Working Paper Series

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20141740: Exports and capacity constraints - a smooth transition regression model for six euro area countries

Ansgar Belke, Anne Oeking and Ralph Setzer

20141739: Global value chains: surveying drivers and measures

João Amador and Sonia Cabral

20141738: Optimal monetary policy, asset purchases, and credit market frictions

Andreas Schabert

20141737: Financial fragility of euro area households

Dawid Żochowski, Miguel Ampudia Fraile and Has van Vlokhoven

20141736: Measuring the effectiveness of cost and price competitiveness in external rebalancing of euro area countries: What do alternative HCIs tell us?

Olegs Tkacevs and Styliani Christodoulopoulou

20141735: Forecasting the Brent oil price: addressing time-variation in forecast performance

Ine Van Robays and Cristiana Manescu

20141734: Pensions and fertility: back to the roots - The introduction of Bismarck's pension scheme and the European fertility decline

Beatrice Scheubel and Robert Fenge

20141733: Conditional forecasts and scenario analysis with vector autoregressions for large cross-sections

Domenico Giannone, Marta Banbura and Michele Lenza

20141732: One currency, one price? Euro changeover-related inflation in Estonia

Tairi Room and Jaanika Meriküll

20141731: Do federal reserve bank presidents have a regional bias?

Alexander Jung and Sophia Latsos

20141730: Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic

Tomas Konecny and Oxana Babecká Kucharčuková

20141729: Flight to liquidity and the Great Recession

Sören Radde

20141728: Financial stress and economic dynamics: the transmission of crises

Kirstin Hubrich and Robert Tetlow

20141727: The effects of government spending in a small open economy within a monetary union

Pascal Jacquinot, Daragh Clancy and Matija Lozej

20141726: Banks, shadow banking, and fragility

Stephan Luck and Paul Schempp

20141725: Fiscal devaluation in the euro area: a model-based analysis

Pascal Jacquinot, Massimiliano Pisani and Sandra Gomes

20141724: Analysing and forecasting price dynamics across euro area countries and sectors: a panel VAR approach

Stephane Dees and Jochen Güntner

20141723: Identifying excessive credit growth and leverage

Carsten Detken and Lucia Alessi

20141722: How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey

Thomas Mathä, Frédérique Savignac, Philip Vermeulen, Tobias Schmidt, Laura Bartiloro, Pirmin Fessler, Peter Lindner, Martin Schürz, Luc Arrondel and Cristiana Rampazzi

20141721: Capital flows and macroprudential policies - A multilateral assessment of effectiveness and externalities

John Beirne and Christian Friedrich

20141720: Export dynamics and sales at home

Nicolas Berman, Antoine Berthou and Jérôme Héricourt

20141719: Intra-industry trade between CESEE countries and the EU15

Lucia Orszaghova, Willem Schudel and Ernest Dautović

20141718: The impact of housing non-cash income on the unconditional distribution of household income in Austria

Pirmin Fessler, Miriam Rehm and Lukas Tockner

20141717: Short-term determinants of the idiosyncratic sovereign risk premium: a regime-dependent analysis for european credit default swaps

Bořek Vašíček, Giovanni Calice, RongHui Miao and Filip Štěrba

20141716: Collateral amplification under complete markets

Kalin Nikolov

20141715: Stability or upheaval? The currency composition of international reserves in the long run

Arnaud Mehl, Barry Eichengreen and Livia Chitu

20141714: Credit supply dynamics and economic activity in euro area countries: a time-varying parameter VAR analysis

Martin Bijsterbosch and Matteo Falagiarda

20141713: Employment, hours and optimal monetary policy

Maarten Dossche, Vivien Lewis and Céline Poilly

20141712: Signalling fiscal stress in the euro area - a country-specific early warning system

Pablo Hernández de Cos, Christiane Nickel, Gerrit Koester and Enrique Moral-Benito

20141711: Understanding bank-run contagion

Martin Brown, Stefan Trautmann and Razvan Vlahu

20141710: Market perception of sovereign credit risk in the euro area during the financial crisis

Gonzalo Camba-Mendez and Dobromil Serwa

20141709: Wealth and income in the euro area: Heterogeneity in households' behaviours?

