Working Paper Series

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20242900: Satellites turn “concrete”: tracking cement with satellite data and neural networks

d’Aspremont, Alexandre, Simon Ben Arous, Jean-Charles Bricongne, Benjamin Lietti and Baptiste Meunier

20242899: Physical and transition risk premiums in euro area corporate bond markets

Joost Victor Bats, Giovanna Bua and Daniel Kapp

20242898: Inflation heterogeneity across households

Regina Kiss and Georg Strasser

20242897: The impact of macroeconomic and monetary policy shocks on credit risk in the euro area corporate sector

Marco Lo Duca, Diego Moccero and Fabio Parlapiano

20242896: Deposit market concentration and monetary transmission: evidence from the euro area

Stephen Kho

20242895: The effect of new housing supply in structural models: a forecasting performance evaluation

Stefan Girstmair

20242894: Inflation heterogeneity across Austrian households. Evidence from household scanner data

Teresa Messner and Fabio Rumler

20242893: I (don’t) owe you: sovereign default and borrowing behavior

Dimitris Georgarakos and Alexander Popov

20242892: Insurance corporations’ balance sheets, financial stability and monetary policy

Christoph Kaufmann, Jaime Leyva and Manuela Storz

20242891: Granular shocks to corporate leverage and the macroeconomic transmission of monetary policy

Fédéric Holm-Hadulla and Claire Thürwächter

20242890: Firm heterogeneity, capital misallocation and optimal monetary policy

Beatriz González, Galo Nuño, Dominik Thaler and Silvia Albrizio

20242889: Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Sebastian Schmidt

20242888: Central bank digital currency: when price and bank stability collide

Jesus Fernandez-Villaverde, Linda Schilling and Harald Uhlig

20242887: Destabilisation of bank deposits across destinations: assessment and policy implications

Ulrich Bindseil and Richard Senner

20242886: Market power in banking

Elena Carletti, Agnese Leonello and Robert Marquez

20242885: Dynamic carbon emission management

Maria Cecilia Bustamante and Francesca Zucchi

20242884: Supply chain disruption and energy supply shocks: impact on euro area output and prices

Roberto A. De Santis

20232883: Financial contagion within the interbank network

Christina D. Mikropoulou and Angelos T. Vouldis

20232882: “Glossy green” banks: the disconnect between environmental disclosures and lending activities

Mariassunta Giannetti, Martina Jasova, Maria Loumioti and Caterina Mendicino

20232881: Global spillovers from multi-dimensional US monetary policy

Georgios Georgiadis and Marek Jarociński

20232880: Inflation and fiscal policy: is there a threshold effect in the fiscal reaction function?

Clémence Briodeau and Cristina Checherita-Westphal

20232879: Risk, monetary policy and asset prices in a global world

Geert Bekaert, Marie Hoerova and Nancy R. Xu

20232878: Do debt investors care about ESG ratings?

Kornelia Fabisik, Michael Ryf, Larissa Schäfer and Sascha Steffen

20232877: Who bears the costs of inflation? Euro area households and the 2021–2022 shock

Filippo Pallotti, Gonzalo Paz-Pardo, Jiri Slacalek, Oreste Tristani and Giovanni L. Violante

20232876: US monetary policy spillovers to European banks

Alexander Jung

20232875: What drives core inflation? The role of supply shocks

Marta Banbura, Elena Bobeica and Catalina Martínez Hernández

20232874: Fund fragility: the role of investor base

Nolwenn Allaire, Johannes Breckenfelder and Marie Hoerova

20232873: Loss sharing in central clearinghouses: winners and losers

Christian Kubitza, Loriana Pelizzon and Mila Getmansky Sherman

20232872: Do banks practice what they preach? Brown lending and environmental disclosure in the euro area

Leonardo Gambacorta, Salvatore Polizzi, Alessio Reghezza and Enzo Scannella

20232871: Monetary/fiscal policy regimes in post-war Europe

Othman Bouabdallah, Pascal Jacquinot and Valeria Patella

20232870: Financial stability considerations in the conduct of monetary policy

Paul Bochmann, Daniel Dieckelmann, Stephan Fahr and Josef Ruzicka

20232869: The bright side of the doom loop: banks’ sovereign exposure and default incentives

Luis E. Rojas and Dominik Thaler

20232868: Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

Paola Di Casola, Maurizio Michael Habib and David Tercero-Lucas

20232867: Do market-based networks reflect true exposures between banks?

