Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().

Access Statistics for this working paper series.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

20253160: Estimating the natural rate of interest in a macro-finance yield curve model

Claus Brand, Gavin Goy and Wolfgang Lemke

20253159: Global or regional safe assets: evidence from bond substitution patterns

Tsvetelina Nenova

20253158: Inflation narratives and expectations

Giovanni Trebbi

20253157: Monetary transmission with frequent policy events

Carlo Altavilla, Refet S. Gürkaynak, Luc Laeven and Thilo Kind

20253156: Inflation risk and heterogeneous trading down

Mar Domenech Palacios

20253155: Walking the talk? Green politicians and pollution patterns

Michael Koetter and Alexander Popov

20253154: Labor supply response to windfall gains

Dimitris Georgarakos, Tullio Jappelli, Geoff Kenny and Luigi Pistaferri

20253153: The fiscal sources of euro area inflation through the lens of the Bernanke-Blanchard model

Dennis Bonam, Cristina Checherita-Westphal and Mariana Montserrat Cerra Pacheco

20253151: Investment funds and the monetary-macroprudential policy interplay

Martin Hodula and Anisa Tiza Mimun

20253150: Monetary policy transmission to investment: evidence from a survey on enterprise finance

Annalisa Ferrando, Sara Lamboglia and Eric Offner

20253149: Joining forces: why banks syndicate credit

Steven Ongena, Alex Osberghaus and Glenn Schepens

20253148: A machine learning approach to real time identification of turning points in monetary aggregates M1 and M3

Max Lampe and Ramón Adalid

20253147: Repo collateral reuse and liquidity windfalls

Georgios Angelis Alexiou, Sofia M. Pereira and Victor Rodrigues-Gomes

20253146: Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers

Olivier De Jonghe, Konstantins Benkovskis, Karolis Bielskis, Diana Bonfim, Margherita Bottero, Tamás Briglevics, Martin Cesnak, Mantas Dirma, Marina Emiris, Pálma Filep-Mosberger, Valentin Jouvanceau, Nicholas Kaiser, Dmitry Khametshin, Tibor Lalinsky, Viola M. Grolmusz, Laura Moretti, Artūrs Jānis Nikitins, Angelo Nunnari, Maria Rodriguez-Moreno, Elitsa Stefanova, Lajos Szabó, Kārlis Vilerts and Sujiao Emma Zhao

20253145: Monetary and fiscal policy interactions in the aftermath of an inflationary shock

Maria Campos, Sandra Gomes, Pascal Jacquinot and José Miguel Cardoso-Costa

20253144: The protectionist gamble: How tariffs shape greenfield foreign direct investment

Isabella Moder and Tajda Spital

20253143: Geopolitical risk, bank lending and real effects on firms: evidence from the Russian invasion of Ukraine

Peter McQuade, Cosimo Pancaro, Alessio Reghezza and Pauline Avril

20253142: Developing distributional national accounts: first attempt to estimate a joint distribution for income and wealth for the euro area

Nina Blatnik, Ilja Kristian Kavonius and Luís Teles Morais

20253141: Reputation for Confidence

Laura Gáti and Amy Handlan

20253140: Banking on assumptions? How banks model deposit maturities

Lara Coulier, Cosimo Pancaro, Livia Pancotto and Alessio Reghezza

20253139: Fiscal announcements and households’ beliefs: evidence from the euro area

José-Elías Gallegos, Esteban Garcia-Miralles, Iván Kataryniuk and Susana Parraga Rodriguez

20253138: Decomposing US economic fluctuations: a trend-cycle approach

Luca Fosso

20253137: Inflation and monetary policy in medium-sized New Keynesian DSGE models

Günter Coenen, Falk Mazelis, Roberto Motto, Annukka Ristiniemi, Frank Smets, Anders Warne and Raf Wouters

