Working Paper Series

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964: Do firms provide wage insurance against shocks? - Evidence from Hungary

Gábor Kátay

963: Public and private sector wages - co-movement and causality

Ana Lamo, Javier J. Pérez García and Ludger Schuknecht

962: Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations

Stéphane Adjemian and Matthieu DARRACQ PARIES

961: Budgetary and external imbalances relationship - a panel data diagnostic

Antonio Afonso and Christophe Rault

960: On implications of micro price data for macro models

Bartosz Maćkowiak and Frank Rafael Smets

959: What drives U.S. current account fluctuations?

Alina Barnett and Roland Straub

958: Oil exporters - in search of an external anchor

Maurizio Michael Habib and Jan Stráský

957: Modeling autoregressive conditional skewness and kurtosis with Multi-quantile CAViaR

Halbert White, Tae-Hwan Kim and Simone Manganelli

956: The political economy under monetary union - has the euro made a difference?

Marcel Fratzscher and Livio Stracca

955: Monetary policy and stock market boom-bust cycles

Lawrence Christiano, Cosmin Ilut, Roberto Motto and Massimo Rostagno

954: Fiscal policy responsiveness, persistence and discretion

Antonio Afonso, Luca Agnello and Davide Furceri

953: Estimating and forecasting the euro area monthly national accounts from a dynamic factor model

Elena Angelini, Marta Banbura and Gerhard Rünstler

952: How successful is the G7 in managing exchange rates?

Marcel Fratzscher

951: Exchange rate pass-through in the global economy - the role of emerging market economies

Matthieu Bussiere and Tuomas Antero Peltonen

950: Is forecasting with large models informative? Assessing the role of judgement in macro-economic forecasts

Ricardo Mestre and Peter McAdam

949: Short-term forecasts of euro area GDP growth

Elena Angelini, Camba-Méndez, Gonzalo, Domenico Giannone, Gerhard Rünstler and Lucrezia Reichlin

948: Clustering techniques applied to outlier detection of financial market series using a moving window filtering algorithm

Josep Maria Puigvert Gutiérrez and Josep Fortiana Gregori

947: Foreign-currency bonds - currency choice and the role of uncovered and covered interest parity

Maurizio Michael Habib and Mark Joy

946: Macroeconomic adjustment to monetary union

Gabriel Fagan and Vitor Gaspar

945: Wage and price dynamics in Portugal

Carlos Robalo Marques

944: The new area-wide model of the euro area - a micro-founded open-economy model for forecasting and policy analysis

Kai Christoffel, Günter Coenen and Anders Warne

943: Towards a monetary policy evaluation framework

Martinez-Carrascal, Carmen and Annalisa Ferrando

942: Towards a monetary policy evaluation framework

Stéphane Adjemian, Matthieu DARRACQ PARIES and Stéphane Moyen

941: The euro's influence upon trade - Rose effect versus border effect

Gianluca Cafiso

940: The effect of durable goods and ICT on euro area productivity growth?

Jukka Jalava and Ilja Kristian Kavonius

939: An application of index numbers theory to interest rates

Javier Huerga

938: Channels of international risk-sharing - capital gains versus income flows

Thierry Bracke and Martin Schmitz

937: Should quarterly government finance statistics be used for fiscal surveillance in Europe?

Javier J. Pérez García and Diego J. Pedregal

936: Sparse and stable Markowitz portfolios

Joshua Brodie, Ingrid Daubechies, Christine De Mol, Domenico Giannone and Ignace Loris

935: Fiscal policies, the current account and Ricardian equivalence

Christiane Nickel and isabel Vansteenkiste

934: Bank mergers and lending relationships

Montoriol-Garriga, Judit (Judit Montoriol Garriga)

933: Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through

Stephane Dees, Matthias Burgert and Nicolas Parent

932: How does competition affect efficiency and soundness in banking? New empirical evidence

Klaus Schaeck and ?ihák, Martin

931: International stock return comovements

Geert Bekaert, Robert James Hodrick and Xiaoyan Zhang

930: Sticky information Phillips curves: European evidence

Jörg Döpke, Jonas Dovern, Ulrich Fritsche and Jiri (Jirka) Slacalek

929: Real convergence in Central and Eastern European EU member states - which role for exchange rate volatility?

Olga Arratibel, Reiner Martin and Davide Furceri

928: Corporate tax competition and the decline of public investment

Pedro Gomes and Francois Pouget

927: Monetary stabilisation in a currency union of small open economies

Marcelo Sánchez

926: Euro area money demand and international portfolio allocation - a contribution to assessing risks to price stability

Roberto A. De Santis, Carlo Favero and Barbara Roffia

925: Flow on conjunctural information and forecast of euro area economic activity

Katja Drechsel and Laurent Maurin

924: Government spending volatility and the size of nations

Davide Furceri and Marcos Poplawski Ribeiro

923: Resuscitating the wage channel in models with unemployment fluctuations

Kai Christoffel and Keith Kuester

922: A review of nonfundamentalness and identification in structural VAR models

Lucia Alessi, Matteo Barigozzi and Marco Capasso

921: Foreign direct investment and environmental taxes

Roberto A. De Santis and Frank Stähler

920: An investigation on the effect of real exchange rate movements on OECD bilateral exports

Antoine Berthou

919: Fiscal policy in real time

Jacopo Cimadomo

918: Imports and profitability in the euro area manufacturing sector - the role of emerging market economies

Tuomas Antero Peltonen, Martin Skala, Alvaro Santos Rivera and Gabor Pula

917: Modelling and forecasting the yield curve under model uncertainty

Paola Donati and Francesco Donati

916: Optimal reserve composition in the presence of sudden stops - the euro and the dollar as safe haven currencies

Roland Beck and Ebrahim Rahbari

915: Medium run redux - technical change, factor shares and frictions in the euro area

Peter McAdam and Alpo Willman