Working papers published in 2010
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No. 1151
Methodological advances in the assessment of equilibrium exchange rates
Matthieu Bussière, Michele Ca' Zorzi, Alexander Chudik, Alistair Dieppe
29 Jan 2010
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No. 1150
Do bank loans and credit standards have an effect on output? A panel approach for the euro area
Lorenzo Cappiello, Arjan Kadareja, Christoffer Kok Sørensen, Marco Protopapa
29 Jan 2010
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No. 1149
Does it matter how aggregates are measured? The case of monetary transmission mechanisms in the euro area
Andreas Beyer, Katarina Juselius
29 Jan 2010
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No. 1148
Is there a signalling role for public wages? Evidence for the euro area based on macro data
Javier J. Pérez, Jesús Sánchez
21 Jan 2010
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No. 1147
Interbank contagion at work: evidence from a natural experiment
Rajkamal Iyer, José-Luis Peydró
21 Jan 2010
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No. 1146
The role of central bank transparency for guiding private sector forecasts
Michael Ehrmann, Sylvester Eijffinger, Marcel Fratzscher
21 Jan 2010
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No. 1145
An area-wide real-time database for the euro area
Domenico Giannone, Jérôme Henry, Magdalena Lalik, Michele Modugno
19 Jan 2010
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No. 1144
Choosing and using payment instruments: evidence from German microdata
Ulf Von Kalckreuth, Tobias Schmidt, Helmut Stix
30 Dec 2009
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No. 1143
What drives the network’s growth? An agent-based study of the payment card market
Biliana Alexandrova-Kabadjova, José Luis Negrín
30 Dec 2009
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No. 1142
Credit card use after the final mortgage payment: does the magnitude of income shocks matter?
Barry Scholnick
30 Dec 2009
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No. 1141
How effective are rewards programs in promoting payment card usage? Empirical evidence
Santiago Carbó-Valverde, José M. Liñares-Zegarra
30 Dec 2009
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No. 1140
SEPA, efficiency, and payment card competition
Wilko Bolt, Heiko Schmiedel
30 Dec 2009
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No. 1139
Pricing payment cards
Özlem Bedre-Defolie, Emilio Calvano
30 Dec 2009
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No. 1138
Credit card interchange fees
Jean-Charles Rochet, Julian Wright
30 Dec 2009
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No. 1137
Regulating two-sided markets: an empirical investigation
Santiago Carbó-Valverde, Sujit Chakravorti, Francisco Rodríguez Fernández
30 Dec 2009
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No. 1136
Payment scale economies, competition, and pricing
David B. Humphrey
30 Dec 2009
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No. 1135
Return to retail banking and payments
Iftekhar Hasan, Heiko Schmiedel, Liang Song
30 Dec 2009
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No. 1134
Would the Bundesbank have prevented the Great Inflation in the United States?
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No. 1133
Fiscal policy shocks in the euro area and the US: an empirical assessment
Pablo Burriel, Francisco de Castro Fernández, Daniel Garrote, Esther Gordo, Joan Paredes, Javier J. Pérez
11 Dec 2009
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No. 1132
A quarterly fiscal database for the euro area based on intra-annual fiscal information
Joan Paredes, Diego J. Pedregal, Javier J. Pérez
11 Dec 2009
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No. 1131
What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?
Maria-Grazia Attinasi, Cristina Checherita, Christiane Nickel
17 Dec 2009
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No. 1130
Monetary policy and potential output uncertainty: a quantitative assessment
Simona Delle Chiaie
17 Dec 2009
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No. 1129
Determinants of inflation and price level differentials across the euro area countries
Malin Andersson, Klaus Masuch, Marc Schiffbauer
30 Dec 2009
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No. 1128
EMU and the adjustment to asymmetric shocks: the case of Italy
Gianni Amisano, Nicola Giammarioli, Livio Stracca
17 Dec 2009
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No. 1127
The Janus-headed salvation: sovereign and bank credit risk premia during 2008-09
Jacob W. Ejsing, Wolfgang Lemke
11 Dec 2009
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No. 1126
Liquidity hoarding and interbank market spreads: the role of counterparty risk
Florian Heider, Marie Hoerova, Cornelia Holthausen
11 Dec 2009
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No. 1125
Leading indicators in a globalised world
Ferdinand Fichtner, Rasmus Rüffer, Bernd Schnatz
09 Dec 2009
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No. 1124
Balance Sheet Interlinkages and Macro-Financial Risk Analysis in the Euro Area
Olli Castrén, Ilja Kristian Kavonius
07 Dec 2009
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No. 1123
Monetary Policy and the Financing of Firms
Fiorella De Fiore, Pedro Teles, Oreste Tristani
08 Dec 2009
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No. 1122
Monetary Policy Shocks and Portfolio Choice
Marcel Fratzscher, Christian Saborowski, Roland Straub
09 Dec 2009
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No. 1121
Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets
Alexander Popov
03 Dec 2009
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No. 1120
Exchange Rate Pass-through in Central and Eastern European Member States
John Beirne, Martin Bijsterbosch
08 Dec 2009
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No. 1119
Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area
Marco Buchmann
02 Dec 2009
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No. 1118
Discretionary Fiscal Policies over the Cycle: New Evidence based on the ESCB Disaggregated Approach
Luca Agnello, Jacopo Cimadomo
25 Nov 2009
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No. 1117
What Drives Personal Consumption? The Role of Housing and Financial Wealth
Jiri Slacalek
17 Nov 2009
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No. 1116
Sectorial Border Effects in the European Single Market: an Explanation through Industrial Concentration
Gianluca Cafiso
11 Nov 2009
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No. 1115
Estimation and forecasting in large datasets with conditionally heteroskedastic dynamic common factors
Lucia Alessi, Matteo Barigozzi, Marco Capasso
16 Nov 2009
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No. 1114
Explaining government revenue windfalls and shortfalls: an analysis for selected EU countries
Richard Morris, Francisco de Castro Fernández, Steven Jonk, Jana Kremer, Suzanne Linehan, Maria Rosaria Marino, Christophe Schalck, Olegs Tkacevs
30 Nov 2009
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No. 1113
Volatility spillovers and contagion from mature to emerging stock markets
John Beirne, Guglielmo Maria Caporale, Marianne Schulze-Ghattas, Nicola Spagnolo
13 Nov 2009
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No. 1112
Risk spillover among hedge funds: The role of redemptions and fund failures
Benjamin Klaus, Bronka Rzepkowski
16 Nov 2009
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No. 1111
A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
Andreas Beyer
12 Nov 2009
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No. 1110
Putting the New Keynesian DSGE model to the real-time forecasting test
Marcin Kolasa, Michał Rubaszek, Paweł Skrzypczyński
25 Nov 2009
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No. 1109
What Triggers Prolonged Inflation Regimes? A Historical Analysis
Isabel Vansteenkiste
11 Nov 2009
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No. 1108
The role of financial variables in predicting economic activity
Raphael Espinoza, Fabio Fornari, Marco J. Lombardi
24 Nov 2009
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No. 1107
Interbank lending, credit risk premia and collateral
Florian Heider, Marie Hoerova
11 Nov 2009
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No. 1106
The Margins of Labour Cost Adjustment: Survey Evidence from European Firms
Jan Babecký, Philip Du Caju, Theodora Theodora, Martina Lawless, Julián Messina, Tairi Rõõm
12 Nov 2009
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No. 1105
Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julián Messina, Tairi Rõõm
12 Nov 2009
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No. 1104
Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area
Bettina Landau, Frauke Skudelny
11 Nov 2009
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No. 1103
Inter-industry wage differentials: how much does rent sharing matter?