Ben Craig, Madina Karamysheva and Dilyara Salakhova

20232866: The effects of labor income risk heterogeneity on the marginal propensity to consume

Ettore Savoia

20232865: On the estimation of distributional household wealth: addressing under-reporting via optimization problems with invariant Gini coefficient

Janina Engel, Dennis Ohlwerter and Matthias Scherer

20232864: A deep dive into the capital channel of risk sharing in the euro area

Natalia Martín Fuentes, Alexandra Born, Franziska Bremus, Wieger Kastelein and Claudia Lambert

20232863: Help wanted: the drivers and implications of labour shortages

Martin Groiss and David Sondermann

20232862: Pollution havens? Carbon taxes, globalization, and the geography of emissions

Christofer Schroeder and Livio Stracca

20232861: China’s footprint in global financial markets

David Lodge, Ana-Simona Manu and Ine Van Robays

20232860: Financial shock transmission to heterogeneous firms: the earnings-based borrowing constraint channel

Livia Chiţu, Magdalena Grothe, Tatjana Schulze and Ine Van Robays

20232859: Liquidity constraints and demand for maturity the case of mortgages

Alessandro Ferrari and Marco Loseto

20232858: The effect of monetary policy on inflation heterogeneity along the income distribution

Miguel Ampudia, Michael Ehrmann and Georg Strasser

20232857: GDP revisions are not cool: the impact of statistical agencies’ trade-off

Stylianos Asimakopoulos, Magdalena Lalik, Joan Paredes and José Salvado García

20232856: Estimating systemic risk for non-listed euro-area banks

Robert Engle, Tina Emambakhsh, Simone Manganelli, Laura Parisi and Riccardo Pizzeghello

20232855: BEAST: A model for the assessment of system-wide risks and macroprudential policies

Katarzyna Budnik, Johannes Groß, Gianluca Vagliano, Ivan Dimitrov, Max Lampe, Jiri Panos, Sofia Velasco, Louis Boucherie and Martina Jančoková

20232854: Monetary policy spillovers and the role of prudential policies in the European Union

Andra Coman

20232853: Price setting on the two sides of the Atlantic: evidence from supermarket-scanner data

Peter Karadi, Juergen Amann, Javier Sánchez Bachiller, Pascal Seiler and Jesse Wursten

20232852: One question at a time! A text mining analysis of the ECB Q&A session

Siria Angino and Robert Robitu

20232851: Identification of systematic monetary policy

Lukas Hack, Klodiana Istrefi and Matthias Meier

20232850: Who gets jobs matters: monetary policy and the labour market in HANK and SAM

Uros Herman and Matija Lozej

20232849: Changing patterns of risk-sharing channels in the United States and the euro area

Jacopo Cimadomo, Massimo Giuliodori, Andras Lengyel and Haroon Mumtaz

20232848: Underlying inflation and asymmetric risks

Hervé Le Bihan, Danilo Leiva-Leon and Matías Pacce

20232847: Optimal monetary policy in an estimated SIR model

Ghassane Benmir, Ivan Jaccard and Gauthier Vermandel

20232846: Central bank communication by ??? The economics of public policy leaks

Michael Ehrmann, Phillipp Gnan and Kilian Rieder

20232845: Climate-conscious monetary policy

Anton Nakov and Carlos Thomas

20232844: Gambling to preserve price (and fiscal) stability

Giancarlo Corsetti and Bartosz Maćkowiak

20232843: Exchange rate misalignment and external imbalances: what is the optimal monetary policy response?

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

20232842: Measuring systemic financial stress and its risks for growth

Sulkhan Chavleishvili and Manfred Kremer

20232841: Same same but different: credit risk provisioning under IFRS 9

Markus Behn and Cyril Couaillier

20232840: Labour at risk

Vasco Botelho, Claudia Foroni and Andrea Renzetti

20232839: The economic costs of supply chain decoupling

Maria Grazia Attinasi, Lukas Boeckelmann and Baptiste Meunier

20232838: Monetary policy shocks and firms’ bank loan expectations

Annalisa Ferrando and Caterina Forti Grazzini

20232837: Risk retention in the European securitization market: skimmed by the skin-in-the-game methods?

