March 2017   
In this month's issue: ADEMU Perspectives - why household debt makes economies prone to crises of confidence; Tim Kehoe video - can Europe learn from Latin America's debt crisis?; Edward Prescott lecture - next Thursday; new seminar with Samuel Bentolila (CEMFI); lecture slides available from Marco Buti, Fabrizio Zilibotti, Enrique Mendoza and more; new summer school - save the date; plus upcoming events and new working papers
ADEMU Perspectives #3: Why household debt makes economies prone to crises of confidence

Crises of confidence turn booms into busts. Bloated household balance sheets with high debt offer the right ingredients for a confidence-driven housing bust. Thomas Hintermaier and Winfried Koeniger develop this narrative in an analytic framework. Read the article.
Video: Can Europe learn from Latin America's debt crisis? Tim Kehoe explains
Tim Kehoe, professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minneapolis, explains the lessons Europe can learn from the debt crisis in Latin America. Watch the video.
Edward C Prescott lecture at the Barcelona GSE fiscal policy conference - Thursday 30 March

On Thursday 30 March, Barcelona GSE will host the ADEMU lecture Fiat Value and the Theory of Value, delivered by economist and Nobel Laureate Edward C Prescott. The lecture will close the conference Fiscal Policy in Times of Crisis. See the program and register (separate registration is required for the conference and lecture).
Are the Spanish long-term unemployed unemployable? An ADEMU seminar with Samuel Bentolila (CEMFI) | EUI, Florence, 3 April

Long-term unemployment reached unprecedented levels in Spain in the wake of the Great Recession and it still affects around 57% of the unemployed. In this ADEMU seminar, Samuel Bentolila, Professor of Economics at CEMFI, will discuss his working paper which documents the sources that contributed to the rise in long-term unemployment and analyzes its persistence using state-of-the-art duration models. Read more and register.
ADEMU lecture series: slides available from Marco Buti, Enrique Mendoza, Fabrizio Zilibotti and more

The ADEMU website has a wealth of resources for policy makers, economists, researchers and students. As well as our popular working paper series, you can view lecture slides from visiting experts including Marco Buti, Enrique Mendoza, Fabrizio Zilibotti and more. See the lectures.

Save the date! ADEMU summer school at the Toulouse School of Economics, 19-20 June

Just announced: a two day summer school in Toulouse for 
PhD and post-doctoral researchers working on ADEMU-related topics, with keynote speeches by Jean Tirole and Timothy Kehoe. Plus, new workshops, seminars and conferences. See the full up-to-date list on our events page.
ADEMU working paper series
Reconciling Hayek's and Keynes' Views of Recessions 
P. Beaudry, D. Galizia, F. Portier 
Sovereign Debt and Structural Reforms 
A. Müller, K. Storesletten, F. Zilibotti  
International Risk Sharing in the European Monetary Union 
A. Ferrari, A. R. Picco 
The ADEMU project has received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement No.649396. Any works/results included within the material published or linked to in this email reflect only the author’s view and the European Commission is not responsible for any use that may be made of the information it contains.
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A Dynamic Economic and Monetary Union (ADEMU) · Ramon Trias Fargas 25-27 · Barcelona, 08001 · Spain

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