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Monetary-Fiscal Interactions with a Conservative Central Bank

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Austerity in the Aftermath of the Great Recession

Cross-country differences in austerity, defined as government purchases below forecast, account for 75 percent of the observed cross-sectional variation in GDP in advanced economies during 2010-2014. Statistically, austerity is associated with lower GDP, l ...

2019

Financial Stability and the Macroeconomy

Corinne Dubois

The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...

EPFL2018

Quantifying the Benefits of Labor Mobility in a Currency Union

Unemployment differentials are bigger in Europe than in the United States. Migration responds to unemployment differentials, though the response is smaller in Europe. Mundell (1961) argued that factor mobility is a precondition for a successful currency un ...

2018

AUSTERITY IN THE AFTERMATH OF THE GREAT RECESSION

Christian Pröbsting

We examine austerity in advanced economies since the Great Recession. Austerity shocks are reductions in government purchases that exceed reduced-form forecasts. Austerity shocks are statistically associated with lower real GDP, lower inflation and higher ...

NBER2017

Expectations-driven cycles in the housing market

Luisa Lambertini

This paper explores the transmission of "news shocks" in a model of the housing market and shows that anticipated signals or beliefs of future macroeconomic developments can generate boom-bust cycles in the housing market and lead to business cycle fluctua ...

2017

Hybrid Cyclicity: Combining The Benefits Of Cyclic And Non-Cyclic Timetables

Michel Bierlaire, Shadi Sharif Azadeh, Mohammad Yousef Maknoon, Tomas Robenek

We propose a new type of timetable that would combine both the regularity of the cyclic timetables and the flexibility of the non-cyclic ones. In order to do so, several combinations of the two timetables are considered. The regularity is incorporated in t ...

Pergamon-Elsevier Science Ltd2017

Hybrid Cyclicity: Combining The Benefits Of Cyclic And Non-Cyclic Timetables

Michel Bierlaire, Shadi Sharif Azadeh, Mohammad Yousef Maknoon, Tomas Robenek

2016

Living beyond the edge: Higgs inflation and vacuum metastability

Javier Rubio

The measurements of the Higgs mass and top Yukawa coupling indicate that we live in a very special universe, at the edge of the absolute stability of the electroweak vacuum. If fully stable, the Standard Model (SM) can be extended all the way up to the inf ...

Amer Physical Soc2015

Financial Frictions within the Macroeconomy

Victoria Nuguer

Financial factors are central to the recent economic crisis. Most macroeconomic models treat banks and financial intermediation as a veil. These models are unable to account for the recent financial crisis and they cannot be used for policy evaluation. Fin ...

EPFL2014

Topological inflation from the Starobinsky model in supergravity

Kohei Kamada

We consider the ghost-free higher-order corrections to the Starobinsky model in the old-minimal supergravity, focusing on a sector among several scalar fields in the model that reproduces the scalaron potential in the original Starobinsky model. In general ...

Amer Physical Soc2014