Working Paper Series

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2007771: Policy rate decisions and unbiased parameter estimation in typical monetary policy rules

Jiri Podpiera

2007770: Welfare implications of Calvo vs. Rotemberg pricing assumptions

David Vestin and Giovanni Lombardo

2007769: The "Great Moderation" in the United Kingdom

Luca Benati

2007768: A new approach to measuring competition in the loan markets of the euro area

Adrian Rixtel, Christoffer Kok, Michiel Van Leuvensteijn and Jacob Bikker

2007767: Explaining monetary policy in press conferences

Michael Ehrmann and Marcel Fratzscher

2007766: How and when do markets tip? Lessons from the Battle of the Bund

Estelle Cantillon and Pai-Ling Yin

2007765: Sequential optimization, front-loaded information, and U.S. consumption

Alpo Willman

2007764: Robust monetary policy with imperfect knowledge

Athanasios Orphanides and John Williams

2007763: Short- and long-run tax elasticities: the case of the Netherlands

Guido Wolswijk

2007762: Patterns of current account adjustment: insights from past experience

Bernardina Algieri and Thierry Bracke

2007761: External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment

Christian Thimann, Michael Fidora and Philipp Engler

2007760: Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area

Alistair Dieppe and Thomas Warmedinger

2007759: Linear-quadratic approximation, external habit and targeting rules

Paul Levine, Joseph Pearlman and Richard Pierse

2007758: Red tape and delayed entry

Elias Papaioannou and Antonio Ciccone

2007757: The cyclicality of consumption, wages and employment of the public sector in the euro area

Ana Lamo, Ludger Schuknecht and Javier Pérez

2007756: Maintaining low inflation: money, interest rates, and policy stance

Samuel Reynard

2007755: Durable goods and their effect on household saving ratios in the euro area

Jukka Jalava and Ilja Kristian Kavonius

2007754: Euro area inflation persistence in an estimated nonlinear DSGE model

Oreste Tristani and Gianni Amisano

2007753: Trade credit defaults and liquidity provision by firms

Reint Gropp and Frédéric Boissay

2007752: Econometric analyses with backdated data: unified Germany and the euro area

Elena Angelini and Massimiliano Marcellino

2007751: A look into the factor model black box: publication lags and the role of hard and soft data in forecasting GDP

Gerhard Rünstler and Marta Banbura

2007750: Long run macroeconomic relations in the global economy

Stephane Dees, Mohammad Pesaran, Vanessa Smith and Sean Holly

2007749: Excess money growth and inflation dynamics

Barbara Roffia and Andrea Zaghini

2007748: Financial dollarization: the role of banks and interest rates

Oscar Calvo-Gonzalez, Henrique Basso and Marius Jurgilas

2007747: Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Peter McAdam, Roland Straub and Günter Coenen

2007746: U.S. evolving macroeconomic dynamics: a structural investigation

Luca Benati and Haroon Mumtaz

2007745: Market discipline, financial integration and fiscal rules: what drives spreads in the euro area government bond market?

Simone Manganelli and Guido Wolswijk

2007744: International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation

Francisco Ramon-Ballester and Torsten Wezel

2007743: Credit market and macroeconomic volatility

Caterina Mendicino

2007742: The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences

Dieter Gerdesmeier, Francesco Mongelli and Barbara Roffia

2007741: Sectoral money demand models for the euro area based on a common set of determinants

Julian von Landesberger

2007740: Transition economy convergence in a two-country model: implications for monetary integration

Jan Bruha and Jiri Podpiera

2007739: Exchange rate pass-through in emerging markets

Michele Ca' Zorzi, Elke Hahn and Marcelo Sánchez

2007738: Commodity prices, money and inflation

Frank Browne and David Cronin

2007737: Structural balances and revenue windfalls: the role of asset prices revisited

Richard Morris and Ludger Schuknecht

2007736: Transaction costs and informational cascades in financial markets: Theory and experimental evidence

Marco Cipriani and Antonio Guarino

2007735: Market based compensation, price informativeness and short-term trading

Riccardo Calcagno and Florian Heider

2007734: Inflation risk premia in the term structure of interest rates

Peter Hördahl and Oreste Tristani

2007733: Mortgage interest rate dispersion in the euro area

Christoffer Kok and Jung-Duk Lichtenberger

2007732: Liquidity shocks and asset price boom/bust cycles

Carsten Detken and Ramón Adalid

2007731: International trade, technological shocks and spillovers in the labour market: A GVAR analysis of the US manufacturing sector

Paul Hiebert and Isabel Vansteenkiste

2007730: What drives business cycles and international trade in emerging market economies?

Marcelo Sánchez

2007729: Fast micro and slow macro: can aggregation explain the persistence of inflation?

Benoit Mojon, Filippo Altissimo and Paolo Zaffaroni

2007728: Price changes in Finland: some evidence from micro CPI data

Samu Kurri

2007727: Price setting in the euro area: some stylised facts from individual producer price data

Philip Vermeulen, Daniel Dias, Maarten Dossche, Erwan Gautier, Ignacio Hernando, Roberto Sabbatini and Harald Stahl

2007726: Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions

Magnus Andersson

2007725: Inflation Forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area

Matteo Ciccarelli and Carlo Altavilla

2007724: The transmission of emerging market shocks to global equity markets

Christian Thimann, Marcel Fratzscher and Lucía Cuadro Sáez

2007723: Asset allocation by penalized least squares

Simone Manganelli

2007722: Shocks and frictions in US business cycles: a Bayesian DSGE approach

Frank Smets and Raf Wouters

2007721: Are survey-based inflation expections in the euro area informative?

