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From European Central Bank
60640 Frankfurt am Main, Germany.
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2450: Economic consequences of high public debt: evidence from three large scale DSGE models Downloads
Pablo Burriel, Cristina Checherita-Westphal, Pascal Jacquinot, Nikolai Stähler and Matthias Schön
2449: Has regulatory capital made banks safer? Skin in the game vs moral hazard Downloads
Ernest Dautović
2448: Inflation volatility in small and large advanced open economies Downloads
Mirco Balatti
2447: What is the tipping point? Low rates and financial stability Downloads
Davide Porcellacchia
2446: Firms’ expectations on access to finance at the early stages of the Covid-19 pandemic Downloads
Annalisa Ferrando and Ioannis Ganoulis
2445: Determinants of the credit cycle: a flow analysis of the extensive margin Downloads
Vincenzo Cuciniello and Nicola di Iasio
2444: Monetary policy and intangible investment Downloads
Robin Döttling and Lev Ratnovski
2443: Interest rate setting and communication at the ECB Downloads
Philippine Cour-Thimann and Alexander Jung
2442: Central banks in parliaments: a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve Downloads
Nicolò Fraccaroli, Alessandro Giovannini and Jean-Francois Jamet
2441: Modeling the consumption response to the CARES Act Downloads
Christopher D. Carroll, Jiri Slacalek, Matthew N. White and Edmund S. Crawley
2440: Compositional effects of O-SII capital buffers and the role of monetary policy Downloads
Giuseppe Cappelletti, Alessio Reghezza, d’Acri, Costanza Rodriguez and Martina Spaggiari
2439: Who takes the ECB’s targeted funding? Downloads
Olivier Vergote and Tomohiro Sugo
2438: Financial intermediation and technology: What’s old, what’s new? Downloads
Arnoud Boot, Peter Hoffmann, Luc Laeven and Lev Ratnovski
2437: Drivers of European public debt management Downloads
Guido Wolswijk
2436: Forecasting macroeconomic risk in real time: Great and Covid-19 Recessions Downloads
Roberto A. De Santis and Wouter Van der Veken
2435: What’s up with the Phillips Curve? Downloads
Marco Del Negro, Michele Lenza, Giorgio E. Primiceri and Andrea Tambalotti
2434: Macroeconomic effects of tariffs shocks: the role of the effective lower bound and the labour market Downloads
Pascal Jacquinot, Matija Lozej and Massimiliano Pisani
2433: Rethinking capital regulation: the case for a dividend prudential target Downloads
Manuel A. Muñoz
2432: Bank contagion in general equilibrium Downloads
Massimo Minesso Ferrari
2431: ECB-BASIR: a primer on the macroeconomic implications of the Covid-19 pandemic Downloads
Elena Angelini, Matthieu Darracq Paries, Srečko Zimic and Milan Damjanović
2430: How much does aggregate demand travel across the Atlantic? Downloads
Ine Van Robays and Livio Stracca
2429: Bank lending in the knowledge economy Downloads
Dell’Ariccia, Giovanni, Camelia Minoiu, Lev Ratnovski and Dalida Kadyrzhanova
2428: Macroeconomic stabilisation properties of a euro area unemployment insurance scheme Downloads
Christoph Kaufmann, Maria Grazia Attinasi and Sebastian Hauptmeier
2427: Monetary policy, markup dispersion, and aggregate TFP Downloads
Timo Reinelt and Matthias Meier
2426: Mitigating the forward guidance puzzle: inattention, credibility, finite planning horizons and learning Downloads
Oliver de Groot and Falk Mazelis
2425: The aggregate consequences of default risk: evidence from firm-level data Downloads
Timothy Besley, John van Reenen and Isabelle Roland
2424: Disciplining expectations and the forward guidance puzzle Downloads
Kai Christoffel, Falk Mazelis, Carlos Montes-Galdón and Tobias Müller
2423: On the inflation risks embedded in sovereign bond yields Downloads
Gonzalo Camba-Méndez
2422: Bank capital regulation in a zero interest environment Downloads
Robin Döttling
2421: Monetary policy transmission over the leverage cycle: evidence for the euro area Downloads
Gerhard Rünstler and Leonie Bräuer
2420: Identifying financial constraints Downloads
Annalisa Ferrando, Klaas Mulier, Marijn Verschelde, Laurens Cherchye and Bram De Rock
2419: Determinants of firms’ efficiency: do innovations and finance constraints matter? The case of European SMEs Downloads
Annalisa Ferrando, Stefania P. S. Rossi and Graziella Bonanno
2418: Fiscal multipliers with financial fragmentation risk and interactions with monetary policy Downloads
Matthieu Darracq Paries, Niki Papadopoulou and Georg Müller
2417: Cross-border currency exposures: new evidence based on an enhanced and updated dataset Downloads
