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. Messori – The current European debate on fiscal policy: Too much and too little

In the last two weeks the European Central Bank (ECB) decided to launch new LTRO and T-LTRO programs to ensure liquidity...

March 23, 2020

S. Micossi, F. Peirce: Overcoming the gridlock in EMU decision-making

The completion of EMU, and banking union as its critical component, requires that certain taboos in the policy debate ar...

March 17, 2020

I. Angeloni: ECB should turn to supervisory forbearance

The European Central Bank under Christine Lagarde, its new president, must decide at its governing council meeting on 12...

March 15, 2020

M. Messori – The economy in the time of the coronavirus: The different limits of the monetary and fiscal policies

The dramatic coronavirus pandemic will likely have heavy and prolonged recessive effects on the European and internation...

March 15, 2020

R. Perissich: A tale of four balls and one grenade

After the 2016 Brexit referendum, the UK and the EU have gone through more than 3 years of negotiations that were someti...

February 28, 2020

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

D. Focarelli: Why Insurance Regulation is Crucial for Long-term Investment and Economic Growth

This paper focuses on the role of insurers as providers of funds for long-term investment in the real economy, with an e...

January 15, 2017

A. Bassanetti, C. Cottarelli, A. Presbitero – Lost and Found: Market Access and Public Debt Dynamics

The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a ...

December 11, 2016

F. Landini: Distortions in Firm Selection During Recessions

Recent evidence documents the weakness of market selection based on productivity differentials and the absence of cleans...

October 15, 2016