Working Paper Series

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739: Exchange rate pass-through in emerging markets

Ca’ Zorzi, Michele, Elke Hahn and Marcelo Sánchez

738: Commodity prices, money and inflation

Frank Browne and David Cronin

737: Structural balances and revenue windfalls - the role of asset prices revisited

Richard Morris and Ludger Schuknecht

736: Transaction costs and informational cascades in financial markets - theory and experimental evidence

Marco Cipriani and Antonio Guarino

735: Market based compensation, price informativeness and short-term trading

Riccardo Calcagno and Florian Heider

734: Mortage interest rate dispersion in the euro area

Peter Hördahl and Oreste Tristani

733: Mortage interest rate dispersion in the euro area

Christoffer Kok Sørensen and Lichtenberger, Jung-Duk

732: Liquidity shocks and asset price boom/bust cycles

Ramón Adalid and Carsten Detken

731: International trade, technological shocks and spillovers in the labour market; A GVAR analysis of the US manufacturing sector

Paul Hiebert and Isabel Vansteenkiste

730: What drives business cycles and international trade in emerging market economies?

Marcelo Sánchez

729: Fast micro und slow macro: can aggregation explain the persistence of inflation?

Filippo Altissimo, Benoit Mojon and Paolo Zaffaroni

728: Price changes in Finland: some evidence from micro CPI data

Samu Kurri

727: Price setting in the euro area: some stylised facts from individual producer price data

Erwan Gautier, Ignacio Hernando, Philip Vermeulen, Daniel Dias, Maarten Dossche, Roberto Sabbatini and Harald Edgar Stahl

726: Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions

Magnus Andersson

725: Inflation forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area

Matteo Ciccarelli and Carlo Altavilla

724: The transmission of emerging market shocks to global equity markets

Lucía Cuadro Sáez, Marcel Fratzscher and Christian Thimann

723: Asset allocation by penalized least squares

Simone Manganelli

722: Shocks and frictions in US business cycles: a Bayesian DSGE approach

Frank Rafael Smets and Raf Wouters

721: Are survey-based inflation expectations in the euro area informative

Ricardo Mestre

720: Real price and wage rigidities in a model with mataching frictions

Keith Kuester

719: US imbalances: the role of technology and policy

Rudolfs Bems, Luca Dedola and Frank Rafael Smets

718: Drift and breaks in labor productivity

Luca Benati

717: Discretion rather than rules? When is discretionary policy-making better than the timeless perspective?

Stephan Sauer

716: Adjusting to the euro

Gabriel Fagan and Vítor Gaspar

715: Emerging Asia’s growth and integration - how autonomous are business cycles?

Rasmus Rüffer, Marcelo Sánchez and Shen, Jian-Guang

714: The dynamics of bank spreads and financial structure

Reint Gropp, Christoffer Kok Sørensen and Lichtenberger, Jung-Duk

713: Balance of payment crises in emerging markets - how early were the “early” warning signals?

Matthieu Bussiere

712: Opening the black box - structural factor models with large gross-sections

Mario Forni, Domenico Giannone, Marco Lippi and Lucrezia Reichlin

711: What “hides” behind sovereign debt ratings?

Antonio Afonso, Pedro Gomes and Philipp Rother

710: Pricing of settlement link services and mergers of central securities depositories

Jens Tapking

709: Quantifying and sustaining welfare gains from monetary commitment

Paul Levine, Peter McAdam and Joseph Gerson Pearlman

708: Regional housing market spillovers in the US - lessons from regional divergences in a common monetary policy setting

Isabel Vansteenkiste

707: Ramsey monetary policy with labour market frictions

Ester Faia

706: What drives investors’ behaviour in different FX market segments? A VAR-based return decomposition analysis

Olli Castrén, Chiara Osbat and Matthias Sydow

705: What does a technology shock do? A VAR analysis with model-based sign restrictions

Luca Dedola and Stefano Neri

704: Are money and consumption additively separable in the euro area? A non-parametric approach

Barry Edward Jones and Livio Stracca

703: Comovements in volatility in the euro money market

Nuno Cassola and Claudio Morana

702: Comparing financial systems - a structural analysis

Sylvain Champonnois

701: Is there a single frontier in a single European banking market?

J.W.B. Bos and Heiko Schmiedel

700: Forecasting using a large number of predictors - Is Bayesian regression a valid alternative to principal components?

Christine De Mol, Domenico Giannone and Lucrezia Reichlin

699: The behaviour of producer prices - some evidence from the French PPI micro data

Erwan Gautier

698: Optimal monetary policy rules with labor market frictions

Ester Faia

697: How wages change - micro evidence from the International Wage Flexibility Project

William T. Dickens, Lorenz Götte, Erica Lynn Groshen, Steinar Holden, Julian Messina, Mark E. Schweitzer, Jarkko Turunen and Melanie E. Ward (Lorenz Goette)

696: What is global excess liquidity, and does it matter?

Rasmus Rüffer and Livio Stracca

695: Geography or skills - What explains Fed watchers’ forecast accuracy of US monetary policy?

Helge Berger, Michael Ehrmann and Marcel Fratzscher

694: Optimal currency shares in international reserves - the impact of the euro and the prospects for the dollar

Papaioannou,, Elias, Richard Portes and Gregorios Siourounis

693: Evaluating China’s integration in world trade with a gravity model based benchmark

Matthieu Bussiere and Bernd Schnatz

692: Bayesian inference in cointegrated VAR models - with applications to the demand for euro area M3

Anders Warne

691: The yield curve as a predictor and emerging economies

Arnaud Jérôme Mehl

690: Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework

Stefano Gnocchi