Working Paper Series

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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 E. 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

2006671: Business cycle synchronisation in East Asia

Fabio Moneta and Rasmus Rüffer

2006670: The importance of being mature: the effect of demographic maturation on global per-capita GDP

Pablo Hernández de Cos and Rafael Gomez

2006669: Regular adjustment: theory and evidence

Fabio Rumler and Jerzy Konieczny

2006668: Declining valuations and equilibrium bidding in central bank refinancing operations

Christian Ewerhart, Nuno Cassola and Natacha Valla

2006667: The behaviour of the real exchange rate: evidence from regression quantiles

Kleopatra Nikolaou

2006666: Quantifying the impact of structural reforms

Ekkehard Ernst, Gang Gong, Willi Semmler and Lina Bukeviciute

2006665: The euro as invoicing currency in international trade

Annette Kamps

2006664: Fiscal convergence before entering the EMU

Luca Onorante

2006663: Monetary conservatism and fiscal policy

Klaus Adam and Roberto Billi

2006662: Cross-border bank contagion in Europe

Jukka Vesala, Reint Gropp and Marco Lo Duca

2006661: Fiscal policy in a monetary economy with capital and finite lifetime

Nicola Giammarioli, Barbara Annicchiarico and Alessandro Piergallini

2006660: The Italian block of the ESCB multi-country model

Elena Angelini, Peter McAdam and Antonello D'Agostino

2006659: Monetary policy rules in the pre-EMU era: Is there a common rule?

Dieter Gerdesmeier, Barbara Roffia and Maria Eleftheriou

2006658: The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships

Catherine Fuss and Philip Vermeulen

2006657: The impact of ECB monetary policy decisions and communication on the yield curve

Claus Brand, Jarkko Turunen and Daniel Buncic

2006656: Public debt and long-term interest rates: the case of Germany, Italy and the USA

Rolf Strauch, Paolo Paesani and Manfred Kremer

2006655: Fiscal and monetary policy in the enlarged European Union

Sabina Pogorelec

2006654: The German block of the ESCB multi-country model

Thomas Warmedinger and Igor Vetlov

2006653: Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates

Sophie Claeys and Christa Hainz

2006652: Consumer price adjustment under the microscope: Germany in a period of low inflation

Johannes Hoffmann and Jeong-Ryeol Kurz-Kim

2006651: On the determinants of external imbalances and net international portfolio flows: a global perspective

Roberto De Santis and Melanie Lührmann

2006650: A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility

Gunther Schnabl and Eric Hillebrand

2006649: Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leopold von Thadden and Campbell Leith

2006648: Firm-specific production factors in a DSGE model with Taylor price setting

Frank Smets, Raf Wouters and Grégory de Walque

2006647: The economic effects of exogenous fiscal shocks in Spain: a SVAR approach

Pablo Hernández de Cos and Francisco de Castro Fernández

2006646: The Dutch block of the ESCB multi-country model

Elena Angelini, Matteo Ciccarelli and Frédéric Boissay

2006645: Are internet prices sticky?

Patrick Lünnemann and Ladislav Wintr

2006644: Adaptive learning, persistence, and optimal monetary policy

Frank Smets, David Vestin and Gaspar, Ví­tor

2006643: Inflation forecast-based-rules and indeterminacy: a puzzle and a resolution

Peter McAdam, Paul Levine and Joseph Pearlman

2006642: Financing constraints and firms' cash policy in the euro area

Annalisa Ferrando and Rozália Pál

2006641: A factor risk model with reference returns for the US dollar and Japanese yen bond markets

Carlos Bernadell, Joachim Coche and Ken Nyholm