Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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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 D. 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, Juliane Begenau, Lorenzo Burlon and Franziska Maruhn

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: Loan guarantee and portfolio greening: evidence from European credit registers

Bruno Buchetti, Ixart Miquel-Flores, Salvatore Perdichizzi, Alessio Reghezza and Luca X. Lin

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

20242903: The macroeconomic effects of global supply chain reorientation

Daragh Clancy, Donal Smith and Vilém Valenta

20242902: What drives banks’ credit standards? An analysis based on a large bank-firm panel

Donata Faccia, Franziska Maruhn and Petra Köhler-Ulbrich

20242901: The role of comovement and time-varying dynamics in forecasting commodity prices

Anastasia Allayioti and Fabrizio Venditti

20242900: Satellites turn “concrete”: tracking cement with satellite data and neural networks

d’Aspremont, Alexandre, Simon Ben Arous, Jean-Charles Bricongne, Benjamin Lietti and Baptiste Meunier

20242899: Physical and transition risk premiums in euro area corporate bond markets

Joost Victor Bats, Giovanna Bua and Daniel Kapp

20242898: Inflation heterogeneity across households

Regina Kiss and Georg Strasser

20242897: The impact of macroeconomic and monetary policy shocks on credit risk in the euro area corporate sector

Marco Lo Duca, Diego Moccero and Fabio Parlapiano

20242896: Deposit market concentration and monetary transmission: evidence from the euro area

Stephen Kho

20242895: The effect of new housing supply in structural models: a forecasting performance evaluation

Stefan Girstmair

20242894: Inflation heterogeneity across Austrian households. Evidence from household scanner data

Teresa Messner and Fabio Rumler

20242893: I (don’t) owe you: sovereign default and borrowing behavior

Dimitris Georgarakos and Alexander Popov

20242892: Insurance corporations’ balance sheets, financial stability and monetary policy

Christoph Kaufmann, Jaime Leyva and Manuela Storz

20242891: Granular shocks to corporate leverage and the macroeconomic transmission of monetary policy

Fédéric Holm-Hadulla and Claire Thürwächter

20242890: Firm heterogeneity, capital misallocation and optimal monetary policy

Beatriz González, Galo Nuño, Dominik Thaler and Silvia Albrizio

20242889: Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Sebastian Schmidt

20242888: Central bank digital currency: when price and bank stability collide

Jesus Fernandez-Villaverde, Linda Schilling and Harald Uhlig

20242887: Destabilisation of bank deposits across destinations: assessment and policy implications

Ulrich Bindseil and Richard Senner

20242886: Market power in banking

Elena Carletti, Agnese Leonello and Robert Marquez

20242885: Dynamic carbon emission management

Maria Cecilia Bustamante and Francesca Zucchi

20242884: Supply chain disruption and energy supply shocks: impact on euro area output and prices

Roberto A. De Santis

20232883: Financial contagion within the interbank network

Christina D. Mikropoulou and Angelos T. Vouldis

20232882: “Glossy green” banks: the disconnect between environmental disclosures and lending activities

Mariassunta Giannetti, Martina Jasova, Maria Loumioti and Caterina Mendicino

20232881: Global spillovers from multi-dimensional US monetary policy

Georgios Georgiadis and Marek Jarociński

20232880: Inflation and fiscal policy: is there a threshold effect in the fiscal reaction function?

Clémence Briodeau and Cristina Checherita-Westphal

20232879: Risk, monetary policy and asset prices in a global world

Geert Bekaert, Marie Hoerova and Nancy R. Xu

20232878: Do debt investors care about ESG ratings?

Kornelia Fabisik, Michael Ryf, Larissa Schäfer and Sascha Steffen

20232877: Who bears the costs of inflation? Euro area households and the 2021–2022 shock

Filippo Pallotti, Gonzalo Paz-Pardo, Jiri Slacalek, Oreste Tristani and Giovanni L. Violante

20232876: US monetary policy spillovers to European banks

Alexander Jung

20232875: What drives core inflation? The role of supply shocks

Marta Banbura, Elena Bobeica and Catalina Martínez Hernández

20232874: Fund fragility: the role of investor base

Nolwenn Allaire, Johannes Breckenfelder and Marie Hoerova

20232873: Loss sharing in central clearinghouses: winners and losers

Christian Kubitza, Loriana Pelizzon and Mila Getmansky Sherman

20232872: Do banks practice what they preach? Brown lending and environmental disclosure in the euro area