Muriel Roger, Luc Arrondel and Frédérique Savignac

20141708: Optimal mechanisms for the control of fiscal deficits

Hans Peter Grüner

20141707: The financial and macroeconomic effects of OMT announcements

Domenico Giannone, Carlo Altavilla and Michele Lenza

20141706: A consistent set of multilateral productivity approach-based indicators of price competitiveness

Christoph Fischer and Oliver Hossfeld

20141705: Household heterogeneity in the euro area since the onset of the great recession

Jiri Slacalek, Edgar Vogel, Miguel Ampudia Fraile and Akmaral Pavlickova

20141704: Are foreign-owned firms different? Comparison of employment volatility and elasticity of labour demand

Tairi Room and Jaanika Meriküll

20141703: Alternatives for issuer-paid credit rating agencies

Dion Bongaerts

20141702: Bank lines of credit as contingent liquidity: A study of covenant violations and their implications

Viral Acharya, Heitor Almeida, Filippo Ippolito and Ander Perez

20141701: European competitiveness - A semiparametric stochastic metafrontier analysis at the firm level

Michel Dumont, Marijn Verschelde, Glenn Rayp and Bruno Merlevede

20141700: Contagious herding and endogenous network formation in financial networks

Co-Pierre Georg

20141699: Intermediate inputs, external rebalancing and relative price adjustment

Rudolfs Bems

20141698: Margin regulation and volatility

Johannes Brumm, Felix Kubler, Michael Grill and Karl Schmedders

20141697: The growth impact of discretionary fiscal policy measures

Maria Grazia Attinasi and Alexander Klemm

20141696: A theory of pruning

Giovanni Lombardo and Harald Uhlig

20141695: Collateral imbalances in intra-european trade? Accounting for the difference between gross and value added trade balances

Robert Stehrer and Arne Nagengast

20141694: Term premia implications of macroeconomic regime changes

Giacomo Carboni

20141693: Logit price dynamics

James Costain and Anton Nakov

20141692: How fat is the top tail of the wealth distribution?

Philip Vermeulen

20141691: Crisis-proof services: Why trade in services did not suffer during the 2008-2009 collapse

Andrea Ariu

20141690: Household wealth in the euro area: the importance of intergenerational transfers, homeownership and house price dynamics

Thomas Mathä, Michael Ziegelmeyer and Alessandro Porpiglia

20141689: Oil prices, exchange rates and asset prices

Daniel Schneider, Ine Van Robays and Marcel Fratzscher

20141688: Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences

Luca Onorante, Lucia Alessi, Eric Ghysels, Simon Potter and Richard Peach

20141687: Banks' financial distress, lending supply and consumption expenditure

Reint Gropp, Evren Damar and Adi Mordel

20141686: Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate

Arnaud Mehl, Barry Eichengreen, Livia Chitu and Gary Richardson

20141685: Consumer cash usage: a cross-country comparison with payment diary survey data

Tobias Schmidt, Helmut Stix, Kim Huynh, Anneke Kosse, Scott Schuh, John Bagnall and David Bounie

20141684: This is what's in your wallet... and how you use it

Tamás Briglevics and Scott Schuh

20141683: Migrants' choice of remittance channel: Do general payment habits play a role?

Anneke Kosse and Robert Vermeulen

20141682: Paying for payments: free payments and optimal interchange fees

Søren Korsgaard

20141681: Euro area external imbalances and the burden of adjustment

Filippo di Mauro and Francesco Pappadà

20141680: Verti-zontal differentiation in export markets

Francesco Di Comite, Jacques Thisse and Hylke Vandenbussche

20141679: Density characteristics and density forecast performance: a panel analysis

Geoff Kenny, Thomas Kostka and Federico Masera

20141678: Competition and bank risk: the effect of securitization and bank capital

Yener Altunbas, Michiel Van Leuvensteijn and David Marques-Ibanez

20141677: Mapping global value chains

Koen De Backer and Sébastien Miroudot

20141676: Does a leverage ratio requirement increase bank stability?

Ilkka Kiema and Esa Jokivuolle

20141675: The VIX, the variance premium and stock market volatility

Marie Hoerova and Geert Bekaert

20141674: ECB monetary policy surprises: identification through cojumps in interest rates

Tobias Linzert, Lars Winkelmann and Markus Bibinger

20141673: Micro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in Austria

Peter Lindner and Michael Andreasch

20141672: Wealth differences across borders and the effect of real estate price dynamics: evidence from two household surveys

Thomas Mathä, Michael Ziegelmeyer and Alessandro Porpiglia

20141671: Economic surprises and inflation expectations: Has anchoring of expectations survived the crisis?

