Working Paper Series

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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

689: The effect of financial development on the investment-cash flow relationship - cross-country evidence from Europe

Bo Becker and Jagadeesh Sivadasan

688: Determinants of workers’ remittances - evidence from the European Neighbouring Region

Ioana Cosmina Schiopu and Nikolaus A Siegfried

687: Credit growth in Central and Eastern Europe - new (over)shooting stars?

Balázs Égert, Peter Backé and Tina Zumer

686: Stale information, shocks and volatility

Reint Gropp and Arjan Kadareja

685: Home bias in global bond and equity markets - the role of real exchange rate volatility

Michael Fidora, Marcel Fratzscher and Christian Thimann

684: Inflation dynamics and regime shifts

Julia Lendvai

683: Financial integration of new EU Member States

Lorenzo Cappiello, Bruno Gérard, Arjan Kadareja and Simone Manganelli

682: Is reversion to PPP in euro exchange rates non-linear?

Bernd Schnatz

681: Regional inflation dynamics within and across euro area countries and a comparison with the US

Guenter W. Beck, Kirstin Hubrich and Massimiliano Marcellino

680: Comparing alternative predictors based on large-panel factor models

Antonello D'Agostino and Domenico Giannone

679: Monetary policy in the media

Helge Berger, Michael Ehrmann and Marcel Fratzscher

678: The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks

Roberto A. De Santis

677: What drives EU banks’ stock returns? Bank-level evidence using the dynamic dividend-discount model

Olli Castrén, Trevor Fitzpatrick and Matthias Sydow

676: The distribution of contract durations across firms - a unified framework for understanding and comparing dynamic wage and price setting models

Huw David Dixon

675: Expansionary fiscal consolidations in Europe - new evidence

Antonio Afonso

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