Working papers first draft WP1

Input to MS2 1. Comparative Analysis of the Euro-area financial and economic crisis from a historical perspective under Objective 1 [GC, CT] 2. Income inequality consequence of financial crisis under Objective 1 [LF] 3. The Role of uncertainty and incomplete information in the transmission and amplification of financial shocks under Objective 1 [RU, CH] 4. Balance -Sheet Risk Assessment of Sovereign Debt under Objective 1[JvH] 5. Quantitative analysis of belief-driven debt crises under Objective 1[ PT] 6. Incomplete markets and the optimal level of public debt under Objective 2 [PG] 7. Optimal public debt management policy in monetary unions under Objective 2 [PK, MB] 8. Interaction among economic reforms, private wealth and debt sustainability in an aging society under Objective 2 [GC, CT] 9. Time-consistent institutional design of debt- stabilisation schemes in Europe under Objective 2 [CB] 10. The effects of different income tax reforms under incomplete markets and endogenous borrowing constraints under Objective 2 [AA] 11. The effects of social norms inflation on tax compliance and government revenue under Objective 2 [JC] 12. Optimal transfer schemes against asymmetric shocks in a monetary union under limited enforcement and moral hazard under Objective 3 [AA, MK, EP] 13. On the Optimal design of a Financial Stability Fund under Objective 3 [RM, AA (with E. Carceles)] 14. The mutualisation of short-term European debt under information frictions and limits to arbitrage in financial markets: Trade-offs between fiscal discipline and international liquidity provision under Objective 3 [CH] 15. Debt default and asset pricing with heterogeneous information under Objective 3 [CH] A preliminary version of the working papers will be delivered within 12 months to be discussed in Workshops. The final version will be delivered within 34 months (see D.1.2)