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704: Are money and consumption additively separable in the euro area? A non-parametric approach Downloads
Barry E. Jones and Livio Stracca
703: Comovements in volatility in the euro money market Downloads
Nuno Cassola and Claudio Morana
702: Comparing financial systems: a structural analysis Downloads
Sylvain Champonnois
701: Is there a single frontier in a single European banking market? Downloads
Jaap W. B. Bos and Heiko Schmiedel
700: Forecasting using a large number of predictors: Is Bayesian regression a valid alternative to principal components? Downloads
Domenico Giannone, Lucrezia Reichlin and Christine De Mol
699: The behaviour of producer prices: some evidence from the French PPI micro data Downloads
Erwan Gautier
698: Optimal monetary policy rules with labor market frictions Downloads
Ester Faia
697: How wages change: micro evidence from the International Wage Flexibility Project Downloads
William T. Dickens, Lorenz Götte, Erica L. Groshen, Steinar Holden, Julián Messina, Mark Schweitzer, Jarkko Turunen and Melanie Ward-Warmedinger
696: What is global excess liquidity, and does it matter? Downloads
Rasmus Rüffer and Livio Stracca
695: Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy? Downloads
Helge Berger, Michael Ehrmann and Marcel Fratzscher
694: Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar Downloads
Elias Papaioannou, Richard Portes and Gregorios Siourounis
693: Evaluating China’s integration in world trade with a gravity model based benchmark Downloads
Bernd Schnatz and Matthieu Bussiere
692: Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3 Downloads
Anders Warne
691: The yield curve as a predictor and emerging economies Downloads
Arnaud Mehl
690: Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework Downloads
Stefano Gnocchi
689: The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe Downloads
Bo Becker and Jagadeesh Sivadasan
688: Determinants of workers' remittances: evidence from the European Neighbouring Region Downloads
Nikolaus Siegfried and Ioana Schiopu
687: Credit growth in Central and Eastern Europe: new (over)shooting stars? Downloads
Balázs Égert, Peter Backé and Tina Zumer
686: Stale information, shocks and volatility Downloads
Reint Gropp and Arjan Kadareja
685: Home bias in global bond and equity markets: the role of real exchange rate volatility Downloads
Michael Fidora, Marcel Fratzscher and Christian Thimann
684: Inflation dynamics and regime shifts Downloads
Julia Lendvai
683: Financial integration of new EU Member States Downloads
Lorenzo Cappiello, Bruno Gérard, Arjan Kadareja and Simone Manganelli
682: Is reversion to PPP in euro exchange rates non-linear? Downloads
Bernd Schnatz
681: Regional inflation dynamics within and across euro area countries and a comparison with the US Downloads
Kirstin Hubrich, Massimiliano Marcellino and Günter W. Beck
680: Comparing alternative predictors based on large-panel factor models Downloads
Antonello D'Agostino and Domenico Giannone
679: Monetary policy in the media Downloads
Helge Berger, Michael Ehrmann and Marcel Fratzscher
678: The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks Downloads
Roberto A. De Santis
677: What drives EU banks' stock returns? Bank-level evidence using the dynamic dividend-discount model Downloads
Olli Castrén, Trevor Fitzpatrick and Matthias Sydow
676: The distribution of contract durations across firms: a unified framework for understanding and comparing dynamic wage and price setting models Downloads
Huw Dixon
675: Expansionary fiscal consolidations in Europe: new evidence Downloads
Antonio Afonso
674: A quasi maximum likelihood approach for large approximate dynamic factor models Downloads
Catherine Doz, Domenico Giannone and Lucrezia Reichlin
673: Optimal monetary policy in the generalized Taylor economy Downloads
Engin Kara
672: Understanding inflation persistence: a comparison of different models Downloads
Huw Dixon and Engin Kara
671: Business cycle synchronisation in East Asia Downloads
Fabio Moneta and Rasmus Rüffer
670: The importance of being mature: the effect of demographic maturation on global per-capita GDP Downloads
Pablo Hernández de Cos and Rafael Gómez
669: Regular adjustment: theory and evidence Downloads
Fabio Rumler and Konieczny, Jerzy (Jurek) D.
