Details about Frank Rafael Smets

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Homepage:	https://sites.google.com/view/frank-smets/home
Workplace:	Faculteit Economie en Bedrijfskunde (Faculty of Economics and Business Administration), Universiteit Gent (University of Ghent), (more information at EDIRC) European Central Bank, (more information at EDIRC) Centre for Economic Policy Research (CEPR), (more information at EDIRC)

Access statistics for papers by Frank Rafael Smets.

Last updated 2025-01-06. Update your information in the RePEc Author Service.

Short-id: psm33

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Working Papers

2025

1. The New Keynesian Climate Model
   EconomiX Working Papers, University of Paris Nanterre, EconomiX
   Also in Working Papers, HAL (2025)
   Working papers, Banque de France (2024)

2024

2. Monetary policy with profit-driven inflation
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in BIS Working Papers, Bank for International Settlements (2024)

2023

3. Energy shocks as Keynesian supply shocks: implications for fiscal policy
   BIS Working Papers, Bank for International Settlements View citations (11)
   See also Journal Article Energy shocks as Keynesian supply shocks: Implications for fiscal policy, European Economic Review, Elsevier (2024) (2024)
4. System-wide Dividend Restrictions: Evidence and Theory
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration (2023) View citations (4)
   BIS Working Papers, Bank for International Settlements (2023) View citations (5)
5. The optimal quantity of CBDC in a bank-based economy
   Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration View citations (2)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
   Working Paper Series, European Central Bank (2022) View citations (15)
   See also Journal Article The Optimal Quantity of CBDC in a Bank-Based Economy, American Economic Journal: Macroeconomics, American Economic Association (2024) View citations (3) (2024)

2022

6. Macroprudential policy and the role of institutional investors in housing markets
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in ESRB Working Paper Series, European Systemic Risk Board (2022) View citations (2)

2021

7. Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
   Also in Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration (2019) View citations (7)
   Working Paper Series, European Central Bank (2020) View citations (40)
   CFS Working Paper Series, Center for Financial Studies (CFS) (2020) View citations (27)
   See also Journal Article Effects of State‐Dependent Forward Guidance, Large‐Scale Asset Purchases, and Fiscal Stimulus in a Low‐Interest‐Rate Environment, Journal of Money, Credit and Banking, Blackwell Publishing (2023) View citations (5) (2023)
8. THE EFFECTIVENESS OF A NEGATIVE INTEREST RATE POLICY
   Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration View citations (7)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
   See also Journal Article The effectiveness of a negative interest rate policy, Journal of Monetary Economics, Elsevier (2023) View citations (2) (2023)
9. The need for an inflation buffer in the ECB’s price stability objective – the role of nominal rigidities and inflation differentials
   Occasional Paper Series, European Central Bank View citations (7)
10. Understanding low inflation in the euro area from 2013 to 2019: cyclical and structural drivers
    Occasional Paper Series, European Central Bank View citations (10)

2020

11. Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers
    EconStor Preprints, ZBW - Leibniz Information Centre for Economics View citations (18)
    Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2020) View citations (21)
    Working Paper Series, European Central Bank (2020) View citations (18)
    Working Papers, Barcelona School of Economics (2019) View citations (4)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (17)

2019

12. Online Appendix to "Structural Asymmetries and Financial Imbalances in the Eurozone"
    Online Appendices, Review of Economic Dynamics
    See also Journal Article Structural Asymmetries and Financial Imbalances in the Eurozone, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (8) (2020)

2018

13. Pipeline Pressures and Sectoral Inflation Dynamics
    Working Paper Research, National Bank of Belgium View citations (3)
14. The first twenty years of the European Central Bank: monetary policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (155)
    Also in Working Paper Series, European Central Bank (2018) View citations (130)

2017

15. Structural asymmetries and financial imbalances in the eurozone
    Working Paper Series, European Central Bank View citations (6)
    See also Journal Article Structural Asymmetries and Financial Imbalances in the Eurozone, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (8) (2020)

2016

16. Booms and banking crises
    BIS Working Papers, Bank for International Settlements View citations (181)
    See also Journal Article Booms and Banking Crises, Journal of Political Economy, University of Chicago Press (2016) View citations (206) (2016)
17. Challenges for Central Banks' Macro Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (40)
    Also in Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) (2016) View citations (20)
18. Slow recoveries: any role for corporate leverage?
    BCAM Working Papers, Birkbeck Centre for Applied Macroeconomics View citations (17)
    See also Journal Article Slow recoveries: Any role for corporate leverage?, Journal of Economic Dynamics and Control, Elsevier (2016) View citations (17) (2016)

