2024
Investissements bas carbone : comment les rendre rentables ?, with François Belle-Larant and Alain Durré, Note d'Analyse n°144, France Stratégie, October 2024. Download here.
A conceptual framework for the identification and governance of European public goods, with Armin Steinbach, Working Paper 14/2024, Bruegel. Download here.
Réindustrialisation de la France à horizon 2035 : besoins, contraintes et effets potentiels, with François Belle-Larant, Coline Bouvart, Ruben Fotso, Maxime Gérardin and Nassim Zbalah, Document de travail n° 2024-02, France Stratégie. Download here (also published in a shorter version: Scénarios d'une réindustrialisation : besoins et effets potentiels, Note de Synthèse, France Stratégie, September 2024. Download here).
The Macroeconomics of Decarbonisation: Implications and policies, with Marie Le Mouel, Simone Tagliapietra, Guntram B. Wolff et Georg Zachmann, Cambridge: Cambridge University Press, February 2024. Purchase here.
2023
An estimate of the European Union’s long-term borrowing cost bill, with C. McCaffrey and L. Welslau, briefing prepared for the Committee on Budgets (BUDG) of the European Parliament, 2023. Download here.
The rising cost of European Union borrowing and what to do about it’, with C. McCaffrey and L. Welslau, Policy Brief 12/2023, Bruegel, prepared for the Committee on Budgets (BUDG) of the European Parliament, 2023. Download here.
The longer-term fiscal challenges facing the European Union, with Z. Darvas, L. Welslau, S. Zenios and J. Zettelmeyer, Bruegel Policy Brief 10/2023, prepared for the Informal ECOFIN in Stockholm on 29 April, 2023. Download here.
Liquidity risk, market power and the informational effects of policy, with Chara Papioti and Andreas Tryphonides, Journal of International Economics, Volume 142, pp 103732, May 2023. Download here.
Finding the Right Balance (Sheet): Quantitative Tightening in the Euro Area, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2023. Download here.
2022
Inflation inequality in the European Union and its drivers, with L. Guetta-Jeanrenaud, C. McCaffrey and L. Welslau, Bruegel Datasets, first published 26 October, 2022. Download here
Fragmentation risk in the euro area: no easy way out for the European Central Bank, with Maria Demertzis and Lionel Guetta-Jeanrenaud, Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2022. Download here
The low productivity of European firms: how can policies enhance the allocation of resources?, with M. Le Mouel and G. Sgaravatti , Working Paper 06/2022, Bruegel, 2022. Download here
A Return to What Fiscal Rules?, with Maria Demertzis. In F. Fernández Méndez de Andés (ed), The Euro in 2022, A Yearbook on the European Monetary Union, pp 167-185, 2022. Download here
2021
Next Generation EU borrowing: a first assessment, with Rebecca Christie and Pauline Weil, Bruegel Policy Contribution No 2021/22, prepared for the Committee on Budgets (BUDG) of the European Parliament, 2021. Download here
What Are the Effects of the ECB’s Negative Interest Rate Policy? Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2021. Download here
Digital Currencies: What Role in Our Financial System? with Maria Demertzis. In K. Thomas Liaw (ed.) The Routledge Handbook of FinTech, Routledge, pp 51-66, 2021. Download here.
The great COVID-19 divergence: managing a sustainable and equitable recovery in the European Union, with Zsolt Darvas, Maria Demertzis and Guntram Wolff, Intereconomics, Volume 56, Number 4. Download here (also published as a Bruegel Policy Contribution 11/2021, prepared for the Informal ECOFIN in Lisbon on 22 May, 2021. Download here)
The productivity paradox: policy lessons from MICROPROD, with Maria Demertzis. Bruegel Policy Contribution No 2021/01, 2021. Download here.
2020
The evolution of European economic institutions during the COVID-19 crisis, with Antoine Camous, European Policy Analysis Journal, Volume 6, Issue 2, December 2020, pp 328-341, 2020. Download here.
