Working Papers

from Oesterreichische Nationalbank (Austrian Central Bank)
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145: Transmission of business cycle shocks between the US and the euro area

Martin Schneider and Gerhard Fenz

144: Dating and forecasting turning points by Bayesian clustering with dynamic structure: A suggestion with an application to Austrian data

Sylvia Kaufmann

143: Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets

Christian Wagner

142: Testing the tax competition theory: How elastic are national tax bases in Western Europe?

Aleksandra Riedl and Silvia Rocha-Akis

141: The Real Consequences of Financial Market Integration when Countries Are Heterogeneous

Kerstin Gerling

140: Euroization: What Factors drive its Persistence? Household Data Evidence for Croatia, Slovenia and Slovakia

Helmut Stix

139: Mr. Wicksell and the global economy: What drives real interest rates?

Michal Brzoza-Brzezina and Jesus Crespo Cuaresma

138: Real Convergence, Price Level Convergence and Inflation Differentials in Europe

Balázs Égert

137: Transmission of business cycle shocks between unequal neighbours: Germany and Austria

Gerhard Fenz and Martin Schneider

136: The Relative Importance of Symmetric and Asymmetric Shocks: the Case of United Kingdom and Euro Area

Gert Peersman

135: Has the EU’s Single Market Programme fostered competition? Testing for a decrease in markup ratios in EU industries

Harald Badinger

134: Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies

Balázs Égert

133: A Deliberative Independent Central Bank

Erwin Jericha and Martin Schürz

132: AQM-06: The Macroeconomic Model of the OeNB

Martin Schneider and Markus Leibrecht

131: Expected Money Growth, Markov Trends and the Instability of Money Demand in the Euro Area

Sylvia Kaufmann and Peter Kugler

130: A Worldwide System of Reference Rates

John Williamson

129: Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries

Ansgar Belke, Bernhard Herz and Lukas Vogel

128: Three Lectures on Monetary Theory and Policy: Speaking Notes and Background Papers

David Laidler

127: Proposal for a Common Currency among Rich Democracies (Paper 1); One World Money, Then and Now (Paper 2)

Richard N. Cooper (Paper 1), Michael Bordo (Paper 2) and Harold James (Paper 2)

126: Monetary Union, External Shocks and Economic Performance: A Latin American Perspective

Sebastian Edwards

125: Regional Currency Arrangements: Insights from Europe

Josef Christl

124: Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison

Marek Jarociński

123: The Mystique of Central Bank Speak

Petra Maria Geraats

122: Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?

Hans Genberg

121: Regional Currency Arrangements in North America

Sven Arndt

120: Europe’s Hard Fix: The Euro Area

Otmar Issing

119: An Unobserved Components Model to forecast Austrian GDP

Gerhard Fenz and Martin Spitzer

118: Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability

Claudia Kwapil and Johann Scharler

117: Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?

Johann Scharler

116: Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks

Sylvia Kaufmann and Johann Scharler

115: The London Stock Exchange in the 19th Century: Ownership Structures, Growth and Performance

Larry Neal

114: The Determinants of Multinational Banking during the First Globalization, 1870-1914

Stefano Battilossi

113: Lessons from Italian Monetary Unification

James S. Foreman-Peck

112: Did Genoa and Venice Kick a Financial Revolution in the Quattrocento?

Michele Fratianni and Franco spinelli

111: European Financial Market Integration in the Gruenderboom and Gruenderkrach: Evidence from European Cross-Listings

Markus Baltzer

110: Does Diversification Improve the Performance of German Banks? Evidence from Individual Bank Loan Portfolios

Evelyn Hayden, Daniel Porath and Natalja von Westernhagen

109: Bankruptcy Law, Creditors’ Rights and Contractual Exchange in Europe, 1808-1914

Jérôme Sgard

108: European Banks and their Impact on the Banking Industry in Chile and Brazil: 1862 - 1913

Ignacio Briones and André Villela

107: Legal-Political Factors and the Historical Evolution of the Finance-Growth Link

Michael David Bordo and Peter Rousseau

106: Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

Balázs Égert, László Halpern and Ronald MacDonald

105: Trade Integration of Central and Eastern European Countries: Lessons from a Gravity Model

Matthieu Bussiere, Jarko Fidrmuc and Bernd Schnatz

104: AQM. The Austrian Quarterly Model of the Oesterreichische Nationalbank

Gerhard Fenz and Martin Spitzer

103: Does Money Matter for Inflation in the Euro Area?

Peter Kugler and Sylvia Kaufmann

102: Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries

Fabio Rumler

101: How Frequently Do Consumer Prices Change in Austria? Evidence from Micro CPI Data

Josef Baumgartner, Ernst Glatzer, Fabio Rumler and Alfred M. Stiglbauer

100: The Price-Setting Behavior of Austrian Firms: Some Survey Evidence

Claudia Kwapil, Josef Baumgartner and Johann Scharler

99: The Effect of Capital Requirement Regulation on the Transmission of Monetary Policy: Evidence from Austria

Philipp Engler, Terhi Jokipii, Christian P. Merkl, Pablo Rovira Kaltwasser and Lucio Vinhas de Souza

98: The European Monetary Union as a Commitment Device for New EU Member States

Federico Ravenna

97: Financial Differences and Business Cycle Co-Movements in A Currency Area

Ester Faia

96: Managerial behavior and cost/profit efficiency in the banking sectors of Central and Eastern European countries

Stefania P.S. Rossi, Markus Schwaiger and Gerhard Winkler