2015

19. Labour market adjustments in Europe and the US: How different?
    Working Paper Series, European Central Bank View citations (61)
20. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling
    Working Papers, Barcelona School of Economics View citations (13)
    Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (40)
    See also Journal Article New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling, Journal of the European Economic Association, MIT Press (2006) View citations (114) (2006)
21. Slow Recoveries: A Structural Interpretation
    Working Papers, Barcelona School of Economics View citations (108)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (109)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (108)
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2012) View citations (110)
    See also Journal Article Slow Recoveries: A Structural Interpretation, Journal of Money, Credit and Banking, Blackwell Publishing (2012) View citations (38) (2012)
22. Unemployment in an Estimated New Keynesian Model
    Working Papers, Barcelona School of Economics View citations (221)
    Also in NBP Working Papers, Narodowy Bank Polski (2012) View citations (174)
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2011) View citations (223)
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (221)
    2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (222)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (220)
    2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (15)
    See also Chapter Unemployment in an Estimated New Keynesian Model, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (135) (2011)
    Journal Article Unemployment in an Estimated New Keynesian Model, NBER Macroeconomics Annual, University of Chicago Press (2012) View citations (177) (2012)

2013

23. Booms and systemic banking crises
    Working Paper Series, European Central Bank View citations (82)
24. Professional forecasters and the real-time forecasting performance of an estimated new keynesian model for the euro area
    Working Paper Series, European Central Bank View citations (10)

2011

25. A monetary policy strategy in good and bad times: lessons from the recent past
    Working Paper Series, European Central Bank View citations (37)
    See also Journal Article A monetary policy strategy in good and bad times: lessons from the recent past, Economic Policy, CEPR, CESifo, Sciences Po (2013) View citations (39) (2013)
26. The determination of wages of newly hired employees: survey evidence on internal versus external factors
    Working Papers, Bank of Greece
    Also in Working Papers, Czech National Bank, Research and Statistics Department (2009) View citations (20)
    Research Technical Papers, Central Bank of Ireland (2010) View citations (23)
    Working Paper Series, European Central Bank (2010) View citations (33)
    See also Journal Article The determination of wages of newly hired employees: Survey evidence on internal versus external factors, Labour Economics, Elsevier (2012) View citations (39) (2012)

2010

27. Asset Price Booms and Monetary Policy
    EcoMod2003, EcoMod View citations (37)
    Also in Working Paper Series, European Central Bank (2004) View citations (202)
28. Imperfect information and the business cycle
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in School of Economics and Public Policy Working Papers, University of Adelaide, School of Economics and Public Policy (2009) View citations (30)
    See also Journal Article Imperfect information and the business cycle, Journal of Monetary Economics, Elsevier (2009) View citations (31) (2009)
29. Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue
    Working Papers, Bar-Ilan University, Department of Economics View citations (18)
    Also in MPRA Paper, University Library of Munich, Germany (2010) View citations (18)
    Post-Print, HAL (2010) View citations (17)
    See also Journal Article Price setting and price adjustment in some European Union Countries: introduction to the special issue, Managerial and Decision Economics, John Wiley & Sons, Ltd. (2010) View citations (20) (2010)

2009

30. Estimation of the Euro Area Output Gap Using the NAWM
    Bank of Lithuania Working Paper Series, Bank of Lithuania View citations (19)
31. Evidence from surveys of price-setting managers: Policy lessons and directions for ongoing research
    Working Papers, Banco de Portugal, Economics and Research Department View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (6)

2008

32. A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
    Working Paper Series, European Central Bank View citations (23)
33. Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model
    Post-Print, HAL View citations (65)
    Also in Documents de recherche, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne (2007) View citations (10)
    Working papers, Banque de France (2007) View citations (19)
    See also Journal Article Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model, Journal of Money, Credit and Banking, Blackwell Publishing (2008) View citations (73) (2008)
34. House Prices and the stance of Monetary Policy
    Working Paper Series, European Central Bank View citations (117)
    See also Journal Article House prices and the stance of monetary policy, Review, Federal Reserve Bank of St. Louis (2008) View citations (186) (2008)
35. International transmission and monetary policy cooperation
    Working Paper Series, European Central Bank View citations (39)
    See also Chapter International Transmission and Monetary Policy Cooperation, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (74) (2007)
36. On Implications of Micro Price Data for Macro Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (46)
    Also in Working Paper Series, European Central Bank (2008) View citations (40)
    See also Journal Article On implications of micro price data for macro models, Conference Series ; [Proceedings], Federal Reserve Bank of Boston (2008) View citations (42) (2008)

