Working Paper Series

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2007817: Convergence and anchoring of yield curves in the euro area

Michael Ehrmann, Marcel Fratzscher, Eric Swanson and Refet Gürkaynak

2007816: The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US

Sylvia Kaufmann and Maria Valderrama

2007815: Do international portfolio investors follow firms' foreign investment decisions?

Roberto De Santis and Paul Ehling

2007814: Choice of currency in bond issuance and the international role of currencies

Nikolaus Siegfried, Emilia Simeonova and Cristina Vespro

2007813: The role of the exchange rate for adjustment in boom and bust episodes

Ludger Schuknecht, Reiner Martin and Isabel Vansteenkiste

2007812: The uncovered return parity condition

Lorenzo Cappiello and Roberto De Santis

2007811: Instability and nonlinearity in the euro area Phillips curve

Livio Stracca, Alberto Musso and Dick van Dijk

2007810: Inflation persistence: euro area and new EU Member States

Michal Franta, Branislav Saxa and Katerina Smidkova

2007809: Is the New Keynesian Phillips curve flat?

Gernot Müller, Keith Kuester and Sarah Stölting

2007808: Model misspecification, the equilibrium natural interest rate and the equity premium

Oreste Tristani

2007807: Cross-border lending contagion in multinational banks

Alexis Derviz and Jiri Podpiera

2007806: State-dependency and firm-level optimization: a contribution to Calvo price staggering

Peter McAdam and Alpo Willman

2007805: The pricing of risk in European credit and corporate bond markets

Antje Berndt and Iulian Obreja

2007804: Growth accounting for the euro area: a structural approach

Alberto Musso and Tommaso Proietti

2007803: Optimal monetary policy in an estimated DSGE for the euro area

Stéphane Adjemian, Matthieu Darracq Paries and Stéphane Moyen

2007802: Investigating time-variation in the marginal predictive power of the yield spread

Luca Benati and Charles Goodhart

2007801: Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities

Lorenzo Cappiello and Arnaud Mehl

2007800: Is the corporate bond market forward looking?

Jens Hilscher

2007799: Monetary policy shocks in a two-sector open economy: an empirical study

Ricardo Llaudes

2007798: The transmission of US cyclical developments to the rest of the world

Isabel Vansteenkiste and Stephane Dees

2007797: Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output

Luca Benati and Giovanni Vitale

2007796: The impact of exchange rate shocks on sectoral activity and prices in the euro area

Elke Hahn

2007795: Assessing the impact of a change in the composition of public spending: a DSGE approach

Roland Straub and Ivan Tchakarov

2007794: (Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate

Marco Lombardi and Silvia Sgherri

2007793: Structural econometric approach to bidding in the main refinancing operations of the Eurosystem

Nuno Cassola, Christian Ewerhart and Claudio Morana

2007792: Euro area market reactions to the monetary developments press release

Jerome Coffinet and Sylvain Gouteron

2007791: Inquiries on dynamics of transition economy convergence in a two-country model

Jan Bruha and Jiri Podpiera

2007790: Asset prices, exchange rates and the current account

Marcel Fratzscher, Luciana Juvenal and Lucio Sarno

2007789: Modeling the impact of external factors on the euro area's HICP and real economy: a focus on pass-through and the trade balance

Luigi Landolfo

2007788: Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders

Rocco Huang

2007787: Finance and growth: a macroeconomic assessment of the evidence from a European angle

Elias Papaioannou

2007786: The economic impact of merger control: what is special about banking?

Elena Carletti, Philipp Hartmann and Steven Ongena

2007785: Aggregating Phillips curves

Jean Imbs, Eric Jondeau and Florian Pelgrin

2007784: Understanding the dynamics of labor shares and inflation

Karl Whelan and Martina Lawless

2007783: The cyclicality of effective wages within employer-employee matches: evidence from German panel data

Silke Anger

2007782: Panel data estimates of the production function and product and labor market imperfections

Sabien Dobbelaere and Jacques Mairesse

2007781: Wage inequality in Spain: recent developments

Mario Izquierdo and Aitor Lacuesta

2007780: Dynamics and monetary policy in a fair wage model of the business cycle

Raf Wouters, Grégory de Walque and David de la Croix

2007779: On-the-job search and the cyclical dynamics of the labor market

Michael Krause and Thomas A. Lubik

2007778: Employment protection legislation and wages

Marco Leonardi and Giovanni Pica

2007777: Downward nominal wage rigidity in the OECD

Steinar Holden and Fredrik Wulfsberg

2007776: Insights gained from conversations with labor market decision makers

Truman F. Bewley

2007775: The dynamic behaviour of budget components and output

Antonio Afonso and Peter Claeys

2007774: Shocks, structures or monetary policies? The euro area and US after 2001

Lawrence Christiano, Roberto Motto and Massimo Rostagno

2007773: Exchange rate volatility and growth in small open economies at the EMU periphery

Gunther Schnabl

2007772: Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?

Philip Vermeulen

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