October 2016


How can sovereign debt sustainability in Europe be improved?

ADEMU researcher Giancarlo Corsetti (University of Cambridge) recently organised a conference at the University of Cambridge entitled Sovereign Debt, Sustainability and Lending Institutions. During the conference, Corsetti presented his thoughts on how sovereign debt sustainability in Europe can be improved, which have been captured in this short video.

Competitive Effects of Trade: Theory and measurement lecture

On September 20, an ADEMU Lecture was held by Marc Melitz (Harvard University) at EUI in Florence. The lecture reviewed how trade induces different types of reallocations across firms and products. It also included some new empirical evidence highlighting competitive effects of trade for French firms and their consequences for French manufacturing productivity growth. The full presentation can be viewed here.

Sustainable Economic and Monetary Union in Europe in turbulent times lecture

On October 10th, the ADEMU Project held a lecture on “Sustainable Economic and Monetary Union in Europe in turbulent times”, given by Prof. René Smits from the University of Amsterdam. Starting from a legal-institutional perspective, the lecture sketched out the major challenges for researchers and policymakers alike. It also looked at the areas of economic governance, monetary union and banking union with a view to the sustainability of Europe’s Economic and Monetary Union. The full presentation can be viewed here.

 Working Paper Series

The ADEMU Working Paper Series continues to grow with the following papers being an example of what has been added to the series this month:

The effect of firm cash holdings on monetary policy
Bernardino Adao and André C. Silva

Fiscal Unions Redux
Patrick J. Kehoe and Elena Pastorino

Tax reform with endogenous borrowing limits and incomplete asset markets

Árpád Abrahám and Eva Carceles Poveda

The real effects of liquidity shocks in sovereign debt markets: Evidence from Italy
Andrea Gazzani and Alejandro Vicondoa

The effects of government spending endogeneity on estimated multipliers in the U.S.
Alban Moura

Upcoming Events


New Developments in Macroeconomics
November 9, 2016 | UCL, London | View program
Email Ralph Luetticke to register:

How much of a Fiscal Union for the EMU?
May 18-19, 2017 | Bank of Spain, Madrid



Fiscal Federalism within the EMU
December 12, 2016 | EUI, Florence

Fiscal Policy in a Monetary Union, in Times of Crisis
March 30, 2016 | Barcelona GSE, Barcelona


The Euro and the Battle of Ideas
November 22, 2016 | EUI, Florence, with Harold James (Princeton University)

Fiscal Federalism within the EMU, ADEMU Lecture
December 12, 2016 | EUI, Florence, with Jonathan Rodden (Stanford University)


Economic Policy Challenges
November 18-19, 2016 | EUI, Florence | View program

Measures of Public Balance Sheet Risk Assessment and on Social & Labour Insurance Risks
July 6-7, 2017 | University of Bonn, Bonn


The Macroeconomics of Uncertainty Shocks
May 8-10, 2017 | EUI, Florence, with Jesus Fernandez Villaverde
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A Dynamic Economic and Monetary Union (ADEMU) · Ramon Trias Fargas 25-27 · Barcelona, 08001 · Spain

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