Philip Du Caju, François Rycx, Ilan Tojerow
21 Oct 2009
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No. 1102
Wage-setting behavior in France: additional evidence from an ad-hoc survey
Jérémi Montornès, Jacques-Bernard Sauner-Leroy
29 Oct 2009
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No. 1101
Fiscal variables and bond spreads: evidence from eastern European countries and Turkey
Christiane Nickel, Philipp Rother, Jan C. Rülke
28 Oct 2009
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No. 1100
Weak and strong cross section dependence and estimation of large panels
Alexander Chudik, Hashem Pesaran, Elisa Tosetti
16 Oct 2009
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No. 1099
Public and private sector wages interactions in a general equilibrium model
Gonzalo Fernàndez-de-Córdoba, Javier J. Pérez, José L. Torres
14 Oct 2009
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No. 1098
Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters
Magnus Andersson, Boris Hofmann
19 Oct 2009
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No. 1097
Monetary and fiscal policy aspects of indirect tax changes in a monetary union
Anna Lipińska, Leopold von Thadden
14 Oct 2009
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No. 1096
The determinants of bank capital structure
Reint Gropp, Florian Heider
30 Sep 2009
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No. 1095
Memories of high inflation
Michael Ehrmann, Panagiota Tzamourani
23 Sep 2009
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No. 1094
Signals from housing and lending booms
Irina Bunda, Michele Ca' Zorzi
23 Sep 2009
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No. 1093
Determinants of government bond spreads in new EU countries
Ioana Alexopoulou, Irina Bunda, Annalisa Ferrando
23 Sep 2009
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No. 1092
Inflation and output volatility under asymmetric incomplete information
Giacomo Carboni, Martin Ellison
17 Sep 2009
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No. 1091
Money talks
Marie Hoerova, Cyril Monnet, Ted Temzelides
30 Sep 2009
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No. 1090
New Keynesian versus old Keynesian government spending multipliers
John F. Cogan, Tobias Cwik, John B. Taylor, Volker Wieland
17 Sep 2009
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No. 1089
The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the euro area
Carlo Altavilla, Matteo Ciccarelli
Published in: Journal of Money, Credit and Banking, Vol. 41, No. 7 (October 2009)
30 Sep 2009
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No. 1088
Inflation perceptions and expectations in the euro area: the role of news
Cristian Badarinza, Marco Buchmann
09 Sep 2009
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No. 1087
Modelling global trade flows: results from a GVAR model
Matthieu Bussière, Alexander Chudik, Giulia Sestieri
09 Sep 2009
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No. 1086
Euro area money demand: empirical evidence on the role of equity and labour markets
Gabe de Bondt
03 Sep 2009
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No. 1085
An empirical study on the decoupling movements between corporate bond and CDS spreads
Ioana Alexopoulou, Magnus Andersson, Oana Maria Georgescu
27 Aug 2009
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No. 1084
How are firms’ wages and prices linked: survey evidence in Europe
Martine Druant, Silvia Fabiani, Gabor Kezdi, Ana Lamo, Fernando Martins, Roberto Sabbatini
24 Aug 2009
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No. 1083
Evaluating microfoundations for aggregate price regidities: evidence from matched firm-level data on product prices and unit labor cost
Mikael Carlsson, Oskar Nordström Skans
24 Aug 2009
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No. 1082
Disagreement among forecasters in G7 countries
Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
24 Aug 2009
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No. 1081
Liquidity premia in German government bonds
Jacob Ejsing, Jukka Sihvonen
24 Aug 2009
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No. 1080
Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle
Juha Kilponen, Juuso Vanhala
24 Aug 2009
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No. 1079
EMU and European government bond market integration
Pilar Abad, Helena Chuliá, Marta Gómez-Puig
Published in: Journal of Banking and Finance (forthcoming)
26 Aug 2009
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No. 1078
On the real effects of private equity investment: evidence from new business creation
Alexander Popov, Peter Roosenboom
06 Aug 2009
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No. 1077
The reception of public signals in financial markets - what if central bank communication becomes stale?
Michael Ehrmann, David Sondermann
18 Aug 2009
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No. 1076
Optimal monetary policy in a new Keynesian model with habits in consumption
Campbell Leith, Ioana Moldovan, Raffaele Rossi
20 Jul 2009
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No. 1075
Bank risk and monetary policy
Yener Altunbas, Leonardo Gambacorta, David Marqués-Ibáñez
Published in: Journal of Financial Stability (forthcoming)
31 Jul 2009
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No. 1074
Wages are flexible aren't they? Evidence from monthly micro wage data
Patrick Lünnemann, Ladislav Wintr
16 Jul 2009
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No. 1073
Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?
Tuomas A. Peltonen, Adina Popescu, Michael Sager
20 Jul 2009
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No. 1072
How important are common factors in driving non-fuel commodity prices? A dynamic factor analysis
Isabel Vansteenkiste
16 Jul 2009
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No. 1071
Booms and busts in housing markets: determinants and implications
Luca Agnello, Ludger Schuknecht
21 Jul 2009
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No. 1070
Monetary Policy Committees: meetings and outcomes
Jan Marc Berk, Beata K. Bierut
16 Jul 2009
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No. 1069
Housing finance and monetary policy
Alessandro Calza, Livio Stracca, Tommaso Monacelli
16 Jul 2009
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No. 1068
Asset price misalignments and the role of money and credit
Dieter Gerdesmeier, Barbara Roffia, Hans-Eggert Reimers
08 Jul 2009
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No. 1067
The dynamic effects of shocks to wages and prices in the United States and the euro area
Rita Duarte, Carlos Robalo Marques
03 Jul 2009
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No. 1066
Universal banks and corporate control: evidence from the global syndicated loan market
Miguel A. Ferreira, Pedro Matos
03 Jul 2009
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No. 1065
Monetary policy and inflationary shocks under imperfect credibility
Matthieu Darracq Pariès, Stéphane Moyen
29 Jun 2009
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No. 1064
Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro
Marcel Fratzscher, Livio Stracca
Published in: International Finance (forthcoming)
17 Jun 2009
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No. 1063
Does private equity investment spur innovation? Evidence from Europe
Alexander Popov, Peter Roosenboom
17 Jun 2009
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No. 1062
External shocks and international inflation linkages: a global VAR analysis
Alessandro Galesi, Marco J. Lombardi
17 Jun 2009
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No. 1061
The distribution of households consumption-expenditure budget shares
Matteo Barigozzi, Lucia Alessi, Marco Capasso, Giorgio Fagiolo
16 Jun 2009
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No. 1060
What explains global exchange rate movements during the financial crisis?
Marcel Fratzscher
Published in: Journal of International Money and Finance (forthcoming)
08 Jun 2009
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No. 1059
Forecasting the world economy in the short-term
Audrone Jakaitiene, Stéphane Dées
16 Jun 2009
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No. 1058
National prices and wage setting in a currency union
Marcelo Sánchez
29 May 2009
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No. 1057
Euro area private consumption: Is there a role for housing wealth effects
Frauke Skudelny
26 May 2009
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No. 1056
The pricing of subprime mortgage risk in good times and bad: evidence from the ABX.HE indices
Ingo Fender, Martin Scheicher
26 May 2009
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No. 1055
The impact of extreme weather events on budget balances and implications for fiscal policy
Eliza M. Lis, Christiane Nickel
29 May 2009
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No. 1054
Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness
António Afonso, Sebastian Hauptmeier
13 May 2009
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No. 1053
Inflation dynamics with labour market matching: assessing alternative specifications
Kai Christoffel, James Costain, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard, Olivier Pierrard
15 May 2009
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No. 1052
Bidding behaviour in the ECB’s main refinancing operations during the financial crisis
Jens Eisenschmidt, Astrid Hirsch, Tobias Linzert
13 May 2009
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No. 1051
Are more data always better for factor analysis? Results for the euro area, the six largest euro area countries and the UK
Giovanni Caggiano, George Kapetanios, Vincent Labhard
13 May 2009
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No. 1050
Wealth effects on consumption: evidence from the euro area
Ricardo M. Sousa
12 May 2009
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No. 1049
Labour force participation in the euro area: a cohort based analysis
Almut Balleer, Ramón Gómez-Salvador, Jarkko Turunen
11 May 2009
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No. 1048
Downward wage rigidity and optimal steady-state inflation
Gabriel Fagan, Julián Messina
28 Apr 2009
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No. 1047
The impact of reference norms on inflation persistence when wages are staggered
Markus Knell, Alfred Stiglbauer
24 Apr 2009
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No. 1046
Productivity shocks and real exchange rate: a reappraisal
Tuomas A. Peltonen, Michael Sager
24 Apr 2009
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No. 1045
The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics
Wolfgang Lemke, Thomas Werner
24 Apr 2009
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No. 1044
The forecasting power of internal yield curve linkages
Michele Modugno, Kleopatra Nikolaou
28 Apr 2009
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No. 1043
Optimal monetary policy in a model of the credit channel
Fiorella De Fiore, Oreste Tristani
24 Apr 2009
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No. 1042
The determinants of public deficit volatility
Luca Agnello, Ricardo M. Sousa
28 Apr 2009
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No. 1041
An economic capital model integrating credit and interest rate risk in the banking book
Piergiorgio Alessandri, Mathias Drehmann
30 Apr 2009
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No. 1040
The external and domestic side of macroeconomic adjustment in China
Roland Straub, Christian Thimann
31 Mar 2009
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No. 1039
'Real time'early warning indicators for costly asset price boom/bust cycles: a role for global liquidity
Lucia Alessi, Carsten Detken
31 Mar 2009
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No. 1038
Are 'intrinsic inflation persistence' models structural in the sense of Lucas (1976)?
