Chair in Macroeconomics
Sidgwick Avenue
Cambridge CB3 9DD
United Kingdom
Tel: +44 (0) 1223 335235
Email: gc422 at cam.ac.uk
- With interventions by Alberto Alesina and Francesco Giavazzi, Brad de Long, Manfred Neumann, Harald Uhlig, Carlo Cottarelli, Marco Buti and Lucio Pench, John Van Reenen...
On the crisis in the euro area |
- Increasing sovereign risk translates into higher borrowing costs for the private sector. What are the macroeconomic costs and risks in delaying budget corrections at national level, and defining a coordinated, effective and convincing strategy at the euro-area level? Sovereign risk and the effects of fiscal retrenchment in deep recessions, with Keith Kuester, Andre' Meier, and Gernot Mueller, IMF WP 12/33
Sovereign risk, macroeconomic instability, Giancarlo Corsetti, Gernot Müller , 12 August 2011. With sharply rising sovereign risk spreads, few governments can consider their public finances beyond doubt. This column in VOXEU.ORG explores the macroeconomic consequences when sovereign risk is high.
- The new 2012 EEAG report on the European Economy, my presentation of chapter 2
- Varieties, the transfer problem, and the costs of current account adjustment, joint with Philippe Martin and Paolo Pesenti, Revised Version March 2009 (also CEPR dp 6660, February 2008). New version 2011. Forthcoming, Journal of International Economics.
- Multilateral Economic Cooperation: The role of fiscal policy, with Gernot Mueller, paper prepared for the conference “Globalization in an Age of Crisis: Multilateral Economic Cooperation in the
Twenty-First Century” organized by the NBER and the Bank of England, London, September 2011
In case you have missed them:
- The revised version (July 2011): Fiscal Stimulus with Spending Reversals, with A Meier and Gernot Mueller (IMF working paper 09106, CEPR DP 7302), now forthcoming in the Review of Economics and Statistics Includes an interesting comparison of Blanchard Perotti and Ramey results.
- Is fiscal policy more effective under fixed exchange rates? Is it really ineffective in small open economies? The answer in "Floats, Pegs and the Transmission of Fiscal Policy," joint with K Kuester and G Mueller, new version 2011. Originally presented at the Fourteenth Annual Conference of the Central Bank of Chile, October 21 22, 2010, Fiscal Policy and Macroeconomic Performance. CEPR DP 8180 Working Papers Central Bank of Chile 608, Central Bank of Chile. The paper characterizes the fiscal multiplier under fixed exchange rates/in a monetary union. Great discussion by Fabio Ghironi.
- A Wharton-EUI e-book: Life in the eurozone: with or without default?, a Wharton-EUI e-book, edited together with Franklin Allen and Elena Carletti, under the auspices of the Pierre Werner Chair Programme for Monetary Union at the European University Institute, and part of the project ‘Politics, Economics and Global Governance: The European Dimensions’ (PEGGED) funded by the European Commission under its Seventh Framework Programme for Research (Collaborative Project), 2011
- Optimal monetary policy in open economies joint with Luca Dedola and Sylvain Leduc, published in the Handbook of Monetary Economics, vol. III, Edited by Ben Friedman and Michael Woodford, 2010. NOTE: I KEEP THIS COPY CLEAN OF TYPOS (SEE ALSO HANDBOOK: ERRATA)
- `Demand Imbalances, Exchange Rates Misalignment and Monetary Policy joint with Luca Dedola and Sylvain Leduc, mimeo 2010
- Multilateral Economic Cooperation: The role of fiscal policy, with Gernot Mueller, paper prepared for the conference “Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century” organized by the NBER and the Bank of England, London, September 2010
- Sovereign risk and the effects of fiscal retrenchment in deep recessions with Keith Kuester, Andre' Meier, and Gernot Mueller Sept 2011. Previously circulated as Timing Fiscal Retrenchment in the Wake of Deep Recession, presented at the Eleventh Jacques Polak Annual Research Conference, International Monetary Fund, November 4-5, 2010: Macroeconomic and Financial Policies after the Crisis
- Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment, with Antonio Acconcia and Saverio Simonelli, 2011, new version October 2011
- "Floats, Pegs and the Transmission of Fiscal Policy," joint with K Kuester and G Mueller, new version 2011. Originally presented at the Fourteenth Annual Conference of the Central Bank of Chile, October 21 22, 2010, Fiscal Policy and Macroeconomic Performance. CEPR DP 8180 Working Papers Central Bank of Chile 608, Central Bank of Chile.
- What determines government spending multipliers?, joint with A Meier and G Mueller, paper presented at the conference Global Dimensions of the Financial Crisis, organized by the Federal Reserve Bank of New York, June 3 and 4 2010.
- Debt Consolidation and Fiscal Stabilization of Deep Recessions, joint with Kuester, Meier and Mueller. American Economic Review PP May 2010
- Fiscal Stimulus with Spending Reversals, with A Meier and Gernot Mueller, New revised version 2011: IMF working paper 09106, CEPR DP 7302, forthcoming, the Review of Economics and Statistics
International Transmission
- Traded and nontraded goods prices, and international risk sharing: an empirical investigation joint with Luca Dedola and Francesca Viani, forthcoming in Chris Pissarides and Jeff Frenkel (eds.) NBER International Seminar in Macroeconomics, 2011
- The international risk sharing puzzle is at business cycle and lower frequency, joint with Luca Dedola and Francesca Viani, Forthcoming Canadian Journal of Economics 2012
- The International Dimension of Productivity and Demand Shocks in the US Economy, joint with Luca Dedola and Sylvain Leduc, new version April 2009 (also CEPR dp 70003, October 2008)
- What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks, with Panagiotis Konstantinou, revised 2011 (December 2008), accepted, American Economic Review
- Correlation Analysis of Financial Contagion short piece joint with Marcello Pericoli and Massimo Sbracia on pitfalls studies of contagion (2010)
Conferences and programmes
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