Agustín Bénétrix, Luciana Juvenal, Martin Schmitz and Deepali Gautam
2416: Who’s afraid of euro area monetary tightening? CESEE shouldn’t Downloads
André Geis, Isabella Moder and Tobias Schuler
2415: Macroprudential capital requirements with non-bank finance Downloads
Kyle P. Dempsey
2414: Twin default crises Downloads
Caterina Mendicino, Kalin Nikolov, Javier Suarez, Dominik Supera and Juan-Rubio Ramirez
2413: Burned by leverage? Flows and fragility in bond mutual funds Downloads
Luis Molestina Vivar, Michael Wedow and Christian Weistroffer
2412: Stock return comovement when investors are distracted: more, and more homogeneous Downloads
Michael Ehrmann and David-Jan Jansen
2411: Do non-performing loans matter for bank lending and the business cycle in euro area countries? Downloads
Ivan Huljak, Reiner Martin, Diego Moccero and Cosimo Pancaro
2410: Global trade in final goods and intermediate inputs: impact of FTAs and reduced “Border Effects” Downloads
Sebastian Franco-Bedoya and Erik Frohm
2409: Loan types and the bank lending channel Downloads
Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
2408: Random forest versus logit models: which offers better early warning of fiscal stress? Downloads
Barbara Jarmulska
2407: Monetary policy and its transmission in a globalised world Downloads
Michele Ca' Zorzi, Luca Dedola, Georgios Georgiadis, Marek Jarociński, Livio Stracca and Georg Strasser
2406: Macroprudential regulation and leakage to the shadow banking sector Downloads
Stefan Gebauer and Falk Mazelis
2405: Cyclical systemic risk and downside risks to bank profitability Downloads
Jan Hannes Lang and Marco Forletta
2404: Monetary policy with judgment Downloads
Paolo Gelain and Simone Manganelli
2403: Political referenda and investment: evidence from Scotland Downloads
Andres Azqueta-Gavaldon
2402: Heterogeneity in corporate debt structures and the transmission of monetary policy Downloads
Fédéric Holm-Hadulla and Claire Thürwächter
2401: Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area Downloads
Martin Spitzer and Michaela Schmöller
2400: The Phillips Curve at the ECB Downloads
Fabian Eser, Peter Karadi, Philip R. Lane, Laura Moretti and Chiara Osbat
2399: Quantitative easing and the price-liquidity trade-off Downloads
Marien Ferdinandusse, Maximilian Freier and Annukka Ristiniemi
2398: Negative monetary policy rates and systemic banks’ risk-taking: evidence from the euro area securities register Downloads
Johannes Bubeck, Angela Maddaloni and Jose-Luis Peydro
2397: Growth-and-risk trade-off Downloads
Luc Laeven, Gabriel Perez-Quiros and María Dolores Gadea Rivas
2396: A framework for assessing the costs of pension reform reversals Downloads
Daniel Baksa, Zsuzsa Munkacsi and Carolin Nerlich
2395: The dynamics of non-performing loans during banking crises: a new database Downloads
Anil Ari, Lev Ratnovski and Sophia Chen
2394: Average inflation targeting and the interest rate lower bound Downloads
Taisuke Nakata, Sebastian Schmidt and Flora Budianto
2393: Risk characteristics of covered bonds: monitoring beyond ratings Downloads
Magdalena Grothe and Jana Zeyer
2392: Baldwin vs. Cecchini revisited: the growth impact of the European Single Market Downloads
David Sondermann and Jonne Lehtimäki
2391: Can government intervention make firms more investment-ready? A randomized experiment in the Western Balkans Downloads
Ernest Dautovic, Ana Paula Cusolito and David McKenzie
2390: Monetary policy, investment and firm heterogeneity Downloads
Annalisa Ferrando, Philip Vermeulen and Elena Durante
2389: Indebtedness and spending: what happens when the music stops? Downloads
Julia Le Blanc and Reamonn Lydon
2388: International capital flows at the security level: evidence from the ECB’s Asset Purchase Programme Downloads
Michael Fidora, Martin Schmitz and Katharina Bergant
2387: Attention to the tail(s): global financial conditions and exchange rate risks Downloads
Andrej Sokol and Fernando Eguren-Martin
2386: Cyclical drivers of euro area consumption: what can we learn from durable goods? Downloads
Georgi Krustev and André Casalis
2385: Monetary policy and regional inequality Downloads
Sebastian Hauptmeier, Fédéric Holm-Hadulla and Katerina Nikalexi
2384: The effect of possible EU diversification requirements on the risk of banks’ sovereign bond portfolios Downloads
Ben Craig, Margherita Giuzio and Sandra Paterlini
2383: Exchange rate shocks and inflation comovement in the euro area Downloads
Danilo Leiva-Leon, Jaime Martinez-Martin and Eva Ortega