2007

37. Is Time Ripe for Price Level Path Stability?
    Working Papers, Banco de Portugal, Economics and Research Department View citations (60)
    Also in Working Paper Series, European Central Bank (2007) View citations (64)
38. Real wages and monetary policy transmission in the euro area
    Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel) View citations (28)
39. Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4029)
    Also in Working Paper Research, National Bank of Belgium (2007) View citations (3964)
    Working Paper Series, European Central Bank (2007) View citations (4434)
    See also Journal Article Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach, American Economic Review, American Economic Association (2007) View citations (4389) (2007)
40. US Imbalances: The Role of Technology and Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (44)
    Also in Working Paper Series, European Central Bank (2007) View citations (53)
    See also Journal Article US imbalances: The role of technology and policy, Journal of International Money and Finance, Elsevier (2007) View citations (46) (2007)

2006

41. Adaptive learning, persistence, and optimal monetary policy
    Working Paper Series, European Central Bank View citations (92)
    See also Journal Article Adaptive Learning, Persistence, and Optimal Monetary Policy, Journal of the European Economic Association, MIT Press (2006) View citations (87) (2006)
42. Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting
    MPRA Paper, University Library of Munich, Germany View citations (29)
    Also in Working Paper Series, European Central Bank (2006) View citations (31)
    Working Paper Research, National Bank of Belgium (2006) View citations (30)
    See also Journal Article Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting, International Journal of Central Banking, International Journal of Central Banking (2006) View citations (32) (2006)
43. Inflation persistence and price-setting behaviour in the euro area: a summary of the IPN evidence
    Occasional Paper Series, European Central Bank View citations (182)
44. Inflation persistence and price-setting behaviour in the euro area: a summary of the Inflation Persistence Network evidence
    Working Paper Research, National Bank of Belgium View citations (139)
45. Optimal Monetary Policy under Adaptive Learning
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (20)

2005

46. Monetary Policy under Adaptive Learning
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (20)
47. On the Fit and Forecasting Performance of New Keynesian Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (85)
    Also in Working Paper Series, European Central Bank (2005) View citations (109)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2004) View citations (31)
48. Price setting in General Equilibrium: Alternative Specifications
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (12)

2004

49. Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (67)
    Also in Working Paper Series, European Central Bank (2004) View citations (53)
    Working Paper Research, National Bank of Belgium (2004) View citations (46)
    See also Journal Article Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2005) View citations (410) (2005)
50. Forecasting with a Bayesian DSGE Model: An Application to the Euro Area
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (129)
    Also in Working Paper Series, European Central Bank (2004) View citations (132)
    Working Paper Research, National Bank of Belgium (2004) View citations (123)
    See also Journal Article Forecasting with a Bayesian DSGE Model: An Application to the Euro Area, Journal of Common Market Studies, Wiley Blackwell (2004) View citations (129) (2004)
51. Welfare analysis of non-fundamental asset price and investment shocks: Implications for monetary policy
    Computing in Economics and Finance 2004, Society for Computational Economics View citations (2)
    See also Chapter Welfare analysis of non-fundamental asset price and investment shocks: implications for monetary policy, BIS Papers chapters, Bank for International Settlements (2005) View citations (2) (2005)

2003

52. Output gaps:theory versus practice
    Computing in Economics and Finance 2003, Society for Computational Economics View citations (8)
53. Persistence, the Transmission Mechanism and Robust Monetary Policy
    Computing in Economics and Finance 2003, Society for Computational Economics View citations (61)
    Also in Working Paper Series, European Central Bank (2003) View citations (68)
    See also Journal Article Persistence, The Transmission Mechanism And Robust Monetary Policy, Scottish Journal of Political Economy, Scottish Economic Society (2003) View citations (66) (2003)

