Working Paper Series

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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 Rõõm

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 Sahm, Matthew 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