How Can the European Parliament Better Oversee the European Central Bank? with Marta Domínguez-Jiménez, Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2020. Download here
The European Globalisation Adjustment Fund: Easing the Pain from Trade? With André Sapir. In Luigi Paganetto (ed.) Capitalism, Global Change and Sustainable Development, Springer, pp 97-110, 2020. Download here
Is the COVID-19 crisis an opportunity to boost the euro as a global currency? with Guntram B. Wolff, Bruegel Policy Contribution No 2020/11, 2020, prepared for Informal ECOFIN in Zagreb on 25 April, 2020. Download here
A Just Transition Fund – How the EU budget can help with the transition, with Aliénor Cameron, Catarina Midões and Simone Tagliapietra, prepared for the Committee on Budgets (BUDG) of the European Parliament, 2020. Download here
The European Central Bank in the COVID-19 crisis: whatever it takes, within its mandate, Bruegel Policy Contribution No 2020/09, 2020. Download here
A trillion reasons to scrutinise the Green Deal Investment Plan, with Simone Tagliapietra, European Court of Auditors Journal on Climate Change & Audit, No 2020/2, pp 131-134, 2020. Download here
Facing the lower bound: What will the ECB do in the next recession? with A. Cameron and M. Demertzis. In F. Fernández Méndez de Andés (ed), The Euro in 2020, A Yearbook on the European Monetary Union , pp 118-144, 2020. Download here
How good is the European Commission’s Just Transition Fund proposal?, with Aliénor Cameron, Catarina Midões and Simone Tagliapietra, Bruegel Policy Contribution No 2010/04, prepared for the Regional Development Committee (REGI) of the European Parliament, 2020. Download here
Building a Euro-area Budget inside the EU budget: Squaring the Circle? In B. Laffan and A. De Feo (eds.), EU financing for next decade: beyond the MFF 2021-2027 and the next generation EU, European University Institute, Florence, pp 219-230, 2020. Download here
2019
Analysis of development in EU capital flows in the global context (6th edition), with M. Demertzis, M. Domínguez-Jiménez, K. Efstathiou and T. Linta. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2019. Download here
The next generation of digital currencies: in search of stability, with M. Demertzis, Bruegel Policy Contribution No 2019/15, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2019. Download here
How to make the European Green Deal work, with S. Tagliapietra and G. Zachmann, Bruegel Policy Contribution No 2019/14, 2019. Download here
Challenges ahead for the European Central Bank: Navigating in the Dark, with M. Demertzis and F. Papadia, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2019. Download here
Memo to the commissioner responsible for investment, with A. Lehmann. In M. Demertzis and G.B. Wolff (eds), Braver, greener, fairer: Memos to the EU leadership 2019-2024, Bruegel, pp 146-161, 2019. Download here
Preparing for Uncertainty: Memo to the new president of the European Central Bank, with M. Demertzis and F. Papadia. Bruegel Publication, 2019. Download here
Soaring House Prices in Major Cities: How to Spot and Moderate Them, with K. Efstathiou and D. Schoenmaker. In M. Lohuis, R. Nijskens, P. Hilbers and W. Heeringa (eds.), Hot Property – The Housing Market in Major Cities, Springer International Publishing, Cham, pp 169-179, 2019. Download here
Make Euro Area Sovereign Bonds Safe Again. In J. Pisani-Ferry and J. Zettelmeyer (eds.), Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate, VoxEU book, CEPR Press, pp 91-96, 2019 . Download here
2018
Analysis of development in EU capital flows in the global context (5th edition), with M. Demertzis, K. Efstathiou, I. Goncalves Raposo, D. Pichler and A. Lehmann. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2018. Download here
A monetary policy framework for the European Central Bank to deal with uncertainty, with M. Demertzis and J. Mazza, Bruegel Policy Contribution No 2018/21, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2018. Download here
The distributional effects of climate policies, with G. Zachmann and G. Fredriksson. Bruegel Blueprint Series No 29. Download here
Should we care about central bank profits? with F. Chiacchio and F. Papadia, Bruegel Policy Contribution No 2018/13, 2018. Download here