Leonardo Gambacorta, Salvatore Polizzi, Alessio Reghezza and Enzo Scannella

20232871: Monetary/fiscal policy regimes in post-war Europe

Othman Bouabdallah, Pascal Jacquinot and Valeria Patella

20232870: Financial stability considerations in the conduct of monetary policy

Paul Bochmann, Daniel Dieckelmann, Stephan Fahr and Josef Ruzicka

20232869: The bright side of the doom loop: banks’ sovereign exposure and default incentives

Luis E. Rojas and Dominik Thaler

20232868: Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

Paola Di Casola, Maurizio Michael Habib and David Tercero-Lucas

20232867: Do market-based networks reflect true exposures between banks?

Ben Craig, Madina Karamysheva and Dilyara Salakhova

20232866: The effects of labor income risk heterogeneity on the marginal propensity to consume

Ettore Savoia

20232865: On the estimation of distributional household wealth: addressing under-reporting via optimization problems with invariant Gini coefficient

Janina Engel, Dennis Ohlwerter and Matthias Scherer

20232864: A deep dive into the capital channel of risk sharing in the euro area

Natalia Martín Fuentes, Alexandra Born, Franziska Bremus, Wieger Kastelein and Claudia Lambert

20232863: Help wanted: the drivers and implications of labour shortages

Martin Groiss and David Sondermann

20232862: Pollution havens? Carbon taxes, globalization, and the geography of emissions

Christofer Schroeder and Livio Stracca

20232861: China’s footprint in global financial markets

David Lodge, Ana-Simona Manu and Ine Van Robays

20232860: Financial shock transmission to heterogeneous firms: the earnings-based borrowing constraint channel

Livia Chiţu, Magdalena Grothe, Tatjana Schulze and Ine Van Robays

20232859: Liquidity constraints and demand for maturity the case of mortgages

Alessandro Ferrari and Marco Loseto

20232858: The effect of monetary policy on inflation heterogeneity along the income distribution

Miguel Ampudia, Michael Ehrmann and Georg Strasser

20232857: GDP revisions are not cool: the impact of statistical agencies’ trade-off

Stylianos Asimakopoulos, Magdalena Lalik, Joan Paredes and José Salvado García

20232856: Estimating systemic risk for non-listed euro-area banks

Robert Engle, Tina Emambakhsh, Simone Manganelli, Laura Parisi and Riccardo Pizzeghello

20232855: BEAST: A model for the assessment of system-wide risks and macroprudential policies

Katarzyna Budnik, Johannes Groß, Gianluca Vagliano, Ivan Dimitrov, Max Lampe, Jiri Panos, Sofia Velasco, Louis Boucherie and Martina Jančoková

20232854: Monetary policy spillovers and the role of prudential policies in the European Union

Andra Coman

20232853: Price setting on the two sides of the Atlantic: evidence from supermarket-scanner data

Peter Karadi, Juergen Amann, Javier Sánchez Bachiller, Pascal Seiler and Jesse Wursten

20232852: One question at a time! A text mining analysis of the ECB Q&A session

Siria Angino and Robert Robitu

20232851: Identification of systematic monetary policy

Lukas Hack, Klodiana Istrefi and Matthias Meier

20232850: Who gets jobs matters: monetary policy and the labour market in HANK and SAM

Uroš Herman and Matija Lozej

20232849: Changing patterns of risk-sharing channels in the United States and the euro area

Jacopo Cimadomo, Massimo Giuliodori, Andras Lengyel and Haroon Mumtaz

20232848: Underlying inflation and asymmetric risks

Hervé Le Bihan, Danilo Leiva-Leon and Matías Pacce

20232847: Optimal monetary policy in an estimated SIR model

Ghassane Benmir, Ivan Jaccard and Gauthier Vermandel

20232846: Central bank communication by ??? The economics of public policy leaks

Michael Ehrmann, Phillipp Gnan and Kilian Rieder

20232845: Climate-conscious monetary policy

Anton Nakov and Carlos Thomas

20232844: Gambling to preserve price (and fiscal) stability

Giancarlo Corsetti and Bartosz Maćkowiak

20232843: Exchange rate misalignment and external imbalances: what is the optimal monetary policy response?

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc