Working Paper Series

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20111339: The stock market reaction to the 2005 non-tradable share reform in China

Andrea Beltratti, Bernardo Bortolotti and Marianna Caccavaio

20111338: Financial frictions and optimal monetary policy in an open economy

Giovanni Lombardo and Marcin Kolasa

20111337: Who invests in home equity to exempt wealth from bankruptcy?

Reint Gropp, Stefano Corradin, Harry Huizinga and Luc Laeven

20111336: A monetary policy strategy in good and bad times: lessons from the recent past

Frank Smets, Oreste Tristani, Roberto Motto, Massimo Rostagno and Stephan Fahr

20111335: The bank lending channel: lessons from the crisis

Leonardo Gambacorta and David Marques-Ibanez

20111334: On the importance of sectoral and regional shocks for price-setting

Kirstin Hubrich, Massimiliano Marcellino and Guenter Beck

20111333: Distributional dynamics under smoothly state-dependent pricing

James Costain and Anton Nakov

20111332: Central bank communication on financial stability

Michael Ehrmann, Marcel Fratzscher and Benjamin Born

20111331: Business cycle dynamics under rational inattention

Bartosz Maćkowiak and Mirko Wiederholt

20111330: Financial remoteness and the net external position

Martin Schmitz

20111329: Securitization, bank lending and credit quality: the case of Spain

David Marques-Ibanez, Santiago Carbó-Valverde and Francisco Rodríguez Fernández

20111328: The effectiveness of monetary policy in steering money market rates during the recent financial crisis

Tobias Linzert and Puriya Abbassi

20111327: Systemic risk diagnostics: coincident indicators and early warning signals

Bernd Schwaab, Siem Jan Koopman and Andre Lucas

20111326: Welfare costs of inflation and the circulation of US currency abroad

Alessandro Calza and Andrea Zaghini

20111325: Wage structure effects of international trade: evidence from a small open economy

Philip Du Caju, Francois Rycx and Ilan Tojerow

20111324: Nowcasting inflation using high frequency data

Michele Modugno

20111323: Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment

Matthias Mohr, Pascal Jacquinot, Massimiliano Pisani and Sandra Gomes

20111322: Business cycle synchronisation: disentangling trade and financial linkages

Stephane Dees and Nico Zorell

20111321: Macroeconomic implications of downward wage rigidities

Stephan Fahr and Mirko Abbritti

20111320: What lies beneath? A time-varying FAVAR model for the UK transmission mechanism

Haroon Mumtaz, Pawel Zabczyk and Colin Ellis

20111319: Fiscal developments and financial stress: a threshold VAR analysis

Antonio Afonso, Michal Slavík and Jaromir Baxa

20111318: Using the global dimension to identify shocks with sign restrictions

Michael Fidora and Alexander Chudik

20111317: Financial imbalances and financial fragility

Frédéric Boissay

20111316: The ECB's New Multi-Country Model for the euro area: NMCM - with boundedly rational learning expectations

Alpo Willman, Alistair Dieppe, Alberto Gonzalez Pandiella and Stephen Hall

20111315: The ECB's New Multi-Country Model for the euro area: NMCM - simulated with rational expectations

Alpo Willman, Alistair Dieppe and Alberto Gonzalez Pandiella

20111314: Price and wage setting in Portugal: learning by asking

Fernando Martins

20111313: News and policy foresight in a macro-finance model of the US

Cristian Badarinza and Emil Margaritov

20111312: A structural model of central bank operations and bank intermediation

Ulrich Bindseil and Juliusz Jabłecki

20111311: Macro-financial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events

Tuomas A. Peltonen and Marco Lo Duca

20111310: Is China climbing up the quality ladder? Estimating cross country differences in product quality using Eurostat's COMEXT trade database

Gabor Pula and Daniel Santabárbara

20111309: Skills and wage inequality in Greece: evidence from matched employer-employee data, 1995-2002

Rebekka Christopoulou and Theodora Kosma

20111308: Myopic governments and welfare-enhancing debt limits

Malte Rieth

20111307: The response of labour taxation to changes in government debt

Nadine Leiner-Killinger, Michal Slavík and Fédéric Holm-Hadulla

20111306: Why are some prices stickier than others? Firm-data evidence on price adjustment lags

Carlos Marques, Daniel Dias, João Santos Silva and Fernando Martins

20111305: Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies

Carlos Marques, Daniel Dias and Fernando Martins

20111304: Subprime consumer credit demand: evidence from a lender's pricing experiment

Gyongyi Loranth, Sule Alan and Ruxandra Dumitrescu

20111303: Behavioural characteristics and financial distress

Yvonne McCarthy

20111302: The immigrant/native wealth gap in Germany, Italy and Luxembourg

Thomas Mathä, Alessandro Porpiglia and Eva Sierminska

20111301: Wealth mobility and dynamics over entire individual working life cycles

Stefan Hochguertel and Henry Ohlsson

20111300: Inheritances and the distribution of wealth or whatever happened to the great inheritance boom?

Edward Wolff and Maury Gittleman

20111299: Who lost the most? Financial literacy, cognitive abilities, and the financial crisis

Tabea Bucher-Koenen and Michael Ziegelmeyer

20111298: Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?

Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod

20111297: Consumption and initial mortgage conditions: evidence from survey data

Giacomo Masier and Ernesto Villanueva

20111296: Financial advice and stock market participation

Dimitris Georgarakos and Roman Inderst

20111295: Which households use banks? Evidence from the transition economies

Thorsten Beck and Martin Brown

20111294: The normalized CES production function: theory and empirics

Rainer Klump, Peter McAdam and Alpo Willman

20111293: Financing obstacles among euro area firms: Who suffers the most?

Annalisa Ferrando and Nicolas Griesshaber

20111292: Does the euro make a difference? Spatio-temporal transmission of global shocks to real effective exchange rates in an infinite VAR

Alexander Chudik, Matthieu Bussiere and Arnaud Mehl

20111291: Liquidity requirements and payment delays - participant type dependent preferences

Christian Schulz

20111290: Non-standard monetary policy measures and monetary developments

Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin

20111289: Bayesian prior elicitation in DSGE models: macro- vs micro-priors

Marco Lombardi and Giulio Nicoletti

20111288: Getting beyond carry trade: what makes a safe haven currency?

Maurizio Michael Habib and Livio Stracca

20111287: Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act

Dario Focarelli, David Marques-Ibanez and Alberto Pozzolo

20111286: Corporate bond spreads and real activity in the euro area - Least Angle Regression forecasting and the probability of the recession

Marco Gross

20111285: Identifying the global transmission of the 2007-09 financial crisis in a GVAR Model

Marcel Fratzscher and Alexander Chudik

20111284: Euro area labour markets: different reaction to shocks?

Beatrice Pierluigi, Jan Bruha and Roberta Serafini

20101283: How large are housing and financial wealth effects? A new approach

Christopher Carroll, Jiri Slacalek and Misuzu Otsuka

20101282: The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis

Jens Eisenschmidt and Cornelia Holthausen

20101281: A quantitative mirror on the Euribor market using implied probability density functions

Rupert de Vincent-Humphreys and Josep Maria Puigvert Gutiérrez

20101280: Can we prevent boom-bust cycles during euro area accession?

Marcin Kolasa, Michal Brzoza-Brzezina and Pascal Jacquinot

20101279: Openness and optimal monetary policy

Giovanni Lombardo and Federico Ravenna

20101278: Shocking stuff: technology, hours, and factor substitution

Cristiano Cantore, Miguel Leon-Ledesma, Peter McAdam and Alpo Willman

20101277: Combining the forecasts in the ECB survey of professional forecasters: can anything beat the simple average?