Magdalena Grothe and Søren Lejsgaard Autrup

20141670: Identifying hubs and spokes in global supply chains using redirected trade in value added

Arjan Lejour, Hugo Rojas-Romagosa and Paul Veenendaal

20141669: The international dimension of confidence shocks

Stephane Dees and Jochen Güntner

20141668: The effect of G20 summits on global financial markets

Livio Stracca and Marco Lo Duca

20141667: Rollover risk, liquidity, and macro-prudential regulation

Toni Ahnert

20141666: Measuring bilateral spillover and testing contagion on sovereign bond markets in Europe

Peter Claeys and Bořek Vašíček

20141665: Optimal level of government debt - matching wealth inequality and the fiscal sector

Edgar Vogel

20141664: Tax deferral and mutual fund inflows - evidence from a quasi-natural experiment

Pietro Tommasino, Giuseppe Cappelletti and Giovanni Guazzarotti

20141663: Net wealth across the euro area - why household structure matters and how to control for it

Pirmin Fessler, Peter Lindner and Esther Segalla

20141662: Wealth shocks, credit-supply shocks, and asset allocation: evidence from household and firm portfolios

Klaus Schaeck, Thomas Kick, Enrico Onali and Benedikt Ruprecht

20141661: Cross-border commuting and consuming: an empirical investigation

Thomas Mathä, Michael Ziegelmeyer and Alessandro Porpiglia

20141660: U.S. consumer demand for cash in the era of low interest rates and electronic payments

Scott Schuh and Tamás Briglevics

20141659: Wishful thinking or effective threat? tightening bank resolution regimes and bank risk-taking

Magdalena Ignatowski and Josef Korte

20141658: Commonality in hedge fund returns: driving factors and implications

Matthieu Bussiere, Marie Hoerova and Benjamin Klaus

20141657: The costs and beliefs impliedby direct stock ownership

Daniel Barth

20141656: Consumption inequality and family labor supply

Luigi Pistaferri, Richard Blundell and Itay Saporta-Eksten

20141655: The distribution of wealth and the marginal propensity to consume

Christopher Carroll, Jiri Slacalek and Kiichi Tokuoka

20141654: Sovereign credit ratings, market volatility, and financial gains

Antonio Afonso, Pedro Gomes and Abderrahim Taamouti

20141653: Fiscal activism and the zero nominal interest rate bound

Sebastian Schmidt

20141652: Macroeconomic experiences and risk taking of euro area households

Michael Ehrmann and Miguel Ampudia Fraile

20141651: Network effects, homogeneous goods and international currency choice: new evidence on oil markets from an older era

Arnaud Mehl, Barry Eichengreen and Livia Chitu

20141650: The euro plus pact: cost competitiveness and external capital flows in the EU countries

Hubert Gabrisch and Karsten Staehr

20141649: Global corporate bond issuance: what role for US quantitative easing?

Marco Lo Duca, Giulio Nicoletti and Ariadna Vidal Martinez

20141648: The Distribution of wealth and the MPC: implications of new European data

Christopher Carroll, Jiri Slacalek and Kiichi Tokuoka

20141647: External and macroeconomic adjustment in the larger euro area countries

Elena Angelini, Michele Ca' Zorzi and Katrin Forster

20141646: Modeling emergence of the interbank networks

Christoffer Kok and Grzegorz Hałaj

20141645: Forward-looking reaction to bank regulation

Risto Herrala

20141644: Financial conditions index and credit supply shocks for the euro area

Matthieu Darracq Paries, Laurent Maurin and Diego Moccero

20141643: Has US household deleveraging ended? a model-based estimate of equilibrium debt

Ursel Baumann, Bruno Albuquerque and Georgi Krustev

20141642: A high frequency assessment of the ECB securities markets programme

Simone Manganelli, Julien Idier, Olivier Vergote and Eric Ghysels

20141641: Rational blinders: strategic selection of risk models and bank capital regulation

Jean-Edouard Colliard