20253136: Fiscal drag in theory and in practice: a European perspective

Esteban Garcia-Miralles, Maximilian Freier, Sara Riscado, Baiba Brusbārde, Marion Cochard, David Cornille, Emanuele Dicarlo, Mar Delgado-Téllez, Ludmila Fadejeva, Maria Flevotomou, Florian Henne, Tara McIndoe-Calder, Myroslav Pidkuyko, Mojca Roter, Frédérique Savignac, Andreja Strojan Kastelec, Chrysa Leventi, Alberto Mazzon, Glenn Abela, Laura Boyd, Ian Debattista, Mathias Dolls, Alena Harrer-Bachleitner, Viktor Jászberényi-Király, Max Lay, Laura Lehtonen, Mauro Mastrogiacomo, Mathias Moser, Martin Nevicky, Andreas Peichl, Vaidotas Tuzikas, Nikos Ventouris and Lara Wemans

20253135: Decoding climate-related risks in sovereign bond pricing: a global perspective

Sofia Anyfantaki, Marianna Blix Grimaldi, Georgios Papadopoulos, Carlos Madeira and Simona Malovaná

20253134: A study on the interaction of capital, liquidity and bank stability

Francisco Javier Población García and Nuria Suárez

20253133: The slope of the euro area price Phillips curve: evidence from regional data

Anna Beschin, Joan Paredes, Gaetano Polichetti and Théodore Renault

20253132: How do rising temperatures affect inflation expectations?

Dimitris Georgarakos, Geoff Kenny, Justus Meyer and Maarten van Rooij

20253131: From Brussels to Bangkok: how investment funds transmit financial spillovers

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

20253130: Macroprudential policy, monetary policy and non-bank financial intermediation

Margherita Giuzio, Sujit Kapadia, Christoph Kaufmann, Manuela Storz and Christian Weistroffer

20253129: Hidden weaknesses: the role of unrealized losses in monetary policy transmission

Benedikt Kagerer, Cosimo Pancaro, Alessio Reghezza and Antonio De Vito

20253128: The impact of capital requirements on bank capital

Ugo Albertazzi, Aurea Ponte Marques, Aurora Abbondanza and Giulia Leila Travaglini

20253127: Durability, essentiality, and the transmission of monetary policy to household consumption

Johannes Gareis and Ryan Minasian

20253126: Foreign demand for safety and macroeconomic instability

Madalen Castells-Jauregui, Dmitry Kuvshinov, Björn Richter and Victoria Vanasco

20253125: Battle of the ages: distributional and aggregate effects of monetary policy in a model with age demographics

Wouter J. Den Haan, Alessandro Ferrari, Falk Mazelis and Annukka Ristiniemi

20253124: The Great Moderation at 40: learning from the cross section

Livio Stracca

20253123: Business cycles with pricing cascades

Anton Nakov and Mishel Ghassibe

20253122: What can newspaper articles reveal about the euro area economy?

Lorena Saiz and Manuel Medina Magro

20253121: Sustainability labels vs. reality: how climate-friendly are green and ESG funds?

Dilyara Salakhova, Margherita Giuzio, Sujit Kapadia and Giulio Mazzolini

20253120: Macroeconomic regime change and the size of supply chain disruption and energy supply shocks

Roberto A. De Santis and Tommaso Tornese

20253119: The ECB-Multi Country Model. A semi-structural model for forecasting and policy analysis for the largest euro area countries

Elena Angelini, Nikola Bokan, Matteo Ciccarelli, Magdalena Lalik and Srecko Zimic

20253118: Firms’ risk and monetary transmission: revisiting the excess bond premium

Mar Domenech Palacios

20253117: Trade wars and global spillovers. A quantitative assessment with ECB-global

Valentin Jouvanceau, Matthieu Darracq Pariès, Alistair Dieppe and Thore Kockerols

20253116: Oil shocks and firm investment on the two sides of the Atlantic

Pablo Anaya Longaric, Vasileios Kostakis, Laura Parisi and Francesca Vinci

20253115: The importance of the SSM’s fitness and propriety work for banks’ performance – evidence from 10 years of SSM work

Francesca Faella, Christopher Scheins, Claudia Schwarz and Vivian M. van Breemen

20253114: The effects of monetary policy on banks and non-banks in times of stress

