Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().

Access Statistics for this working paper series.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

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

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 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