2002

54. An estimated dynamic stochastic general equilibrium model of the euro area
    Working Paper Research, National Bank of Belgium View citations (158)
    See also Journal Article An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, Journal of the European Economic Association, MIT Press (2003) View citations (3749) (2003)
55. An estimated stochastic dynamic general equilibrium model of the euro area
    Working Paper Series, European Central Bank View citations (44)
56. Model uncertainty and the equilibrium value of the real effective euro exchange rate
    Working Paper Series, European Central Bank View citations (50)
57. Openness, imperfect exchange rate pass-through and monetary policy
    Working Paper Series, European Central Bank View citations (320)
    Also in Working Paper Research, National Bank of Belgium (2002) View citations (292)
    See also Journal Article Openness, imperfect exchange rate pass-through and monetary policy, Journal of Monetary Economics, Elsevier (2002) View citations (296) (2002)
58. Output and interest rate gaps: Theory versus practice
    Computing in Economics and Finance 2002, Society for Computational Economics View citations (3)
59. The industry effects of monetary policy in the euro area
    Working Paper Series, European Central Bank View citations (38)
    See also Journal Article The Industry Effects of Monetary Policy in the Euro Area, Economic Journal, Royal Economic Society (2005) View citations (195) (2005)

2001

60. Are the effects of monetary policy in the euro area greater in recessions than in booms?
    Working Paper Series, European Central Bank View citations (122)
61. Investment and monetary policy in the euro area
    Working Paper Series, European Central Bank View citations (26)
    See also Journal Article Investment and monetary policy in the euro area, Journal of Banking & Finance, Elsevier (2002) View citations (33) (2002)
62. The monetary transmission mechanism in the euro area: more evidence from VAR analysis
    Working Paper Series, European Central Bank View citations (444)
63. Uncertain Potential Output: Implications for Monetary Policy
    Computing in Economics and Finance 2001, Society for Computational Economics View citations (23)
    Also in Working Paper Series, European Central Bank (2001) View citations (24)
    Working Papers, Quebec a Montreal - Recherche en gestion (2001) View citations (39)
    See also Journal Article Uncertain potential output: implications for monetary policy, Journal of Economic Dynamics and Control, Elsevier (2003) View citations (106) (2003)

2000

64. OPTIMAL MONETARY POLICY IN AN OPEN ECONOMY
    Computing in Economics and Finance 2000, Society for Computational Economics View citations (19)
65. What horizon for price stability
    Working Paper Series, European Central Bank View citations (95)

1998

66. Output gap uncertainty: does it matter for the Taylor rule?
    BIS Working Papers, Bank for International Settlements View citations (83)
    See also Journal Article Output gap uncertainty: Does it matter for the Taylor rule?, Empirical Economics, Springer (2002) View citations (102) (2002)

1997

67. Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (11)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (10)
68. Financial Asset Prices and Monetary Policy: Theory and Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (95)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (96)
    See also Chapter Financial-asset Prices and Monetary Policy: Theory and Evidence, RBA Annual Conference Volume (Discontinued), Reserve Bank of Australia (1997) View citations (76) (1997)
69. Measuring monetary policy shocks in France, Germany and Italy: The role of the exchange rate
    BIS Working Papers, Bank for International Settlements View citations (46)
    See also Journal Article Measuring Monetary Policy Shocks in France, Germany and Italy: The Role of The Exchange Rate, Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES) (1997) View citations (46) (1997)
70. Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (55)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (52)

1995

71. The Monetary Transmission Mechanism: Evidence from the G-7 Countries
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (149)
    Also in BIS Working Papers, Bank for International Settlements (1995) View citations (144)
72. The Term Structure of Euro-Rates: Some Evidence in Support of the Expectations Hypothesis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (21)
    Also in BIS Working Papers, Bank for International Settlements (1995) View citations (6)
    See also Journal Article The term structure of Euro-rates: some evidence in support of the expectations hypothesis, Journal of International Money and Finance, Elsevier (1997) View citations (93) (1997)

1994

73. Contagious Speculative Attacks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (48)
    Also in BIS Working Papers, Bank for International Settlements (1994) View citations (48)
    See also Journal Article Contagious speculative attacks, European Journal of Political Economy, Elsevier (1995) View citations (157) (1995)

Journal Articles

2024

1. Energy shocks as Keynesian supply shocks: Implications for fiscal policy
   European Economic Review, 2024, 170, (C)
   See also Working Paper Energy shocks as Keynesian supply shocks: implications for fiscal policy, BIS Working Papers (2023) View citations (11) (2023)
2. The Optimal Quantity of CBDC in a Bank-Based Economy
   American Economic Journal: Macroeconomics, 2024, 16, (4), 172-217 View citations (3)
   See also Working Paper The optimal quantity of CBDC in a bank-based economy, Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium (2023) View citations (2) (2023)

