Working Paper Series

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814: Choice of currency in bond issuance and the international role of currencies

Nikolaus A Siegfried, Emilia Simeonova and Cristina Vespro

813: The role of the exchange rate for adjustment in Boom and Bust episodes

Reiner Martin, Ludger Schuknecht and isabel Vansteenkiste

812: The uncovered return parity condition

Lorenzo Cappiello and Roberto A. De Santis

811: Instability and nonlinearity in the Euro area Phillips curve

Alberto Musso, Livio Stracca and Dick van Dijk

810: Inflation persistence - euro area and new EU Member States

Michal Franta, Branislav Saxa and Katerina Smidkova

809: Is the New Keynesian Phillips curve flat?

Keith Kuester, Gernot J. Müller and Sarah Stölting

808: Model misspecification, the equilibrium natural interest rate and the equity premium

Oreste Tristani

807: Cross-border lending contagion in multinational banks

Alexis Derviz and Jiri Podpiera

806: State-dependency and firm-level optimization - a contribution to Calvo price staggering

Peter McAdam and Alpo Willman

805: The pricing of risk in European credit and corporate bond markets

Antje Berndt and Iulian Obreja

804: Growth accounting for the Euro area - a structural approach

Tommaso Proietti and Alberto Musso

803: Optimal monetary policy in an estimated DSGE for the euro area

Matthieu DARRACQ PARIES, Stéphane Adjemian and Stéphane Moyen

802: Investigating time-variation in the marginal predictive power of the yield spread

Luca Benati and Charles Goodhart

801: Uncovered interest oparity at distant horizons - evidence on emerging economies & nonlinearities

Arnaud Jérôme Mehl and Lorenzo Cappiello

800: Is the corporate bond market forward looking?

Jens Hilscher

799: Monetary policy shocks in a two-sector open economy - an empirical study

Ricardo Llaudes

798: The transmission of US cyclical developments to the rest of the world

Stephane Dees and isabel Vansteenkiste

797: Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output

Luca Benati and Giovanni Vitale

796: The impact exchange rate shocks on sectoral activity and prices in the euro area

Elke Hahn

795: Assessing the impact of a change in the composition of public spending - a DSGE approach

Roland Straub and Ivan Tchakarov

794: (Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate

Marco Jacopo Lombardi and Silvia Sgherri

793: Structural econometric approach to bidding in the main refinancing operations of the Eurosystem

Nuno Cassola, Christian Ewerhart and Claudio Morana

792: Euro area market reactions to the monetary developments press release

Jerome Coffinet and Sylvain Gouteron

791: Inquiries on dynamics of transition economy convergence in a two-country model

Jan Bruha and Jiri Podpiera

790: Asset prices, exchange rates and the current account

Marcel Fratzscher, Luciana Juvenal and Lucio Sarno

789: Modeling the impact of external factors on the euro area’s HICP and real economy - a focus on pass-through and the trade balance

Luigi Landolfo

788: Evaluating the real effect of bank branching deregulation - comparing contiguous counties across U.S. state borders

Rocco Huang

787: Finance and growth - a macroeconomic assessment of the evidence from a European angle

Elias Papaioannou

786: The economic impact of merger control - what is special about banking?

Elena Carletti, Philipp Hartmann and Steven Ongena

785: Aggregating Phillips curves

Jean M. Imbs, Eric Jondeau and Florian Pelgrin

784: Understanding the dynamics of labor shares and inflation

Martina Lawless and Karl T. Whelan

783: The cyclicality of effective wages within employer-employee matches - evidence from German panel data

Silke Anger

782: Panel data estimates of the production function and product and labor market imperfections

Sabien Dobbelaere and Jacques MAIRESSE

781: Wage inequality in Spain - recent developments

Mario Izquierdo and Aitor Lacuesta

780: Dynamics and monetary policy in a fair wage model of the business cycle

David de la Croix, Grégory de Walque and Raf Wouters

779: On-the-job search and the cyclical dynamics of the labor market

Michael Krause and Thomas Lubik

778: Employment protection legislation and wages

Marco Leonardi and Giovanni Pica

777: Downward nominal wage rigidity in the OECD

Steinar Holden and Fredrik Wulfsberg

776: Insights gained from conversations with labor market decision makers

Truman F. Bewley

775: The dynamic behaviour of budget components and output

Antonio Afonso and Peter Claeys

774: Shocks, structures or monetary policies? The euro area and US after 2001

Lawrence Christiano, Roberto Motto and Massimo Rostagno

773: Exchange rate volatility and growth in small open economies at the EMU periphery

Gunther Schnabl

772: Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?

Philip Vermeulen

771: Policy rate decisions and unbiased parameter estimation in typical monetary policy rules

Jiri Podpiera

770: Welfare implications of Calvo vs. Rotemberg pricing assumptions

Giovanni Lombardo and David Vestin

769: The ‘Great Moderation’ in the United Kingdom

Luca Benati

768: A new approach to measuring competition in the loan markets of the euro area

Michiel Van Leuvensteijn, Jacob Bikker, Adrian van Rixtel and Christoffer Kok Sørensen

767: Explaining monetary policy in press conferences

Michael Ehrmann and Marcel Fratzscher

766: How and when do markets tip? Lessons from the Battle of the Bund

Estelle Cantillon and Yin, Pai-Ling

765: Sequential optimization, front-loaded information, and U.S. consumption

Alpo Willman