NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Fiscal Unions

Ivan Werning, Emmanuel Farhi

NBER Working Paper No. 18280
Issued in August 2012

---- Acknowledgements ----

For useful comments and conversations we thank Fernando Alvarez, George-Marios Angeletos, Marco Bassetto, Giancarlo Corsetti, Jordi Gali, Pierre-Oliver Gourinchas, Olivier Jeanne, Patrick Kehoe, Guido Lorenzoni, Tomaso Monacelli, Maurice Obstfeld, Kenneth Rogoff, Robert Staiger and Jean Tirole. We thank seminar participants at Bocconi, Brown, Chicago, Columbia, CREI, Harvard, LSE, MIT, Princeton, University of Wisconsin, Wharton, Bank of England, ECB, IMF, NBER, NY Fed, SITE. We thank Andreas Schaab for superlative research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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