Gábor Fukker, Matthias Sydow and Anisa Tiza Mimun

20253113: Stylized facts in money markets: an empirical analysis of the eurozone data

Nolwenn Allaire, Victor Le Coz, Michael Benzaquen and Damien Challe

20253112: Mortgage loan rates and the defaults of variable rate mortgages

Emil Bandoni, Barbara Jarmulska and Friederike Fourné

20253111: Central bank money as a catalyst for fungibility: the case of stablecoins

Charles-Enguerrand Coste and George Pantelopoulos

20253110: The signaling effects of fiscal announcements

Leonardo Melosi, Anna Rogantini Picco, Hiroshi Morita and Francesco Zanetti

20253109: The heterogeneous impact of labor market shifts on household mortgage-taking

Michele Cantarella and Ilja Kristian Kavonius

20253108: The causal effect of inflation on financial stability, evidence from history

Ugo Albertazzi, Hooft, James ’t and Lucas Ter Steege

20253107: Nonlinearities and heterogeneity in firms response to aggregate fluctuations: what can we learn from machine learning?

Simone Pesce, Marco Errico and Luigi Pollio

20253106: Public debt, iMPCs & fiscal policy transmission

Stefano Grancini

20253105: Opening the black box of local projections

Karin Klieber and Philippe Goulet Coulombe

20253104: Geography versus income: the heterogeneous effects of carbon taxation

Charles Labrousse and Yann Perdereau

20253103: Central bank communication with non-experts: insights from a randomized field experiment

Alexander Jung and Francesco Paolo Mongelli

20253102: The macroeconomic impact of trade policy: a new identification approach

Alica Bonk and Chloe Larkou

20253101: Heterogeneous intermediaries in the transmission of central bank corporate bond purchases

Fédéric Holm-Hadulla and Matteo Leombroni

20253100: How to conduct joint Bayesian inference in VAR models?

Andrian Yambolov

20253099: Unlocking growth? EU investment programmes and firm performance

Alessandro De Sanctis, Daniel Kapp, Francesca Vinci and Robert Wojciechowski

20253098: Private investment, R&D and European Structural and Investment Funds: crowding-in or crowding-out?

Roberto A. De Santis and Francesca Vinci

20253097: The cost channel of monetary policy: evidence from euro area firm-level survey data

Ugo Albertazzi, Annalisa Ferrando, Sofia Gori and Judit Rariga

20253096: Supply shocks and inflation: timely insights from financial markets

Massimo Ferrari Minesso, Ine Van Robays and Maria Giulia Cassinis

20253095: Collateral and credit

Hans Degryse, Olivier De Jonghe, Luc Laeven and Tong Zhao

20253094: Gaming the test? Window-dressing and portfolio similarity around the EU-wide stress tests

Angelo Cuzzola, Claudio Barbieri and Grzegorz Hałaj

20253093: Verba volant, transcripta manent: what corporate earnings calls reveal about the AI stock rally

Michele Ca' Zorzi, Ana-Simona Manu and Gianluigi Lopardo

20253092: Mind the App: do European deposits react to digitalisation?

Luisa Fascione, Beatrice Scheubel, Livio Stracca, Nadya Wildmann and Juan Ignacio Jacoubian

20253091: Higher-order exposures

Garbrand Wiersema, Alissa M. Kleinnijenhuis, Esti Kemp and Thom Wetzer

20253090: Riding the rate wave: interest rate and run risks in euro area banks during the 2022-2023 monetary cycle

Jonathan Rice and Giulia Maria Guerrini

20253089: Impacts of ESG banking regulation on financing new sustainable technologies

Lena Schreiner and Andreas Beyer

20253088: Bank lending implications of climate stress tests

Isabella Gschossmann, Christoffer Kok and Valentina De Cicco

20253087: The impact of climate litigation risk on firms’ cost of bank loans

Andreas Beyer and Lorenzo Nobile

20253086: Beyond averages: heterogeneous effects of monetary policy in a HANK model for the euro area

Hanno Kase and Rodolfo Dinis Rigato

20253085: Hand-to-mouth banks: deposit inflows and the marginal propensity to lend

