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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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EMU Lab

EMU Lab

Rethinking the architecture of the Economic and Monetary Union (EMU) in today's global economy

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Keynes's 'Economic consequences of the peace' after 100 years - Book
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Keynes's 'Economic consequences of the peace' after 100 years : polemics and policy

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Stabilization Policy Amid Shifting Global Relations - Conference
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Stabilization Policy Amid Shifting Global Relations - Joint conference with Banque de France

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Deadline for submissions: 20 July 2025

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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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The US fiscal mess: Some unpleasant fiscal simulations

This report highlights the exacerbating fiscal imbalances and potentially stifling economic growth and points out the urgent need for sustainable fiscal policies to mitigate long-term risks.

CORSETTI, Giancarlo; ASCARI, Guido; HORVATH, Tilda; TREZZI, Riccardo
2024

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The US fiscal mess: Some unpleasant fiscal simulations

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.

CORSETTI, Giancarlo; EICHENGREEN, Barry; VIVES, Xavier; ZETTELMEYER, Jeromin
2023

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The International Economic and Financial Order After the Pandemic and War

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?

Videos

Rebuilding an Agenda for Europe

The optimal mix of fiscal and monetary policy in the context of high inflation

Fiscal and Monetary Stabilization in Europe