668: Declining valuations and equilibrium bidding in central bank refinancing operations Downloads
Christian Ewerhart, Nuno Cassola and Natacha Valla
667: The behaviour of the real exchange rate: evidence from regression quantiles Downloads
Kleopatra Nikolaou
666: Quantifying the impact of structural reforms Downloads
Ekkehard Ernst, Gang Gong, Willi Semmler and Lina Bukeviciute
665: The euro as invoicing currency in international trade Downloads
Annette Kamps
664: Fiscal convergence before entering the EMU Downloads
Luca Onorante
663: Monetary conservatism and fiscal policy Downloads
Klaus Adam and Roberto M. Billi
662: Cross-border bank contagion in Europe Downloads
Jukka Vesala, Reint Gropp and Marco Lo Duca
661: Fiscal policy in a monetary economy with capital and finite lifetime Downloads
Nicola Giammarioli, Barbara Annicchiarico and Alessandro Piergallini
660: The Italian block of the ESCB multi-country model Downloads
Elena Angelini, Peter McAdam and Antonello D'Agostino
659: Monetary policy rules in the pre-EMU era: Is there a common rule? Downloads
Dieter Gerdesmeier, Barbara Roffia and Maria Eleftheriou
658: The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships Downloads
Catherine Fuss and Philip Vermeulen
657: The impact of ECB monetary policy decisions and communication on the yield curve Downloads
Claus Brand, Jarkko Turunen and Daniel Buncic
656: Public debt and long-term interest rates: the case of Germany, Italy and the USA Downloads
Rolf Strauch, Paolo Paesani and Manfred Kremer
655: Fiscal and monetary policy in the enlarged European Union Downloads
Sabina Pogorelec
654: The German block of the ESCB multi-country model Downloads
Thomas Warmedinger and Igor Vetlov
653: Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates Downloads
Sophie Claeys and Christa Hainz
652: Consumer price adjustment under the microscope: Germany in a period of low inflation Downloads
Johannes Hoffmann and Jeong-Ryeol Kurz-Kim
651: On the determinants of external imbalances and net international portfolio flows: a global perspective Downloads
Roberto A. De Santis and Melanie Lührmann
650: A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility Downloads
Gunther Schnabl and Eric Hillebrand
649: Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers Downloads
Leopold von Thadden and Campbell Leith
648: Firm-specific production factors in a DSGE model with Taylor price setting Downloads
Frank Smets, Raf Wouters and Gregory de Walque
647: The economic effects of exogenous fiscal shocks in Spain: a SVAR approach Downloads
Pablo Hernández de Cos and Francisco de Castro Fernández
646: The Dutch block of the ESCB multi-country model Downloads
Elena Angelini, Matteo Ciccarelli and Frédéric Boissay
645: Are internet prices sticky? Downloads
Patrick Lünnemann and Ladislav Wintr
644: Adaptive learning, persistence, and optimal monetary policy Downloads
Frank Smets, David Vestin and Gaspar, Ví­tor
643: Inflation forecast-based-rules and indeterminacy: a puzzle and a resolution Downloads
Peter McAdam, Paul Levine and Joseph Pearlman
642: Financing constraints and firms' cash policy in the euro area Downloads
Annalisa Ferrando and Rozália Pál
641: A factor risk model with reference returns for the US dollar and Japanese yen bond markets Downloads
Carlos Bernadell, Joachim Coche and Ken Nyholm
640: Employment stickiness in small manufacturing firms Downloads
Philip Vermeulen
639: Optimal monetary policy with uncertainty about financial frictions Downloads
Richhild Moessner
638: Detecting and predicting forecast breakdowns Downloads
Raffaella Giacomini and Barbara Rossi
637: Transparency, expectations, and forecasts Downloads
Andrew Bauer, Robert Eisenbeis, Daniel Waggoner and Tao Zha
636: Exchange rate stabilization in developed and underdeveloped capital markets Downloads
Viera Chmelarova and Gunther Schnabl
635: Identifying the role of labor markets for monetary policy in an estimated DSGE model Downloads
