Working Paper Series

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20253041: The expert’s edge? Bank lending specialization and informational advantages for credit risk assessment

Mathieu Simoens and Fabio Tamburrini

20253040: TLTRO III and banks' loan book rebalancing during the pandemic: less 'targeted' than intended for some?

Hannah S. Hempell, Elena Rancoita, Claudio Corte Coi and Aristeidis Dadoukis

20253039: Banking in the negative: a vector error correction analysis of bank-specific lending and deposit rates

Michael Sigmund and Alessandra Agati

20253038: Fiscal requirements for price stability when households are not Ricardian

Stéphane Dupraz and Anna Rogantini Picco

20253037: Putting countries on the cap? Pastoral visits of John Paul II and international trade

Alexander Popov

20253036: From flood to fire: is physical climate risk taken into account in banks’ residential mortgage rates?

Adele Fontana, Barbara Jarmulska, Claudia Schwarz, Benedikt Scheid and Christopher Scheins

20253035: Consumer attitudes towards a central bank digital currency

Dimitris Georgarakos, Geoff Kenny, Luc Laeven and Justus Meyer

20253034: The heterogeneous effects of household debt relief

Miguel A. Ferreira, Manuel Adelino and Miguel Oliveira

20253033: Firm ownership and the macroeconomics of incentive leakages

Yunus Aksoy, Arup Daripa and Issam Samiri

20253032: Fiscal and macroprudential policies during an energy crisis

Romanos Priftis and Raphael Schoenle

20253031: Bank transparency and market efficiency

Andreas Beyer and Ernest Dautović

20253030: Green and brown returns in a production economy

Ivan Jaccard, Thore Kockerols and Yves Schüler

20253029: Investment funds and euro disaster risk

Pablo Anaya Longaric, Katharina Cera, Georgios Georgiadis and Christoph Kaufmann

20253028: The taming of the skew: asymmetric inflation risk and monetary policy

Ivan Petrella, Andrea De Polis and Leonardo Melosi

20253027: Climate change policies and technologies: diffusion and interaction with institutions and governance

Vincent Labhard and Jonne Lehtimäki

20253026: Institutional investors and house prices

Emil Bandoni, Giorgia De Nora, Margherita Giuzio, Ellen Ryan and Manuela Storz

20253025: Mitigating fragility in open-ended investment funds: the role of redemption restrictions

Luis Molestina Vivar

20253024: Monetary policy and the firm-level labor share: a story about capital

Lea Steininger and Anna Matzner

20253023: Distressed assets and fiscal-monetary support: are AMCs a third way?

Reiner Martin, O’Brien, Edward, M. Udara Peiris and Dimitrios P. Tsomocos

20253022: Digital money and finance: a critical review of terminology

Ulrich Bindseil, Charles-Enguerrand Coste and George Pantelopoulos

20253021: Housing wealth across countries: the role of expectations, institutions and preferences

Julia Le Blanc, Jiri Slacalek and Matthew N. White

20253020: Carbon pricing, border adjustment and renewable energy investment: a network approach

Mar Delgado-Téllez, Javier Quintana and Daniel Santabárbara

20253019: Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations

Shohini Kundu and Nishant Vats

20253018: Non-homothetic housing demand and geographic worker sorting

Nina Furbach

20253017: The implications of CIP deviations for international capital flows

Christian Kubitza, Jean-David Sigaux and Quentin Vandeweyer

20253016: Leverage actually: the impact on banks’ borrowing costs in euro area money markets

Desislava Andreeva, Anna Samarina and Lara Sousa Faria

20253015: The great supply shock and the euro area, viewed through a suite of supply indices

Vincent Labhard and Maria Christine Saliba

20253014: The growth effect of EU funds – the role of institutional quality

Béla Szörfi, Anna Augusztin, Áron Iker and Anna Monisso

20253013: Flexible asset purchases and repo market functioning

Adriana Grasso and Andrea Poinelli

20253012: Time-varying risk aversion and inflation-consumption correlation in an equilibrium term structure model

Tilman Bletzinger, Wolfgang Lemke and Jean-Paul Renne

20253011: Climate-linked bonds

Dirk Broeders, Daniel Dimitrov and Niek Verhoeven

20253010: Why gradual and predictable? Bank lending during the sharpest quantitative tightening ever

Lorenzo Burlon, Alessandro Ferrari, Stephen Kho and Nikoleta Tushteva

20253009: When banks hold back: credit and liquidity provision

Carlo Altavilla, Massimo Rostagno and Julian Schumacher

20253008: Equity financing in a banking crisis: evidence from private firms

Federico Kochen

20243007: The geography of capital allocation in the euro area

Roland Beck, Martin Schmitz, Antonio Coppola, Angus Lewis, Matteo Maggiori and Jesse Schreger

