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.

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

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

20091039: 'Real time'early warning indicators for costly asset price boom/bust cycles: a role for global liquidity

Carsten Detken and Lucia Alessi

20091038: Are 'intrinsic inflation persistence' models structural in the sense of Lucas (1976)?

Luca Benati

20091037: What do asset prices have to say about risk appetite and uncertainty?

Geert Bekaert, Marie Hoerova and Martin Scheicher

20091036: Search in the product market and the real business cycle

Thomas Mathä and Olivier Pierrard

20091035: The role of labor markets for euro area monetary policy

Tobias Linzert, Kai Christoffel and Keith Kuester

20091034: The role of the United States in the global economy and its evolution over time

Stephane Dees and Arthur Saint-Guilhem

20091033: Fiscal competition over taxes and public inputs - theory and evidence

Sebastian Hauptmeier, Ferdinand Mittermaier and Johannes Rincke

20091032: Assessing long-term fiscal developments - a new approach

Antonio Afonso, Davide Furceri, Luca Agnello and Ricardo Sousa

20091031: Global roles of currencies

Christian Thimann

20091030: Forecast evaluation of small nested model sets

Kirstin Hubrich and Kenneth West

20091029: The role of fiscal transfers for regional economic convergence in Europe

Christiane Nickel, Cristina Checherita-Westphal and Philipp Rother

20091028: Large debt financing: syndicated loans versus corporate bonds

Yener Altunbas, Alper Kara and David Marques-Ibanez

20091027: Long run evidence on money growth and inflation

Luca Benati

20091026: Do house price developments spill over across euro area countries? Evidence from a Global VAR

Paul Hiebert and Isabel Vansteenkiste

20091025: Liquidity risk premia in unsecured interbank money markets

Jens Tapking and Jens Eisenschmidt

20091024: Funding liquidity risk: definition and measurement

Kleopatra Nikolaou and Mathias Drehmann

20091023: Bank loan announcements and borrower stock returns: does bank origin matter?

Steven Ongena and Viorel Roscovan

20091022: Understanding inter-industry wage structures in the euro area

Veronique Genre, Daphne Momferatou and Karsten Kohn

20091021: Rigid labour compensation and flexible employment? Firm-level evidence with regard to productivity for Belgium

Catherine Fuss and Ladislav Wintr

20091020: Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Andreas Beyer, Gaspar, Ví­tor, Christina Gerberding and Otmar Issing

20091019: What drives returns to euro area housing? Evidence from a dynamic dividend-discount model

Paul Hiebert and Matthias Sydow

20091018: Cross-Border Mergers and acquisitions: Financial and institutional forces

Roberto De Santis, Nicolas Coeurdacier and Antonin Aviat

20091017: Optimal Prediction Pools

Gianni Amisano and John Geweke