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No. 1037
What do asset prices have to say about risk appetite and uncertainty?
Geert Bekaert, Marie Hoerova, Martin Scheicher
31 Mar 2009
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No. 1036
Search in the product market and the real business cycle
Thomas Y. Mathä, Olivier Pierrard
24 Mar 2009
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No. 1035
The role of labor markets for euro area monetary policy
Kai Christoffel, Keith Kuester, Tobias Linzert
24 Mar 2009
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No. 1034
The role of the United States in the global economy and its evolution over time
Stéphane Dées, Arthur Saint-Guilhem
23 Mar 2009
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No. 1033
Fiscal competition over taxes and public inputs - theory and evidence
Sebastian Hauptmeier, Ferdinand Mittermaier, Johannes Rincke
19 Mar 2009
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No. 1032
Assessing long-term fiscal developments - a new approach
António Afonso, Luca Agnello, Davide Furceri, Ricardo M. Sousa
19 Mar 2009
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No. 1031
Global roles of currencies
Christian Thimann
Published in: International Finance, vol 11 (2008), p. 211-245
19 Mar 2009
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No. 1030
Forecast evaluation of small nested model sets
Kirstin Hubrich, Kenneth D. West
Published in: Journal of Applied Econometrics (forthcoming)
19 Mar 2009
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No. 1029
The role of fiscal transfers for regional economic convergence in Europe
Cristina Checherita, Christiane Nickel, Philipp Rother
13 Mar 2009
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No. 1028
Large debt financing: syndicated loans versus corporate bonds
Yener Altunbas, Alper Kara, David Marqués-Ibáñez
Published in: European Journal of Finance (forthcoming)
10 Mar 2009
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No. 1027
Long run evidence on money growth and inflation
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No. 1026
Do house price developments spill over across euro area countries? Evidence from a Global VAR
Paul Hiebert, Isabel Vansteenkiste
06 Mar 2009
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No. 1025
Liquidity risk premia in unsecured interbank money markets
Jens Eisenschmidt, Jens Tapking
06 Mar 2009
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No. 1024
Funding liquidity risk: definition and measurement
Mathias Drehmann, Kleopatra Nikolaou
06 Mar 2009
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No. 1023
Bank loan announcements and borrower stock returns: does bank origin matter?
Steven Ongena, Viorel Roscovan
04 Mar 2009
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No. 1022
Understanding inter-industry wage structures in the euro area
Véronique Genre, Karsten Kohn, Daphne Momferatou
04 Mar 2009
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No. 1021
Rigid labour compensation and flexible employment? Firm-level evidence with regard to productivity for Belgium
Catherine Fuss, Ladislav Wintr
04 Mar 2009
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No. 1020
Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods
Andreas Beyer, Vítor Gaspar, Christina Gerberding, Otmar Issing
03 Mar 2009
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No. 1019
What drives returns to euro area housing? Evidence from a dynamic dividend-discount model
Paul Hiebert, Matthias Sydow
03 Mar 2009
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No. 1018
Cross-Border Mergers and acquisitions: Financial and institutional forces
Nicolas Coeurdacier, Roberto A. De Santis, Antonin Aviat
Published in: Economic Policy, 2009, 57: 55-106, under the title "Cross-border mergers and acquisitions and European Integration".
03 Mar 2009
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No. 1017
Optimal Prediction Pools
John Geweke, Gianni Amisano
03 Mar 2009
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No. 1016
When does lumpy factor adjustment matter for aggregate dynamics?
Stephan Fahr, Fang Yao
03 Mar 2009
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No. 1015
Inflation forecasting in the new EU Member States
Olga Arratibel, Christophe Kamps, Nadine Leiner-Killinger
25 Feb 2009
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No. 1014
Asset prices and current account fluctuations in G7 economies
Marcel Fratzscher, Roland Straub
Published in: IMF Staff Papers (forthcoming)
25 Feb 2009
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No. 1013
Structural breaks, cointegration and the Fisher effect
Andreas Beyer, Alfred A. Haug, William G. Dewald
25 Feb 2009
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No. 1012
Petrodollars and imports of oil exporting countries
Roland Beck, Annette Kamps
25 Feb 2009
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No. 1011
The global dimension of inflation - evidence from factor-augmented Phillips curves
Sandra Eickmeier, Katharina Moll
25 Feb 2009
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No. 1010
Business cycles in the euro area
Domenico Giannone, Michele Lenza, Lucrezia Reichlin
Published in: Alberto Alesina and Francesco Giavazzi, editors, “Europe and the Euro" (forthcoming)
19 Feb 2009
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No. 1009
Optimal sticky prices under rational inattention
Bartosz Maćkowiak, Mirko Wiederholt
19 Feb 2009
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No. 1008
Liquidity (risk) concepts: definitions and interactions
Kleopatra Nikolaou
19 Feb 2009
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No. 1007
Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
Gregory de Walque, Olivier Pierrard, Henri Sneessens, Raf Wouters
12 Feb 2009
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No. 1006
Understanding sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition
Philip Du Caju, Catherine Fuss, Ladislav Wintr
12 Feb 2009
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No. 1005
Labor market institutions and macroeconomic volatility in a panel of OECD countries
Fabio Rumler, Johann Scharler
12 Feb 2009
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No. 1004
Characterising the inflation targeting regime in South Korea
Marcelo Sánchez
12 Feb 2009
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No. 1003
Real wages over the business cycle: OECD evidence from the time and frequency domains
Julián Messina, Chiara Strozzi, Jarkko Turunen
Published in: Journal of Economic Dynamics and Control (forthcoming)
19 Feb 2009
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No. 1002
Assessing portfolio credit risk changes in a sample of EU large and complex banking groups in reaction to macroeconomic shocks
Olli Castrén, Trevor Fitzpatrick, Matthias Sydow
11 Feb 2009
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No. 1001
Identifying the elasticity of substitution with biased technical change
Miguel A. León-Ledesma, Peter McAdam, Alpo Willman
Published in: American Economic Review (forthcoming)
28 Jan 2009
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No. 1000
Wealth effects in emerging market economies
Tuomas A. Peltonen, Ricardo M. Sousa, Isabel Vansteenkiste
28 Jan 2009
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No. 999
Risk-adjusted forecasts of oil prices
Patrizio Pagano, Massimiliano Pisani
28 Jan 2009
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No. 998
Infinite-dimensional VARs and factor models
Alexander Chudik, Hashem Pesaran
27 Jan 2009
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No. 997
Financing obstacles and growth: an analysis for euro area non-financial corporations
Chiara Coluzzi, Annalisa Ferrando, Carmen Martinez-Carrascal
27 Jan 2009
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No. 996
What drives euro area break-even inflation rates?
Matteo Ciccarelli, Juan Angel García
27 Jan 2009
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No. 995
Current account benchmarks for central and eastern Europe: a desperate search?
Michele Ca' Zorzi, Alexander Chudik, Alistair Dieppe
28 Jan 2009
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No. 994
Fiscal sustainability and policy implications for the euro area
Fabrizio Balassone, Jorge Cunha, Geert Langenus, Bernhard Manzke, Jeanne Pavot, Doris Prammer, Pietro Tommasino
14 Jan 2009
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No. 993
Has emerging Asia decoupled? An analysis of production and trade linkages using the Asian international input-output table
Gabor Pula, Tuomas A. Peltonen
14 Jan 2009
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No. 992
FDI and productivity convergence in central and eastern Europe: an industry-level investigation
Martin Bijsterbosch, Marcin Kolasa
14 Jan 2009
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No. 991
The macroeconomic effects of fiscal policy
António Afonso, Ricardo M. Sousa
07 Jan 2009
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No. 990
Fiscal policy, housing and stock prices
António Afonso, Ricardo M. Sousa
07 Jan 2009
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No. 989
Modelling loans to non-financial corporations in the euro area
Christoffer Kok Sørensen, David Marqués-Ibáñez, Carlotta Rossi
07 Jan 2009
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No. 988
The interday and intraday patterns of the overnight market: evidence from an electronic platform
Renaud Beaupain, Alain Durré
23 Dec 2008
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No. 987
Probability of informed trading on the euro overnight market rate: an update
Julien Idier, Stefano Nardelli
23 Dec 2008
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No. 986
The topology of the federal funds market
Morten L. Bech, Enghin Atalay
30 Dec 2008
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No. 985
Portuguese banks in the euro area market for daily funds
Luísa Farinha, Vítor Gaspar
30 Dec 2008
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No. 984
The daily and policy-relevant liquidity effects
Daniel L. Thornton
23 Dec 2008
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No. 983
What explains the spread between the euro overnight rate and the ECB's policy rate?
