Working Paper Series

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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

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, Antonio 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

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 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