2023

3. A Digital Euro: Monetary Policy Considerations
   Revue française d'économie, 2023, Vol XXXVIII, (4), 149-185
4. Effects of State‐Dependent Forward Guidance, Large‐Scale Asset Purchases, and Fiscal Stimulus in a Low‐Interest‐Rate Environment
   Journal of Money, Credit and Banking, 2023, 55, (4), 825-858 View citations (5)
   See also Working Paper Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment, CEPR Discussion Papers (2021) View citations (3) (2021)
5. The effectiveness of a negative interest rate policy
   Journal of Monetary Economics, 2023, 140, (C), 16-33 View citations (2)
   See also Working Paper THE EFFECTIVENESS OF A NEGATIVE INTEREST RATE POLICY, Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium (2021) View citations (7) (2021)

2021

6. Comment expliquer la faiblesse durable des taux directeurs dans la zone euro ?
   Revue d'économie financière, 2021, N° 144, (4), 47-60 View citations (1)

2020

7. Structural Asymmetries and Financial Imbalances in the Eurozone
   Review of Economic Dynamics, 2020, 36, 73-102 View citations (8)
   See also Working Paper Online Appendix to "Structural Asymmetries and Financial Imbalances in the Eurozone", Online Appendices (2019) (2019)
   Working Paper Structural asymmetries and financial imbalances in the eurozone, Working Paper Series (2017) View citations (6) (2017)
   Software Item Code and data files for "Structural Asymmetries and Financial Imbalances in the Eurozone", Computer Codes (2019) (2019)

2018

8. Monetary and Fiscal Policy Interactions and the Labor Market
   International Journal of Central Banking, 2018, 14, (3), 153-165
9. The European Central Bank’s Monetary Policy during Its First 20 Years
   Brookings Papers on Economic Activity, 2018, 49, (2 (Fall)), 1-146 View citations (52)

2017

10. Monetary Policy in Uncertain Times: ECB Monetary Policy Since June 2014
    Manchester School, 2017, 85, (S2), e1-e15 View citations (22)

2016

11. Booms and Banking Crises
    Journal of Political Economy, 2016, 124, (2), 489 - 538 View citations (206)
    See also Working Paper Booms and banking crises, BIS Working Papers (2016) View citations (181) (2016)
12. Slow recoveries: Any role for corporate leverage?
    Journal of Economic Dynamics and Control, 2016, 70, (C), 54-85 View citations (17)
    See also Working Paper Slow recoveries: any role for corporate leverage?, BCAM Working Papers (2016) View citations (17) (2016)

2015

13. Editor'S Choice Labour market adjustments and migration in Europe and the United States: how different?
    Economic Policy, 2015, 30, (84), 643-682 View citations (44)

2014

14. Financial Stability and Monetary Policy: How Closely Interlinked?
    International Journal of Central Banking, 2014, 10, (2), 263-300 View citations (285)
15. Professional forecasters and real-time forecasting with a DSGE model
    International Journal of Forecasting, 2014, 30, (4), 981-995 View citations (31)

2013

16. A monetary policy strategy in good and bad times: lessons from the recent past
    (Inflation persistence and price-setting behavior in the euro area – a summary of the IPN evidence)
    Economic Policy, 2013, 28, (74), 243-288 View citations (39)
    See also Working Paper A monetary policy strategy in good and bad times: lessons from the recent past, Working Paper Series (2011) View citations (37) (2011)
17. Convergence and divergence in government bond markets: implications for monetary policy
    Proceedings - Economic Policy Symposium - Jackson Hole, 2013 View citations (1)

2012

18. Slow Recoveries: A Structural Interpretation
    Journal of Money, Credit and Banking, 2012, 44, (s2), 9-30 View citations (38)
    Also in Journal of Money, Credit and Banking, 2012, 44, 9-30 (2012) View citations (110)
    See also Working Paper Slow Recoveries: A Structural Interpretation, Working Papers (2015) View citations (108) (2015)
19. The determination of wages of newly hired employees: Survey evidence on internal versus external factors
    Labour Economics, 2012, 19, (5), 802-812 View citations (39)
    See also Working Paper The determination of wages of newly hired employees: survey evidence on internal versus external factors, Working Papers (2011) (2011)
20. Unemployment in an Estimated New Keynesian Model
    NBER Macroeconomics Annual, 2012, 26, (1), 329 - 360 View citations (177)
    See also Working Paper Unemployment in an Estimated New Keynesian Model, Working Papers (2015) View citations (221) (2015)
    Chapter Unemployment in an Estimated New Keynesian Model, NBER Chapters, 2011, 329-360 (2011) View citations (135) (2011)

