory of Optimal Currency Areas’, European Economy Economic Papers, 2008, 308, 1-39.
• Corsetti, Giancarlo et.al., ‘Proceedings of the Twenty-second Annual Congress of the European Economic Association, Budapest, August 2007’, Journal of the European Economic Association, 2008, 6, 2-3, 255-726.
• Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain; ‘International Risk Sharing and the Transmission of Productivity Shocks’, Review of Economic Studies, 2008, 75, 2, 443-473.
• Corsetti, Giancarlo; Mueller, Gernot; ‘Twin Deficits, Openness, and the Business Cycle’, Journal of the European Economic Association, 2008, 6(2-3), 404-413.
• Corsetti, Giancarlo; Bergin, Paul; ‘The Extensive Margin and Monetary Policy’, Journal of Monetary Economics, 2008, 55, 7, 1222-1237.
• Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain; ‘High Exchange Rate Volatility and Low Pass-through’, Journal of Monetary Economics, 2008 55(6), 1113-1128, previously CEPR dp 5377.

2007

• Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo; ‘Productivity Spillovers, Terms of Trade and the ‘Home Market Effect’’, Journal of International Economics, 2007, 73(1): 99-127. Previously DP 4964, NBER WP 11165.
• Corsetti, Giancarlo; Mueller, Gernot; ‘Twin deficit, Openness and the Business Cycle’, prepared for the 2007 EEA Meeting in Budapest, CEPR discussion paper no. 4769, 2007, Journal of European Economic Association 2008, 6, 2-3, 404-413.

2006

• Corsetti, Giancarlo; Mackowiak, Bartosz; ‘Fiscal Imbalances and the Dynamics of Currency Crises’, European Economic Review, 2006, 50, 1317-1338.
• Corsetti, Giancarlo; Guimaraes, Bernardo; Roubini, Nouriel; ‘International Lending of Last Resort and Moral Hazard: A Model of IMF’s Catalytic Finance’, Journal of Monetary Economics, 2006, 53, 441-471.
• Corsetti, Giancarlo; ‘Openness and the Case for Flexible Exchange Rates’, Research in Economics, 2006, 60, 1-21.
• Corsetti, Giancarlo; Mueller, Gernot; ‘Twin Deficits: Squaring Theory Evidence and Common Sense’, Economic Policy, 2006, 48, 597-638.
• Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain; ‘Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries’, in Lucrezia Reichlin and Kennet West (eds.), NBER International Seminar on Microeconomics, 2006. (Also CEPR Discussion Paper 5853, NBER Working Paper 12483).

2018

• Marimon, Ramon and Cooley, Thomas, The EMU after the Euro Crisis: Lessons and Possibilities - Findings and proposals from the Horizon 2020 ADEMU project (eBook) - May 2018

2017

• Beukers, Thomas, de Witte, Bruno, and Kilpatrick, Claire (eds.), Constitutional Change Through Euro-Crisis Law (Cambridge University Press, 2017) ISBN: 9781107184497, 356 p.
• Blundell, R., Cantillon, E., Chizzolini, B., Ivaldi, M., Leininger, W., Marimon, R., Matyas, L. & Steen, F. (2017), Economics without borders: economic research for European policy challenges, Cambridge: Cambridge University Press, pp. 1-28

2016

• Allen, F., Carletti, E., Gray, J. & Gulati, M. (2016), Filling the gaps in governance: the case of Europe, Florence: European University Institute; London: Brevan Howard Centre at Imperial College; Milan: Baffi Carefin, Bocconi University, RSCAS, Florence School of Banking and Finance.

