Working Paper Series

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20101239: Supply, demand and monetary policy shocks in a multi-country New Keynesian Model

Stephane Dees, Mohammad Pesaran, Vanessa Smith and Ron P. Smith

20101238: Household money holdings in the euro area: An explorative investigation

Franz Seitz and Julian von Landesberger

20101237: The impact of high and growing government debt on economic growth: an empirical investigation for the euro area

Cristina Checherita-Westphal and Philipp Rother

20101236: Is the New Keynesian IS curve structural?

Livio Stracca

20101235: A note on identification patterns in DSGE models

Michal Andrle

20101234: Imposing parsimony in cross-country growth regressions

Marek Jarociński

20101233: Bank heterogeneity and monetary policy transmission

Sophocles Brissimis and Manthos Delis

20101232: The impact of monetary policy shocks on commodity prices

Marco Lombardi, Patrizio Pagano and Alessio Anzuini

20101231: Real convergence and its illusions

Marcin Kolasa

20101230: Time variation in U.S. wage dynamics

Gert Peersman, Roland Straub and Boris Hofmann

20101229: Inflation and inflation uncertainty in the euro area

Guglielmo Maria Caporale, Luca Onorante and Paolo Paesani

20101228: Trusting the bankers: a new look at the credit channel of monetary policy

Matteo Ciccarelli, Angela Maddaloni and Jose-Luis Peydro

20101227: Exports and sectoral financial dependence: evidence on French firms during the great global crisis

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

20101226: Chronicle of currency collapses: re-examining the effects on output

Sweta C. Saxena, Matthieu Bussiere and Camilo Tovar

20101225: Price and wage formation in Portugal

Carlos Marques, Fernando Martins and Pedro Portugal

20101224: Wages, labor or prices: how do firms react to shocks?

Emmanuel Dhyne and Martine Druant

20101223: The dark side of bank wholesale funding

Rocco Huang and Lev Ratnovski

20101222: Monetary policy and capital regulation in the US and Europe

Ethan Cohen-Cole and Jonathan Morse

20101221: Financial regulation, financial globalization and the synchronization of economic activity

Sebnem Kalemli-Ozcan, Elias Papaioannou and Jose-Luis Peydro

20101220: The gains from early intervention in Europe: Fiscal surveillance and fiscal planning using cash data

Andrew Hughes Hallett, Moritz Kuhn and Thomas Warmedinger

20101219: Transmission of government spending shocks in the euro area: Time variation and driving forces

Sebastian Hauptmeier, Jacopo Cimadomo and Markus Kirchner

20101218: Sectoral money demand and the great disinflation in the US

Alessandro Calza and Andrea Zaghini

20101217: Fiscal policy and growth: do financial crises make a difference?

Hans Peter Grüner, Antonio Afonso and Christina Kolerus

20101216: What lies beneath the euro's effect on financial integration? Currency risk, legal harmonization, or trade?

Elias Papaioannou, Jose-Luis Peydro and Sebnem Kalemli-Ozcan

20101215: Formal education, mismatch and wages after transition: Assessing the impact of unobserved heterogeneity using matching estimators

Ana Lamo and Julian Messina

20101214: Detecting and interpreting financial stress in the euro area

Marianna Blix Grimaldi

20101213: The incidence of nominal and real wage rigidity: an individual-based sectoral approach

Julian Messina, Philip Du Caju, Mario Izquierdo, Cláudia Duarte and Niels Lynggård Hansen

20101212: Multimarket trading and the cost of debt: evidence from global bonds

Lubomir Petrasek

20101211: Efficiency and risk in european banking

David Marques-Ibanez, Franco Fiordelisi and Philip Molyneux

20101210: Towards a robust monetary policy rule for the euro area

Tobias Sebastian Blattner and Emil Margaritov

20101209: Epstein-Zin preferences and their use in macro-finance models: implications for optimal monetary policy

Matthieu Darracq Paries and Alexis Loublier

20101208: Reverse causality in global current accounts

Gunther Schnabl and Stephan Freitag

20101207: Money growth and inflation: a regime switching approach

Gianni Amisano and Gabriel Fagan

20101206: Relative house price dynamics across euro area and US cities: convergence or divergence?

Paul Hiebert and Moreno Roma

20101205: Nelson-Siegel, affine and quadratic yield curve specifications: which one is better at forecasting?

Ken Nyholm and Rositsa Vidova-Koleva

20101204: Banking sector output measurement in the euro area - a modified approach

Antonio Colangelo and Robert Inklaar

20101203: Cross-border banking and the international transmission of financial distress during the crisis of 2007-2008

Alexander Popov and Gregory Udell

20101202: Involuntary unemployment and the business cycle

Lawrence Christiano, Mathias Trabrandt and Karl Walentin

20101201: Growth strategies and value creation: what works best for stock exchanges?

Heiko Schmiedel, Iftekhar Hasan and Liang Song

20101200: Testing the asset pricing model of exchange rates with survey data

Anna Naszodi

20101199: Changes in the wage structure in EU countries

Juan F Jimeno, Ana Lamo and Rebekka Christopoulou

20101198: Wage and price setting behaviour of Lithuanian firms

Ernestas Virbickas

20101197: Investors with too many options?

Daniel Dorn

20101196: Reputational contagion and optimal regulatory forbearance

Alan D. Morrison and Lucy White

20101195: The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area

Pascal Jacquinot, Massimiliano Pisani and Sandra Gomes

20101194: Econometric analysis of high dimensional VARs featuring a dominant unit

Mohammad Pesaran and Alexander Chudik

20101193: Should larger reserve holdings be more diversified?

Roland Beck and Sebastian Weber

20101192: Financial factors in economic fluctuations

Lawrence Christiano, Roberto Motto and Massimo Rostagno

20101191: Money in monetary policy design: Monetary cross-checking in the New-Keynesian model

Volker Wieland and Guenter Beck

20101190: Booms and busts in China's stock market: Estimates based on fundamentals

Gabe de Bondt, Tuomas A. Peltonen and Daniel Santabárbara

20101189: Maximum likelihood estimation of factor models on data sets with arbitrary pattern of missing data

Marta Banbura and Michele Modugno

20101188: Are policy counterfactuals based on structural VAR's reliable?

Luca Benati

20101187: Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?

Michal Brzoza-Brzezina, Tomasz Chmielewski and Joanna Niedźwiedzińska

20101186: Modelling anti-inflationary monetary targeting: with an application to Romania

Marcelo Sánchez

20101185: Forecasting with DSGE models

Anders Warne, Günter Coenen and Kai Christoffel

20101184: Costs, demand, and producer price changes

Claire Loupias and Patrick Sevestre

20101183: Labor market institutions and the business cycle - unemployment rigidities vs. real wage rigidities

Mirko Abbritti and Sebastian Weber

20101182: Inter-industry wage differentials in EU countries: what do cross-country time varying data add to the picture?

Philip Du Caju, Gábor Kátay, Ana Lamo, Daphne Nicolitsas and Steven Poelhekke

20101181: Wage setting and wage flexibility in Ireland - Results from a firm-level survey

Martina Lawless and Mary Keeney

20101180: Nominal and real wage rigidities. In theory and in Europe

Markus Knell

20101179: Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Gabriel Jimenez, Steven Ongena, Jose-Luis Peydro and Jesús Saurina

20101178: Monetary policy, housing booms and financial (im)balances

Boris Hofmann and Sandra Eickmeier

20101177: Price and trading response to public information

Magdalena Grothe

20101176: Evolving Phillips trade-off

Luca Benati

20101175: In dubio pro CES - Supply estimation with mis-specified technical change

Peter McAdam, Alpo Willman and Miguel Leon-Ledesma

20101174: How far are we from the slippery slope? The Laffer curve revisited

Harald Uhlig and Mathias Trabandt

20101173: Market power and fiscal policy in OECD countries

Antonio Afonso and Luis Costa

20101172: Size, openness, and macroeconomic interdependence

Roland Straub and Alexander Chudik

20101171: The external finance premium in the euro area A useful indicator for monetary policy?

