Working Paper Series

From European Central Bank
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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 M. 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 F. 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 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 Parrága 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

20242941: Stress testing with multiple scenarios: a tale on tails and reverse stress scenarios

David Aikman, Romain Angotti and Katarzyna Budnik

20242940: The quantity theory of money, 1870-2020

Alexander Jung

20242939: The macroeconomics of liquidity in financial intermediation

Davide Porcellacchia and Kevin Sheedy

20242938: Investor heterogeneity and large-scale asset purchases

Johannes Breckenfelder and Veronica De Falco

20242937: Determinants of bank performance: evidence from replicating portfolios

Carlo Altavilla, Lorenzo Burlon, Franziska Maruhn and Juliane Begenau

20242936: Updating the retirement-consumption puzzle in Italy: who are the most affected?

Andrea Marini

20242935: Monetary policy strategies to navigate post-pandemic inflation: an assessment using the ECB’s New Area-Wide Model

Matthieu Darracq Paries, Antoine Kornprobst and Romanos Priftis

20242934: Macro and micro of external finance premium and monetary policy transmission

Carlo Altavilla, Refet Gürkaynak and Rogier Quaedvlieg

20242933: Liquidity transformation and Eurosystem credit operations

Benjamin Hartung

20242932: Dominant currency pricing in international trade of services

João Amador, Arnaud Mehl, Martin Schmitz and Joana Garcia

20242931: Mutual funds and safe government bonds: do returns matter?

Marco Graziano and Maurizio Michael Habib

20242930: Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

Günter W. Beck, Kai Carstensen, Jan-Oliver Menz, Richard Schnorrenberger and Elisabeth Wieland

20242929: Decomposing systemic risk: the roles of contagion and common exposures

Grzegorz Hałaj and Ruben Hipp

20242928: Monetary asymmetries without (and with) price stickiness

Ivan Jaccard

20242927: Central bank asset purchases and auction cycles revisited: new evidence from the euro area

Federico Maria Ferrara

20242926: Transactional demand for central bank digital currency

Luca Nocciola and Alejandro Zamora-Pérez

20242925: A new measure of firm-level competition: an application to euro area banks

Michiel Van Leuvensteijn, Ivan Huljak and Gabe de Bondt

20242924: Is home bias biased? New evidence from the investment fund sector

Claudia Lambert, Luis Molestina Vivar and Michael Wedow

20242923: As interest rates surge: flighty deposits and lending

Giuseppe Cappelletti, David Marques-Ibanez, Alessio Reghezza and Carmelo Salleo

20242922: Consumer participation in the credit market during the COVID-19 pandemic and beyond

Evangelos Charalambakis, Federica Teppa and Athanasios Tsiortas

20242921: Business as usual: bank climate commitments, lending, and engagement

Parinitha Sastry, Emil Verner and David Marques-Ibanez

20242920: The impact of regulatory changes on rating behaviour

Nodirbek Karimov, Alper Kara, Gareth Downing and David Marques-Ibanez

20242919: US monetary policy is more powerful in low economic growth regimes

Roberto A. De Santis and Tommaso Tornese

20242918: Determinants of currency choice in cross-border bank loans

Lorenz Emter, Peter McQuade, Swapan-Kumar Pradhan and Martin Schmitz

20242917: Spare tyres with a hole: investment funds under stress and credit to firms

Giulio Nicoletti, Judit Rariga and Rodriguez d’Acri, Costanza

20242916: Greening the economy: how public-guaranteed loans influence firm-level resource allocation

Ixart Miquel-Flores, Alessio Reghezza, Bruno Buchetti and Salvatore Perdichizzi

20242915: Consumers' payment preferences and banking digitalisation in the euro area

Justus Meyer and Federica Teppa

20242914: Tell me something I don’t already know: learning in low and high-inflation settings

Michael Weber, Bernardo Candia, Hassan Afrouzi, Tiziano Ropele, Rodrigo Lluberas, Serafin Frache, Brent Meyer, Saten Kumar, Yuriy Gorodnichenko, Dimitris Georgarakos, Olivier Coibion, George Ponce and Geoff Kenny

20242913: Public guarantees, private banks’ incentives, and corporate outcomes: evidence from the COVID-19 crisis

Gabriel Jimenez, Luc Laeven, David Martinez-Miera and Jose-Luis Peydro

20242912: The nonlinear effects of banks’ vulnerability to capital depletion in euro area countries

Sharada Nia Davidson and Diego Nicolas Moccero

20242911: Aggregate uncertainty, HANK, and the ZLB

Alessandro Lin and Marcel Peruffo

20242910: Climate transition risk in the banking sector: what can prudential regulation do?

Michael Grill, Alexandra Popescu and Elena Rancoita

20242909: Mortgage borrowing limits and house prices: evidence from a policy change in Ireland

Brian E. Higgins

20242908: Measuring market-based core inflation expectations

Asger Munch Grønlund, Kasper Jørgensen and Fabian Schupp

20242907: Managing the transition to central bank digital currency

Katrin Assenmacher, Massimo Ferrari Minesso, Arnaud Mehl and Maria Sole Pagliari

20242906: Demographics, labor market power and the spatial equilibrium

Nina Furbach

20242905: Gas price shocks and euro area inflation

Jakob Adolfsen, Massimo Ferrari Minesso, Jente Esther Mork and Ine Van Robays

20242904: Households' response to the wealth effects of inflation

Philip Schnorpfeil, Michael Weber and Andreas Hackethal