Earlier books

• Allen, Franklin; Carletti, Elena; Gray, Joanna: Bearing the losses from bank and souvereign default in the Eurozone, edited volume, with FIC Press, Wharton Financial Institutions Center, 2014
• Allen Franklin, Carletti Elena and Gray Joanna: Political, Fiscal and Banking Union in The Eurozone?, edited volume, with FIC Press, Wharton Financial Institutions Center, 2013
• Allen, Franklin; Carletti, Elena; Simonelli, Saverio; Governance for the Eurozone – Integration or Disintegration ?,  edited volume, with FIC Press, Wharton Financial Institutions Center, 2012
• Allen, Franklin; Carletti, Elena; Corsetti, Giancarlo; Life in the Eurozone With or Without Sovereign Default?,Philadelphia, FIC Press, 2011
• Corsetti, Giancarlo; Devereux, Michael P.; Guiso, Luigi; Hassler, John; Saint-Paul, Gilles; Sinn, Hans-Werner; Sturm, Jan-Egbert; Vives, Xavier; The EEAG Report on the European Economy: Economic Outlook, Rebuilding Trust, Global Debt, US Imbalances; The Eurozone , Munich, CESifo Group, 2010
• Corsetti, Giancarlo; Devereux, Michael P.; Hassler, John; Jenkinson, Tim; Saint-Paul Gilles; Sinn, Hans-Werner; Sturm, Jan-Egbert; Vives, Xavier; The EEAG Report on the European Economy 2009: Economic Outlook, The Financial Crisis, Private Equity, France, Munich, CESifo Group, 2009
• Calmfors, Lars; Corsetti, Giancarlo; Devereux, Michael P., Saint-Paul, Gilles; Sinn, Hans-Werner; Sturm, Jan-Egbert; Vives, Xavier; The EEAG Report on the European Economy 2008: Europe in a Globalised World – Ecomonic Outlook, the Falling Dollar, Globalisation and Industrial Policy, Global Warming, Munich, CESifo Group, 2008
• Calmfors, Lars; Corsetti, Giancarlo; Devereux, Michael P.; Honkapohja, Seppo; Saint-Paul, Gilles; Sinn, Hans-Werner; Sturm, Jan-Egbert; Vives, Xavier; The EEAG Report on the European Economy 2007: Economic Outlook, Macro Adjustment in the Euro Area, New EU Members, Scandinavian Model, Tax Competition, Economic Nationalism, Munich, CESifo Group, 2007
• Artis Michael, Banerjee Anindya and Marcellino Massimiliano (eds.), The European Enlargement: Prospects and Challenges, , Cambridge: Cambridge University Press, 2006

• Carletti Elena; Franklin Allen; Jun Qian, and Patricio Valenzuela “Financial Intermediation, the Credit Markets, and Alternative Financial Systems,” in G.M. Constantinides, M. Harris and R.M. Stulz, Handbook of the Economics of Finance, Elsevier, 2013
• Allen, Franklin; Beck, Thorsten; Carletti, Elena; Lane, Philip; Schoenmaker Dirk; Wagner, Wolf “ Cross-Border Banking in Europe: Implications for Financial Stability and Macro-prudential Policies ”, CEPR Policy Report, 2011
• Allen, Franklin; Carletti, Elena; Financial Regulation Going Forward , in Conference Proceedings of the 38th Oesterreichische Nationalbank Economics Conference on “Central Banking after the Crisis: Responsibilities, Strategies and Instruments, 137-156 - 2011
• Allen, Franklin; Carletti, Elena; Krahnen, Jan Peter; Tyrell, Marcel (eds.), “Introduction to Liquidity and Crises,” in Liquidity and Crises , Oxford University Press, 2011, 3–32
• Corsetti, Giancarlo; “ Financial Architecture”, in Honkapohja,Seppo and Westermann, Frank (eds.), Designing the European Model, Houndmills/Basingstoke/Hampshire, Palgrave MacMillan, 2009, pp. 366-398
• Corsetti, Giancarlo; “ Pensions and Children”, inHonkapohja,Seppo and Westermann, Frank (eds.), Designing the European Model, Houndmills/Basingstoke/Hampshire, Palgrave MacMillan, 2009, pp. 399-446
• Corsetti, Giancarlo; “ Global Imbalances”, inHonkapohja,Seppo and Westermann, Frank (eds.), Designing the European Model, Houndmills/Basingstoke/Hampshire, Palgrave MacMillan, 2009, pp. 296-327
• Corsetti, Giancarlo; “ Acceding Countries: The Road to the Euro”, inHonkapohja,Seppo and Westermann, Frank (eds.), Designing the European Model, Houndmills/Basingstoke/Hampshire, Palgrave MacMillan, 2009, pp. 229-258
• Corsetti, Giancarlo; “ Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making Process”, inHonkapohja,Seppo and Westermann, Frank (eds.), Designing the European Model, Houndmills/ Basingstoke/Hampshire, Palgrave MacMillan, 2009, pp. 177-228
• Corsetti, Giancarlo; “A Modern Reconsideration of the Theory of Optimal Currency Areas”, in 'EMU@10: Achievements and Challenges'. also CEPR dp. 6712. 2008 also CEPR dp. 6712. 2008
• Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain; “Optimal Monetary Policy and the Sources of Local-Currency Price Stability”, in the NBER book International Dimension of Monetary Policy edited by Jordi Gali and Mark Gertler, Chicago University Press. NBER working paper no 13544, CEPR DP 6557, 2007
• Corsetti, Giancarlo; “A Micro-founded Reconsideration of the Theory of Optimum Currency Areas”, in Quaderni di Ricerca, Ente Luigi Einaudi, Rome, 2006

