This article provides an overview of recent research into the macroeconomic costs and
benefits of monetary unification. We are primarily interested in Europe's monetary union …

The euro area recently experienced a prolonged period of weak economic activity and very
low inflation. This paper reviews models of business cycle stabilization with an eye to …

Seafood holds promise for helping meet nutritional needs at a low climate impact. Here, we
assess the nutrient density and greenhouse gas emissions, weighted by production method …

The economic crisis of 2008 started one of the most heated debates about US fiscal policy in
the past half century. With the federal funds rate close to zero—and output, inflation, and …

We study cross-country risk sharing as a second-best problem for members of a currency
union using an open economy model with nominal rigidities and provide two key results …

We lay out a tractable model for the analysis of optimal monetary and fiscal policy in a
currency union. The monetary authority sets a common interest rate for the union, whereas …

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector
Autoregression (B-SVAR) approach. We identify fiscal policy shocks via a partial …

This paper considers the appropriate stabilization objectives for monetary policy in a micro-
founded model with staggered price-setting. Rotemberg and Woodford (1997) and …

We consider a general class of nonlinear optimal policy problems with forward-looking
constraints, and show how to derive a problem with linear constraints and a quadratic …

We study fiscal and monetary policy in a monetary union with the potential for rollover crises
in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their …