Working papers first draft WP2

Input to MS2 1. Policy credibility and the design of optimal common currency areas under Objective 1 [PK] 2. Benefits from fiscal policy coordination within a currency union under a zero lower bound for interest rates under Objective 1 [GM] 3. Fiscal policy coordination, fiscal risk-sharing arrangements and tax havens in a monetary union under Objective 1 [PT] 4. On the limitations of using SVARs to estimate fiscal multipliers under Objective 2 [AM, PF] 5. How does the size of fiscal multipliers depend on the composition of public expenditure cuts ? under Objective 2 [EP] 6. How do preferences regarding consumption and leisure affect the channels through which fiscal multipliers operate in the economy ? under Objective 2 [MD, FV] 7. Recessions as liquidation periods: The size of fiscal multipliers under limited coordination ? under Objective 2 [FP] 8. On the aggregate consequences of uninsurable idiosyncratic income and employment risk for macroeconomic dynamics under Objective 3 [HL, PR; MR, VS] 9. The effects of demand shocks on technology adoption, job turnover and sectorial composition in dual labour markets under Objective 3 [JD] 10. The determining factors of households´ wealth composition in EU countries and its response to financial shocks under Objective 3 [CB, TH, HS] 11. On the optimal job-tenure profile of dismissal costs and the role of a single contract under Objective 3 [JD] 12. On the time- consistency problems of reforming unemployment insurance in the presence of precautionary savings under Objective 3 [SK] Preliminary versions of the working papers will be delivered within 12 months. To be discussed in a wokshops The final version will be delivered within 34 months.