2010

21. Commetary: modeling inflation after the crisis
    Proceedings - Economic Policy Symposium - Jackson Hole, 2010, 221-234 View citations (1)
22. DSGE models and their use at the ECB
    SERIEs: Journal of the Spanish Economic Association, 2010, 1, (1), 51-65 View citations (48)
23. Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union
    Scandinavian Journal of Economics, 2010, 112, (4), 812-840 View citations (65)
24. Price Setting and Price Adjustment in Some European Union Countries
    EconStor Open Access Articles and Book Chapters, 2010, 31, (2‐3 (Special Issue: Price Setting and Price Adjustment in Some European Union Countries)), 63-66 View citations (18)
25. Price setting and price adjustment in some European Union Countries: introduction to the special issue
    Managerial and Decision Economics, 2010, 31, (2-3), 63-66 View citations (20)
    See also Working Paper Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue, Working Papers (2010) View citations (18) (2010)
26. Some Macroeconomic and Monetary Policy Implications of New Micro Evidence on Wage Dynamics
    Journal of the European Economic Association, 2010, 8, (2-3), 506-513 View citations (13)
27. Uncertainty, Risk-taking, and the Business Cycle in Germany
    CESifo Economic Studies, 2010, 56, (4), 596-626 View citations (83)
28. Wage dynamics in Europe: some new findings
    Research Bulletin, 2010, 10, 2-5 View citations (3)

2009

29. Comment
    NBER International Seminar on Macroeconomics, 2009, 5, (1), 149 - 154
30. Imperfect information and the business cycle
    Journal of Monetary Economics, 2009, 56, (S), S38-S56 View citations (31)
    See also Working Paper Imperfect information and the business cycle, CEPR Discussion Papers (2010) View citations (6) (2010)

2008

31. Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model
    Journal of Money, Credit and Banking, 2008, 40, (2-3), 505-521 View citations (73)
    Also in Journal of Money, Credit and Banking, 2008, 40, (2‐3), 505-521 (2008) View citations (6)
    See also Working Paper Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model, Post-Print (2008) View citations (65) (2008)
32. House prices and the stance of monetary policy
    Review, 2008, 90, (Jul), 339-366 View citations (186)
    See also Working Paper House Prices and the stance of Monetary Policy, Working Paper Series (2008) View citations (117) (2008)
33. On implications of micro price data for macro models
    Conference Series ; [Proceedings], 2008 View citations (42)
    See also Working Paper On Implications of Micro Price Data for Macro Models, CEPR Discussion Papers (2008) View citations (46) (2008)

2007

34. Housing is the business cycle: commentary
    Proceedings - Economic Policy Symposium - Jackson Hole, 2007, 235-243 View citations (1)
35. On the Fit of New Keynesian Models
    Journal of Business & Economic Statistics, 2007, 25, 123-143 View citations (419)
36. Rejoinder
    Journal of Business & Economic Statistics, 2007, 25, 159-162
37. Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
    American Economic Review, 2007, 97, (3), 586-606 View citations (4389)
    See also Working Paper Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach, CEPR Discussion Papers (2007) View citations (4029) (2007)
38. Transparency, Communication and Commitment
    International Journal of Central Banking, 2007, 3, (1)
39. US imbalances: The role of technology and policy
    Journal of International Money and Finance, 2007, 26, (4), 523-545 View citations (46)
    See also Working Paper US Imbalances: The Role of Technology and Policy, CEPR Discussion Papers (2007) View citations (44) (2007)