Vivian M. van Breemen, Claudia Schwarz and Dennis Vink

20232836: Nowcasting world trade with machine learning: a three-step approach

Menzie D. Chinn, Baptiste Meunier and Sebastian Stumpner

20232835: Innovation, industry equilibrium, and discount rates

Maria Cecilia Bustamante and Francesca Zucchi

20232834: Energy supply shocks’ nonlinearities on output and prices

Roberto A. De Santis and Tommaso Tornese

20232833: Quantifying financial stability trade-offs for monetary policy: a quantile VAR approach

Sulkhan Chavleishvili, Manfred Kremer and Frederik Lund-Thomsen

20232832: Unobserved components model(s): output gaps and financial cycles

Justine Guillochon and Julien Le Roux

20232831: New technologies and jobs in Europe

Stefania Albanesi, António Dias Da Silva, Juan F. Jimeno, Ana Lamo and Alena Wabitsch

20232830: Density forecasts of inflation: a quantile regression forest approach

Michele Lenza, Inès Moutachaker and Joan Paredes

20232829: Life insurance convexity

Nicolaus Grochola, Helmut Gründl and Christian Kubitza

20232828: The state-dependent impact of changes in bank capital requirements

Jan Hannes Lang and Dominik Menno

20232827: Rational inattention and the business cycle effects of productivity and news shocks

Bartosz Maćkowiak and Mirko Wiederholt

20232826: Firm-bank relationships: a cross-country comparison

Kamelia Kosekova, Angela Maddaloni, Melina Papoutsi and Fabiano Schivardi

20232825: Liquidity buffers and open-end investment funds: containing outflows and reducing fire sales

Lennart Dekker, Luis Molestina Vivar, Michael Wedow and Christian Weistroffer

20232824: Central bank communication and trust: an experimental study on the European Central Bank and the general public

Sarah Mochhoury

20232823: Asset prices, collateral and bank lending: the case of Covid-19 and real estate

Aoife Horan, Barbara Jarmulska and Ellen Ryan

20232822: Are preferential agreements beneficial to EU trade? New evidence from the EU-South Korea treaty

Beniamino Quintieri and Giovanni Stamato

20232821: The impact of global warming on inflation: averages, seasonality and extremes

Maximilian Kotz, Friderike Kuik, Eliza Lis and Christiane Nickel

20232820: Environmental regulation and productivity growth in the euro area: testing the Porter hypothesis

Nicola Benatti, Martin Groiss, Petra Kelly and Paloma Lopez-Garcia

20232819: Macroeconomic effects of carbon transition policies: an assessment based on the ECB’s New Area-Wide Model with a disaggregated energy sector

Günter Coenen, Matija Lozej and Romanos Priftis

20232818: Bank private information in CDS markets

Andrada Bilan, Steven Ongena and Cosimo Pancaro

20232817: Consumption effects of job loss expectations: new evidence for the euro area

António Dias Da Silva, Desislava Rusinova and Marco Weißler

20232816: Investor-driven corporate finance: evidence from insurance markets

Christian Kubitza

20232815: Nowcasting employment in the euro area

Marta Banbura, Irina Belousova, Katalin Bodnár and Mate Toth

20232814: Stress testing with multi-faceted liquidity: the central bank collateral framework as a financial stability tool

Angelo Cuzzola, Claudio Barbieri and Ulrich Bindseil

20232813: Financing the low-carbon transition in Europe

Olimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova and Katia Vozian

20232812: Too levered for Pigou: carbon pricing, financial constraints, and leverage regulation

Robin Döttling and Magdalena Rola-Janicka

20232811: CBDC and business cycle dynamics in a New Monetarist New Keynesian model

Katrin Assenmacher, Lea Bitter and Annukka Ristiniemi

20232810: Richer earnings dynamics, consumption and portfolio choice over the life cycle

Julio Gálvez and Gonzalo Paz-Pardo

20232809: Digitalisation and the economy

Luca Dedola, Michael Ehrmann, Peter Hoffmann, Ana Lamo, Gonzalo Paz-Pardo, Jiri Slacalek and Georg Strasser

20232808: Medium-term growth-at-risk in the euro area

Jan Hannes Lang, Marek Rusnák and Moritz Greiwe

20232807: Forecasting housing investment

Carlos Cañizares Martínez, Gabe de Bondt and Arne Gieseck

20232806: Interbank asset-liability networks with fire sale management

Zachary Feinstein and Grzegorz Hałaj

20232805: Do non-banks need access to the lender of last resort? Evidence from fund runs

Johannes Breckenfelder and Marie Hoerova

20232804: How does the Phillips curve slope vary with repricing rates?

Emmanuel De Veirman

20232803: Asset allocation and risk taking under different interest rate regimes

Lieven Hermans, Thomas Kostka and Danilo Vassallo

20232802: Fiscal policy in the semi-structural model ECB-BASE

Krzysztof Bańkowski

20232801: Public money as a store of value, heterogeneous beliefs, and banks: implications of CBDC

Manuel A. Muñoz and Oscar Soons