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414: Inflation persistence in the European Union, the euro area, and the United States

Gregory Gadzinski and Fabrice Orlandi

413: An empirical analysis of price setting behaviour in the Netherlands in the period 1998-2003 using micro data

Nicole Jonker, Carsten Folkertsma and Harry Blijenberg

412: The real effects of money growth in dynamic general equilibrium

Liam Graham and Dennis Snower

411: Fiscal discipline and the cost of public debt service: some estimates for OECD countries

Silvia Ardagna, Francesco Caselli and Timothy Lane

410: Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?

Olli Castrén

409: Currency mismatch, uncertainty and debt maturity structure

Matthieu Bussiere, Marcel Fratzscher and Winfried Koeniger

408: The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think

Florin O. Bilbiie

407: Banking consolidation and small business lending

Elod Takats

406: Labour market reform and the sustainability of exchange rate pegs

Olli Castrén, Tuomas Takalo and Geoffrey Wood

405: A joint econometric model of macroeconomic and term structure dynamics

Peter Hördahl, Oreste Tristani and David Vestin

404: An analysis of systemic risk in alternative securities settlement architectures

Giulia Iori

403: Financial market integration and loan competition: when is entry deregulation socially beneficial?

Leo Kaas

402: Forecasting euro area inflation using dynamic factor measures of underlying inflation

Camba-Méndez, Gonzalo and George Kapetanios

401: Foreign direct investment and international business cycle comovement

W. Jos Jansen and A.C.J. Stokman

400: Cross-country differences in monetary policy transmission

Berben, Robert-Paul, Alberto Locarno, Julian Morgan and Javier Valles

399: Sporadic manipulation in money markets with central bank standing facilities

Christian Ewerhart, Nuno Cassola, Steen Ejerskov and Natacha Valla

398: Mergers and acquisitions and bank performance in Europe: the role of strategic similarities

Yener Altunbas and David Marqués Ibañez

397: Determinants of euro term structure of credit spreads

Astrid Van Landschoot

396: The short-term impact of government budgets on prices: evidence from macroeconomic models

Jerome Henry, Pablo Hernández de Cos and Sandro Momigliano

395: Fiscal sustainability and public debt in an endogenous growth model

Jesús Fernández-Huertas Moraga and Vidal, Jean-Pierre

394: Liquidity, money creation and destruction, and the returns to banking

Ricardo de O. Cavalcanti, Andres Erosa and Ted Temzelides

393: The determinants of the overnight interest rate in the euro area

Julius Moschitz

392: The role of central bank capital revisited

Ulrich Bindseil, Andres Manzanares and Benedict Weller

391: Comparing shocks and frictions in US and euro area business cycles - a Bayesian DSGE approach

Frank Rafael Smets and Raf Wouters

390: Financial markets’ behavior around episodes of large changes in the fiscal stance

Silvia Ardagna

389: Forecasting with a Bayesian DSGE model - an application to the euro area

Frank Rafael Smets and Raf Wouters

388: Euro area inflation differentials

Ignazio Angeloni and Michael Ehrmann

387: Horizontal and vertical integration and securities trading and settlement

Jens Tapking and Jing Yang

386: Intergenerational altruism and neoclassical growth models

Philippe Michel, Emmanuel Thibault and Vidal, Jean-Pierre

385: Euro area sovereign yield dynamics - the role of order imbalance

Albert J. Menkveld, Yiu Chung Cheung and Frank de Jong

384: Price rigidity. Evidence from the French CPI micro-data

Laurent Baudry, Hervé LE BIHAN, Patrick SEVESTRE and Sylvie Tarrieu

383: Explicit inflation objectives and macroeconomic outcomes

Andrew Theo Levin, Fabio M. Natalucci and Jeremy Piger

382: Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001

Alfred A. Haug and William G. Dewald

381: Fiscal rules and sustainability of public finances in an endogenous growth model

Barbara Annicchiarico and Nicola Giammarioli

380: Optimal monetary policy under discretion with a zero bound on nominal interest rates

Klaus Adam and Roberto M. Billi

379: Do financial market variables show (symmetric) indicator properties relative to exchange rate returns?

Olli Castrén

378: Liquidity, information, and the overnight rate

Christian Ewerhart, Nuno Cassola, Steen Ejerskov and Natacha Valla

377: Optimal monetary policy under commitment with a zero bound on nominal interest rates

Klaus Adam and Roberto M. Billi

376: Raising rival's costs in the securities settlement industry

Cornelia Holthausen and Jens Tapking

375: Guess what: it's the settlements!

Thorsten V. Koeppl and Cyril Monnet

374: To aggregate or not to aggregate? Euro area inflation forecasting

Nicholai Benalal, Juan Luis Diaz del Hoyo, Bettina Landau, Moreno Roma and Frauke Skudelny

373: Technology shocks and robust sign restrictions in a euro area SVAR

Gert Peersman and Roland Straub

372: The operational target of monetary policy and the rise and fall of reserve position doctrine

Ulrich Bindseil

371: Inflation persistence - facts or artefacts?

Carlos Robalo Marques

370: Inflation persistence during periods of structural change - an assessment using Greek data

George Hondroyiannis and Sophia Lazaretou

369: Sovereign risk premia in the European government bond market

Kerstin Bernoth, Juergen von Hagen and Ludger Schuknecht

368: Capital quality improvement and the sources of growth in the euro area

Plutarchos Sakellaris and Focco W. Vijselaar

367: Factor substitution and factor augmenting technical progress in the US - a normalized supply-side system approach

Rainer Klump, Peter McAdam and Alpo Willman

366: The information content of over-the-counter currency options

Peter F. Christoffersen and Stefano Mazzotta

365: Exchange rates and fundamentals - new evidence from real-time data

Michael Ehrmann and Marcel Fratzscher