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Working Paper Series

from European Central Bank
Postfach 16 03 19, Frankfurt am Main, Germany.
Contact information at EDIRC.
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76: Rating agency actions and the pricing of debt and equity of European banks: What can we infer about private sector monitoring of bank soundness? Downloads
Reint Gropp and Anthony Richards
75: Value at risk models in finance Downloads
Simone Manganelli and Robert F. Engle
74: Interbank market integration under asymmetric information Downloads
Cornelia Holthausen and Xavier Freixas
73: Interbank lending and monetary policy transmission - evidence for Germany Downloads
Michael Ehrmann and Andreas Worms
72: Bank concentration and retail interest rates Downloads
Reint Gropp and Sandrine Corvoisier
71: Asset market linkages in crisis periods Downloads
Stefan Straetmans, Casper G. de Vries and Philipp Hartmann
70: Central bank forecasts of liquidity factors: Quality, publication and the control of the overnight rate Downloads
Ulrich Bindseil
69: The ECB monetary policy strategy and the money market Downloads
Vitor Gaspar, Jorge Sicilia and Perez-Quiros, Gabriel (Gabriel Perez Quiros)
68: The performance of forecast-based monetary policy rules under model uncertainty Downloads
John C. Williams, Andrew Theo Levin and Volker Wieland
67: The daily market for funds in Europe: has something changed with the EMU? Downloads
Hugo Rodriguez Mendizabal and Perez-Quiros, Gabriel (Gabriel Perez Quiros)
66: Can short-term foreign exchange volatility be predicted by the Global Hazard Index? Downloads
Vincent Brousseau and Fabio Scacciavillani
65: A system approach for measuring the euro area NAIRU Downloads
Ricardo Mestre and Silvia Fabiani
64: Exchange rate volatility and euro area imports Downloads
Robert Anderton and Frauke Skudelny
63: Does money lead inflation in the euro area? Downloads
Sergio Nicoletti Altimari
62: Spectral based methods to identify common trends and common cycles Downloads
Camba-Mendez, Gonzalo and George Kapetanios
61: Diffusion index-based inflation forecasts for the euro area Downloads
Elena Angelini, Jerome Henry and Ricardo Mestre
60: A multi-country trend indicator for euro area inflation: computation and properties Downloads
Elena Angelini, Jerome Henry and Ricardo Mestre
59: Uncertain potential output: implications for monetary policy Downloads
Michael Ehrmann and Frank Rafael Smets
58: Business cycle asymmetries in stock returns: evidence from higher order moments and conditional densities Downloads
Perez-Quiros, Gabriel and Allan Timmermann (Gabriel Perez Quiros)
57: Model-based indicators of labour market rigidity Downloads
Silvia Fabiani and Rodriguez-Palenzuela, Diego
56: Stabilization policy in a two country model and the role of financial frictions Downloads
Ester Faia
55: Modelling the demand for loans to the private sector in the Euro area Downloads
Alessandro Calza, Christine Gartner and João Sousa
54: Assessment criteria for output gap estimates Downloads
Camba-Mendez, Gonzalo and Rodriguez-Palenzuela, Diego
53: An evaluation of some measures of core inflation for the euro area Downloads
Vega-Croissier, Juan Luis and Mark Wynne
52: Are the effects of monetary policy in the euro area greater in recessions than in booms? Downloads
Frank Rafael Smets and Gert Peersman
51: The functional form of the demand for euro area M1 Downloads
Livio Stracca
50: Employment and productivity growth in service and manufacturing sectors in France, Germany and the US Downloads
Till von Wachter
49: Business cycle and monetary policy analysis in a structural sticky-price model of the euro area Downloads
Miguel Casares
48: Financial market integration in Europe: on the effects of EMU on stock markets Downloads
Marcel Fratzscher
47: Deposit insurance and moral hazard: does the counterfactual matter? Downloads
Reint Gropp and Jukka M. Vesala
46: A two-factor model of the German term structure of interest rates Downloads
Jorge Barros Luís and Nuno Cassola
45: Testing the rank of the Hankel matrix - a statistical approach Downloads
Camba-Méndez, Gonzalo and George Kapetanios
44: The supply and demand for Eurosystem deposits - the first 18 months Downloads
Ulrich Bindseil and Franz Seitz
43: Sources of economic renewal - from the traditional firm to the knowledge firm Downloads
Diego Rodriguez Palenzuela
42: An area-wide model (AWM) for the euro area Downloads
Gabriel Fagan, Jerome Henry and Ricardo Mestre
41: Why adopt transparency? The publication of central bank forecasts Downloads
Petra Maria Geraats
40: Financial structure and the interest rate channel of ECB monetary policy Downloads
Benoit Mojon
39: A money demand system for Euro area M3 Downloads
Claus Brand and Nuno Cassola
38: The optimal inflation tax when taxes are costly to collect Downloads
Fiorella De Fiore
37: Business fixed investment: evidence of a financial accelerator in Europe Downloads
Philip Vermeulen
36: Measuring core inflation in the Euro area Downloads
Claudio Morana
35: Systemic risk: a survey Downloads
Olivier de Bandt and Philipp Hartmann
34: Capital market development, corporate governance and the credibility of exchange rate pegs Downloads
Olli Castrén and Tuomas Takalo
33: The information content of M3 for future inflation Downloads
Carmine Trecroci and Vega-Croissier, Juan Luis
32: Can indeterminacy explain the short-run non-neutrality of money? Downloads
Fiorella De Fiore
31: The disappearing tax base: is foreign direct investment eroding corporate income taxes? Downloads
Reint Gropp and Kristina Kostial
30: A small estimated Euro area model with rational expectations and nominal rigidities Downloads
Günter Coenen and Volker Wieland
29: The sources of unemployment fluctuations: an empirical application to the Italian case Downloads
Silvia Fabiani, Alberto Locarno, Giampaolo Oneto and Paolo Sestito
28: Learning, uncertainty and Central Bank activism in an economy with strategic interactions Downloads
Natacha Valla and Martin Ellison
27: This is what the US leading indicators lead Downloads
Maximo Camacho and Perez-Quiros, Gabriel (Gabriel Perez Quiros)
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