Working Paper Series

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20121440: Liquidity and credit risk premia in government bond yields

Jacob Ejsing, Magdalena Grothe and Oliver Grothe

20121439: Loan prospecting

Florian Heider and Roman Inderst

20121438: Asset market participation, monetary policy rules and the great inflation

Roland Straub and Florin Bilbiie

20121437: Euro money market spreads during the 2007-? financial crisis

Nuno Cassola and Claudio Morana

20121436: Internationally correlated jumps

Kuntara Pukthuanthong and Richard Roll

20121435: Quantity theory is alive: the role of international portfolio shifts

Roberto De Santis

20121434: Monetary policy deliberations: committee size and voting rules

Jean-Pierre Vidal and Vincent Maurin

20121433: When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

Arnaud Mehl, Barry Eichengreen and Livia Chitu

20121432: Macroeconomic shocks in an oil market var

Marko Melolinna

20121431: Productivity in the euro area: any evidence of convergence?

David Sondermann

20121430: The export-magnification effect of offshoring

Nico Zorell and Joern Kleinert

20121429: Fiscal policy and the 'Great Recession' in the euro area

Roland Straub, Günter Coenen and Mathias Trabandt

20121428: Short-term forecasting of the Japanese economy using factor models

Marco Lombardi and Claudia Godbout

20121427: Do bank characteristics influence the effect of monetary policy on bank risk?

Leonardo Gambacorta, Yener Altunbas and David Marques-Ibanez

20121426: CISS - a composite indicator of systemic stress in the financial system

Manfred Kremer, Marco Lo Duca and Dániel Holló

20121425: Financial integration, specialization and systemic risk

Hans Peter Grüner, Philipp Hartmann and Falko Fecht

20121424: The pitch rather than the pit: investor inattention during FIFA world cup matches

Michael Ehrmann and David-Jan Jansen

20121423: Financial market frictions in a model of the euro area

Peter McAdam and Giovanni Lombardo

20121422: Estimating Phillips curves in turbulent times using the ECB's survey of professional forecasters

Luca Onorante and Gary Koop

20121421: Who needs credit and who gets credit in Eastern Europe?

Steven Ongena, Alexander Popov, Martin Brown and Pinar Yesin

20121420: Determinants of credit to households in a life-cycle model

Michał Rubaszek and Dobromil Serwa

20121419: The Euro area sovereign debt crisis: safe haven, credit rating agencies and the spread of the fever from Greece, Ireland and Portugal

Roberto De Santis

20121418: The scapegoat theory of exchange rates: the first tests

Marcel Fratzscher, Lucio Sarno and Gabriele Zinna

20121417: Quantifying the qualitative responses of the output purchasing managers index in the US and the Euro area

Philip Vermeulen

20121416: Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis

Marcel Fratzscher and Alexander Chudik

20121415: Capital controls and foreign exchange policy

Marcel Fratzscher

20121414: Has the Euro affected the choice of invoicing currency?

Jenny Ligthart and Sebastian E. V. Werner

20121413: Risk-sharing or risk-taking? Counterparty risk, incentives and margins

Florian Heider, Marie Hoerova and Bruno Biais

20121412: Global value chains during the great trade collapse: a bullwhip effect?

Filippo di Mauro, Gianmarco Ottaviano, Vincent Vicard, Carlo Altomonte and Armando Rungi

20111411: Government bond risk premia and the cyclicality of fiscal policy

Kai Christoffel, Juha Kilponen and Ivan Jaccard

20111410: Profit dynamics across the largest euro area countries and sectors

Moreno Roma, Igor Vetlov and Laurent Maurin

20111409: Analysis of variance for bayesian inference

Gianni Amisano and John Geweke

20111408: Real-time data and fiscal policy analysis: a survey of the literature

Jacopo Cimadomo

20111407: Macroeconomic vulnerability and disagreement in expectations

Cristian Badarinza and Marco Gross

20111406: The public sector pay gap in a selection of Euro area countries

Javier Pérez, Raffaela Giordano, Domenico Depalo, Manuel Pereira, Bruno Eugène, Evangelia Papapetrou, Lukas Reiss and Mojca Roter

