Ciccarelli, M., Maddaloni, Ang., Peydró, J-L., (2013), “Heterogeneous transmission mechanism: monetary policy and financial fragility in the Eurozone”, Economic Policy, Vol. 28, Issue 75, pp. 459-512. The eurozone economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse – along several key dimensions of heterogeneity – how financial fragility has affected the transmission …Read More

Fernández-Villaverde, J., Garicano, L., Santos, T., (2013) “Political Credit Cycles: The Case of the Eurozone”, Journal of Economic Perspectives, Vol. 27, N3, pp. 145-66. We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, …Read More

Zettelmeyer, J., Trebesch, Chr., Gulati, M., “The Greek debt restructuring: an autopsy”, Vol., 28, Issue 75, pages 513–563. The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so …Read More

Bargain, Ol., Dolls, M., Fuest, Cl., Neumann, D.,  Peichl, Andr., Pestel, N., Siegloch, S., (2013), “Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism”,  Economic Policy, Vol. 28, Issue 75, pp. 375–422. The current debt crisis has given rise to a debate concerning deeper fiscal integration in Europe. The view is widespread that moving towards a ‘fiscal union’ would have stabilizing effects …Read More

Rueda-Cantuche, J. M., Sousa, N., Andreoni, V., Arto, I. (2013), “The Single Market as an Engine for Employment through External Trade”,  Journal of Common Market Studies, Vol. 51, Issue 5, pp: 931–947. This article quantifies for the first time the European employment effects of extra-EU exports and the correct number of jobs generated through the intra-EU trade (single market) associated with the production of such exports. The literature has neglected …Read More

Osterloh, St.,  Heinemann, Fr., (2013), “The political economy of corporate tax harmonization — Why do European politicians (dis)like minimum tax rates?”, European Journal of Political Economy, Volume 29, pp. 18–37. Setting minimum tax rates is a well discussed way of mitigating pressure from tax competition. This paper investigates which motives shape the support for a minimum corporate tax among politicians. We make use of a unique data base: a survey …Read More