Working Paper Series

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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 Room

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 Room

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

20091098: Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters

Magnus Andersson and Boris Hofmann

20091097: Monetary and fiscal policy aspects of indirect tax changes in a monetary union

Leopold von Thadden and Anna Lipinska

20091096: The determinants of bank capital structure

Reint Gropp and Florian Heider

20091095: Memories of high inflation

Michael Ehrmann and Panagiota Tzamourani

20091094: Signals from housing and lending booms

Irina Bunda and Michele Ca' Zorzi

20091093: Determinants of government bond spreads in new EU countries

Ioana Alexopoulou, Irina Bunda and Annalisa Ferrando

20091092: Inflation and output volatility under asymmetric incomplete information

Giacomo Carboni and Martin Ellison

20091091: Money talks

Marie Hoerova, Cyril Monnet and Ted Temzelides

20091090: New Keynesian versus old Keynesian government spending multipliers

John F. Cogan, Tobias Cwik, John Taylor and Volker Wieland

20091089: The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the euro area

Carlo Altavilla and Matteo Ciccarelli

20091088: Inflation perceptions and expectations in the euro area: the role of news

Cristian Badarinza and Marco Gross

20091087: Modelling global trade flows: results from a GVAR model

Matthieu Bussiere, Alexander Chudik and Giulia Sestieri

20091086: Euro area money demand: empirical evidence on the role of equity and labour markets

Gabe de Bondt

20091085: An empirical study on the decoupling movements between corporate bond and CDS spreads

Magnus Andersson, Ioana Alexopoulou and Oana-Maria Georgescu

20091084: How are firms' wages and prices linked: survey evidence in Europe

Silvia Fabiani, Fernando Martins, Martine Druant, Roberto Sabbatini, Ana Lamo and Gabor Kezdi

20091083: Evaluating microfoundations for aggregate price regidities: evidence from matched firm-level data on product prices and unit labor cost

Mikael Carlsson and Oskar Nordström Skans

20091082: Disagreement among forecasters in G7 countries

Jonas Dovern, Ulrich Fritsche and Jiri Slacalek

20091081: Liquidity premia in German government bonds

Jacob Ejsing and Jukka Sihvonen

20091080: Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle

Juha Kilponen and Juuso Vanhala

20091079: EMU and European government bond market integration

Pilar Abad, Helena Chuliá and Marta Gómez-Puig

20091078: On the real effects of private equity investment: evidence from new business creation

Alexander Popov and Peter Roosenboom

20091077: The reception of public signals in financial markets - what if central bank communication becomes stale?

Michael Ehrmann and David Sondermann

20091076: Optimal monetary policy in a new Keynesian model with habits in consumption

Campbell Leith, Ioana Moldovan and Raffaele Rossi

20091075: Bank risk and monetary policy

Yener Altunbas, Leonardo Gambacorta and David Marques-Ibanez

20091074: Wages are flexible aren't they? Evidence from monthly micro wage data

Patrick Lünnemann and Ladislav Wintr

20091073: Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?

Tuomas A. Peltonen, Michael Sager and Adina Popescu

20091072: How important are common factors in driving non-fuel commodity prices? A dynamic factor analysis

Isabel Vansteenkiste

20091071: Booms and busts in housing markets: determinants and implications

Luca Agnello and Ludger Schuknecht

20091070: Monetary Policy Committees: meetings and outcomes

Jan Marc Berk and Beata K. Bierut

20091069: Housing finance and monetary policy

Alessandro Calza, Tommaso Monacelli and Livio Stracca

20091068: Asset price misalignments and the role of money and credit

Dieter Gerdesmeier, Barbara Roffia and Hans-Eggert Reimers

20091067: The dynamic effects of shocks to wages and prices in the United States and the euro area

Carlos Marques and Rita Duarte

20091066: Universal banks and corporate control: evidence from the global syndicated loan market

Miguel Ferreira and Pedro Matos

20091065: Monetary policy and inflationary shocks under imperfect credibility

Matthieu Darracq Paries and Stéphane Moyen

20091064: Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Marcel Fratzscher and Livio Stracca

20091063: Does private equity investment spur innovation? Evidence from Europe

Alexander Popov and Peter Roosenboom

20091062: External shocks and international inflation linkages: a global VAR analysis

Marco Lombardi and Alessandro Galesi

20091061: The distribution of households consumption-expenditure budget shares

Matteo Barigozzi, Lucia Alessi, Marco Capasso and Giorgio Fagiolo

20091060: What explains global exchange rate movements during the financial crisis?

Marcel Fratzscher

20091059: Forecasting the world economy in the short-term

Audrone Jakaitiene and Stephane Dees

20091058: National prices and wage setting in a currency union

Marcelo Sánchez

20091057: Euro area private consumption: Is there a role for housing wealth effects

Frauke Skudelny

20091056: The pricing of subprime mortgage risk in good times and bad: evidence from the ABX.HE indices

Martin Scheicher and Ingo Fender

20091055: The impact of extreme weather events on budget balances and implications for fiscal policy

Eliza Lis and Christiane Nickel

20091054: Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness

Antonio Afonso and Sebastian Hauptmeier

20091053: Inflation dynamics with labour market matching: assessing alternative specifications

Kai Christoffel, James Costain, Grégory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard

20091052: Bidding behaviour in the ECB's main refinancing operations during the financial crisis

Jens Eisenschmidt, Astrid Hirsch and Tobias Linzert

20091051: Are more data always better for factor analysis? Results for the euro area, the six largest euro area countries and the UK

Giovanni Caggiano, George Kapetanios and Vincent Labhard

20091050: Wealth effects on consumption: evidence from the euro area

Ricardo Sousa

20091049: Labour force participation in the euro area: a cohort based analysis

Almut Balleer, Ramón Gómez-Salvador and Jarkko Turunen

20091048: Downward wage rigidity and optimal steady-state inflation

Gabriel Fagan and Julian Messina

20091047: The impact of reference norms on inflation persistence when wages are staggered

Markus Knell and Alfred Stiglbauer

20091046: Productivity shocks and real exchange rate: a reappraisal

Tuomas A. Peltonen and Michael Sager

20091045: The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics

Thomas Werner and Wolfgang Lemke

20091044: The forecasting power of internal yield curve linkages

Kleopatra Nikolaou and Michele Modugno

20091043: Optimal monetary policy in a model of the credit channel

Fiorella De Fiore and Oreste Tristani

20091042: The determinants of public deficit volatility

Luca Agnello and Ricardo Sousa

20091041: An economic capital model integrating credit and interest rate risk in the banking book

Mathias Drehmann and Piergiorgio Alessandri

20091040: The external and domestic side of macroeconomic adjustment in China

Christian Thimann and Roland Straub