20111405: Bond market co-movements, expected inflation and the equilibrium real exchange rate

Corrado Macchiarelli

20111404: A VAR analysis for the uncovered interest parity and the ex-ante purchasing power parity: the role of macroeconomic and financial information

Corrado Macchiarelli

20111403: Do EU structural funds promote regional employment? Evidence from dynamic panel data models

Philipp Mohl and Tobias Hagen

20111402: Monetary policy and the flow of funds in the euro area

Riccardo Bonci

20111401: Gravity chains: estimating bilateral trade flows when parts and components trade is important

Richard Baldwin and Daria Taglioni

20111400: Aggregation, the skill premium, and the two-level production function

Peter McAdam, Alpo Willman and Miguel Leon-Ledesma

20111399: Economic performance and government size

Antonio Afonso and Joao Jalles

20111397: Macroeconomic effects of unconventional monetary policy in the euro area

Gert Peersman

20111396: Learning from experience in the stock market

Anton Nakov and Galo Nuño Barrau

20111395: On the importance of prior relationships in bank loans to retail customers

Jörg Rocholl, Manju Puri and Sascha Steffen

20111394: Bank risk during the financial crisis: do business models matter?

Simone Manganelli, Yener Altunbas and David Marques-Ibanez

20111393: Marx vs. Weber: does religion affect politics and the economy?

Christoph Basten and Frank Betz

20111392: China's dominance hypothesis and the emergence of a tri-polar global currency system

Marcel Fratzscher and Arnaud Mehl

20111391: Interest rate expectations and uncertainty during ECB governing council days: evidence from intraday implied densities of 3-month Euribor

Josep Maria Puigvert Gutiérrez and Olivier Vergote

20111390: Fraud, investments and liability regimes in payment platforms

Anna Creti and Marianne Verdier

20111389: Do newspaper articles on card fraud affect debit card usage?

Anneke Kosse

20111388: To surcharge or not to surcharge? A two-sided market perspective of the no-surchage rule

Nicholas Economides and David Henriques

20111387: Consumer credit and payment cards

Heiko Schmiedel, Wilko Bolt and Elizabeth Foote

20111386: How do you pay? The role of incentives at the point-of-sale

Carlos Alberto Arango, Kim Huynh and Leonard Sabetti

20111385: Using cash to monitor liquidity - implications for payments, currency demand and withdrawal behavior

Ulf von Kalckreuth, Tobias Schmidt and Helmut Stix

20111384: Trend-cycle decomposition of output and euro area inflation forecasts: a real-time approach based on model combination

Matthias Mohr, Laurent Maurin and Pierre Guérin

20111383: An international comparison of voting by committees

Alexander Jung

20111382: Mapping the state of financial stability

Tuomas A. Peltonen and Peter Sarlin

20111381: Global crises and equity market contagion

Michael Ehrmann, Marcel Fratzscher, Arnaud Mehl and Geert Bekaert

20111380: Labour tax progressivity and output volatility: evidence from OECD countries

Cristina Checherita-Westphal, Maria Grazia Attinasi and Malte Rieth

20111379: Forecasting economic growth in the euro area during the Great Moderation and the Great Recession

Marco Lombardi and Philipp Maier

20111378: Wage setting in Hungary: evidence from a firm survey

Gabor Kezdi and István Kónya

20111377: Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management

Benjamin Sahel and Antonio Scalia

20111376: The price of liquidity: the effects of market conditions and bank characteristics

Kjell Nyborg, Falko Fecht and Jörg Rocholl

20111375: Precautionary price stickiness

James Costain and Anton Nakov

20111374: The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds

Nuno Cassola, Ali Hortacsu and Jakub Kastl

20111373: Asset prices, collateral and unconventional monetary policy in a DSGE model

Björn Hilberg and Josef Hollmayr

20111372: Downward wage rigidity in Hungary

Gábor Kátay

20111371: What is driving oil futures prices? Fundamentals versus speculation

Isabel Vansteenkiste

20111370: The global financial crisis: trying to understand the global trade downturn and recovery

Robert Anderton and Tadios Tewolde

20111369: Technology, utilization and inflation: what drives the New Keynesian Phillips Curve?