2006

40. Adaptive Learning, Persistence, and Optimal Monetary Policy
    Journal of the European Economic Association, 2006, 4, (2-3), 376-385 View citations (87)
    See also Working Paper Adaptive learning, persistence, and optimal monetary policy, Working Paper Series (2006) View citations (92) (2006)
41. Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting
    International Journal of Central Banking, 2006, 2, (3) View citations (32)
    See also Working Paper Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting, MPRA Paper (2006) View citations (29) (2006)
42. MONETARY POLICY OVER TIME
    Macroeconomic Dynamics, 2006, 10, (2), 207-229 View citations (15)
43. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling
    Journal of the European Economic Association, 2006, 4, (2-3), 562-574 View citations (114)
    See also Working Paper New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling, Working Papers (2015) View citations (13) (2015)
44. Price Shocks in General Equilibrium: Alternative Specifications
    CESifo Economic Studies, 2006, 52, (1), 153-176 View citations (19)
45. Staggered Pricing Models Face the Facts
    International Journal of Central Banking, 2006, 2, (3)

2005

46. Bayesian New Neoclassical Synthesis (NNS) Models: Modern Tools for Central Banks
    Journal of the European Economic Association, 2005, 3, (2-3), 422-433 View citations (24)
47. Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach
    Journal of Applied Econometrics, 2005, 20, (2), 161-183 View citations (410)
    Also in Journal of Applied Econometrics, 2005, 20, (2), 161-183 (2005) View citations (40)
    See also Working Paper Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach, CEPR Discussion Papers (2004) View citations (67) (2004)
48. Monetary policy and imperfect knowledge
    Research Bulletin, 2005, 2, 2-5 View citations (1)
49. The Industry Effects of Monetary Policy in the Euro Area
    Economic Journal, 2005, 115, (503), 319-342 View citations (195)
    See also Working Paper The industry effects of monetary policy in the euro area, Working Paper Series (2002) View citations (38) (2002)

2004

50. Comments on "Mark-up fluctuations and fiscal policy stabilisation in a monetary union"
    Journal of Macroeconomics, 2004, 26, (2), 377-379
51. Forecasting with a Bayesian DSGE Model: An Application to the Euro Area
    Journal of Common Market Studies, 2004, 42, (4), 841-867 View citations (129)
    See also Working Paper Forecasting with a Bayesian DSGE Model: An Application to the Euro Area, CEPR Discussion Papers (2004) View citations (129) (2004)

2003

52. An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
    Journal of the European Economic Association, 2003, 1, (5), 1123-1175 View citations (3749)
    See also Working Paper An estimated dynamic stochastic general equilibrium model of the euro area, Working Paper Research (2002) View citations (158) (2002)
53. Maintaining price stability: how long is the medium term?
    Journal of Monetary Economics, 2003, 50, (6), 1293-1309 View citations (126)
54. Persistence, The Transmission Mechanism And Robust Monetary Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 527-549 View citations (66)
    See also Working Paper Persistence, the Transmission Mechanism and Robust Monetary Policy, Computing in Economics and Finance 2003 (2003) View citations (61) (2003)
55. Uncertain potential output: implications for monetary policy
    Journal of Economic Dynamics and Control, 2003, 27, (9), 1611-1638 View citations (106)
    See also Working Paper Uncertain Potential Output: Implications for Monetary Policy, Computing in Economics and Finance 2001 (2001) View citations (23) (2001)

2002

56. Determinants of the Effective Real Exchange Rate of the Synthetic Euro: Alternative Methodological Approaches
    Australian Economic Papers, 2002, 41, (4), 404-436 View citations (30)
57. Investment and monetary policy in the euro area
    Journal of Banking & Finance, 2002, 26, (11), 2111-2129 View citations (33)
    See also Working Paper Investment and monetary policy in the euro area, Working Paper Series (2001) View citations (26) (2001)
58. Monetary Policy, Price Stability and Output Gap Stabilization
    International Finance, 2002, 5, (2), 193-211 View citations (46)
59. Monetary policy in an estimated stochastic dynamic general equilibrium model of the Euro area
    Proceedings, 2002, (Mar) View citations (63)
60. Openness, imperfect exchange rate pass-through and monetary policy
    Journal of Monetary Economics, 2002, 49, (5), 947-981 View citations (296)
    See also Working Paper Openness, imperfect exchange rate pass-through and monetary policy, Working Paper Series (2002) View citations (320) (2002)
61. Output gap uncertainty: Does it matter for the Taylor rule?
    Empirical Economics, 2002, 27, (1), 113-129 View citations (102)
    See also Working Paper Output gap uncertainty: does it matter for the Taylor rule?, BIS Working Papers (1998) View citations (83) (1998)