Felix Corell

20253084: Climate change, firms, and aggregate productivity

Andrea Caggese, Andrea Chiavari, Sampreet Singh Goraya and Villegas‑Sanchez, Carolina

20253083: Back to school when times are bad? The role of housing wealth

Alexander Popov and Anna Pestova

20253082: Managing the risks of inflation expectation de-anchoring

Kai Christoffel and Mátyás Farkas

20253081: Tariffs across the supply chain

Nicolò Gnocato, Carlos Montes-Galdón and Giovanni Stamato

20253080: Beyond the short run: monetary policy and innovation investment

Michaela Elfsbacka-Schmöller, Olga Goldfayn-Frank and Tobias Schmidt

20253079: Central bank independence and risk-taking at the zero lower bound

Bernhard Bartels, Barry Eichengreen, Julian Schumacher and Beatrice Weder di Mauro

20253078: Details matter: loan pricing and transmission of monetary policy in the euro area

Sofia Anyfantaki, Konstantins Benkovskis, Vanessa Kunzmann, Tibor Lalinsky, Filippos Petroulakis, Klavs Zutis, Karlis Vilerts, Sebastian Bredl, Massimo Giovannini, Florian Matthias Horky, Athanasios Lampousis and Elizaveta Lukmanova

20253077: AI and women’s employment in Europe

Stefania Albanesi, António Dias Da Silva, Juan F. Jimeno, Ana Lamo and Alena Wabitsch

20253076: Bank fragility and risk management

Toni Ahnert, Christoph Bertsch, Agnese Leonello and Robert Marquez

20253075: From risk to buffer: calibrating the positive neutral CCyB rate in the euro area

Luis Herrera, Mara Pirovano and Valerio Scalone

20253074: When margins call: liquidity preparedness of non-bank financial institutions

Valentina Macchiati, Lorenzo Cappiello, Margherita Giuzio, Annalaura Ianiro and Fabrizio Lillo

20253073: Violent conflict and cross-border lending

Ralph De Haas, Alexander Popov, Mikhail Mamonov and Iliriana Shala

20253072: Monetary policy transmission through cross-selling banks

Christoph Basten and Ragnar Juelsrud

20253071: Global evidence on profit shifting within firms and across time

Manthos D. Delis, Luc Laeven, Steven Ongena and Fotis Delis

20253070: Falling interest rates and credit reallocation: lessons from general equilibrium

Vladimir Asriyan, Luc Laeven, Alberto Martin, Alejandro Van der Ghote and Victoria Vanasco

20253069: Local institutional ownership and price discovery around extreme weather events

Dirk Broeders, Rob Bauer and Flavio De Carolis

20253068: Strike while the iron is hot – optimal monetary policy under state-dependent pricing

Peter Karadi, Anton Nakov, Galo Nuño, Ernesto Pasten and Dominik Thaler

20253067: The unexpected upside of depreciation: bridging Europe’s income divide

Alvaro Boitier and Livio Stracca

20253066: The central bank’s balance sheet and treasury market disruptions

Adrien d'Avernas, Quentin Vandeweyer and Damon Petersen

20253065: The international dimension of repo: five new facts

Felix Hermes, Maik Schmeling and Andreas Schrimpf

20253064: Inflation and floating-rate loans: evidence from the euro-area

Glenn Schepens, Fabrizio Core, Filippo De Marco and Tim Eisert

20253063: Enhancing GDP nowcasts with ChatGPT: a novel application of PMI news releases

Yiqiao Sun and Gabe de Bondt

20253062: A new model to forecast energy inflation in the euro area

Marta Banbura, Elena Bobeica, Alessandro Giammaria, Mario Porqueddu and Josha van Spronsen

20253061: From losses to buffer - calibrating the positive neutral CCyB rate in the euro area

Giorgia De Nora, Ana Pereira, Mara Pirovano and Florian Stammwitz

20253060: Organized crime and banks: assessing the effects of anti-mafia police actions on lending

Bruno Buchetti, Ixart Miquel-Flores, Michele Fabrizi, Elisabetta Ipino and Antonio Parbonetti