Working Paper Series

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1064: Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Marcel Fratzscher and Livio Stracca

1063: Does Private Equity Investment Spur Innovation? Evidence from Europe

Alexander Popov and Peter Roosenboom

1062: External shocks and international inflation linkages - a Global VAR analysis

Alessandro Galesi and Marco Jacopo Lombardi

1061: The Distribution of Households Consumption-Expenditure Budget Shares

Matteo Barigozzi, Lucia Alessi, Marco Capasso and Giorgio Fagiolo

1060: What Explains Global Exchange Rate Movements During the Financial Crisis?

Marcel Fratzscher

1059: Forecasting the World Economy in the Short-Term

Audrone Jakaitiene and Stephane Dees

1058: National prices and wage setting in a currency union

Marcelo Sánchez

1057: Euro area private consumption - Is there a role for housing wealth effects?

Frauke Skudelny

1056: Fiscal behaviour in the European Union - rules, fiscal decentralization and government indebtedness

Ingo Fender and Martin Scheicher

1055: The Impact of Extreme Weather Events on Budget Balances and Implications for Fiscal Policy

Eliza M. Lis and Christiane Nickel

1054: Fiscal behaviour in the European Union - rules, fiscal decentralization and government indebtedness

Antonio Afonso and Sebastian Hauptmeier

1053: Inflation dynamics with labour market matching: assessing alternative specifications

Kai Christoffel, James S. Costain, Grégory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard

1052: Bidding behaviour in the ECB's main refinancing operations during the financial crisis

Jens Eisenschmidt, Astrid Hirsch and Tobias Linzert

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 and Vincent Labhard

1050: Wealth Effects on Consumption - Evidence from the euro area

Ricardo Jorge Magalhães de Abreu Santos Sousa

1049: Labour Force Participation in the Euro Area - A Cohort Based Analysis

Almut Balleer, Gomez-Salvador, Ramon and Jarkko Turunen

1048: Downward wage rigidity and optimal steady-state inflation

Gabriel Fagan and Julian Messina

1047: The impact of reference norms on inflation persistence when wages are staggered

Markus Knell and Alfred Stiglbauer

1046: Productivity shocks and real exchange rates - a reappraisal

Tuomas Antero Peltonen and Michael Sager

1045: The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics

Wolfgang Lemke and Thomas Werner

1044: The forecasting power of international yield curve linkages

Michele Modugno and Kleopatra Nikolaou

1043: Optimal monetary policy in a model of the credit channel

Fiorella De Fiore and Oreste Tristani

1042: The determinants of public deficit volatility

Luca Agnello and Ricardo Jorge Magalhães de Abreu Santos Sousa

1041: An economic capital model integrating credit and interest rate risk in the banking book

Piergiorgio Alessandri and Mathias Drehmann

1040: The external and domestic side of macroeconomic adjustment in China

Roland Straub and Christian Thimann

1039: Real Time’ early warning indicators for costly asset price boom/bust cycles - a role for global liquidity

Lucia Alessi and Carsten Detken

1038: Are ‘Intrinsic Inflation Persistence’ Models Structural in the Sense of Lucas (1976)?

Luca Benati

1037: What Do Asset Prices Have to Say About Risk Appetite and Uncertainty?

Geert Bekaert, Marie Hoerova and Martin Scheicher

1036: Search in the Product Market and the Real Business Cycle

Thomas Mathä and Olivier Pierrard

1035: The role of labor markets for euro area monetary policy

Kai Christoffel, Keith Kuester and Tobias Linzert

1034: The role of the United States in the global economy and its evolution over time

Stephane Dees and Saint-Guilhem, Arthur

1033: Fiscal competition over taxes and public inputs - theory and evidence

Sebastian Hauptmeier, Ferdinand Mittermaier and Johannes Rincke

1032: Assessing long-term fiscal developments - a new approach

Antonio Afonso, Luca Agnello, Davide Furceri and Ricardo Jorge Magalhães de Abreu Santos Sousa

1031: Global roles of currencies

Christian Thimann

1030: Forecast evaluation of small nested model sets

Kirstin Hubrich and Kenneth D. West

1029: The role of fiscal transfers for regional economic convergence in Europe

Cristina Checherita, Christiane Nickel and Philipp Rother

1028: Large debt financing: syndicated loans versus corporate bonds

Yener Altunbaş, Alper Kara and Marqués-Ibáñez, David (David Marqués Ibañez)

1027: Long Run Evidence on Money Growth and Inflation

Luca Benati

1026: Do house price developments spill over across euro area countries? Evidence from a Global VAR

isabel Vansteenkiste and Paul Hiebert

1025: Liquidity risk premia in unsecured interbank money markets

Jens Eisenschmidt and Jens Tapking

1024: Funding Liquidity Risk: Definition and Measurement

Mathias Drehmann and Kleopatra Nikolaou

1023: Bank Loan Announcements and Borrower Stock Returns: Does Bank Origin Matter?

Steven Ongena and Viorel Roscovan

1022: Understanding Inter-Industry Wage Structures in the Euro Area

Véronique Genre, Karsten Kohn and Daphne Momferatou

1021: Rigid labour compensation and flexible employment? Firm-level evidence with regard to productivity for Belgium

Catherine Fuss and Ladislav Wintr

1020: Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Andreas Beyer, Vitor Gaspar, Christina Gerberding and Otmar Issing

1019: What drives returns to euro area housing? Evidence from a dynamic dividend-discount model

Paul Hiebert and Matthias Sydow

1018: Cross-Border Mergers and Acquisitions: Financial and Institutional Forces

Nicolas Coeurdacier, Roberto A. De Santis and Antonin Aviat

1017: Optimal Prediction Pools

John Geweke and Gianni Amisano (John Geweke and John Geweke)

1016: When does Lumpy Factor Adjustment Matter for Aggregate Dynamics?

Stephan Alexander Fahr and Fang Yao

1015: Inflation forecasting in the new EU member states

Olga Arratibel, Christophe Kamps and Leiner-Killinger, Nadine