Tobias Linzert, Sandra Schmidt
23 Dec 2008
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No. 982
Modelling short-term interest rate spreads in the euro money market
Nuno Cassola, Claudio Morana
Published in: International Journal of Central Banking, December 2008, 4 (4), pp. 1-37
23 Dec 2008
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No. 981
Why the effective price for money exceeds the policy rate in the ECB tenders?
Tuomas Välimäki
23 Dec 2008
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No. 980
Extracting market expectations from yield curves augmented by money market interest rates: the case of Japan
Teppei Nagano, Naohiko Baba
23 Dec 2008
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No. 979
Futures contract rates as monetary policy forecasts
Giuseppe Ferrero, Andrea Nobili
23 Dec 2008
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No. 978
Measuring monetary policy expectations from financial market instruments
Michael Joyce, Jonathan Relleen, Steffen Sorensen
23 Dec 2008
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No. 977
Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates
Massimo Guidolin, Daniel L. Thornton
23 Dec 2008
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No. 976
The term structure of interest rates across frequencies
Katrin Assenmacher-Wesche, Stefan Gerlach
23 Dec 2008
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No. 975
Early estimates of euro area real GDP growth: a bottom up approach from the production side
Elke Hahn, Frauke Skudelny
10 Dec 2008
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No. 974
Institutional features of wage bargaining in 23 European countries, the US and Japan
Philip Du Caju, Erwan Gautier, Daphne Momferatou, Melanie Ward-Warmedinger
02 Dec 2008
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No. 973
Do China and oil exporters influence major currency configurations?
Marcel Fratzscher, Arnaud Mehl
Published in: Journal of Comparative Economics (forthcoming)
02 Dec 2008
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No. 972
Monetary policy and housing prices in an estimated DSGE for the US and the euro area
Matthieu Darracq Pariès, Alessandro Notarpietro
26 Nov 2008
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No. 971
Interactions between private and public sector wages
António Afonso, Pedro Gomes
26 Nov 2008
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No. 970
Responses to monetary policy shocks in the east and the west of Europe: a comparison
Marek Jarociński
30 Nov 2008
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No. 969
Comparing and evaluating Bayesian predictive distributions of assets returns
John Geweke, Gianni Amisano
Published in: International Journal of Forecasting (forthcoming)
26 Nov 2008
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No. 968
A value at risk analysis of cedit default swaps
Burkhard Raunig, Martin Scheicher
17 Nov 2008
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No. 967
Central Bank misperceptions and the role of money in interest rate rules
Günter W. Beck, Volker Wieland
17 Nov 2008
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No. 966
Large Bayesian VARs
Marta Bańbura, Domenico Giannone, Lucrezia Reichlin
Published in: Journal of Apllied Econometric (forthcoming)
14 Nov 2008
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No. 965
IMF lending and geopolitics
Julien Reynaud, Julien Vauday
Published in: forthcoming in the Journal of Development Economics
14 Nov 2008
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No. 964
Do firms provide wage insurance against shocks? Evidence from Hungary
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No. 963
Public and private sector wages: co-movement and causality
Ana Lamo, Javier J. Pérez, Ludger Schuknecht
13 Nov 2008
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No. 962
Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations
Stéphane Adjemian, Matthieu Darracq Pariès
13 Nov 2008
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No. 961
Budgetary and external imbalances relationship: a panel data diagnostic
António Afonso, Christophe Rault
12 Nov 2008
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No. 960
On implications of micro price data for macro models
Bartosz Maćkowiak, Frank Smets
12 Nov 2008
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No. 959
What drives U.S. current account fluctuations?
Alina Barnett, Roland Straub
26 Nov 2008
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No. 958
Oil exporters: in search of an external anchor
Maurizio Michael Habib, Jan Stráský
13 Nov 2008
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No. 957
Modeling autoregressive conditional skewness and kurtosis with multi-quantile CAViaR
Halbert White, Tae-Hwan Kim, Simone Manganelli
Published in: Volatility and Time Series Econometrics: Essays in Honour of Robert F. Engle, ed. by M. Watson, T. Bollerslev and J. Russell (2008)
12 Nov 2008
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No. 956
The political economy under monetary union: has the euro made a difference?
Marcel Fratzscher, Livio Stracca
Published in: Economic Policy 58, pp. 307-48, April 2009
06 Nov 2008
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No. 955
Monetary policy and stock market boom-bust cycles
Lawrence Christiano, Cosmin Ilut, Roberto Motto, Massimo Rostagno
31 Oct 2008
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No. 954
Fiscal policy responsiveness, persistence and discretion
António Afonso, Luca Agnello, Davide Furceri
Published in: Public Choice (forthcoming).
28 Oct 2008
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No. 953
Estimating and forecasting the euro area monthly national accounts from a dynamic factor model
Elena Angelini, Marta Bańbura, Gerhard Rünstler
28 Oct 2008
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No. 952
How successful is the G7 in managing exchange rates?
Marcel Fratzscher
Published in: Journal of International Economics (forthcoming)
16 Oct 2008
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No. 951
Exchange rate pass-through in the global economy: the role of emerging market economies
Matthieu Bussière, Tuomas A. Peltonen
16 Oct 2008
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No. 950
Is forecasting with large models informative? Assessing the role of judgement in macroeconomic forecasts
Ricardo Mestre, Peter McAdam
Published in: Journal of Forecasting (forthcoming)
28 Oct 2008
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No. 949
Short-term forecasts of euro area GDP growth
Elena Angelini, Gonzalo Camba-Méndez, Domenico Giannone, Gerhard Rünstler, Lucrezia Reichlin
28 Oct 2008
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No. 948
Clustering techniques applied to outlier detection of financial market series using a moving window filtering algorithm
Josep Maria Puigvert Gutiérrez, Josep Fortiana Gregori
14 Oct 2008
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No. 947
Foreign-currency bonds: currency choice and the role of uncovered and covered interest parity
Maurizio Michael Habib, Mark Joy
14 Oct 2008
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No. 946
Macroeconomic adjustment to monetary union
Gabriel Fagan, Vítor Gaspar
13 Oct 2008
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No. 945
Wage and price dynamics in Portugal
Carlos Robalo Marques
13 Oct 2008
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No. 944
The New Area-Wide Model of the euro area: a micro-founded open-economy model for forecasting and policy analysis
Kai Christoffel, Günter Coenen, Anders Warne
13 Oct 2008
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No. 943
The impact of financial position on investment: an anlysis for non-financial corporations in the euro area
Carmen Martinez-Carrascal, Annalisa Ferrando
22 Sep 2008
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No. 942
Towards a monetary policy evaluation framework
Stéphane Adjemian, Matthieu Darracq Pariès, Stéphane Moyen
19 Sep 2008
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No. 941
Euro's influence upon trade: Rose effect versus border effect
Gianluca Cafiso
19 Sep 2008
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No. 940
The effect of durable goods and ICT on euro area productivity growth?
Jukka Jalava, Ilja Kristian Kavonius
18 Sep 2008
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No. 939
An application of index numbers theory to interest rates
Javier Huerga, Lucia Steklacova
22 Sep 2008
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No. 938
Channels of international risk-sharing: capital gains versus income flows
Thierry Bracke, Martin Schmitz
30 Sep 2008
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No. 937
Should quarterly government finance statistics be used for fiscal surveillane in Europe?
