S. Micossi: Raising growth in the euro area

The economic policy debate in Europe – or rather in the euro area – seems deadlocked. We would like higher growth of...

April 15, 2020

P. Reichlin: The ECB should have a much larger role in the coronavirus crisis

The COVID-19 lockdown is a major aggregate shock on the world economy. Because it is aggregate, it will not be easily mi...

April 14, 2020

C. Bastasin, L. Bini Smaghi, M. Messori, S. Micossi, P. C. Padoan, F. Passacantando, G. Toniolo – ITALY HAS ENOUGH RESOURCES TO RELAUNCH ITS ECONOMY: THE COUNTRY URGENTLY NEEDS PROJECTS, NOT IDEOLOGICAL WRANGLING

National governments and European institutions have mobilized and will continue to mobilize huge financial resources to ...

April 14, 2020

G. L. Tosato: Notes on the genesis of the European Stability Mechanism

A factual account of the genesis of the ESM would appear pertinent, considering the recent discussions on this subject i...

April 14, 2020

C. Bastasin – Covid-19: The ideas behind the German government’s agenda

A document reveals the analysis behind Berlin’s reaction to the Covid19 crisis and shows that the German government wa...

April 9, 2020

G. De Michele, M. Messori – Towards a sustainable European ‘Marshall Plan’: How to turn the crisis into an opportunity

In the last weeks a growing debate among European economists has focused on how to fund the national expansionary fiscal...

April 9, 2020

P. Nicolaides: State Aid to Combat Covid-19

This paper examines the state aid measures that Member States have implemented to combat the economic effects of covid-1...

April 4, 2020

C. Bastasin: The rationale behind the Italian-German rift

Acrimony among European states is getting harsher today than during the euro crisis a decade ago, jeopardizing the integ...

March 31, 2020

C. Bastasin, L. Bini Smaghi, M. Messori, S. Micossi, P. C. Padoan, F. Passacantando, G. Toniolo – ITALY’S RESPONSE TO THE HEALTH CRISIS: THINKING TODAY ABOUT THE COUNTRY’S FUTURE

An unprecedented crisis is unraveling before our eyes. The damage caused to people’s and business’ economic viabilit...

March 27, 2020

M. Fragetta, M. Tamoborini: It’s not austerity. Or is it?

While the debate over the relationship between austerity and growth in Europe has been lively and intense, systematic an...

October 21, 2017

G. Brunello, E. Lodigiani, L. Rocco: Does Low Skilled Immigration Cause Human Capital Polarization?

While there is a vast literature considering the labor market effects of immigration, less has been done to investigate ...

September 21, 2017

P. Canofari, G. Di Bartolomeo, M. Messori – EMU Stability: Direct and Indirect Risk Sharing

Our paper aims to analyze the effectiveness of different risk-sharing mechanisms in providing stability to a monetary un...

August 21, 2017

F. Passacantando – Italexit, Debt Cancellation and ParallelMoneys: The fatal attraction for the Argentine solution

This paper aims to show the extraordinary complexity of an exit of Italy from the eurothrough a comparison with Argentin...

July 15, 2017

L. Andreozzi, R. Tamborini: Why Is Europe Engaged in an Interdependence War, and How Can It Be Stopped?

There is large evidence that European countries, the EMU in particular, are engaged in an interdependence war, i.e. non-...

April 24, 2017

P. Benigno: A Central Bank Theory of Price Level Determination

A theory in which the central bank controls the price level is put forward as an alternative to the fiscal theory of the...

April 19, 2017

R. De Santis, P. Esposito, E. Masi: Are There Common Structural Determinants of Potential Output Growth in Europe?

GDP growth in the Eurozone during the last twenty years continuously decreased. In addition, the global financial crisis...

March 25, 2017

S. Berardi, A. Marcelletti: Optimal Bank Capital Requirements: An Asymmetric Information Perspective

The issue on the amount of capital banks should hold has pushed back the debate on top of policymakers’ agenda. Litera...

March 1, 2017

F. Schivardi, E. Sette, G. Tabellini: Credit Misallocation During the European Financial Crisis

Do banks with low capital extend excessive credit to weak firms, and does this matter for aggregate efficiency? Using a ...

March 1, 2017