2382: Demographics and inflation in the euro area: a two-sector new Keynesian perspective Downloads
Eliza Lis, Christiane Nickel and Andrea Papetti
2381: Real-time weakness of the global economy: a first assessment of the coronavirus crisis Downloads
Gabriel Perez-Quiros, Eyno Rots and Danilo Leiva-Leon
2380: Financial policy in an exuberant world Downloads
Ansgar Walther
2379: Debt rule design in theory and practice: the SGP’s debt benchmark revisited Downloads
Sebastian Hauptmeier and Christophe Kamps
2378: Density forecast combinations: the real-time dimension Downloads
Peter McAdam and Anders Warne
2377: Monetary policy and bank stability: the analytical toolbox reviewed Downloads
Ugo Albertazzi, Francesca Barbiero, David Marques-Ibanez, Alexander Popov, d’Acri, Costanza Rodriguez and Thomas Vlassopoulos
2376: Macroprudential policy measures: macroeconomic impact and interaction with monetary policy Downloads
Matthieu Darracq Paries, Peter Karadi, Jenny Körner, Christoffer Kok, Falk Mazelis, Kalin Nikolov, Elena Rancoita, Alejandro Van der Ghote, Julien Weber and Gabriele Cozzi
2375: Trust in the central bank and inflation expectation Downloads
Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Maarten van Rooij
2374: The interbank market puzzle Downloads
Franklin Allen, Giovanni Covi, Xian Gu, Oskar Kowalewski and Mattia Montagna
2373: Simulating fire sales in a system of banks and asset managers Downloads
Susanna Calimani, Grzegorz Hałaj and Dawid Żochowski
2372: Pensions and household savings: cross-country heterogeneity in Europe Downloads
Muriel Roger, Frédérique Savignac and d’Addio, Anna
2371: Forecast performance in the ECB SPF: ability or chance? Downloads
Aidan Meyler
2370: Estimating the optimal inflation target from trends in relative prices Downloads
Klaus Adam and Henning Weber
2369: Price dividend ratio and long-run stock returns: a score driven state space model Downloads
Davide Delle Monache, Fabrizio Venditti and Ivan Petrella
2368: Strategic interactions and price dynamics in the global oil market Downloads
Irma Alonso Álvarez, Virginia Di Nino and Fabrizio Venditti
2367: Lifting the banking veil: credit standards’ harmonization through lending transparency Downloads
Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
2366: Restructuring sovereign bonds: holdouts, haircuts and the effectiveness of CACs Downloads
Julian Schumacher, Christoph Trebesch and Chuck Fang
2365: A cointegration model of money and wealth Downloads
Katrin Assenmacher and Andreas Beyer
2364: The impact of the ECB’s targeted long-term refinancing operations on banks’ lending policies: the role of competition Downloads
Desislava C. Andreeva and Miguel García-Posada
2363: The long-run information effect of central bank communication Downloads
Stephen Hansen, Michael McMahon and Matthew Tong
2362: Non-linear exchange rate pass-through to euro area inflation: a local projection approach Downloads
Roberta Colavecchio and Ieva Rubene
2361: Firm or bank weakness? Access to finance since the European sovereign debt crisis Downloads
Giuseppe Corbisiero and Donata Faccia
2360: Rising protectionism and global value chains: quantifying the general equilibrium effects Downloads
Rita Cappariello, Vanessa Gunnella, Sebastian Franco-Bedoya and Gianmarco Ottaviano
2359: Economic policy uncertainty in the euro area: an unsupervised machine learning approach Downloads
Andres Azqueta-Gavaldon, Dominik Hirschbühl, Luca Onorante and Lorena Saiz
2358: The predictive power of equilibrium exchange rate models Downloads
Andrej Mijakovic, Michał Rubaszek, Michele Ca' Zorzi and Adam Cap
2357: Wealth effect on consumption during the sovereign debt crisis: households heterogeneity in the euro area Downloads
Bertrand Garbinti, Pierre Lamarche, Frédérique Savignac and Charlélie Lecanu
2356: Bank funding costs and solvency Downloads
Cosimo Pancaro, Dawid Żochowski and Guillaume Arnould
2355: The fundamentals of safe assets Downloads
Maurizio Michael Habib, Livio Stracca and Fabrizio Venditti
2354: A Phillips curve for the euro area Downloads
Laurence Ball and Sandeep Mazumder
2353: Identifying SVARs from sparse narrative instruments: dynamic effects of U.S. macroprudential policies Downloads
Katarzyna Budnik and Gerhard Rünstler
2352: Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment Downloads
Günter Coenen, Carlos Montes-Galdón and Frank Smets
2351: Tiered CBDC and the financial system Downloads
Ulrich Bindseil
Page updated 2020-08-07
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