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

R. Tamborini: Beware of pitfalls in the Review of Policy Strategy of the European Central Bank

After taking office on November 1, 2019, the most important announcement from the new President of the European Central ...

January 24, 2020

C. Bastasin: Italy and Germany in Trump’s cross hairs

While the US and China trade rift is settling down, President Trump is setting his sights on Europe and, surprisingly, I...

January 17, 2020

L. Codogno, M. Monti: Taking stock of Christine Lagarde’s challenges at the ECB

Christine Lagarde’s reign at the European Central Bank (ECB) has heralded a shift not in the monetary policy field, bu...

January 14, 2020

C. Bastasin: The Year of “Eufouria”

The resolve of a self-professed geopolitical European Commission will be severely tested in the coming months. President...

January 14, 2020

L. Bini Smaghi: Is the ECB at risk of becoming an underachiever?

Over the past eight years the European Central Bank has systematically failed to achieve its primary objective of price ...

January 10, 2020

C. Bastasin: German political earthquake may have consequences on the banking union and the ESM

A change of leadership in the Social Democratic Party (SPD), the junior partner in the German coalition government, may ...

November 28, 2019

L. Codogno – The fiscal stimulus that is not: why there is no fiscal expansion in sight for the eurozone

As in Peter Pan’s fictional island of Neverland, people in Euroland refuse to grow up and face reality. The “never-n...

November 13, 2019

C. Bastasin: The strange reasons why Europe will have a “Golden Rule” in 2020

As recently as the beginning of 2018, the International Monetary Fund issued one of its most upbeat economic forecasts i...

October 23, 2019

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

P. Esposito, M. Messori: IMPROVED STRUCTURAL COMPETITIVENESS OR DEEP RECESSION?

One of the main problems facing the European Monetary Union is the macroeconomic imbalances between ‘core’ and ‘pe...

March 21, 2016

A. Cardaci, F. Saraceno: Inequality, Financialisation and Credit Booms: a Model of Two Crises

We develop a macroeconomic model with an agent-based household sector and a stock-flow consistent structure, in order to...

February 11, 2016

F. Saraceno, R. Tamborini: How can it work? On the impact of Quantitative Easing in the Eurozone

How can the quantitative easing (QE) programme launched in March 2015 by the ECB be successful in the Eurozone (EZ)? Wha...

February 1, 2016

P. Schlosser – ‘Tightening the knot’: strengthening fiscal surveillance in EMU during the euro crisis

One of the key regularities which appeared to hold so far in European integration is that the closer a policy issue lies...

November 30, 2015