Geoff Kenny, Veronique Genre, Aidan Meyler and Allan Timmermann

20101276: Level, slope, curvature of the sovereign yield curve, and fiscal behaviour

Manuel Martins and Antonio Afonso

20101275: Nowcasting

Domenico Giannone, Lucrezia Reichlin and Marta Banbura

20101274: Firms' reactions to the crisis and their consequences for the labour market. Results of a company survey conducted in Austria

Claudia Kwapil

20101273: Interest rate effects of demographic changes in a New-Keynesian life-cycle framework

Engin Kara and Leopold von Thadden

20101272: The impact of public guarantees on bank risk taking: evidence from a natural experiment

Reint Gropp, Christian Gruendl and Andre Guettler

20101271: An analysis of euro area sovereign CDS and their relation with government bonds

Martin Scheicher and Alessandro Fontana

20101270: Inflation risk premia in the US and the euro area

Oreste Tristani and Peter Hördahl

20101269: Downward wage rigidity and automatic wage indexation: evidence from monthly micro wage data

Patrick Lünnemann and Ladislav Wintr

20101268: Changes in the Austrian structure of wages, 1996-2002: evidence from linked employer-employee data

Alfred Stiglbauer and Wolfgang Pointner

20101267: Keynesian government spending multipliers and spillovers in the euro area

Tobias Cwik and Volker Wieland

20101266: Towards expenditure rules and fiscal sanity in the euro area

Sebastian Hauptmeier, Jesus Sanchez Fuentes and Ludger Schuknecht

20101265: How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

Carin Cruijsen, David-Jan Jansen and Jakob de Haan

20101264: On approximating DSGE models by series expansions

Giovanni Lombardo

20101263: Autoregressions in small samples, priors about observables and initial conditions

Albert Marcet and Marek Jarociński

20101262: The impact of supply constraints on bank lending in the euro area - crisis induced crunching?

Hannah S. Hempell and Christoffer Kok

20101261: Surprising comparative properties of monetary models: Results from a new model database

Volker Wieland and John Taylor

20101260: A decade (and a global financial crisis) after Blinder: The interaction between researchers and policy-makers in central banks

Livio Stracca and Matthieu Bussiere

20101259: Finance and diversification

Simone Manganelli and Alexander Popov

20101258: Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound

Christiane Baumeister and Luca Benati

20101257: Explaining the money demand of non-financial corporations in the Euro area: A macro and a micro view

Julian von Landesberger and Carmen Martinez-Carrascal

20101256: Credit risk transfers and the macroeconomy

Ester Faia

20101255: Predicting recession probabilities with financial variables over multiple horizons

Fabio Fornari and Wolfgang Lemke

20101254: Global policy at the zero lower bound in a large-scale DSGE model

Ricardo Mestre, João Sousa, Pascal Jacquinot and Sandra Gomes

20101253: Monetary policy in exceptional times

Michele Lenza, Huw Pill and Lucrezia Reichlin

20101252: Interbank market integration, loan rates, and firm leverage

Steven Ongena and Alexander Popov

20101251: Macroeconomic propagation under different regulatory regimes: Evidence from an estimated DSGE model for the euro area

Christoffer Kok, Diego Rodriguez-Palenzuela and Matthieu Darracq Paries

20101250: Optimal monetary policy with state-dependent pricing

Anton Nakov and Carlos Thomas

20101249: Forecasting and assessing Euro area house prices through the lens of key fundamentals

Luca Gattini and Paul Hiebert

20101248: Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards

Angela Maddaloni and Jose-Luis Peydro

20101247: The Euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times

Nuno Cassola and Michael Huetl

20101246: Predicting recessions and recoveries in real time: The euro area-wide leading indicator (ALI)

Elke Hahn and Gabe de Bondt

20101245: Firms and the global crisis: French exports in the turmoil

Daria Taglioni, Jean-Charles Bricongne, Lionel Fontagné, Guillaume Gaulier and Vincent Vicard

20101244: Trade with central and eastern Europe: Is it really a threat to wages in the west?

Éva Katalin Polgár and Julia Wörz

20101243: Current account determinants and external sustainability in periods of structural change

Sophocles Brissimis, George Hondroyiannis, Christos Papazoglou, Nicholas T. Tsaveas and Melina Vasardani

20101242: Changes in the Czech wage structure: Does immigration matter?

Kamil Galuscak and Kamil Dybczak

20101241: Major public debt reductions: Lessons from the past, lessons for the future

Christiane Nickel, Philipp Rother and Lilli Zimmermann

20101240: Monetary policy, asset prices and consumption in China

Tuuli Koivu