2000

62. MCIs and monetary policy
    European Economic Review, 2000, 44, (9), 1677-1700 View citations (72)
63. Price Level Stability: Some Issues
    National Institute Economic Review, 2000, 174, 68-79 View citations (13)
    Also in National Institute Economic Review, 2000, 174, (1), 68-79 (2000) View citations (14)

1999

64. Output gaps and monetary policy in the EMU area1
    European Economic Review, 1999, 43, (4-6), 801-812 View citations (131)
65. The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?
    International Finance, 1999, 2, (1), 85-116 View citations (167)
66. Uncertainty and the Taylor rule in a simple model of the Euro-area economy
    Proceedings, 1999 View citations (56)

1997

67. Commentaire de l'article de F. Barran, V. Coudert et B. Mojon
    Revue Française d'Économie, 1997, 12, (2), 159-176 View citations (1)
68. Measuring Monetary Policy Shocks in France, Germany and Italy: The Role of The Exchange Rate
    Swiss Journal of Economics and Statistics (SJES), 1997, 133, (III), 597-616 View citations (46)
    See also Working Paper Measuring monetary policy shocks in France, Germany and Italy: The role of the exchange rate, BIS Working Papers (1997) View citations (46) (1997)
69. The term structure of Euro-rates: some evidence in support of the expectations hypothesis
    Journal of International Money and Finance, 1997, 16, (2), 305-321 View citations (93)
    See also Working Paper The Term Structure of Euro-Rates: Some Evidence in Support of the Expectations Hypothesis, CEPR Discussion Papers (1995) View citations (21) (1995)

1995

70. Contagious speculative attacks
    European Journal of Political Economy, 1995, 11, (1), 45-63 View citations (157)
    See also Working Paper Contagious Speculative Attacks, CEPR Discussion Papers (1994) View citations (48) (1994)

Books

2010

1. CNB Economic Research Bulletin: Wage Adjustment in Europe, vol 8
   Occasional Publications - Edited Volumes, Czech National Bank, Research and Statistics Department

2008

2. Commodities, Energy and Finance
   SUERF Studies, SUERF - The European Money and Finance Forum

Chapters

2019

1. Negative Interest Rates: Lessons from the Euro Area
   Chapter 02 in Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, 2019, vol. 26, pp 013-042 View citations (37)

2016

2. Challenges for Central Banks’ Macro Models
   Elsevier View citations (16)

2011

3. Unemployment in an Estimated New Keynesian Model
   A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 329-360 View citations (135)
   See also Working Paper Unemployment in an Estimated New Keynesian Model, Barcelona School of Economics (2015) View citations (221) (2015)
   Journal Article Unemployment in an Estimated New Keynesian Model, University of Chicago Press (2012) View citations (177) (2012)

2010

4. Inflation Expectations, Adaptive Learning and Optimal Monetary Policy
   Chapter 19 in Handbook of Monetary Economics, 2010, vol. 3, pp 1055-1095 View citations (32)

2009

5. Comment on "Reflections on Monetary Policy in the Open Economy"
   A chapter in NBER International Seminar on Macroeconomics 2008, 2009, pp 149-154

2007

6. International Transmission and Monetary Policy Cooperation
   A chapter in International Dimensions of Monetary Policy, 2007, pp 157-192 View citations (74)
   See also Working Paper International transmission and monetary policy cooperation, European Central Bank (2008) View citations (39) (2008)

2005

7. Welfare analysis of non-fundamental asset price and investment shocks: implications for monetary policy
   A chapter in Investigating the relationship between the financial and real economy, 2005, vol. 22, pp 146-65 View citations (2)
   See also Working Paper Welfare analysis of non-fundamental asset price and investment shocks: Implications for monetary policy, Society for Computational Economics (2004) View citations (2) (2004)

1997

8. Financial-asset Prices and Monetary Policy: Theory and Evidence
   A chapter in Monetary Policy and Inflation Targeting, 1997 View citations (76)
   See also Working Paper Financial Asset Prices and Monetary Policy: Theory and Evidence, C.E.P.R. Discussion Papers (1997) View citations (95) (1997)

Software Items

2019

1. Code and data files for "Structural Asymmetries and Financial Imbalances in the Eurozone"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Structural Asymmetries and Financial Imbalances in the Eurozone, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2020) View citations (8) (2020)

Editor

1. International Journal of Central Banking
   International Journal of Central Banking