Diego J. Pedregal, Javier J. Pérez
Published in: International Journal of Forecasting (forthcoming)
10 Sep 2008
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No. 936
Sparse and stable Markowitz portfolios
Joshua Brodie, Ingrid Daubechies, Christine De Mol, Domenico Giannone, Ignace Loris
Published in: Proceedings of the National Academy of Science (forthcoming)
30 Sep 2008
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No. 935
Fiscal policies, the current account and Ricardian equivalence
Christiane Nickel, Isabel Vansteenkiste
18 Sep 2008
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No. 934
Bank mergers and lending relationships
Judit Montoriol-Garriga
18 Sep 2008
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No. 933
Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through
Stéphane Dées, Matthias Burgert, Nicolas Parent
18 Sep 2008
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No. 932
How does competition affect efficiency and soundness in banking? New empirical evidence
Klaus Schaeck, Martin Čihák
30 Sep 2008
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No. 931
International stock return comovements
Geert Bekaert, Robert J. Hodrick, Xiaoyan Zhang
30 Sep 2008
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No. 930
Sticky information Phillips curves: European evidence
Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
Published in: Journal of Money, Credit, and Banking. October 2008; 40(7): 1513-19
23 Sep 2008
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No. 929
Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
Olga Arratibel, Davide Furceri, Reiner Martin
18 Sep 2008
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No. 928
Corporate tax competition and the decline of public investment
Pedro Gomes, Francois Pouget
21 Aug 2008
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No. 927
Monetary stabilisation in a currency union of small open economies
Marcelo Sánchez
14 Aug 2008
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No. 926
Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
Roberto A. De Santis, Carlo A. Favero, Barbara Roffia
21 Aug 2008
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No. 925
Flow on conjunctural information and forecast of euro area economic activity
Katja Drechsel, Laurent Maurin
14 Aug 2008
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No. 924
Government spending volatility and the size of nations
Davide Furceri, Marcos Poplawski Ribeiro
14 Aug 2008
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No. 923
Resuscitating the wage channel in models with unemployment fluctuations
Kai Christoffel, Keith Kuester
Published in: Journal of Monetary Economics, 2008 Vol 55(5).
26 Aug 2008
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No. 922
A review of nonfundamentalness and identification in structural VAR models
Lucia Alessi, Matteo Barigozzi, Marco Capasso
31 Jul 2008
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No. 921
Foreign direct investment and environmental taxes
Roberto A. De Santis, Frank Stähler
Published in: The German Economic Review, January 2009, 10(1): 115-135
31 Jul 2008
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No. 920
An investigation on the effect of real exchange rate movements on OECD bilateral exports
Antoine Berthou
31 Jul 2008
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No. 919
Fiscal policy in real time
Jacopo Cimadomo
31 Jul 2008
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No. 918
Imports and profitability in the euro area manufacturing sector: the role of emerging market economies
Tuomas A. Peltonen, Martin Skala, Alvaro Santos Rivera, Gabor Pula
31 Jul 2008
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No. 917
Modelling and Forecasting the Yield Curve under Model uncertainty
Paola Donati, Francesco Donati
28 Aug 2008
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No. 916
Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies
Roland Beck, Ebrahim Rahbari
31 Jul 2008
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No. 915
Medium run redux: technical change, factor shares and frictions in the euro area
Peter McAdam, Alpo Willman
30 Jun 2008
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No. 914
Evolution and sources of manufacturing productivity growth: evidence from a panel of European countries
Silvia Giannangeli, Ramón Gómez-Salvador
30 Jun 2008
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No. 913
Country and industry equity risk premia in the euro area: an intertemporal approach
Lorenzo Cappiello, Marco Lo Duca, Angela Maddaloni
30 Jun 2008
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No. 912
Labour cost and employment across euro area countries and sectors
Beatrice Pierluigi, Moreno Roma
30 Jun 2008
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No. 911
Global liquidity glut or global savings glut? A structural VAR approach
Thierry Bracke, Michael Fidora
30 Jun 2008
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No. 910
How has CDO market pricing changed during the turmoil? Evidence from CDS index tranches
Martin Scheicher
30 Jun 2008
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No. 909
Repo markets, counterparty risk and the 2007/2008 liquidity crisis
Christian Ewerhart, Jens Tapking
23 Jun 2008
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No. 908
3-step analysis of public finances sustainability: the case of the European Union
António Afonso, Christophe Rault
23 Jun 2008
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No. 907
Globalisation and the euro area: simulation based analysis using the New Area Wide Model
Roland Straub, Pascal Jacquinot
23 Jun 2008
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No. 906
The impact of the euro on equity markets: a country and sector decomposition
Lorenzo Cappiello, Arjan Kadareja, Simone Manganelli
Published in: Journal of Financial and Quantitative Analysis (forthcoming)
23 Jun 2008
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No. 905
A persistence-weighted measure of core inflation in the euro area
Laurent Bilke, Livio Stracca
Published in: The Manchester Schoo, Supplement 2008, pp. 58-84.
23 Jun 2008
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No. 904
Does money matter in the IS curve? The case of the UK
Barry E. Jones, Livio Stracca
Published in: Economic Modelling, 24, pp. 1032 - 1047.
23 Jun 2008
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No. 903
A robust criterion for determining the number of static factors in approximate factor models.
Lucia Alessi, Matteo Barigozzi, Marco Capasso
20 May 2008
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No. 902
Fiscal consolidation in the euro area: long-run benefits and short-run costs.
Günter Coenen, Matthias Mohr, Roland Straub
Published in: Economic Modelling, 25(5), 912-932, 2008.
14 May 2008
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No. 901
The usefulness of infra-annual government cash budgetary data for fiscal forecasting in the euro area
Luca Onorante, Diego J. Pedregal, Javier J. Pérez, Sara Signorini
Published in: Journal of Policy Modeling (forthcoming)
14 May 2008
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No. 900
Forecasting inflation and tracking monetary policy in the euro area: does national information help?
Riccardo Cristadoro, Fabrizio Venditti, Giuseppe Saporito
03 Jun 2008
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No. 899
Robust monetary rules under unstructured and structured model uncertainty
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No. 898
Central Bank communication and monetary policy: a survey of theory and evidence
Alan S. Blinder, Michael Ehrmann, Jakob de Haan, Marcel Fratzscher, David-Jan Jansen
Published in: Journal of Economic Literature 46(4), 910-945, December 2008.
14 May 2008
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No. 897
DSGE-Modelling: when agents are imperfectly informed
Paul De Grauwe
13 May 2008
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No. 896
The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries.
Anna Lipińska
13 May 2008
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No. 895
On the empirical evidence of the intertemporal current account model for the euro area countries
Michele Ca' Zorzi, Michał Rubaszek
16 May 2008
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No. 894
The role of country-specific trade and survey data in forecasting euro area manufacturing production: perspective from large panel factor models
Matthieu Darracq Pariès, Laurent Maurin
Published in: OECD Journal of Business cycle Measurement and Analysis, Vol. 2008, No. 2, 2009 pp. 12-34
16 May 2008
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No. 893
Sticky wages: evidence from quarterly microeconomic data
Thomas Heckel, Hervé Le Bihan, Jérémi Montornès
16 May 2008
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No. 892
Identification of new Keynesian Phillips Curves from a global perspective.
Stéphane Dées, Hashem Pesaran, Vanessa Smith, Ron P. Smith
Published in: Journal of Money, Credit and Banking (forthcoming)
30 Apr 2008
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No. 891
House Prices and the stance of Monetary Policy.
Marek Jarociński, Frank Smets
Published in: Federal Reserve Bank of St. Louis Review, July-August 2008; 90(4): 339-65
30 Apr 2008
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No. 890
Globalisation, domestic inflation and global output gaps: Evidence from the euro area
Alessandro Calza
30 Apr 2008
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No. 889
Credit and the natural rate of interest.
Fiorella De Fiore, Oreste Tristani
30 Apr 2008
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No. 888
House Prices, Money, Credit and the Macroeconomy.
Charles Goodhart, Boris Hofmann
Published in: Oxford Review of Economic Policy, 2008, 24, pp. 180-205
30 Apr 2008
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No. 887
Labor supply after transition: evidence from the Czech Republic
Alena Bičáková, Jiri Slacalek, Michal Slavík
31 Mar 2008
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No. 886
International evidence on sticky consumption growth.
Christopher D. Carroll, Jiri Slacalek, Martin Sommer
19 Mar 2008
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No. 885
Impact of bank competition on the interest rate pass-through in the euro area
Michiel van Leuvensteijn, Christoffer Kok Sørensen, Jacob A. Bikker, Adrian Van Rixtel
31 Mar 2008
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No. 884
A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
Stéphane Adjemian, Matthieu Darracq Pariès, Frank Smets
31 Mar 2008
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No. 883
Assessing the benefits of international portfolio diversification in bonds and stocks.
Roberto A. De Santis, Lucio Sarno
31 Mar 2008
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No. 882
Forecasting world trade: direct versus “bottom-up” approaches
Matthias Burgert, Stéphane Dées
Published in: Open Economies Review (2009) Vol. 20, pp 385-402
31 Mar 2008
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No. 881
Imperfect predictability and mutual fund dynamics. How managers use predictors in changing systematic risk.
