Working Papers

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0229: Is the European Central Bank (and the United States Federal Reserve) predictable?

Gabriel Perez Quiros and Jorge Sicilia

0228: El endeudamiento de los hogares españoles

Ana Del Rio

0227: Extricate: Financial Pressure and Firm Behaviour in Spain

Andrew Benito and Ignacio Hernando

0226: Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms

Andrew Benito

0225: Does Job Insecurity Affect Household Consumption?

Andrew Benito

0224: Are capital buffers pro-cyclical? Evidence from Spanish panel data

Juan Ayuso, Daniel Pérez and Jesús Saurina

0223: Value creation in European M&As

Jose Campa and Ignacio Hernando

0222: Asymmetric Shocks, Risk Sharing, and the Latter Mundell

Klaus Desmet

0221: The Credibility of Central Bank Announcements

Marco Hoeberichts

0220: ISIS: Un Indicador Sintético Integral de los Servicios de mercado

Luis Alvarez and Javier Jareño Morago

0219: Differences in exchange rate pass-through in the euro area

Jose Campa and Jose González Mínguez

0218: Futuros sobre acciones: demanda e implicaciones sobre los mercados de renta variable

Jose Ramón Martínez Resano and Liliana Toledo Falcón

0217: The Asian and European Banking Systems: The Case of Spain in the Quest for Develpoment and Stability

Sonsoles Gallego, Alicia Garcia Herrero and Jesús Saurina

0216: Latin American Financial Development in Perspective

Alicia Garcia Herrero, Javier Santillán, Sonsoles Gallego, Lucía Cuadro Sáez and Carlos Egea

0215: Inflation persistence and optimal monetary policy in the Euro Area

Pierpaolo Benigno and David Lopez-Salido

0214: Financial constraints and investment in France and Spain: a comparison using firm level data

Ignacio Hernando and André Tiomo

0213: The quest for nominal and real convergence through integration in Europe and Latin America

Enrique Alberola, Ana Buisán and Santiago Fernández de Lis

0212: The Spanish block of the ESCB-Multi-Country model

Alpo Willman and Angel Estrada

0211: Modelling the daily banknotes in circulation in the context of the liquidity management of the European Central Bank

Alberto Cabrero Bravo, Gonzalo Camba-Mendez, Astrid Hirsch and Fernando Nieto

0210: Ajuste estacional y extracción de señales en la Contabilidad Nacional Trimestral

S. G. Cuentas Nacionales

0209: Financial Pressure and Balance Sheet Adjustment by UK Firms

Andrew Benito and Garry Young

0208: A Complete Model-Based Interpretation of the Hodrick-Prescott Filter: Spuriousness Reconsidered

Regina Kaiser and Agustin Maravall

0207: An Application of TRAMO-SEATS: Automatic Procedure and Sectoral Aggregation

Agustin Maravall

0206: Los flujos de trabajadores en España: el impacto del empleo temporal

Angel Estrada, Pilar García-Perea and Mario Izquierdo

0205: Understanding Spanish dual inflation

Angel Estrada and David Lopez-Salido

0204: Markups, gaps, and the welfare costs of business fluctuations

Jordi Galí, Mark Gertler and David Lopez-Salido

0203: The contribution of ICT to economic activity: a growth accounting exercise with Spanish firm-level data

Ignacio Hernando and Soledad Núñez

0202: Implicaciones para la inflación de la conversión de precios a euros

Luis Alvarez and Javier Jareño Morago

0201: La contribución de las ramas productoras de bienes y servicios TIC al crecimiento de la economía española

Soledad Núñez Ramos

0121: Money in an Estimated Business Cycle Model of the Euro Area

Javier Andrés, David Lopez-Salido and Javier Valles

0120: The Euro-Area Government Securities Markets. Recent Developments and Implications for Market Functioning

Roberto Blanco

0119: Firm Investment and Monetary Policy Transmission in the Euro Area

Jean-Bernard Chatelain, Andrea Generale, Ignacio Hernando, Ulf von Kalckreuth and Philip Vermeulen

0118: Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area

Michael Ehrmann, Leonardo Gambacorta, Jorge Martínez-Pagés, Patrick Sevestre and Andreas Worms

0117: Is There a Bank Lending Channel of Monetary Policy in Spain?

Ignacio Hernando and Jorge Martínez Pagés

0116: Sectoral and Aggregate Technology Growth in Spain

Angel Estrada and David Lopez-Salido

0115: The Transmission Mechanism of European Monetary Policy: Is There Heterogeneity? Is It Changing Over Time?

Matteo Ciccarelli and Alessandro Rebucci

0114: Rational Underdevelopment

Klaus Desmet and Ignacio Ortuño Ortín

0113: El grado de concentración en las ramas productivas de la economía española

Soledad Núñez and Miguel Pérez

0112: Program TSW Reference Manual

Gianluca Caporello, Agustin Maravall and Fernando Sánchez

0111: Estimating Inflation Expectations using French Government Inflation-Indexed Bonds

Francisco Alonso, Roberto Blanco and Ana Del Rio

0110: Accounting for Spanish productivity growth using sectoral data: New Evidence

Angel Estrada and David Lopez-Salido

0109: A New Phillips Curve for Spain

Jordi Galí and David Lopez-Salido

0108: Time Aggregation and the Hodrick-Prescott Filter

Agustin Maravall and Ana Del Rio

0107: Monetary Policy Issues in a Low Inflation Environment

José Viñals

0106: Inflation Targeting Under Asymmetric Preferences

Francisco Ruge-Murcia

0105: Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Central Bank

Juan Ayuso and Rafael Repullo

0104: Three Exchange Rate Regimes and a Monetary Union: Determinacy, Currency Crises, and Welfare

Carsten Nielsen

0103: Evaluating the dynamics of fiscal policy in Spain: patterns of interdependence and consistency of public expenditure and revenues

Francisco de Castro Fernández, José M. González-Páramo and Pablo Hernández de Cos

0102: The interaction of firing costs and on-the-job search: an application of a search theoretic model to the Spanish labour market

Ravi Balakrishnan

0101: Job Creation under Liquidity Constraints: the Spanish Case

Silvio Rendon