Tobias Linzert, Kai Christoffel and Keith Kuester
634: Expenditure reform in industrialised countries: a case study approach Downloads
Ludger Schuknecht, Sebastian Hauptmeier and Martin Heipertz
633: Nowcasting GDP and inflation: the real-time informational content of macroeconomic data releases Downloads
Domenico Giannone, Lucrezia Reichlin and David H. Small
632: Does information help recovering structural shocks from past observations? Downloads
Domenico Giannone and Lucrezia Reichlin
631: Which news moves the euro area bond market? Downloads
Magnus Andersson, Lars Jul Hansen and Szabolcs Sebestyén
630: Implications of monetary union for catching-up member states Downloads
Marcelo Sánchez
629: A market microstructure analysis of foreign exchange intervention Downloads
Paolo Vitale
628: Long-run money demand in the new EU Member States with exchange rate effects Downloads
Hans-Eggert Reimers, Barbara Roffia and Christian Dreger
627: Euro area banking sector integration: using hierarchical cluster analysis techniques Downloads
Christoffer Kok and Josep Maria Puigvert Gutiérrez
626: Financial integration, international portfolio choice and the European Monetary Union Downloads
Roberto A. De Santis and Bruno Gérard
625: Sectoral explanations of employment in Europe: the role of services Downloads
Melanie Ward-Warmedinger, Antonello D'Agostino and Roberta Serafini
624: Foreign reserves management subject to a policy objective Downloads
Joachim Coche, Ken Nyholm, Matti Koivu and Vesa Poikonen
623: Human capital, the structure of production, and growth Downloads
Elias Papaioannou and Antonio Ciccone
622: Short-term forecasts of euro area real GDP growth: an assessment of real-time performance based on vintage data Downloads
Marie Diron
621: Assessing predetermined expectations in the standard sticky-price model: a Bayesian approach Downloads
Peter Welz
620: Does fiscal policy matter for the trade account? A panel cointegration study Downloads
Christiane Nickel and Katja Funke
619: Cyclical inflation divergence and different labor market institutions in the EMU Downloads
Ester Faia and Alessia Campolmi
618: The patterns and determinants of price setting in the Belgian industry Downloads
Maarten Dossche and David Cornille
617: New survey evidence on the pricing behaviour of Luxembourg firms Downloads
Patrick Lünnemann and Thomas Mathä
616: Global financial transmission of monetary policy shocks Downloads
Michael Ehrmann and Marcel Fratzscher
615: Quantitative goals for monetary policy Downloads
Antonio Fatás, Ilian Mihov and Andrew Rose
614: Expenditure switching vs. real exchange rate stabilization: competing objectives for exchange rate policy Downloads
Charles Engel and Michael B. Devereux
613: Welfare-based monetary policy rules in an estimated DSGE model of the US economy Downloads
Douglas Laxton, Paolo Pesenti, Michel Juillard and Philippe Karam
612: Optimal fiscal and monetary policy in a medium-scale macroeconomic model Downloads
Stephanie Schmitt-Grohé and Martín Uribe
611: Monetary policy, determinacy, and learnability in the open economy Downloads
James Bullard and Eric Schaling
610: Real-time model uncertainty in the United States: the Fed from 1996-2003 Downloads
Robert J. Tetlow and Brian Ironside
609: The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation Downloads
Willem Buiter
608: How does information affect the comovement between interest rates and exchange rates? Downloads
Marcelo Sánchez
607: Price setting behaviour in the Netherlands: results of a survey Downloads
Ad C.J. Stokman and Marco M. Hoeberichts
606: Measuring the importance of the uniform nonsynchronization hypothesis Downloads
Carlos Marques, Daniel Dias and João Santos Silva
605: (Un)Predictability and macroeconomic stability Downloads
Paolo Surico, Domenico Giannone and Antonello D'Agostino
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