• Choosing the Variables to Estimate Singular DSGE Models Fabio Canova, Filippo Ferroni and Christian Matthes, 2013

• How Important is Tourism for the International Transmission of Cyclical Fluctuations? Evidence from the Mediterranean Fabio Canova and Pietro Dallari, 2013

• Forecasting Economic Activity with Higher Frequency Targeted Predictors Claudia Foroni and Massimiliano Marcellino, 2013

• The Banking and Distribution Sectors in a Small Open Economy DSGE Model Szabolcs Deak, Lionel Lionel, Marco Maffezzoli and Massimiliano Marcellino, 2012

• An Estimated DSGE Model of a Small Open Economy within the Monetary Union: Forecasting and Structural Analysis Massimiliano Marcellino and Yuliya Rychalovska, 2012

• A Comparison of Mixed Frequency Approaches for Modelling Euro Area Macroeconomic Variables Claudia Foroni and Massimiliano Marcellino, 2012

• Macroeconomic Forecasting during the Great Recession: The Return of Non-Linearity? Laurent Ferrara, Massimiliano Marcellino and Matteo Mogliani, 2012 

• Optimal Currency Area Revisited (Distinguished Lecture held at the EUI) Yves Mersch, 2011

• The Changing International Transmission of Financial Shocks Sandra Eickmeier, Wolfgang Lemke and Massimiliano Marcellino, 2011

• On the Importance of Sectoral and Regional Shocks for Price-Setting Guenter Beck, Kirstin Hubrich and Massimiliano Marcellino, 2011  

• Forecasting Government Bond Yields with Large Bayesian VARs Andrea Carriero, George Kapetanios and Massimiliano Marcellino, 2010    

• The Simple Geometry of Transmission and Stabilization in Closed and Open Economies Giancarlo Corsetti and Paolo Pesenti, 2005 

• Towards a Theory of Firm Entry and Stabilization Policy Paul Bergin and Giancarlo Corsetti, 2005 

• DSGE Models of High Exchange-Rate Volatility and Low Pass-Through Giancarlo Corsetti, Luca Dedola and Sylvain Leduc, 2005  

• Current Account Theory and the Dynamics of US Net Foreign Liabilities Giancarlo Corsetti and Panagiotis T. Konstantinou, 2005 

• International Risk Sharing and the Transmission of Productivity Shocks  Giancarlo Corsetti, Luca Dedola and Sylvain Leduc, 2004

• The Eastward Enlargement of the European Monetary Union Michele Ca' Zorzi and Roberto A. De Santis, 2004 

• Nominal versus Real Convergence with Respect to EMU Accession: How to Cope with the Balassa-Samuelson Dilemma Paul De Grauwe and Gunther Schnabl, 2004

• The Inflation Target of the ECB: Does the Balassa-Samuelson Effect Matter? Kirsten Lommatzsch and Silke Tober, 2004 

• Exchange Rate Strategies towards EMU for Accession Countries with Currency Boards Margarita Katsimi, 2004

• Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union Peter Bofinger, 2004 

• The Endogenity of the Optimum Currency Area Criteria, Trade, and Labour Market Rigidities: Implications for EMU Enlargement Jarko Fidrmuc, 2004 

• Designing Poland's Macroeconomic Strategy on the Way to the Euro Area Jakub Borowski and Michal Brzoza-Brzezina, 2004 

• Macroeconomic and Monetary Thought at the European Commission in the 1960s Ivo Maes, 2004

• Could Politicians Be More Right Than Economists? A Theory of Merger Standards Bruce R. Lyons, 2003

• France and Italy's Policies on European Monetary Integration: A Comparison of 'Strong' and 'Weak' States Ivo Maes and Lucia Quaglia, 2003

• Towards a European Budgetary System Marco Buti and Mario Nava, 2003