Working Paper Series

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364: Asset price booms and monetary policy

Carsten Detken and Frank Rafael Smets

363: Communication and exchange rate policy

Marcel Fratzscher

362: Oil price shocks and real GDP growth: empirical evidence for some OECD countries

Jiménez-Rodríguez, Rebeca and Marcelo Sánchez

361: Excess reserves and the implementation of monetary policy of the ECB

Ulrich Bindseil, Camba-Mendez, Gonzalo, Astrid Hirsch and Benedict Weller

360: Optimal monetary policy rules for the euro area: an analysis using the area wide model

Alistair Dieppe, Keith Küster and Peter McAdam

359: The longer term refinancing operations of the ECB

Ulrich Bindseil, Tobias Linzert and Dieter Nautz

358: Did the pattern of aggregate employment growth change in the euro area in the late 1990s?

Gilles MOURRE

357: Seasonal adjustment and the detection of business cycle phases

Antonio Matas Mir and Denise Osborn

356: Developing a euro area accounting matrix: issues and applications

Tjeerd Jellema, Steven Jan Keuning, Peter McAdam and Reimund Mink

355: Production interdependence and welfare

Kevin X.D. Huang and Zheng Liu

354: Taking stock: monetary policy transmission to equity markets

Michael Ehrmann and Marcel Fratzscher

353: Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective

Maeso-Fernandez, Francisco, Chiara Osbat and Bernd Schnatz

352: Forecasting inflation with thick models and neural networks

Paul McNelis and Peter McAdam

351: Interest rate determination in the interbank market

Vítor Gaspar, Gabriel Perez Quiros and Hugo Rodriguez Mendizabal

350: Exchange-rate policy and the zero bound on nominal interest rates

Günter Coenen and Volker Wieland

349: Estimating the rank of the spectral density matrix

Camba-Mendez, Gonzalo and George Kapetanios

348: Financial openness and growth: Short-run gain, long-run pain?

Marcel Fratzscher and Matthieu Bussiere

347: Firms’ investment decisions in response to demand and price uncertainty

Catherine Fuss and Philip Vermeulen

346: Perpetual youth and endogenous labour supply: a problem and a possible solution

Guido Ascari and Neil Rankin

345: Optimal monetary and fiscal policy: A linear-quadratic approach

Pierpaolo Benigno and Michael Woodford

344: Ramsey monetary policy and international relative prices

Ester Faia and Tommaso Monacelli

343: Monetary discretion, pricing complementarity and dynamic multiple equilibria

Robert King and Alexander L. Wolman

342: Equal size, equal role? Interest rate interdependence between the euro area and the United States

Michael Ehrmann and Marcel Fratzscher

341: Benefits and spillovers of greater competition in Europe: A macroeconomic assessment

Tamim A Bayoumi, Douglas Laxton and Paolo A. Pesenti

340: Indeterminacy with inflation-forecast-based rules in a two-bloc model

Nicoletta Batini, Paul Levine and Joseph Gerson Pearlman

339: Understanding the effects of government spending on consumption

Jordi Gali, López-Salido, J. David and Javier Vallés

338: The optimal degree of discretion in monetary policy

Susan Athey, Andrew Atkeson and Patrick J. Kehoe

337: The decline of activist stabilization policy: Natural rate misperceptions, learning and expectations

Athanasios Orphanides and John C. Williams

336: The great inflation of the 1970s

Fabrice Collard and Harris Dellas

335: Has euro-area inflation persistence changed over time?

O'Reilly, Gerard and Karl T. Whelan

334: Is inflation persistence intrinsic in industrial economies?

Andrew Theo Levin and Jeremy Piger

333: The pricing behaviour of Italian firms: new survey evidence on price stickiness

Silvia Fabiani, Angela Gattulli and Roberto Sabbatini

332: Stylised features of price setting behaviour in Portugal: 1992 - 2001

Mónica Dias, Daniel Dias and Pedro Duarte Neves

331: How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI

Luc Aucremanne and Emmanuel Dhyne

330: The demand for euro area currencies

Björn Fischer, Köhler-Ulbrich, Petra and Franz Seitz

329: On the determinants of euro area FDI to the United States: the knowledge- capital- Tobin's Q framework

Roberto A. De Santis and Robert Anderton

328: Non-fundamental exchange rate volatility and welfare

Roland Straub and Ivan Tchakarov

327: Diversification in euro area stock markets: country versus industry

Gerard Moerman

326: The great depression and the Friedman-Schwartz hypothesis

Lawrence Christiano, Roberto Motto and Massimo Rostagno

325: What are the spill-overs from fiscal shocks in Europe? An empirical analysis

Massimo Giuliodori and Roel Maria Wilhelmus Jozef Beetsma

324: Fundamentals and joint currency crises

Philipp Hartmann, Stefan Straetmans and Casper G. de Vries

323: On the indeterminacy of New-Keynesian economics

Andreas Beyer and Roger E. A. Farmer

322: Modelling inflation in the euro area

Eilev S. Jansen

321: Frequency domain principal components estimation of fractionally cointegrated processes

Claudio Morana

320: Institutions and service employment - a panel study for OECD countries

Julian Messina

319: Risk sharing through financial markets with endogenous enforcement of trades

Thorsten Köppl (Thorsten V. Koeppl)

318: Gross job flows and institutions in Europe

Gómez-Salvador, Ramón, Julian Messina and Giovanna Vallanti

317: Fiscal policy and inflation volatility

Philipp C. Rother

316: Cooperation in international banking supervision

Cornelia Holthausen and Thomas Rønde

315: Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB

Sami Vähämaa