Working Paper Series

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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 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, Paweł 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 Antonio Jesus Sanchez Fuentes

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, Jerome 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

20091139: Pricing payment cards

Özlem Bedre-Defolie and Emilio Calvano

20091138: Credit card interchange fees

Jean Rochet and Julian Wright

20091137: Regulating two-sided markets: an empirical investigation

Santiago Carbó-Valverde, Sujit Chakravorti and Francisco Rodríguez Fernández

20091136: Payment scale economies, competition, and pricing

David Humphrey

20091135: Return to retail banking and payments

Iftekhar Hasan, Heiko Schmiedel and Liang Song

20091134: Would the Bundesbank have prevented the Great Inflation in the United States?

Luca Benati

20091133: Fiscal policy shocks in the euro area and the US: an empirical assessment

Pablo Burriel, Francisco de Castro Fernández, Daniel Garrote, Esther Gordo, Joan Paredes and Javier Pérez

20091132: A quarterly fiscal database for the euro area based on intra-annual fiscal information

Joan Paredes, Diego J. Pedregal and Javier Pérez

20091131: What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?

Maria Grazia Attinasi, Cristina Checherita-Westphal and Christiane Nickel

20091130: Monetary policy and potential output uncertainty: a quantitative assessment

Simona Delle Chiaie

20091129: Determinants of inflation and price level differentials across the euro area countries

Malin Andersson, Klaus Masuch and Marc Schiffbauer

20091128: EMU and the adjustment to asymmetric shocks: the case of Italy

Gianni Amisano, Nicola Giammarioli and Livio Stracca

20091127: The Janus-headed salvation: sovereign and bank credit risk premia during 2008-09

Jacob Ejsing and Wolfgang Lemke

20091126: Liquidity hoarding and interbank market spreads: the role of counterparty risk

Florian Heider, Marie Hoerova and Cornelia Holthausen

20091125: Leading indicators in a globalised world

Ferdinand Fichtner, Rasmus Rüffer and Bernd Schnatz

20091124: Balance Sheet Interlinkages and Macro-Financial Risk Analysis in the Euro Area

Olli Castrén and Ilja Kristian Kavonius

20091123: Monetary Policy and the Financing of Firms

Fiorella De Fiore, Pedro Teles and Oreste Tristani

20091122: Monetary Policy Shocks and Portfolio Choice

Marcel Fratzscher, Christian Saborowski and Roland Straub

20091121: Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets

Alexander Popov

20091120: Exchange Rate Pass-through in Central and Eastern European Member States

Martin Bijsterbosch and John Beirne

20091119: Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area

Marco Gross

20091118: Discretionary Fiscal Policies over the Cycle: New Evidence based on the ESCB Disaggregated Approach

Luca Agnello and Jacopo Cimadomo

20091117: What Drives Personal Consumption? The Role of Housing and Financial Wealth

Jiri Slacalek

20091116: Sectorial Border Effects in the European Single Market: an Explanation through Industrial Concentration

Gianluca Cafiso

20091115: Estimation and forecasting in large datasets with conditionally heteroskedastic dynamic common factors

Lucia Alessi, Matteo Barigozzi and Marco Capasso

20091114: Explaining government revenue windfalls and shortfalls: an analysis for selected EU countries

Richard Morris, Francisco de Castro Fernández, Steven Jonk, Jana Kremer, Suzanne Linehan, Maria Rosaria Marino, Christophe Schalck and Olegs Tkacevs

20091113: Volatility spillovers and contagion from mature to emerging stock markets

John Beirne, Guglielmo Maria Caporale, Marianne Schulze-Ghattas and Nicola Spagnolo

20091112: Risk spillover among hedge funds: The role of redemptions and fund failures

Benjamin Klaus and Bronka Rzepkowski

20091111: A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth

Andreas Beyer

20091110: Putting the New Keynesian DSGE model to the real-time forecasting test

Marcin Kolasa, Michał Rubaszek and Paweł Skrzypczyński

20091109: What Triggers Prolonged Inflation Regimes? A Historical Analysis

Isabel Vansteenkiste

20091108: The role of financial variables in predicting economic activity

Raphael Espinoza, Fabio Fornari and Marco Lombardi

20091107: Interbank lending, credit risk premia and collateral

Florian Heider and Marie Hoerova

20091106: The margins of labour cost adjustment: survey evidence from European firms

Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julian Messina and Tairi Rõõm

20091105: Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms

Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julian Messina and Tairi Rõõm

20091104: Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area

Bettina Landau and Frauke Skudelny

20091103: Inter-industry wage differentials: how much does rent sharing matter?

Philip Du Caju, Francois Rycx and Ilan Tojerow

20091102: Wage-setting behavior in France: additional evidence from an ad-hoc survey

Jérémi Montornes and Jacques-Bernard Sauner-Leroy

20091101: Fiscal variables and bond spreads: evidence from eastern European countries and Turkey

Christiane Nickel, Philipp Rother and Jan C. Rülke

20091100: Weak and strong cross section dependence and estimation of large panels

Alexander Chudik, Mohammad Pesaran and Elisa Tosetti

20091099: Public and private sector wages interactions in a general equilibrium model

Gonzalo Fernandez-de-Cordoba, Javier Pérez and Jose Torres