20243006: Trust in central banks

Michael Ehrmann

20243005: Why do we need to strengthen climate adaptations? Scenarios and financial lines of defence

Francesco Paolo Mongelli, Andrej Ceglar and Benedikt Alois Scheid

20243004: Nowcasting Made Easier: a toolbox for economists

Jan Linzenich and Baptiste Meunier

20243003: Monetary policy pass-through to consumer prices: evidence from granular price data

Anastasia Allayioti, Lucyna Gόrnicka, Sarah Holton and Catalina Martínez Hernández

20243002: Going NUTS: the regional impact of extreme climate events over the medium term

Guzman Gonzalez-Torres Fernandez, Miles Parker and Sehrish Usman

20243001: Real effects of credit supply shocks: evidence from Danish banks, firms, and workers

Christofer Schroeder and Simon Juul Hviid

20243000: Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies

Matthias Sydow, Gábor Fukker, Tomasz Dubiel-Teleszynski, Fabio Franch, Helmut Gründl, Debora Miccio, Michela Pellegrino, Sébastien Gallet, Stelios Kotronis, Sebastian Schlütter and Matteo Sottocornola

20242999: Financial returns, sentiment and market volatility. A dynamic assessment

Stefano Borgioli, Giampiero Gallo and Chiara Ongari

20242998: For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus

Michal Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski and Julia Jabłońska

20242997: Time-varying agglomeration economies and aggregate wage growth

Clémence Berson, Pierre-Philippe Combes, Laurent Gobillon and Aurélie Sotura

20242996: Fiscal policy and inflation: accounting for non-linearities in government debt

Cristina Checherita-Westphal and Tom Pesso

20242995: Asymmetric monetary policy spillovers: the role of supply chains, credit networks and fear of floating

Jakub Mistak and Gulcin Ozkan

20242994: A statistical approach to identifying ECB monetary policy

Yıldız Akkaya, Lea Bitter, Claus Brand and Luís Fonseca

20242993: Government-guaranteed credit and populism

Ernest Dautović and Robin Hsieh

20242992: Inputs in distress: geoeconomic fragmentation and firms’ sourcing

Ludovic Panon, Laura Lebastard, Michele Mancini, Alessandro Borin, Dennis Essers, Andrea Linarello, Peonare Caka, Gianmarco Cariola, Elena Gentili, Tullia Padellini, Francisco Requena Silvente and Jacopo Timini

20242991: Variational inference for Bayesian panel VAR models

Lucas Ter Steege

20242990: Climate capitalists

Niels Gormsen, Kilian Huber and Sangmin S. Oh

20242989: Monetary policy and growth-at-risk: the role of institutional quality

Lorenz Emter, Ralph Setzer, Nico Zorell and Afonso S. Moura

20242988: Capital requirements in Pillar 1 or Pillar 2: does it matter for market discipline?

Niklas Witte

20242987: Stablecoins, money market funds and monetary policy

Iñaki Aldasoro, Massimo Ferrari Minesso, Leonardo Gambacorta, Maurizio Michael Habib and Giulio Cornelli

20242986: How income expectations adjust to inflation – a consumers’ expectations-revealed pass-through

Virginia Di Nino and Valentina Aprigliano

20242985: The inflationary consequences of prioritising central bank profits

Stefan Gebauer, Sebastiaan Pool and Julian Schumacher

20242984: Unraveling the drivers of energy-saving technical change

Diego Känzig and Charles Williamson

20242983: Asymmetries in the transmission of monetary policy shocks over the business cycle: a Bayesian Quantile Factor Augmented VAR

Sofia Velasco

20242982: Estimating the full effect of a partially anticipated event: a market-based approach applied to the case of TLTROIII

Benjamin Mosk and Danilo Vassallo

20242981: Tackling the volatility paradox: spillover persistence and systemic risk

Christian Kubitza

20242980: Digital euro demand: design, individuals’ payment preferences and socioeconomic factors

Claudia Lambert, Chloe Larkou, Cosimo Pancaro, Antonella Pellicani and Meri Sintonen

20242979: Aim, focus, shoot. The choice of appropriate and effective macroprudential instruments

Mara Pirovano and Michele Azzone

20242978: Macroeconomic modelling of CBDC: a critical review

Ulrich Bindseil and Richard Senner

20242977: The aggregate and distributional implications of credit shocks on housing and rental markets

Gonzalo Paz-Pardo, Juan Castellanos and Andrew Hannon

20242976: The life-cycle dynamics of wealth mobility

Richard Audoly, Gonzalo Paz-Pardo, Rory McGee and Sergio Ocampo

20242975: The transmission of bank credit conditions to firms-evidence from linked surveys

Annalisa Ferrando, Sarah Holton and Conor Parle

20242974: Corporate reorganization and the reallocation of labor in bankruptcy

Diana Bonfim and Gil Nogueira

20242973: What shapes spillovers from monetary policy shocks in the United States to emerging market economies?