Gianni Amisano, Roberto Savona
20 Mar 2008
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No. 880
On policy interactions among nations: when do cooperation and commitment matter?
Hubert Kempf, Leopold von Thadden
31 Mar 2008
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No. 879
Government risk premiums in the bond market: EMU and Canada
Ludger Schuknecht, Jürgen von Hagen, Guido Wolswijk
31 Mar 2008
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No. 878
Nominal and real interest rates during an optimal disinflation in New Keynesian models.
Marcus Hagedorn
31 Mar 2008
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No. 877
What are the effects of fiscal policy shocks? A VAR-based comparative analysis
Dario Caldara, Christophe Kamps
31 Mar 2008
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No. 876
Are sectoral stock prices useful for predicting euro area GDP?
Magnus Andersson, Antonello D’Agostino
23 Feb 2008
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No. 875
Global macro-financial shocks and expected default frequencies in the euro area
Olli Castrén, Stéphane Dées, Fadi Zaher
27 Feb 2008
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No. 874
How arbitrage-free is the Nelson-Siegel Model?
Laura Coroneo, Ken Nyholm, Rositsa Vidova-Koleva
27 Feb 2008
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No. 873
The Feldstein-Horioka fact
Domenico Giannone, Michele Lenza
23 Feb 2008
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No. 872
Why do Europeans work part-time? A cross-country panel analysis.
Hielke Buddelmeyer, Gilles Mourre, Melanie Ward-Warmedinger
29 Feb 2008
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No. 871
The impact of capital flows on domestic investment in transition economies
Elitza Mileva
23 Feb 2008
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No. 870
Risk Management in Action. Robust monetary policy rules under structured uncertainty.
Paul Levine, Peter McAdam, Joseph G. Pearlman, Richard Pierse
29 Feb 2008
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No. 869
The reserve fulfilment path of euro area commercial banks: empirical testing using panel data
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No. 868
Purdah: on the rationale for central bank silence around policy meetings
Michael Ehrmann, Marcel Fratzscher
Published in: Journal of Money, Credit and Banking 41(2-3), 517-528, March 2009.
23 Feb 2008
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No. 867
Do monetary indicators lead euro area inflation?
Boris Hofmann
Published in: Journal of International Money and Finance (forthcoming)
23 Feb 2008
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No. 866
VAR analysis and the Great Moderation
Luca Benati, Paolo Surico
Published in: American Economic Review, 2009, 99(4): 1636-52
23 Feb 2008
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No. 865
Explaining the Great Moderation: it is not the shocks
Domenico Giannone, Michele Lenza, Lucrezia Reichlin
Published in: Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 621-633, 04-05.
23 Feb 2008
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No. 864
Macroeconomic rates of return of public and private investment: crowding-in and crowding-out effects
António Afonso, Miguel St. Aubyn
Published in: Manchester School (2009), 77 (S1): 21-39.
23 Feb 2008
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No. 863
Population ageing and public pension reforms in a small open economy
Christiane Nickel, Philipp Rother, Angeliki Theophilopoulou
23 Feb 2008
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No. 862
Stock market volatility and learning
Klaus Adam, Albert Marcet, Juan Pablo Nicolini
23 Feb 2008
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No. 861
Income distribution determinants and public spending efficiency
António Afonso, Ludger Schuknecht, Vito Tanzi
31 Jan 2008
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No. 860
Oil shocks and endogenous markups: results from an estimated euro area DSGE model
Marcelo Sánchez
31 Jan 2008
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No. 859
Assessing the compensation for volatility risk implicit in interest rate derivatives
Fabio Fornari
31 Jan 2008
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No. 858
International transmission and monetary policy cooperation
Günter Coenen, Giovanni Lombardo, Frank Smets, Roland Straub
Published in: International Dimensions of Monetary Policy, edited by Jordi Gali and Mark J. Gertler, University of Chicago Press (forthcoming)
31 Jan 2008
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No. 857
Housing and equity wealth effects of Italian households
Charles Grant, Tuomas A. Peltonen
31 Jan 2008
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No. 856
Markups in the euro area and the US over the period 1981-2004: a comparison of 50 sectors
Rebekka Christopoulou, Philip Vermeulen
31 Jan 2008
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No. 855
Assessing the factors behind oil price changes
Stéphane Dées, Audrey Gasteuil, Robert K. Kaufmann, Michael Mann
Published in: Energy Economics, Vol. 30, Issue 5, September2008, Pages 2609-2622 under the title: Oil prices: The role of refinery utilization, futures markets and non-linearities".
31 Jan 2008
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No. 854
How do firms adjust their wage bill in Belgium? A decomposition along the intensive and extensive margins
Catherine Fuss
25 Jan 2008
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No. 853
The cyclical behavior of equilibrium unemployment and vacancies revisited
Marcus Hagedorn, Iourii Manovskii
25 Jan 2008
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No. 852
Determinants of economic growth: will data tell?
Antonio Ciccone, Marek Jarociński
25 Jan 2008
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No. 851
Investigating inflation persistence across monetary regimes
Luca Benati
Published in: Quarterly Journal of Economics, 123:3, August 2008, 1005 - 1060.
25 Jan 2008
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No. 850
Statistical tests and estimators of the rank of a matrix and their applications in econometric modelling
Gonzalo Camba-Méndez, George Kapetanios
Published in: Econometric Reviews (forthcoming)
25 Jan 2008
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No. 849
Government size, composition, volatility and economic growth
António Afonso, Davide Furceri
Published in: European Journal of Political Economy (forthcoming)
25 Jan 2008
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No. 848
Economic growth and budgetary components: a panel assessment for the EU
António Afonso, Juan González Alegre
25 Jan 2008
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No. 847
Deeper, wider and more competitive? Monetary integration, Eastern enlargement and competitiveness in the European Union
Gianmarco Ottaviano, Daria Taglioni, Filippo di Mauro
28 Dec 2007
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No. 846
Information combination and forecast (st)ability evidence from vintages of time-series data
Carlo Altavilla, Matteo Ciccarelli
20 Dec 2007
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No. 845
Run-prone banking and asset markets
Marie Hoerova
20 Dec 2007
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No. 844
Business cycle synchronization and insurance mechanisms in the EU
António Afonso, Davide Furceri
Published in: Journal of International Money and Finance, 2008, 27 (2), 169-187.
20 Dec 2007
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No. 843
Fiscal forecasting: lessons from the literature and challenges
Teresa Leal, Javier J. Pérez, Mika Tujula, Jean-Pierre Vidal
Published in: Fiscal Studies, September 2008; 29(3): 347-386
28 Dec 2007
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No. 842
Saving behaviour and global imbalances: the role of emerging market economies
Gianluigi Ferrucci, Cesar Miralles
20 Dec 2007
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No. 841
Should we take inside money seriously?
Livio Stracca
17 Dec 2007
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No. 840
Downward wage rigidity for different workers and firms: an evaluation for Belgium using the IWFP procedure
Philip Du Caju, Catherine Fuss, Ladislav Wintr
17 Dec 2007
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No. 839
Are there oil currencies? The real exchange rate of oil exporting countries
Maurizio Michael Habib, Margarita Manolova Kalamova
17 Dec 2007
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No. 838
Securitisation and the bank lending channel
Yener Altunbas, Leonardo Gambacorta, David Marqués-Ibáñez
Published in: European Economic Review (forthcoming)
17 Dec 2007
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No. 837
Monetary policy and core inflation
Michele Lenza
17 Dec 2007
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No. 836
Reporting biases and survey results: evidence from European professional forecasters
Juan Angel García, Andrés Manzanares
17 Dec 2007
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No. 835
US shocks and global exchange rate configurations
Marcel Fratzscher
Published in: Economic Policy (54), pp. 363-409, April 2008 (forthcoming)
30 Nov 2007
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No. 834
International frictions and optimal monetary policy cooperation: analytical solutions
Matthieu Darracq Pariès
30 Nov 2007
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No. 833
Explaining and forecasting euro area exports: which competitiveness indicator performs best?
