Chair in Macroeconomics
Cambridge CB3 9DD
Tel: +44 (0) 1223 335235
Email: gc422 at cam.ac.uk
New in the research section: papers and revisions
New version coming soon
- International Competitiveness and Monetary Policy with Paul Bergin.
- The Mystery of the Printing Press, with Luca Dedola
- This report, the first in the Monitoring the Eurozone series, addresses the measures Eurozone countries need to take to guard against returning financial instability that could threaten a sustainable recovery. The authors consider stock operations, lending structures and regulatory changes in protecting sovereign debt on a national and Europe-wide level.
New in the teaching section: Fiscal and monetary policy in open economies
- Nottingham Lectures in International Economics March 2015:
- Is fiscal policy more effective under a floating or a fixed exchange rate regime? "Floats, Pegs and the Transmission of Fiscal Policy," joint with K Kuester and G Mueller, new version 2011 provides the first modern treatment of the issue. 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. Great discussion by Fabio Ghironi.
- Free download from Economic Policy: What determines government spending multipliers? with Andre Meier and Gernot Mueller, IMF WP 12/150 , CEPR DP 9010, 2012 Economic Policy, October 2012, slides
|On the crisis of 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, fiscal policy and macroeconomic stability, with Keith Kuester, Andre' Meier, and Gernot Mueller, IMF WP 12/33, forthcoming Economic Journal new version
- Sovereign risk and belief-driven fluctuations in the euro area, joint with Keith Kuester, Andre Meier and Gernot Mueller, IMF WP 13/227
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 Future of the Euro and the Euro Bond Market: A Proposal, joint with Hashem Pesaran, voxeu
- 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
- Sovereign risk, fiscal policy and macroeconomic stability, with Keith Kuester, Andre' Meier, and Gernot Mueller, IMF WP 12/33, forthcoming Economic Journal new version
- 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
- What determines government spending multipliers? with Andre Meier and Gernot Mueller, IMF WP 12/150 , CEPR DP 9010, 2012 Economic Policy, October 2012, slides
- Fiscal Crises, Confidence and Default: A Bare-bones Model with Lessons for the Euro Area, with Luca Dedola, December 2011.
- 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
- Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment, with Antonio Acconcia and Saverio Simonelli, 2011, AER July 2014
- "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.
- 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, November 2012 Review of Economics and Statistics
- International Competitiveness and Monetary Policy: Strategic Policy and Coordination with a Production Relocation Externality, joint with Paul Bergin, New version: August 2013
- 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. January 2013, Journal of International Economics.
- Traded and nontraded goods prices, and international risk sharing: an empirical investigation joint with Luca Dedola and Francesca Viani, 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 Journal of European Economic Association Feb 2014. Complete version with web appendix
- What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks, with Panagiotis Konstantinou, revised 2011 (December 2008), American Economic Review, 2012
- Correlation Analysis of Financial Contagion with Marcello Pericoli and Massimo Sbracia