Working Paper Series

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928: Corporate tax competition and the decline of public investment

Pedro Gomes and Francois Pouget

927: Monetary stabilisation in a currency union of small open economies

Marcelo Sánchez

926: Euro area money demand and international portfolio allocation - a contribution to assessing risks to price stability

Roberto A. De Santis, Carlo A. Favero and Barbara Roffia

925: Flow on conjunctural information and forecast of euro area economic activity

Katja Drechsel and Laurent Maurin

924: Government spending volatility and the size of nations

Davide Furceri and Marcos Poplawski Ribeiro

922: A review of nonfundamentalness and identification in structural VAR models

Lucia Alessi, Matteo Barigozzi and Marco Capasso

921: Foreign direct investment and environmental taxes

Roberto A. De Santis and Frank Stähler

920: An investigation on the effect of real exchange rate movements on OECD bilateral exports

Antoine Berthou

919: Fiscal policy in real time

Jacopo Cimadomo

918: Imports and profitability in the euro area manufacturing sector - the role of emerging market economies

Tuomas A. Peltonen, Martin Skala, Alvaro Santos Rivera and Gabor Pula

916: Optimal reserve composition in the presence of sudden stops - the euro and the dollar as safe haven currencies

Roland Beck and Ebrahim Rahbari

915: Medium run redux - technical change, factor shares and frictions in the euro area

Peter McAdam and Alpo Willman

914: Evolution and sources of manufacturing productivity growth - evidence from a panel of European countries

Silvia Giannangeli and G?mez-Salvador, Ram?n

913: Country and industry equity risk premia in the euro area: an intertemporal approach

Lorenzo Cappiello, Marco Lo Duca and Angela Maddaloni

912: Labour cost and employment across euro area countries and sectors

Beatrice Pierluigi and Moreno Roma

911: Global liquidity glut or global savings glut? A structural VAR approach

Thierry Bracke and Michael Fidora

910: How has CDO market pricing changed during the turmoil? Evidence from CDS index tranches

Martin Scheicher

909: Repo markets, counterparty risk and the 2007/2008 liquidity crisis

Christian Ewerhart and Jens Tapking

908: 3-step analysis of public finances sustainability - the case of the European Union

Antonio Afonso and Christophe Rault

907: Globalisation and the euro area - simulation based analysis using the New Area Wide Model

Pascal Jacquinot and Roland Straub

906: The impact of the euro on equity markets - a country and sector decomposition

Lorenzo Cappiello, Arjan Kadareja and Simone Manganelli

905: A persistence-weighted measure of core inflation in the euro area

Laurent Bilke and Livio Stracca

904: Does money matter in the IS curve? The case of the UK

Barry Edward Jones and Livio Stracca

903: A robust criterion for determining the number of static factors in approximate factor models

Lucia Alessi, Matteo Barigozzi and Marco Capasso

902: Fiscal consolidation in the euro area - long-run benefits and short-run costs

Günter Coenen, Matthias Mohr and Roland Straub

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 García and Sara Signorini

900: Forecasting inflation and tracking monetary policy in the euro area - does national information help?

Riccardo Cristadoro, Fabrizio Venditti and Giuseppe Saporito

899: Robust monetary rules under unstructured and structured model uncertainty

Paul Levine and Joseph Gerson Pearlman

898: Central Bank communication and monetary policy - a survey of theory and evidence

Alan S. Blinder, Michael Ehrmann, Marcel Fratzscher, Jakob de Haan and David-Jan Jansen

897: DSGE-Modelling - when agents are imperfectly informed

Paul De Grauwe

896: The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries

Anna Lipinska

895: On the empirical evidence of the intertemporal current account model for the euro area countries

Ca’ Zorzi, Michele and Michał Rubaszek

894: The role of country-specific trade and survey data in forecasting euro area manufacturing production. Perspective from Large Panel factor models

Laurent Maurin and Matthieu DARRACQ PARIES

893: Sticky wages. Evidence from quarterly microeconomic data

Thomas Heckel, Hervé LE BIHAN and Jérémi Montornès

892: Identification of New Keynesian Phillips Curves from a global perspective

Stephane Dees, M Hashem Pesaran, L. Vanessa Smith and Ron P. Smith (Ronald Smith)

891: House prices and the stance of monetary policy

Marek Jarociński and Frank Rafael Smets

890: Globalisation, domestic inflation and global output gaps - evidence from the euro area

Alessandro Calza

889: Credit and the natural rate of interest

Fiorella De Fiore and Oreste Tristani

888: Credit and the natural rate of interest

Charles Goodhart and Boris Hofmann

887: Labor supply after transition. Evidence from the Czech Republic

Alena Bičáková, Jiri (Jirka) Slacalek and Michal Slavík

886: International evidence on sticky consumption growth

Christopher D. Carroll, Jiri (Jirka) Slacalek and Martin Sommer

885: Impact of bank competition on the interest rate pass-through in the euro area

Michiel Van Leuvensteijn, Christoffer Kok Sørensen, Jacob Bikker and Adrian van Rixtel

884: A quantitative perspective on optimal monetary policy cooperation between the US and the euro area

Frank Rafael Smets, Matthieu DARRACQ PARIES and Stéphane Adjemian

883: Assessing the benefits of international portfolio diversification in bonds and stocks

Roberto A. De Santis and Lucio Sarno

882: Forecasting world trade. Direct versus "bottom-up" approaches

Stephane Dees and Matthias Burgert

881: Imperfect predictability and mutual fund dynamics. How managers use predictors in changing systematic risk

Gianni Amisano and Roberto Savona

880: On policy interactions among nations. When do cooperation and commitment matter?

Hubert Kempf and Leopold von Thadden

879: Government risk premiums in the bond market. EMU and Canada

Ludger Schuknecht, Juergen von Hagen and Guido Wolswijk

878: Nominal and real interest rates during an optimal disinflation in New Keynesian models

Marcus Hagedorn

877: What are the effects of fiscal shocks? A VAR-based comparative analysis

Dario Caldara and Christophe Kamps