Michele Ca' Zorzi, Bernd Schnatz
30 Nov 2007
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No. 832
The yield curve and macroeconomic dynamics
Peter Hördahl, Oreste Tristani, David Vestin
Published in: Economic Journal, November 2008; 118(533): 1937-70
30 Nov 2007
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No. 831
Hierarchical Markov normal mixture models with applications to financial asset returns
John Geweke, Gianni Amisano
Published in: Journal of Applied Econometrics (forthcoming)
30 Nov 2007
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No. 830
The term structure of euro area break-even inflation rates: the impact of seasonality
Jacob Ejsing, Juan Angel García, Thomas Werner
30 Nov 2007
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No. 829
Modelling inflation in China - a regional perspective
Aaron N. Mehrotra, Tuomas A. Peltonen, Alvaro Santos Rivera
30 Nov 2007
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No. 828
Potential output growth in several industrialised countries: a comparison
Christophe Cahn, Arthur Saint-Guilhem
30 Nov 2007
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No. 827
How is real convergence driving nominal convergence in the new EU Member States?
Sarah M. Lein-Rupprecht, Miguel A. León-Ledesma, Carolin Nerlich
Published in: Journal of International Money and Finance, March 2008; 27(2): 227-48
29 Nov 2007
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No. 826
Risk sharing, finance and institutions in international portfolios
Marcel Fratzscher, Jean Imbs
Published in: Journal of Financial economics (forthcoming)
29 Oct 2007
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No. 825
What can probability forecasts tell us about inflation risks?
Juan Angel García, Andrés Manzanares
29 Oct 2007
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No. 824
Evolving U.S. monetary policy and the decline of inflation predictability
Luca Benati, Paolo Surico
Published in: Journal of the European Economic Association, 6(2-3), Proceedings, April-May 2008, 634-646.
25 Oct 2007
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No. 823
Modelling Ireland’s exchange rates: from EMS to EMU
Derek Bond, Michael J. Harrison, Edward J. O'Brien
23 Oct 2007
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No. 822
Exchange rate pass-through to trade prices: the role of non-linearities and asymmetries
Matthieu Bussière
23 Oct 2007
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No. 821
Social value of public information: testing the limits to transparency
Michael Ehrmann, Marcel Fratzscher
23 Oct 2007
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No. 820
What do we really know about fiscal sustainability in the EU? A panel data diagnostic
António Afonso, Christophe Rault
Published in: Review of World Economics (forthcoming)
23 Oct 2007
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No. 819
Proximity and linkages among coalition participants: a new voting power measure applied to the International Monetary Fund
Julien Reynaud, Christian Thimann, Lukasz Gatarek
23 Oct 2007
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No. 818
Is time ripe for price level path stability?
Vítor Gaspar, Frank Smets, David Vestin
23 Oct 2007
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No. 817
Convergence and anchoring of yield curves in the euro area
Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak, Eric Swanson
Published in: Review of Economics and Statistics (forthcoming)
18 Oct 2007
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No. 816
The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US
Sylvia Kaufmann, Maria Teresa Valderrama
27 Sep 2007
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No. 815
Do international portfolio investors follow firms’ foreign investment decisions?
Roberto A. De Santis, Paul Ehling
27 Sep 2007
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No. 814
Choice of currency in bond issuance and the international role of currencies
Nikolaus Siegfried, Emilia Simeonova, Cristina Vespro
28 Sep 2007
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No. 813
The role of the exchange rate for adjustment in boom and bust episodes
Reiner Martin, Ludger Schuknecht, Isabel Vansteenkiste
27 Sep 2007
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No. 812
The uncovered return parity condition
Lorenzo Cappiello, Roberto A. De Santis
27 Sep 2007
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No. 811
Instability and nonlinearity in the euro area Phillips curve
Alberto Musso, Livio Stracca, Dick van Dijk
Published in: International Journal of Central Banking 5(2), pp. 181-212, June 2009
26 Sep 2007
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No. 810
Inflation persistence: euro area and new EU Member States
Michal Franta, Branislav Saxa, Kateřina Šmídková
28 Sep 2007
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No. 809
Is the New Keynesian Phillips curve flat?
Keith Kuester, Gernot J. Müller, Sarah Stölting
20 Sep 2007
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No. 808
Model misspecification, the equilibrium natural interest rate and the equity premium
Oreste Tristani
20 Sep 2007
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No. 807
Cross-border lending contagion in multinational banks
Alexis Derviz, Jiří Podpiera
19 Sep 2007
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No. 806
State-dependency and firm-level optimization: a contribution to Calvo price staggering
Peter McAdam, Alpo Willman
Published in: Manchester School (forthcoming) as "Arrow-Calvo Price Staggering".
21 Aug 2007
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No. 805
The pricing of risk in European credit and corporate bond markets
Antje Berndt, Iulian Obreja
22 Aug 2007
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No. 804
Growth accounting for the euro area: a structural approach
Tommaso Proietti, Alberto Musso
31 Aug 2007
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No. 803
Optimal monetary policy in an estimated DSGE for the euro area
Stéphane Adjemian, Matthieu Darracq Pariès, Stéphane Moyen
21 Aug 2007
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No. 802
Investigating time-variation in the marginal predictive power of the yield spread
Luca Benati, Charles Goodhart
Published in: Journal of Economic Dynamics and Control, 32(4), 1236-1272.
21 Aug 2007
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No. 801
Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities
Arnaud Mehl, Lorenzo Cappiello
Published in: Review of International Economics as "Uncovered interest parity at long horizons: evidence on emerging economies" (forthcoming)
31 Aug 2007
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No. 800
Is the corporate bond market forward looking?
Jens Hilscher
17 Aug 2007
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No. 799
Monetary policy shocks in a two-sector open economy: an empirical study
Ricardo Llaudes
17 Aug 2007
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No. 798
The transmission of US cyclical developments to the rest of the world
Stéphane Dées, Isabel Vansteenkiste
22 Aug 2007
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No. 797
Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output
Luca Benati, Giovanni Vitale
21 Aug 2007
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No. 796
The impact of exchange rate shocks on sectoral activity and prices in the euro area
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No. 795
Assessing the impact of a change in the composition of public spending: a DSGE approach
Roland Straub, Ivan Tchakarov
21 Aug 2007
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No. 794
(Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate
Marco J. Lombardi, Silvia Sgherri
16 Aug 2007
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No. 793
Structural econometric approach to bidding in the main refinancing operations of the Eurosystem
Nuno Cassola, Christian Ewerhart, Claudio Morana
Published in: Journal of Financial Transformation. April 2007; 0(19): 81-90.
16 Aug 2007
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No. 792
Euro area market reactions to the monetary developments press release
Jerome Coffinet, Sylvain Gouteron
10 Aug 2007
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No. 791
Inquiries on dynamics of transition economy convergence in a two-country model
Jan Brůha, Jiří Podpiera
09 Aug 2007
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No. 790
Asset prices, exchange rates and the current account
Marcel Fratzscher, Luciana Juvenal, Lucio Sarno
08 Aug 2007
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No. 789
Modeling the impact of external factors on the euro area’s HICP and real economy: a focus on pass-through and the trade balance
Luigi Landolfo
26 Jul 2007
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No. 788
Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders
Rocco R. Huang
26 Jul 2007
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No. 787
Finance and growth: a macroeconomic assessment of the evidence from a European angle
Elias Papaioannou
Published in: Journal of the European Economic Association (Papers and Proceedings), April-May 2007, 5(2-3).
27 Jul 2007
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No. 786
The economic impact of merger control: what is special about banking?
Elena Carletti, Philipp Hartmann, Steven Ongena
26 Jul 2007
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No. 785
Aggregating Phillips curves
Jean Imbs, Eric Jondeau, Florian Pelgrin
27 Jul 2007
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No. 784
Understanding the dynamics of labor shares and inflation
Martina Lawless, Karl Whelan
26 Jul 2007
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No. 783
The cyclicality of effective wages within employer-employee matches: evidence from German panel data
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No. 782
Panel data estimates of the production function and product and labor market imperfections
Sabien Dobbelaere, Jacques Mairesse
27 Jul 2007
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No. 781
Wage inequality in Spain: recent developments
Mario Izquierdo, Aitor Lacuesta
24 Jul 2007
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No. 780
Dynamics and monetary policy in a fair wage model of the business cycle
David de la Croix, Gregory de Walque, Raf Wouters
27 Jul 2007
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No. 779
On-the-job search and the cyclical dynamics of the labor market
Michael U. Krause, Thomas A. Lubik
27 Jul 2007
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No. 778
Employment protection legislation and wages
Marco Leonardi, Giovanni Pica
24 Jul 2007
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No. 777
Downward nominal wage rigidity in the OECD
Steinar Holden, Fredrik Wulfsberg
Published in: B.E. Journal of Macroeconomics: Vol. 8: Iss. 1 (Advances), Article 15.