Erik Andres Escayola, Peter McQuade, Christofer Schroeder and Marcel Tirpák

20242972: Geopolitical risk shocks: when the size matters

Davide Brignone, Luca Gambetti and Martino Ricci

20242971: Macro uncertainty, unemployment risk, and consumption dynamics

Joonseok Oh and Anna Rogantini Picco

20242970: The not-so-hidden risks of ‘hidden-to-maturity’ accounting: on depositor runs and bank resilience

Zachary Feinstein, Grzegorz Hałaj and Andreas Søjmark

20242969: Climate risk, bank lending and monetary policy

Carlo Altavilla, Miguel Boucinha, Marco Pagano and Andrea Polo

20242968: The pass-through to inflation of gas price shocks

Lucia López, Florens Odendahl, Susana Parraga Rodriguez and Edgar Silgado-Gómez

20242967: Energy price shocks, monetary policy and inequality

Alina Bobasu, Michael Dobrew and Amalia Repele

20242966: Risk-to buffer: setting cyclical and structural banks capital requirements through stress test

Cyril Couaillier and Valerio Scalone

20242965: ECB-(RE)BASE: Heterogeneity in expectation formation and macroeconomic dynamics

Stéphane Adjemian, Nikola Bokan, Matthieu Darracq Paries, Georg Müller and Srečko Zimic

20242964: Inflation (de-)anchoring in the euro area

Valentin Burban, Bruno De Backer and Andreea Liliana Vladu

20242963: Passing on the hot potato: the use of ETFs by open-ended funds to manage redemption requests

Lennart Dekker, Luis Molestina Vivar and Christian Weistroffer

20242962: Marrying fiscal rules & investment: a central fiscal capacity for Europe

Francesca Vinci and Christopher Schang

20242961: Reallocation, productivity, and monetary policy in an energy crisis

Andrea Colciago, Romanos Priftis and Boris Chafwehé

20242960: Beyond borders: how geopolitics is reshaping trade

Costanza Bosone and Giovanni Stamato

20242959: Bail-in in action

David Marques-Ibanez, Gianluca Santilli and Giulia Scardozzi

20242958: Firms’ heterogeneous (and unintended) investment response to carbon price increases

Anna Matzner and Lea Steininger

20242957: Inflation preferences

Hassan Afrouzi, Romanos Priftis, Alexander M. Dietrich, Kristian Ove R. Myrseth and Raphael S. Schoenle

20242956: Information technology in banking and entrepreneurship

Toni Ahnert, Sebastian Doerr, Nicola Pierri and Yannick Timmer

20242955: Average inflation targeting: how far to look into the past and the future?

Frantisek Masek and Jan Zemlicka

20242954: Loss-given-default and macroeconomic conditions

Oana-Maria Georgescu, Aurea Marques and Benjamin Galow

20242953: HANK faces unemployment

Agostino Consolo and Matthias Hänsel

20242952: The impact of ECB Banking Supervision on climate risk and sustainable finance

Andreas Beyer and Lena Schreiner

20242951: Buying insurance at low economic cost – the effects of bank capital buffer increases since the pandemic

Markus Behn, Marco Forletta and Alessio Reghezza

20242950: Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment

Lara Coulier, Cosimo Pancaro and Alessio Reghezza

20242949: SAFE to update inflation expectations? New survey evidence on euro area firms

Ursel Baumann, Annalisa Ferrando, Dimitris Georgarakos, Yuriy Gorodnichenko and Timo Reinelt

20242948: The wage-price pass-through across sectors: evidence from the euro area

Miguel Ampudia, Marco Lombardi and Théodore Renault

20242947: Productivity-enhancing reallocation during the Covid-19 pandemic

Tibor Lalinsky, Jaanika Meriküll and Paloma Lopez-Garcia

20242946: The impact of environmental regulation on clean innovation: are there crowding out effects?

Nicola Benatti, Martin Groiss, Petra Kelly and Paloma Lopez-Garcia

20242945: Burn now or never? Climate change exposure and investment of fossil fuel firms

Jakob Adolfsen, Malte Heissel, Ana-Simona Manu and Francesca Vinci

20242944: Outages in sovereign bond markets

Mark Kerssenfischer and Caspar Helmus

20242943: Designing a macroprudential capital buffer for climate-related risks

Florian Bartsch, Iulia Busies, Tina Emambakhsh, Michael Grill, Mathieu Simoens, Martina Spaggiari and Fabio Tamburrini

20242942: The globalization of climate change: amplification of climate-related physical risks through input-output linkages

Stephan Fahr, Richard Senner and Andrea Vismara