Ricardo Mestre

2007720: Real price and wage rigidities in a model with matching frictions

Keith Kuester

2007719: US imbalances: the role of technology and policy

Rudolfs Bems, Luca Dedola and Frank Smets

2007718: Drift and breaks in labor productivity

Luca Benati

2007717: Discretion rather than rules? When is discretionary policy-making better than the timeless perspective?

Stephan Sauer

2007716: Adjusting to the euro

Gabriel Fagan and Gaspar, Ví­tor

2007715: Emerging Asia's growth and integration: how autonomous are business cycles?

Rasmus Rüffer, Marcelo Sánchez and Jian-Guang Shen

2007714: The dynamics of bank spreads and financial structure

Reint Gropp, Christoffer Kok and Jung-Duk Lichtenberger

2007713: Balance of payment crises in emerging markets: how early were the “early” warning signals?

Matthieu Bussiere

2007712: Opening the black box: structural factor models with large cross-sections

Mario Forni, Domenico Giannone, Marco Lippi and Lucrezia Reichlin

2007711: What “hides” behind sovereign debt ratings?

Antonio Afonso, Pedro Gomes and Philipp Rother

2007710: Pricing of settlement link services and mergers of central securities depositories

Jens Tapking

2007709: Quantifying and sustaining welfare gains from monetary commitment

Peter McAdam, Paul Levine and Joseph Pearlman

2007708: Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting

Isabel Vansteenkiste

2007707: Ramsey monetary policy with labour market frictions

Ester Faia

2006706: What drives investors' behaviour in different FX market segments? A VAR-based return decomposition analysis

Olli Castrén, Chiara Osbat and Matthias Sydow

2006705: What does a technology shock do? A VAR analysis with model-based sign restrictions

Luca Dedola and Stefano Neri

2006704: Are money and consumption additively separable in the euro area? A non-parametric approach

Barry Jones and Livio Stracca

2006703: Comovements in volatility in the euro money market

Nuno Cassola and Claudio Morana

2006702: Comparing financial systems: a structural analysis

Sylvain Champonnois

2006701: Is there a single frontier in a single European banking market?

J. Bos and Heiko Schmiedel

2006700: Forecasting using a large number of predictors: Is Bayesian regression a valid alternative to principal components?

Domenico Giannone, Lucrezia Reichlin and Christine De Mol

2006699: The behaviour of producer prices: some evidence from the French PPI micro data

Erwan Gautier

2006698: Optimal monetary policy rules with labor market frictions

Ester Faia

2006697: How wages change: micro evidence from the International Wage Flexibility Project

William T. Dickens, Lorenz Götte, Erica Groshen, Steinar Holden, Julian Messina, Mark Schweitzer, Jarkko Turunen and Melanie Ward-Warmedinger

2006696: What is global excess liquidity, and does it matter?

Rasmus Rüffer and Livio Stracca

2006695: Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?

Helge Berger, Michael Ehrmann and Marcel Fratzscher

2006694: Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar

Elias Papaioannou, Richard Portes and Gregorios Siourounis

2006693: Evaluating China’s integration in world trade with a gravity model based benchmark

Bernd Schnatz and Matthieu Bussiere

2006692: Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3

Anders Warne

2006691: The yield curve as a predictor and emerging economies

Arnaud Mehl

2006690: Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework

Stefano Gnocchi

2006689: The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe

Bo Becker and Jagadeesh Sivadasan

2006688: Determinants of workers' remittances: evidence from the European Neighbouring Region

Nikolaus Siegfried and Ioana Schiopu

2006687: Credit growth in Central and Eastern Europe: new (over)shooting stars?

Balázs Égert, Peter Backé and Tina Zumer

2006686: Stale information, shocks and volatility

Reint Gropp and Arjan Kadareja

2006685: Home bias in global bond and equity markets: the role of real exchange rate volatility

Michael Fidora, Marcel Fratzscher and Christian Thimann

2006684: Inflation dynamics and regime shifts

Julia Lendvai

2006683: Financial integration of new EU Member States

Lorenzo Cappiello, Bruno Gérard, Arjan Kadareja and Simone Manganelli

2006682: Is reversion to PPP in euro exchange rates non-linear?

Bernd Schnatz

2006681: Regional inflation dynamics within and across euro area countries and a comparison with the US

Kirstin Hubrich, Massimiliano Marcellino and Guenter Beck

2006680: Comparing alternative predictors based on large-panel factor models

Antonello D'Agostino and Domenico Giannone

2006679: Monetary policy in the media

Helge Berger, Michael Ehrmann and Marcel Fratzscher

2006678: The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks

Roberto De Santis

2006677: What drives EU banks' stock returns? Bank-level evidence using the dynamic dividend-discount model

Olli Castrén, Trevor Fitzpatrick and Matthias Sydow

2006676: The distribution of contract durations across firms: a unified framework for understanding and comparing dynamic wage and price setting models

Huw Dixon

2006675: Expansionary fiscal consolidations in Europe: new evidence

Antonio Afonso

2006674: A quasi maximum likelihood approach for large approximate dynamic factor models

Catherine Doz, Domenico Giannone and Lucrezia Reichlin

2006673: Optimal monetary policy in the generalized Taylor economy

Engin Kara

2006672: Understanding inflation persistence: a comparison of different models

Huw Dixon and Engin Kara