Peter McAdam and Alpo Willman

20111368: Output growth and fluctuation: the role of financial openness

Alexander Popov

20111367: Cyclical fluctuations in the Mediterranean basin

Fabio Canova and Matteo Ciccarelli

20111366: Stock market firm-level information and real economic activity

Filippo di Mauro, Fabio Fornari and Dario Mannucci

20111365: Understanding and forecasting aggregate and disaggregate price dynamics

Colin Bermingham and Antonello D'Agostino

20111364: Capital flows, push versus pull factors and the global financial crisis

Marcel Fratzscher

20111363: Forecasting inflation with gradual regime shifts and exogenous information

Kirstin Hubrich, Andres Gonzalez and Timo Teräsvirta

20111362: Securitization and lending standards: evidence from the wholesale loan market

Steven Ongena, Alper Kara and David Marques-Ibanez

20111361: Identifying the effects of government spending shocks with and without expected reversal: an approach based on U.S. real-time data

Jacopo Cimadomo, Sebastian Hauptmeier and Sergio Sola

20111360: How flexible are real wages in EU countries? A panel investigation

Frigyes Ferdinand Heinz and Desislava Rusinova

20111359: Does bargaining matter in the small firm's matching model?

l’Haridon, Olivier, Franck Malherbet and Sebastien Perez-Duarte

20111358: Determinants of credit-less recoveries

Martin Bijsterbosch and Tatjana Dahlhaus

20111357: Assessing the sensitivity of inflation to economic activity

Alistair Dieppe, Eva Ortega, Antonello D'Agostino, Tohmas Karlsson, Konstantins Benkovskis, Michele Caivano, Samuel Hurtado and Tímea Várnai

20111356: The role of oil prices in the euro area economy since the 1970s

Elke Hahn and Ricardo Mestre

20111355: Household's portfolio structure in Germany - analysis of financial accounts data 1959-2009

Fred Ramb and Michael Scharnagl

20111354: Saudi Aramco and the oil market

Anton Nakov and Galo Nuño Barrau

20111353: Exchange rate anchoring - Is there still a de facto US dollar standard?

Thierry Bracke and Irina Bunda

20111352: Systemic risk and financial development in a monetary model

Philippe Moutot

20111351: Potential output in DSGE models

Igor Vetlov, Massimiliano Pisani, Tibor Hlédik, Magnus Jonsson and Henrik Kucsera

20111350: The optimal width of the central bank standing facilities corridor and banks' day-to-day liquidity management

Ulrich Bindseil and Juliusz Jabłecki

20111349: Consumer confidence as a predictor of consumption spending: evidence for the United States and the euro area

Stephane Dees and Pedro Brinca

20111348: Theoretical notes on bubbles and the current crisis

Alberto Martin and Jaume Ventura

20111347: Sovereign credit ratings and financial markets linkages: application to European data

Antonio Afonso, Pedro Gomes and Davide Furceri

20111346: Do financial investors destabilize the oil price?

Marco Lombardi and Ine Van Robays

20111345: Systemic risk-taking: amplification effects, externalities, and regulatory responses

Anton Korinek

20111344: Have euro area and EU economic governance worked? Just the facts

Livio Stracca and Demosthenes Ioannou

20111343: The predictive content of sectoral stock prices: a US-euro area comparison

Magnus Andersson, Antonello D'Agostino, Gabe de Bondt and Moreno Roma

20111342: Fiscal data revisions in Europe

Javier Pérez, Francisco de Castro Fernández and Marta Rodríguez-Vives

20111341: Exact likelihood computation for nonlinear DSGE models with heteroskedastic innovations

Oreste Tristani and Gianni Amisano

20111340: How wages respond to shocks: asymmetry in the speed of adjustment

Aurelijus Dabusinskas and Tairi Room