Working Paper Series

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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

20091016: When does lumpy factor adjustment matter for aggregate dynamics?

Stephan Fahr and Fang Yao

20091015: Inflation forecasting in the new EU Member States

Olga Arratibel, Nadine Leiner-Killinger and Christophe Kamps

20091014: Asset prices and current account fluctuations in G7 economies

Marcel Fratzscher and Roland Straub

20091013: Structural breaks, cointegration and the Fisher effect

Andreas Beyer, William G. Dewald and Alfred Haug

20091012: Petrodollars and imports of oil exporting countries

Annette Kamps and Roland Beck

20091011: The global dimension of inflation - evidence from factor-augmented Phillips curves

Sandra Eickmeier and Katharina Moll

20091010: Business cycles in the euro area

Domenico Giannone, Lucrezia Reichlin and Michele Lenza

20091009: Optimal sticky prices under rational inattention

Bartosz Maćkowiak and Mirko Wiederholt

20091008: Liquidity (risk) concepts: definitions and interactions

Kleopatra Nikolaou

20091007: Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

Raf Wouters, Grégory de Walque, Olivier Pierrard and Henri Sneessens

20091006: Understanding sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition

Philip Du Caju, Catherine Fuss and Ladislav Wintr

20091005: Labor market institutions and macroeconomic volatility in a panel of OECD countries

Johann Scharler and Fabio Rumler

20091004: Characterising the inflation targeting regime in South Korea

Marcelo Sánchez

20091003: Real wages over the business cycle: OECD evidence from the time and frequency domains

Julian Messina, Jarkko Turunen and Chiara Strozzi

20091002: Assessing portfolio credit risk changes in a sample of EU large and complex banking groups in reaction to macroeconomic shocks

Olli Castrén, Trevor Fitzpatrick and Matthias Sydow

20091001: Identifying the elasticity of substitution with biased technical change

Peter McAdam, Alpo Willman and Miguel Leon-Ledesma

20091000: Wealth effects in emerging market economies

Tuomas A. Peltonen, Ricardo Sousa and Isabel Vansteenkiste

2012232: Bubbles, banks and financial stability

Kalin Nikolov and Kosuke Aoki

2009999: Risk-adjusted forecasts of oil prices

Patrizio Pagano and Massimiliano Pisani