Working Paper Series

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564: Forecasting the central bank’s inflation objective is a good rule of thumb

Marie Diron and Benoit Mojon

563: Sticky prices in the euro area - a summary of new micro evidence

Luis J. Alvarez, Emmanuel Dhyne, Marco Hoeberichts, Claudia Kwapil, Hervé LE BIHAN, Patrick Lünnemann, Roberto Sabbatini, Fernando Manuel Monteiro Martins, Harald Edgar Stahl, Philip Vermeulen and Jouko Vilmunen

562: The price setting behaviour of Portuguese firms - evidence from survey data

Fernando Manuel Monteiro Martins

561: Price setting in German manufacturing: new evidence from new survey data

Harald Edgar Stahl

560: The determinants of ‘domestic’ original sin in emerging market economies

Arnaud Jérôme Mehl and Julien Reynaud

559: When did unsystematic monetary policy have an effect on inflation?

Benoit Mojon

558: Ricardian fiscal regimes in the European Union

Antonio Afonso

557: How should central banks communicate?

Michael Ehrmann and Marcel Fratzscher

556: The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Kai Christoffel and Tobias Linzert

555: Near-rational exuberance

James Bullard, George William Evans and Seppo Mikko Sakari Honkapohja

554: Equilibrium and inefficiency in fixed rate tenders

Christian Ewerhart, Nuno Cassola and Natacha Valla

553: Global bond portfolios and EMU

Philip Lane

552: European Union enlargement and equity markets in accession countries

Tomas Dvorak and Richard Podpiera

551: Technological diversification

Miklós Koren and Silvana Tenreyro

550: Underwriter competition and gross spreads in the eurobond market

Michael G. Kollo

549: Eigenvalue filtering in VAR models with application to the Czech business cycle

Jaromír Beneš and David Vavra

548: The link between interest rates and exchange rates - do contractionary depreciations make a difference?

Marcelo Sánchez

547: Bank finance versus bond finance - what explains the differences between US and Europe?

Fiorella De Fiore and Harald Uhlig

546: The natural real interest rate and the output gap in the euro area - a joint estimation

Julien Garnier and Wilhelmsen, Bjørn-Roger

545: Trade integration of Central and Eastern European countries - lessons from a gravity model

Matthieu Bussiere, Jarko Fidrmuc and Bernd Schnatz

544: Forecasting the yield curve in a data-rich environment - a no-arbitrage factor-augmented VAR approach

Emanuel Mönch (Emanuel Moench)

543: Lending booms in the new EU Member States - will euro adoption matter?

Michal Brzoza-Brzezina

542: Liquidity and real equilibrium interest rates - a framework of analysis

Livio Stracca

541: Consumer price behaviour in Luxembourg - evidence from micro CPI data

Patrick Lünnemann and Thomas Mathä

540: Optimal discretionary policy and uncertainty about inflation persistence

Richhild Moessner

539: Inflation persistence and monetary policy design - an overview

Andrew Theo Levin and Richhild Moessner

538: The price setting behaviour of spanish firms - evidence from survey data

Luis J. Alvarez and Ignacio Hernando

537: Global inflation

Matteo Ciccarelli and Benoit Mojon

536: Heterogeneity in consumer price stickiness - a microeconometric investigation

Denis Fougere, Hervé LE BIHAN and Patrick SEVESTRE

535: The pricing behaviour of firms in the euro area - new survey evidence

Silvia Fabiani, Claudia Kwapil, Martine Druant, Ignacio Hernando, Bettina Landau, Claire Loupias, Fernando Manuel Monteiro Martins, Thomas Mathä, Roberto Sabbatini, Harald Edgar Stahl and A.C.J. Stokman

534: Time-dependent or state-dependent price setting? Micro-evidence from German metal-working industries

Harald Edgar Stahl

533: Discretionary policy, multiple equilibria, and monetary instruments

Andreas Schabert

532: Intra- and extra-euro area import demand for manufactures

Robert Anderton, Badi Baltagi, Frauke Skudelny and Nuno Sousa

531: Market power, innovative activity and exchange rate pass-through in the euro area

Sophocles N. Brissimis and Theodora Kosma

530: Cross-dynamics of volatility term structures implied by foreign exchange options

Elizaveta Krylova, Jussi Nikkinen and Sami Vähämaa

529: Explaining exchange rate dynamics - the uncovered equity return parity condition

Elizaveta Krylova, Lorenzo Cappiello and Roberto A. De Santis

528: How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches

Marcel Fratzscher

527: Banking system stability - a cross-Atlantic perspective

Philipp Hartmann, Stefan Straetmans and Casper G. de Vries

526: On some fiscal effects on mortgage debt growth in the EU

Guido Wolswijk

525: Distilling co-movements from persistent macro and financial series

Karim Abadir and Gabriel Talmain

524: Price setting in the euro area: some stylized facts from individual consumer price data

Emmanuel Dhyne, Luis J. Alvarez, Hervé LE BIHAN, Giovanni Veronese, Daniel Dias, Johannes Hoffmann, Nicole Jonker, Patrick Lünnemann, Fabio Rumler and Jouko Vilmunen

523: How frequently do consumer prices change in Austria? Evidence from micro CPI data

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

522: Price setting behaviour in Spain: evidence from micro PPI data

Luis J. Alvarez, Pablo Burriel and Ignacio Hernando

521: Inflation persistence in structural macroeconomic models (RG10)

Berben, Robert-Paul, Ricardo Mestre, Julian Morgan, Theo Mitrakos and Nicholas Zonzilos

520: Delegated portfolio management: a survey of the theoretical literature

Livio Stracca

519: Non-Keynesian effects of fiscal contraction in new member states

Andrzej Rzonca and Piotr Ciżkowicz

518: Term structure and the sluggishness of retail bank interest rates in euro area countries

Gabe de Bondt, Benoit Mojon and Natacha Valla

517: Credit ratings and the standardised approach to credit risk in Basel II

Patrick Van Roy

516: The European Monetary Union as a commitment device for new EU member states

Federico Ravenna

515: An international analysis of earnings, stock prices and bond yields

Alain Durré and Pierre Giot