31 Jul 2007
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No. 776
Insights gained from conversations with labor market decision makers
Truman F. Bewley
24 Jul 2007
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No. 775
The dynamic behaviour of budget components and output
António Afonso, Peter Claeys
Published in: Economic Modelling (2008), 25 (1), 93-117.
11 Jul 2007
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No. 774
Shocks, structures or monetary policies? The euro area and US after 2001
Lawrence Christiano, Roberto Motto, Massimo Rostagno
11 Jul 2007
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No. 773
Exchange rate volatility and growth in small open economies at the EMU periphery
Gunther Schnabl
11 Jul 2007
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No. 772
Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?
Philip Vermeulen
28 Jun 2007
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No. 771
Policy rate decisions and unbiased parameter estimation in typical monetary policy rules
Jiří Podpiera
Published in: “The Role of Ad Hoc Factors in Policy Rate Settings”, Economic Modelling, 2008, doi:10.1016/j.econmod.2008.01.005; “Policy Rate Inertia Reconsidered: Evidence from Endogenous Interest Rate Trajectory”, Economics Letters, 2008, Vol.100, Issue 2, p. 238-240 (August 2008).
28 Jun 2007
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No. 770
Welfare implications of Calvo vs. Rotemberg pricing assumptions
Giovanni Lombardo, David Vestin
Published in: Economics Letters, August 2008; 100(2): 275-79
28 Jun 2007
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No. 769
The ‘Great Moderation’ in the United Kingdom
Luca Benati
Published in: Journal of Money, Credit, and Banking, 39(1), 121-147.
28 Jun 2007
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No. 768
A new approach to measuring competition in the loan markets of the euro area
Michiel van Leuvensteijn, Jacob A. Bikker, Adrian Van Rixtel, Christoffer Kok Sørensen
28 Jun 2007
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No. 767
Explaining monetary policy in press conferences
Michael Ehrmann, Marcel Fratzscher
Published in: in the International Journal of Central Banking (forthcoming)
13 Jun 2007
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No. 766
How and when do markets tip? Lessons from the Battle of the Bund
Estelle Cantillon, Pai-Ling Yin
13 Jun 2007
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No. 765
Sequential optimization, front-loaded information, and U.S. consumption
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No. 764
Robust monetary policy with imperfect knowledge
Athanasios Orphanides, John C. Williams
Published in: Journal of Monetary Economics. July 2007; 54(5): 1406-35.
13 Jun 2007
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No. 763
Short- and long-run tax elasticities: the case of the Netherlands
Guido Wolswijk
13 Jun 2007
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No. 762
Patterns of current account adjustment: insights from past experience
Bernardina Algieri, Thierry Bracke
13 Jun 2007
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No. 761
External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment
Philipp Engler, Michael Fidora, Christian Thimann
Published in: Review of International Economics (forthcoming)
13 Jun 2007
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No. 760
Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area
Alistair Dieppe, Thomas Warmedinger
13 Jun 2007
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No. 759
Linear-quadratic approximation, external habit and targeting rules
Paul Levine, Joseph G. Pearlman, Richard Pierse
13 Jun 2007
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No. 758
Red tape and delayed entry
Antonio Ciccone, Elias Papaioannou
Published in: Journal of the European Economic Association, 5(2-3), 444-458.
13 Jun 2007
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No. 757
The cyclicality of consumption, wages and employment of the public sector in the euro area
Ana Lamo, Javier J. Pérez, Ludger Schuknecht
23 May 2007
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No. 756
Maintaining low inflation: money, interest rates, and policy stance
Samuel Reynard
Published in: Journal of Monetary Economics, July 2007, vol. 54(5), pp. 1441-1471.
23 May 2007
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No. 755
Durable goods and their effect on household saving ratios in the euro area
Jukka Jalava, Ilja Kristian Kavonius
Published in: Review of Income and Wealth, Series 55, Number 1, pp. 43-56, March 2009.
23 May 2007
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No. 754
Euro area inflation persistence in an estimated nonlinear DSGE model
Gianni Amisano, Oreste Tristani
Published in: Journal of Economic Dynamics and Control (forthcoming)
23 May 2007
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No. 753
Trade credit defaults and liquidity provision by firms
Frédéric Boissay, Reint Gropp
23 May 2007
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No. 752
Econometric analyses with backdated data: unified Germany and the euro area
Elena Angelini, Massimiliano Marcellino
23 May 2007
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No. 751
A look into the factor model black box: publication lags and the role of hard and soft data in forecasting GDP
Marta Bańbura, Gerhard Rünstler
23 May 2007
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No. 747
Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model
Günter Coenen, Peter McAdam, Roland Straub
Published in: Journal of Economic Dynamics and Control, 32(8), 2543-2583, 2008.
24 Apr 2007
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No. 746
U.S. evolving macroeconomic dynamics: a structural investigation
Luca Benati, Haroon Mumtaz
24 Apr 2007
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No. 745
Market discipline, financial integration and fiscal rules: what drives spreads in the euro area government bond market?
Simone Manganelli, Guido Wolswijk
Published in: Economic Policy, 2009, 48: 191-240, published as: What Drives Spreads in the Euro Area Government Bond Market?
24 Apr 2007
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No. 744
International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation
Francisco Ramon-Ballester, Torsten Wezel
30 Mar 2007
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No. 743
Credit market and macroeconomic volatility
Caterina Mendicino
30 Mar 2007
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No. 742
The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences
Dieter Gerdesmeier, Francesco Paolo Mongelli, Barbara Roffia
Published in: Journal of Money, Credit, and Banking. October 2007; 39(7): 1785-1819.
27 Mar 2007
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No. 741
Sectoral money demand models for the euro area based on a common set of determinants
Julian von Landesberger
30 Mar 2007
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No. 740
Transition economy convergence in a two-country model: implications for monetary integration
Jan Brůha, Jiří Podpiera
27 Mar 2007
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No. 739
Exchange rate pass-through in emerging markets
Michele Ca' Zorzi, Elke Hahn, Marcelo Sánchez
21 Mar 2007
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No. 738
Commodity prices, money and inflation
Frank Browne, David Cronin
15 Mar 2007
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No. 737
Structural balances and revenue windfalls: the role of asset prices revisited
Richard Morris, Ludger Schuknecht
15 Mar 2007
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No. 736
Transaction costs and informational cascades in financial markets; Theory and experimental evidence.
Marco Cipriani, Antonio Guarino
21 Mar 2007
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No. 735
Market based compensation, price informativeness and short-term trading
Riccardo Calcagno, Florian Heider
21 Mar 2007
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No. 734
Inflation risk premia in the term structure of interest rates
Peter Hördahl, Oreste Tristani
23 Feb 2007
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No. 733
Mortgage interest rate dispersion in the euro area
Christoffer Kok Sørensen, Jung-Duk Lichtenberger
23 Feb 2007
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No. 732
Liquidity shocks and asset price boom/bust cycles
Ramón Adalid, Carsten Detken
23 Feb 2007
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No. 731
International trade, technological shocks and spillovers in the labour market; A GVAR analysis of the US manufacturing sector
Paul Hiebert, Isabel Vansteenkiste
Published in: Applied Economics (forthcoming)
23 Feb 2007
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No. 730
What drives business cycles and international trade in emerging market economies?
Marcelo Sánchez
19 Feb 2007
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No. 729
Fast micro and slow macro: can aggregation explain the persistence of inflation?
Benoît Mojon, Filippo Altissimo, Paolo Zaffaroni
Published in: Journal of Monetary Economics (forthcoming)
19 Feb 2007
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No. 728
Price changes in Finland: some evidence from micro CPI data.
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No. 727
Price setting in the euro area: some stylised facts from individual producer price data
Philip Vermeulen, Daniel Dias, Maarten Dossche, Erwan Gautier, Ignacio Hernando, Roberto Sabbatini, Harald Stahl
14 Feb 2007
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No. 726
Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions
Magnus Andersson
Published in: Forthcoming in International Journal of Central Banking
14 Feb 2007
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No. 725
Inflation Forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area
Carlo Altavilla, Matteo Ciccarelli
Published in: Economic Modelling (forthcoming)
13 Feb 2007
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No. 724
The transmission of emerging market shocks to global equity markets
Lucía Cuadro Sáez, Marcel Fratzscher, Christian Thimann
Published in: Journal of Empirical Finance, vol. 16 (2009), p. 2-19
02 Feb 2007
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No. 723
Asset allocation by penalized least squares
Simone Manganelli
02 Feb 2007
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