Pierre Werner Chair Programme > A Dynamic Economic and Monetary Union Workshop

A Dynamic Economic and Monetary Union Workshop




Luxembourg, 8 - 9 October 2020


The ADEMU 2020 workshop will be part of Luxembourg’s celebrations of the 50th anniversary of the Werner Report and the 10th/8th anniversary of the EFSF/ESM. The workshop, originally planned to take place within the Barcelona GSE Summer Forum 2020, is sponsored by the Pierre Werner Chair of the European University Institute, the European Stability Mechanism and the University of Luxembourg. 


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Workshop Programme

For all sessions: times may change if some presentations are online.


Thursday, 8 October:  European Stability Mechanism (ESM)


Session 1: Debt and Internal Devaluations

9:00 – 10:00

The missing internal devaluation: Regional adjustment in the US Great Recession (with G. Corsetti and R. Trezzi)

Speaker: Luca Dedola (Federal Reserve Bank of Minneapolis)

Discussant: Kurt Mitman (Stockholm University)

10:00 – 11:00

Inflation, Default Risk and Nominal Debt

Speaker: Carlo Galli (University College London)

Discussant: Giancarlo Corsetti (University of Cambridge)

11:00 – 11:20

Coffee break


Session 2: Unions with Default

11:20 – 12:10

Fiscal and Currency Union with Default and Exit (with R. Marimon and C. Simpson-Bell)

Speaker: Alessandro Ferrari (European University Institute)

Discussant: Michal Kobielarz (KU Leuven)

12:10 – 13:00

Making Sovereign Debt Safe with a Financial Stability Fund (with Y. Liu and R. Marimon)

Speaker: Adrien Wicht (European University Institute)

Discussant: Aitor Erce (UPNA Navarra Public University)

13:00 – 14:00



Session 3: Fiscal and Monetary Policies

14:00 – 15:00

Shotgun Weddings between Monetary and Fiscal Policies (with T. Sargent)

Speaker: Marco Basseto (Federal Reserve Bank of Minneapolis)

Discussant: Frank Smets (European Central Bank)

15:00 – 16:00

Optimal Fiscal Consolidation under Frictional Financial Markets

Speaker: Dejanir Silva (University of Illinois, Urbana-Champaign)

Discussant: Rana Sajedi (Bank of England)


16:00 – 16:20

Coffee break


Keynote speech

16:20 – 17:30

Low Interest Rate and Misallocation (with N. Kiyotaki and S. Zhang)

Keynote speaker: John Moore (University of Edinburgh)


Closing of the first day


Workshop Dinner (speakers and organizers)


Friday, 9 October: University of Luxembourg

(Salle Paul Feidert, E00-D10, Campus KIRCHBERG 6, rue Richard Coudenhove-Kalergi, L-1359 Luxembourg)


Session 4: Labour Mobility and Migration


8:45 – 9:00

Welcome coffee

9:00 – 10:00

Should Robots Be Taxed? (with J. Guerreiro and S. Rebelo)

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

Discussant: Arpad Abraham (University of Bristol and EUI)

10:00 – 11:00

Quantifying the Benefits of Labour Mobility in a Currency Union (with S. Bigio and J. Passadore)

Speaker.Christian Pröbsting (EPFL)

Discussant: Andreja Lenarcic (ESM)


11:00 – 11:20

Coffee break


Session 5: Monetary and Financial Unions

11:20 – 12:20

Monetary Union and Financial Integration

Speaker: Luca Fornaro (CREI)

Discussant: Luis Rojas (MOVE-UAB and Barcelona GSE)

12:20 – 13:20

Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets

Speaker: Markus Sihvonen (Bank of Finland)

Discussant: Matthias Kaldorf (CMR University of Köln)

13:20 – 14:30



Keynote speech

14:30 – 15:40

Health versus Wealth: On the Distributional Effects of Controlling a Pandemic (with A. Glover, J. Heathcote and D. Krueger)

Keynote speaker: Víctor Ríos-Rull (University of Pennsylvania)



Scientific Committee

  • Mark Aguiar (Princeton University)
  • Daragh Clancy (European Stability Mechanism)
  • Ramon Marimon (European University Institute and UPF - Barcelona GSE)
  • Hugo Rodríguez (IAE-CSIC and Barcelona GSE)
  • Frank Smets (European Central Bank)
  • Pedro Teles (Católica University Lisbon and Bank of Portugal)





Page last updated on 13 July 2020