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Pierre Werner Chair

A focus on the Euro area, the economic and monetary union, and the current EU financial challenges

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Headwinds conference on upcoming macroeconomic risks

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Chair holder, advisory board, fellows, visitors, staff, and contacts.

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The International Economic and Financial Order After the Pandemic and War

This report examines the implications of the Covid-19 pandemic and the war in Ukraine for the international economic and financial order.

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Featured publications

Understanding macroeconomic changes

We produce research in macroeconomic theory, policy, and institutional design that contributes to the European Monetary Union policy debate

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Working Paper

The Macroeconomic Stabilization of Tariff Shocks: What is the Optimal Monetary Response?

In the wake of Brexit and Trump trade war, central banks face the need to reconsider the role of monetary policy in managing the inflationary-recessionary effects of hikes in tariffs. Using a New...

Giancarlo Corsetti, Paul Bergin
2023 (forthcoming)

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The Macroeconomic Stabilization of Tariff Shocks: What is the Optimal Monetary Response?

Working Paper

Short and variable lags

Monetary policy shocks impact economy with variable short and long lags. Consumption reacts fast but fluctuates, sales drop deeper, and employment falls consistently. Low-frequency data hides short...

Gergely Buda, Vasco M. Carvalho, Giancarlo Corsetti, et al.
2023

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Short and variable lags

Working Paper

Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?

How should monetary policy respond to capital inflows that appreciate the currency, widen the current account deficit and cause domestic overheating? Using the workhorse open-macro monetary model,...

Giancarlo Corsetti, Luca Dedola, Sylvain Leduc
2023 (forthcoming)

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Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?

Report

The International Economic and Financial Order After the Pandemic and War

The fifth report in The Future of Banking series, part of the Banking Initiative from the IESE Business School, examines the implications of the Covid-19 pandemic and the war in Ukraine for the...

Jeromin Zettelmeyer, Barry Eichengreen, Xavier Vives, Giancarlo Corsetti
2023

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The International Economic and Financial Order After the Pandemic and War

Videos

Lessons from Financial Assistance to Greece

Rethinking the Welfare State: Lecture by Prof. Nezih Guner

Policy debate on social security reforms in Europe, with an emphasis on Spain