Paolo Gelain

20101170: Global commodity cycles and linkages a FAVAR approach

Marco Lombardi, Chiara Osbat and Bernd Schnatz

20101169: The impact of numerical expenditure rules on budgetary discipline over the cycle

Sebastian Hauptmeier, Philipp Rother and Fédéric Holm-Hadulla

20101168: Food price pass-through in the euro area The role of asymmetries and non-linearities

Gianluigi Ferrucci, Rebeca Jiménez-Rodríguez and Luca Onorante

20101167: Macroeconomic forecasting and structural change

Domenico Giannone, Antonello D'Agostino and Luca Gambetti

20101166: Does monetary policy affect bank risk-taking?

Leonardo Gambacorta, Yener Altunbas and David Marques-Ibanez

20101165: The term structure of risk premia: new evidence from the financial crisis

Tobias Berg

20101164: Price, wage and employment response to shocks: evidence from the WDN survey

Giuseppe Bertola, Aurelijus Dabusinskas, Marco M. Hoeberichts, Mario Izquierdo, Claudia Kwapil, Jérémi Montornes and Daniel Radowski

20101163: Asset pricing, habit memory, and the labor market

Ivan Jaccard

20101162: Inflation risks and inflation risk premia

Garcí­a, Juan Angel and Thomas Werner

20101161: Housing, consumption and monetary policy: how different are the US and the euro area?

Alberto Musso, Stefano Neri and Livio Stracca

20101160: The euro area Bank Lending Survey matters: empirical evidence for credit and output growth

Gabe de Bondt, Angela Maddaloni, Jose-Luis Peydro and Silvia Scopel

20101159: Wages and the risk of displacement

Anabela Carneiro and Pedro Portugal

20101158: Excess returns on net foreign assets: the exorbitant privilege from a global perspective

Maurizio Michael Habib

20101157: Real time estimates of the euro area output gap: reliability and forecasting performance

Massimiliano Marcellino and Alberto Musso

20101156: Mortgage indebtedness and household financial distress

Dimitris Georgarakos, Adriana Lojschova and Melanie Ward-Warmedinger

20101155: Combining disaggregate forecasts or combining disaggregate information to forecast an aggregate

David Hendry and Kirstin Hubrich

20101154: Public and private inputs in aggregate production and growth: a cross-country efficiency approach

Antonio Afonso and Miguel Aubyn

20101153: The determination of wages of newly hired employees: survey evidence on internal versus external factors

Kamil Galuscak, Mary Keeney, Daphne Nicolitsas, Frank Smets, Pawel Strzelecki and Matija Vodopivec

20101152: Government bond risk premiums in the EU revisited: the impact of the financial crisis

Ludger Schuknecht, Juergen von Hagen and Guido Wolswijk

20101151: Methodological advances in the assessment of equilibrium exchange rates

Matthieu Bussiere, Michele Ca' Zorzi, Alexander Chudik and Alistair Dieppe

20101150: Do bank loans and credit standards have an effect on output? A panel approach for the euro area

Lorenzo Cappiello, Arjan Kadareja, Christoffer Kok and Marco Protopapa

20101149: Does it matter how aggregates are measured? The case of monetary transmission mechanisms in the euro area

Andreas Beyer and Katarina Juselius

20101148: Is there a signalling role for public wages? Evidence for the euro area based on macro data

Javier Pérez and Jesús Sánchez

20101147: Interbank contagion at work: evidence from a natural experiment

Rajkamal Iyer and Jose-Luis Peydro

20101146: The role of central bank transparency for guiding private sector forecasts

Michael Ehrmann, Sylvester Eijffinger and Marcel Fratzscher

20101145: An area-wide real-time database for the euro area

Domenico Giannone, Jérôme Henry, Magdalena Lalik and Michele Modugno

20091144: Choosing and using payment instruments: evidence from German microdata

Ulf von Kalckreuth, Tobias Schmidt and Helmut Stix

20091143: What drives the network’s growth? An agent-based study of the payment card market

Biliana Alexandrova-Kabadjova and José Luis Negrín

20091142: Credit card use after the final mortgage payment: does the magnitude of income shocks matter?

Barry Scholnick

20091141: How effective are rewards programs in promoting payment card usage? empirical evidence

Santiago Carbó-Valverde and José Liñares-Zegarra

20091140: SEPA, efficiency, and payment card competition

Wilko Bolt and Heiko Schmiedel