Working Paper Series

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764: Robust monetary policy with imperfect knowledge

Athanasios Orphanides and John C. Williams

763: Short- and long-run tax elasticities - the case of the Netherlands

Guido Wolswijk

762: Patterns of current account adjustment - insights from past experience

Bernardina Algieri and Thierry Bracke

761: External imbalances and the US current account - how supply-side changes affect an exchange rate adjustment

Philipp Engler, Michael Fidora and Christian Thimann

760: Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area

Alistair Dieppe and Thomas Warmedinger

759: Linear-quadratic approximation, external habit and targeting rules

Paul Levine, Joseph Gerson Pearlman and Richard G. Pierse

758: Red tape and delayed entry

Antonio Ciccone and Elias Papaioannou

757: The cyclicality of consumption, wages and employment of the public sector in the euro area

Ana Lamo, Javier J. Pérez García and Ludger Schuknecht

756: Maintaining low inflation: money, interest rates, and policy stance

Samuel Reynard

755: Durable goods and their effect on household saving rations in the euro area

Jukka Jalava and Ilja Kristian Kavonius

754: Euro area inflation persistence in an estimated nonlinear DSGE model

Gianni Amisano and Oreste Tristani

753: Trade credit defaults and liquidity provision by firms

Frédéric Boissay and Reint Gropp

752: Econometric analyses with backdated data - unified Germany and the euro area

Elena Angelini and Massimiliano Marcellino

751: A look into the factor model black box - publication lags and the role of hard and soft data in forecasting GDP

Marta Banbura and Gerhard Rünstler

750: Long run macroeconomic relations in the global economy

Stephane Dees, Sean Holly, M Hashem Pesaran and L. Vanessa Smith

749: Excess money growth and inflation dynamics

Barbara Roffia and Andrea Zaghini

748: Financial dollarization - the role of banks and interest rates

Henrique S. Basso, Calvo-Gonzalez, Oscar and Marius Jurgilas

747: Tax reform and labour-market performance in the euro area - a simulation-based analysis using the New Area-Wide Model

Günter Coenen, Peter McAdam and Roland Straub

746: U.S. evolving macroeconomic dynamics - a structural investigation

Luca Benati and Haroon Mumtaz

745: Market discipline, financial integration and fiscal rules - what drives spreads in the euro area government bond market?

Simone Manganelli and Guido Wolswijk

744: International financial linkages of Latin American banks - the effects of political risk and deposit dollarisation

Ramon-Ballester, Francisco and Torsten Wezel

743: Credit market and macroeconomic volatility

Caterina Mendicino

742: The Eurosystem, the US Federal Reserve and the Bank of Japan - similarities and differences

Dieter Gerdesmeier, Francesco Paolo Mongelli and Barbara Roffia

741: Sectoral money demand models for the euro area based on a common set of determinants

Julian von Landesberger

740: Transition economy convergence in a two-country model - implications for monetary integration

Jan Bruha and Jiri Podpiera

739: Exchange rate pass-through in emerging markets

Ca’ Zorzi, Michele, Elke Hahn and Marcelo Sánchez (Michele Ca' Zorzi)

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