Working Paper Series

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674: A quasi maximum likelihood approach for large approximate dynamic factor models

Catherine Doz, Domenico Giannone and Lucrezia Reichlin

673: Optimal monetary policy in the generalized Taylor economy

Engin Kara

672: Understanding inflation persistence - a comparison of different models

Huw David Dixon and Engin Kara

671: Business cycle synchronisation in East Asia

Fabio Moneta and Rasmus Rüffer

670: The importance of being mature - the effect of demographic maturation on global per-capita GDP

Rafael Gómez and Pablo Hernández de Cos

669: Regular adjustment - theory and practice

Jerzy D. Konieczny and Fabio Rumler

668: Declining valuations and equilibrium bidding in central bank refinancing operations

Christian Ewerhart, Nuno Cassola and Natacha Valla

667: The behaviour of the real exchange rate: evidence from regression quantiles

Kleopatra Nikolaou

666: Quantifying the impact of structural reforms

Ekkehard Ernst, Gang Gong, Willi Semmler and Lina Bukeviciute

665: The euro as invoicing currency in international trade

Annette Kamps

664: Fiscal convergence before entering the EMU

Luca Onorante

663: Monetary conservatism and fiscal policy

Klaus Adam and Roberto M. Billi

662: Cross-border bank contagion in Europe

Reint Gropp, Marco Lo Duca and Jukka Vesala

661: Fiscal policy in a monetary economy with capital and finite lifetime

Barbara Annicchiarico, Nicola Giammarioli and Alessandro Piergallini

660: The Italian block of the ESCB multi-country model

Elena Angelini, D‘Agostino, Antonello and Peter McAdam (Antonello D'Agostino)

659: Monetary policy rules in the pre-EMU era - Is there a common rule?

Maria Eleftheriou, Dieter Gerdesmeier and Barbara Roffia

658: The response of firms‘ investment and financing to adverse cash flow shocks - the role of bank relationships

Catherine Fuss and Philip Vermeulen

657: The impact of ECB monetary policy decisions and communication on the yield curve

Claus Brand, Daniel Buncic and Jarkko Turunen

656: Public debt and long-term interest rates - the case of Germany, Italy and the USA

Paolo Paesani, Rolf Strauch and Manfred Kremer

655: Fiscal and monetary policy in the enlarged European Union

Sabina Pogorelec

654: The German block of the ESCB multi-country model

Igor Vetlov and Thomas Warmedinger

653: Acquisition versus greenfield - the impact of the mode of foreign bank entry on information and bank lending rates

Sophie Angelique Claeys and Christa Hainz

652: Consumer price adjustment under the microscope - Germany in a period of low inflation

Johannes Hoffmann and Kurz-Kim, Jeong-Ryeol

651: On the determinants of external imbalances and net international portfolio flows - a global perspective

Roberto A. De Santis and Melanie Lührmann

650: A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility

Eric Hillebrand and Gunther Schnabl

649: Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Campbell Leith and Leopold von Thadden

648: Firm-specific production factors in a DSGE model with Taylor price setting

Grégory de Walque, Frank Rafael Smets and Raf Wouters

647: The economic effects of exogenous fiscal shocks in Spain: a SVAR approach

Francisco de Castro and Pablo Hernández de Cos

646: The Dutch block of the ESCB multi-country model

Matteo Ciccarelli, Elena Angelini and Frédéric Boissay

645: Are internet prices sticky?

Patrick Lunnemann and Ladislav Wintr

644: Adaptive learning, persistence, and optimal monetary policy

Vitor Gaspar, Frank Rafael Smets and David Vestin

643: Inflation forecast-based-rules and indeterminacy: a puzzle and a resolution

Paul Levine, Peter McAdam and Joseph Gerson Pearlman

642: Financing constraints and firms’ cash policy in the euro area

Annalisa Ferrando and Rozália Pál

641: A factor risk model with reference returns for the US dollar and Japanese yen bond markets

Carlos Bernadell, Joachim Coche and Ken Nyholm

640: Employment stickiness in small manufacturing firms

Philip Vermeulen

639: Optimal monetary policy with uncertainty about financial frictions

Richhild Moessner

638: Detecting and predicting forecast breakdowns

Raffaella Giacomini and Barbara Rossi

637: Transparency, expectations, and forecasts

Robert Allen Eisenbeis, Andy Bauer, Daniel F. Waggoner and Tao Zha

636: Exchange rate stabilization in developed and underdeveloped capital markets

Viera Chmelarova and Gunther Schnabl

635: Identifying the role of labor markets for monetary policy in an estimated DSGE model

Kai Christoffel, Keith Kuester and Tobias Linzert

634: Expenditure reform in industrialised countries - a case study approach

Sebastian Hauptmeier, Martin Heipertz and Ludger Schuknecht

633: Nowcasting GDP and inflation: the real-time informational content of macroeconomic data releases

David H. Small, Domenico Giannone and Lucrezia Reichlin

632: Does information help recovering structural shocks from past observations?

Domenico Giannone and Lucrezia Reichlin

631: Which news moves the euro area bond market?

Magnus Andersson, Lars Jul Hansen and Szabolcs Sebestyén

630: Implications of monetary union for catching-up member states

Marcelo Sánchez

629: A market microstructure analysis of foreign exchange intervention

Paolo Vitale

628: Long-run money demand in the new EU Member States with exchange rate effects

Christian Dreger, Hans-Eggert Reimers and Barbara Roffia

627: Euro area banking sector integration - using hierarchical cluster analysis techniques

Christoffer Kok Sørensen and Josep Maria Puigvert Gutiérrez

626: Financial integration, international portfolio choice and the European Monetary Union

Roberto A. De Santis and Bruno Gérard

625: Sectoral explanations of employment in Europe - the role of services

D’Agostino, Antonello, Roberta Serafini and Ward-Warmedinger, Melanie (Antonello D'Agostino)