Cryptocurrencies and Monetary Policy, with M. Demertzis and K. Efstathiou, Bruegel Policy Contribution No 2018/10, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2018. Download here
The European Globalisation Adjustment Fund: Easing the Pain from Trade? with A. Sapir. Bruegel Policy Contribution No 2018/05, 2018. Download here
Vers la création d'un mécanisme de stabilisation pour la zone euro ? with G. Wolff. Revue Française de Finances Publiques, Vol. 141, pp 95-113, 2018. Download here
2017
Analysis of development in EU capital flows in the global context (4th edition), with M. Demertzis, K. Efstathiou, I. Goncalves-Raposo, P. Hüttl and A. Lehmann. Report commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), 2017. Download here
How should the ECB 'normalise' its monetary policy? with M. Demertzis. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2017/31, 2017. Download here
The missing pieces of the Euro architecture. Bruegel Policy Contribution No 2017/28, 2017. Download here
Spotting Excessive Regional House Price Growth and What to do About It? with K. Efstathiou and D. Schoenmaker, Bruegel Policy Contribution No 2017/26, 2017. Download here
How to Build a Resilient Monetary Union? Lessons from the Euro Crisis. ADBI Working Paper 778. Tokyo: Asian Development Bank Institute, 2017. Download here
Is the recent increase in long-term interest rates a threat to euro-area recovery? with K. Efstathiou. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2017/14, 2017. Download here
2016
A New Liquidity Risk Measure for the Chilean Banking Sector, with S. Becerra and J.-F. Martínez, Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 19(3), pages 026-067, December, 2016. Download here
Quelle place pour les marchés financiers en Europe ? Revue d'Économie Financière, vol. 123, pp. 124-145, 2016. Download here
Low long-term rates: bond bubble or symptom of secular stagnation? Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2016/16, 2016. Download here
A Proposal to Revive the European Fiscal Framework, with Z. Darvas and A. Leandro. Bruegel Policy Contribution No 2016/07, 2016. Download here
The European Central Bank's Quantitative Easing Programme: Limits and Risks, with A. Leandro. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution Nà 2016/04, 2016. Download here
2015
Is Globalisation Reducing the Ability of Central Banks to Control Inflation?, with G. Wolff. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/18, 2015. Download here
The Effects of Ultra-loose Monetary Policy on Inequality, with Z. Darvas, A. Leandro and T. Walsh. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/09, 2015. Download here
The Financial Stability Risks of Ultra-loose Monetary Policy, with Z. Darvas. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/03, 2015. Download here
European Central Bank Quantitative Easing: the Detailed Manual, with A. Leandro, and A. Mandra. Bruegel Policy Contribution No 2015/02, 2015. Download here
2014
Benefits and Drawbacks of European Unemployment Insurance, with Z. Darvas, and G. Wolff. Bruegel Policy Brief No 2014/06, prepared for Informal ECOFIN in Milan on 13 September, 2014. Download here
The (Not So) Unconventional Monetary Policy of the European Central Bank since 2008. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament, 2014. Download here
Addressing weak inflation: the ECB’s shopping list, with Z. Darvas, S. Merler and G. Wolff. Bruegel Policy Contribution No 2014/05, 2014. Download here
Enfrentándose a la baja inflación : las opciones del BCE, with Z. Darvas, S. Merler and G. Wolff. In Javier Vallés Liberal, La política monetaria tras la Gran Recesión, Papeles de economía española, vol. 140, pages 199-221, June, 2014. Download here
ECB Accountability: How the Monetary Dialogue Could Evolve, with M. Hallerberg and O. Tschekassin. Policy Brief prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Bruegel Policy Contribution No 2015/04, 2014. Download here
Bond Auctions and Financial Sector Liquidity Risk, with K.-C. Papioti. Download here (as the first chapter of my PhD Thesis)
Risk-sharing through Financial Intermediaries and Markets: an Intergenerational Perspective. Download here (as the second chapter of my PhD Thesis)
Twin Crisis, Sudden Stop and the Exchange Rate Regime. Download here (as the third chapter of my PhD Thesis)