Pierre Werner Chair Programme > 5th ADEMU Workshop

5th ADEMU Workshop



  A Dynamic Economic and Monetary Union Workshop (online)

Barcelona GSE Summer Forum, 16 – 17 June 2021



The 5th ADEMU Workshop is sponsored by the Pierre Werner Chair of the European University Institute and the European Stability Mechanism.

The ADEMU Workshop is part of the Barcelona GSE Summer Forum since 2017. The postponed 4th edition was one of the events celebrating the 50th Anniversary of the Pierre Werner Report, Luxembourg, October 8-9, 2020.


About the workshop

The workshop covers new theoretical and applied research on financial, fiscal and monetary policies (and institutions) that can strengthen the euro area, as well as other economies, as to make them more resilient to financial, economic and social crises.

Specific objectives include, but are not restricted to:

  1. recovering from a severe (Covid) crisis: rethinking growth and stabilization policies
  2. the sovereign debt legacy and its sustainability
  3. rules and institutional mechanisms for controlling macroeconomic and financial weaknesses and imbalances
  4. the challenges of the digital post-Covid economy
  5. the inequality legacy and fiscal and monetary policies in heterogeneous societies and unions
  6. the international monetary and financial system after Covid


Download the full programme here

Wednesday, 16 June


13:15 – 14:40

Session 1

Chair: Hugo Rodriguez-Mendizábal

“Why Does Capital Flow from Equal to Unequal Countries?”

Speaker: Federica Romei (University of Oxford), with Sergio de Ferra and Kurt Mitman

Discussant: Laszlo Tetenyi (Banco de Portugal)

“A Ramsey Theory of Financial Distortions”

Speaker: Wei Cui (University College London) with Marco Bassetto

Discussant: Pedro Teles (Banco de Portugal and Universidade Católica-Lisbon SBE)

14:45 – 16:10

Session 2

Chair: Hugo Rodriguez-Mendizábal

“Demographic Obstacles to European Growth”

Speaker: Espen Henriksen (BI Norwegian Business School), with Thomas F. Cooley and Charlie Nusbaum

Discussant: Ramon Marimon (European University Institute and UPF – Barcelona GSE)

“The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom”

Speaker: Thomas Drechsel (University of Maryland) with Ben Broadbent, Federico Di Pace, Richard Harrison and Silvana Tenreyro

Discussant: Ellen McGrattan (University of Minnesota and Federal Reserve Bank of Minneapolis)

16:10 – 16:30


16:30 – 17:55

Session 3

Chair: Frank Smets

“The Macroeconomics of a Pandemic: A Minimalist Model”

Speaker: Roberto Chang (Rutgers University), with Luis Felipe Céspedes and Andrés Velasco

Discussant: Alexander Ludwig (Goethe University Frankfurt)

“Domestic Policies and Sovereign Default”

Speaker:Fernando Martin (Federal Reserve Bank of St. Louis), with Emilio Espino, Julian Kozlowski, Juan M. Sánchez

Discussant: Liyan Shi (Einaudi Institute for Economics and Finance)


Invited speaker

“The Macroeconomics of the Greek Depression”

Loukas Karabarbounis (University of Minnesota), with Gabriel Chodorow-Reich and Rohan Kekre



Thursday, 17 June 


16:30 – 17:55

Session 4: Monetary and Financial Unions

Chair: Giancarlo Corsetti

“Self-fulfilling Debt Crisis with Long Stagnations”

Speaker: Juan P. Nicolini (Federal Reserve Bank of Minneapolis and U. DI Tella), with Joao Ayres, Gaston Navarro and Pedro Teles

Discussant: Mark Aguiar (Princeton University)

“Who Is Afraid of Eurobonds?”

Speaker: Francesco Bianchi (Duke University), with Leonaro Melosi and Anna Rogantini

Discussant: Konstantinos Theodoridis (European Stability Mechanism)

18:00 – 19:00

Invited speaker

“Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages”

Veronica Guerrieri (The University of Chicago Booth School of Business), with Guido Lorenzoni, Ludwig Straub, and Ivan Werning

Scientific Committee





Page last updated on 21 June 2021