Intro -- Content -- Preface -- Summary -- 1. Introduction -- 1.1 Background -- 1.2 Objective of the Report -- 1.3 Contents of the Report -- 2. Auctioning -- 2.1 Background -- 2.2 Auctioning formats -- 2.3 Pros and cons of different schedules for auctioning -- 2.4 EU wide auctioning vs. national...

The suspension of the fiscal rules in Europe and the enactment of NGEU provide an opportunity to rethink the inherited budget orthodoxy. The issue at stake is not only of political economy and institutional changes in the EU. It is also of economic analysis and theory. The coronavirus crisis...

All pillars of the Economic and Monetary Union (EMU) recently unleashed an array of measures to transform the economy towards climate neutrality. With the Green Deal, the ECB’s Strategy Review and the growing body of sustainable finance legislation, climate considerations have entered the...

We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...

Zusammenfassung Dieser Beitrag liefert einen Uberblick über die Bedeutung asymmetrischer makroökonomischer Strukturen in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche grundsätzliche Bedeutung asymmetrischen...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...