Working Paper Series

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2006640: Employment stickiness in small manufacturing firms

Philip Vermeulen

2006639: Optimal monetary policy with uncertainty about financial frictions

Richhild Moessner

2006638: Detecting and predicting forecast breakdowns

Raffaella Giacomini and Barbara Rossi

2006637: Transparency, expectations, and forecasts

Andrew Bauer, Robert Eisenbeis, Daniel Waggoner and Tao Zha

2006636: Exchange rate stabilization in developed and underdeveloped capital markets

Viera Chmelarova and Gunther Schnabl

2006635: Identifying the role of labor markets for monetary policy in an estimated DSGE model

Tobias Linzert, Kai Christoffel and Keith Kuester

2006634: Expenditure reform in industrialised countries: a case study approach

Ludger Schuknecht, Sebastian Hauptmeier and Martin Heipertz

2006633: Nowcasting GDP and inflation: the real-time informational content of macroeconomic data releases

Domenico Giannone, Lucrezia Reichlin and David H. Small

2006632: Does information help recovering structural shocks from past observations?

Domenico Giannone and Lucrezia Reichlin

2006631: Which news moves the euro area bond market?

Magnus Andersson, Lars Jul Hansen and Szabolcs Sebestyén

2006630: Implications of monetary union for catching-up member states

Marcelo Sánchez

2006629: A market microstructure analysis of foreign exchange intervention

Paolo Vitale

2006628: Long-run money demand in the new EU Member States with exchange rate effects

Hans-Eggert Reimers, Barbara Roffia and Christian Dreger

2006627: Euro area banking sector integration: using hierarchical cluster analysis techniques

Christoffer Kok and Josep Maria Puigvert Gutiérrez

2006626: Financial integration, international portfolio choice and the European Monetary Union

Roberto De Santis and Bruno Gérard

2006625: Sectoral explanations of employment in Europe: the role of services

Melanie Ward-Warmedinger, Antonello D'Agostino and Roberta Serafini

2006624: Foreign reserves management subject to a policy objective

Joachim Coche, Ken Nyholm, Matti Koivu and Vesa Poikonen

2006623: Human capital, the structure of production, and growth

Elias Papaioannou and Antonio Ciccone

2006622: Short-term forecasts of euro area real GDP growth: an assessment of real-time performance based on vintage data

Marie Diron

2006621: Assessing predetermined expectations in the standard sticky-price model: a Bayesian approach

Peter Welz

2006620: Does fiscal policy matter for the trade account? A panel cointegration study

Christiane Nickel and Katja Funke

2006619: Cyclical inflation divergence and different labor market institutions in the EMU

Ester Faia and Alessia Campolmi

2006618: The patterns and determinants of price setting in the Belgian industry

Maarten Dossche and David Cornille

2006617: New survey evidence on the pricing behaviour of Luxembourg firms

Patrick Lünnemann and Thomas Mathä

2006616: Global financial transmission of monetary policy shocks

Michael Ehrmann and Marcel Fratzscher

2006615: Quantitative goals for monetary policy

Antonio Fatas, Ilian Mihov and Andrew Rose

2006614: Expenditure switching vs. real exchange rate stabilization: competing objectives for exchange rate policy

Charles Engel and Michael Devereux

2006613: Welfare-based monetary policy rules in an estimated DSGE model of the US economy

Douglas Laxton, Paolo Pesenti, Michel Juillard and Philippe Karam

2006612: Optimal fiscal and monetary policy in a medium-scale macroeconomic model

Stephanie Schmitt-Grohe and Martín Uribe

2006611: Monetary policy, determinacy, and learnability in the open economy

James Bullard and Eric Schaling

2006610: Real-time model uncertainty in the United States: the Fed from 1996-2003

Robert Tetlow and Brian Ironside

2006609: The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation

Willem Buiter

2006608: How does information affect the comovement between interest rates and exchange rates?

Marcelo Sánchez

2006607: Price setting behaviour in the Netherlands: results of a survey

Ad Stokman and Marco M. Hoeberichts

2006606: Measuring the importance of the uniform nonsynchronization hypothesis

Carlos Marques, Daniel Dias and João Santos Silva

2006605: (Un)Predictability and macroeconomic stability

Paolo Surico, Domenico Giannone and Antonello D'Agostino

2006604: A dynamic model of settlement

Cyril Monnet, Thorsten Koeppl and Ted Temzelides

2006603: Estimating multi-country VAR models

Fabio Canova and Matteo Ciccarelli

2006602: Job flow dynamics and firing restrictions: evidence from Europe

Julian Messina and Giovanna Vallanti

2006601: Excess burden and the cost of inefficiency in public services provision

Gaspar, Ví­tor and Antonio Afonso

2006600: A speed limit monetary policy rule for the euro area

Livio Stracca

2006599: What effects is EMU having on the euro area and its member countries? An overview

Francesco Mongelli and Juan Vega

2006598: The impact of the euro on financial markets

Lorenzo Cappiello, Simone Manganelli, Peter Hördahl and Arjan Kadareja

2006597: Price setting and inflation persistence: did EMU matter?

Ignazio Angeloni, Matteo Ciccarelli and Luc Aucremanne

2006596: The effects of EMU on structural reforms in labour and product markets

Romain Duval and Jørgen Elmeskov

2006595: Trends and cycles in the euro area: how much heterogeneity and should we worry about it?

Domenico Giannone and Lucrezia Reichlin

2006594: The euro's trade effects

Richard Baldwin

2006593: Robustifying learnability

Robert Tetlow and Peter von zur Muehlen

2006592: Non-linear dynamics in the euro area demand for M1

Alessandro Calza and Andrea Zaghini

2006591: Cointegration in panel data with breaks and cross-section dependence

Anindya Banerjee and Josep Carrion-i-Silvestre

2006590: The pecking order of cross-border investment

Marcel Fratzscher and Christian Daude

2006589: Forecasting economic aggregates by disaggregates

David Hendry and Kirstin Hubrich

2006588: Rational inattention, inflation developments and perceptions after the euro cash changeover

Michael Ehrmann

2006587: Determinants of business cycle synchronisation across euro area countries

Uwe Böwer and Catherine Guillemineau

2006586: A method to generate structural impulse-responses for measuring the effects of shocks in structural macro models

Andreas Beyer and Roger Farmer

2006585: Are specific skills an obstacle to labor market adjustment? Theory and an application to the EU enlargement

Ana Lamo, Julian Messina and Etienne Wasmer

2006584: A new theory of forecasting

Simone Manganelli

2006583: Back to square one: identification issues in DSGE models

Fabio Canova and Luca Sala

2006582: What accounts for the changes in U.S. fiscal policy transmission?

Florin Bilbiie, Andre Meier and Gernot Müller

2006581: Public sector efficiency: evidence for new EU member states and emerging markets

Ludger Schuknecht, Vito Tanzi and Antonio Afonso

2006580: Bank interest rate pass-through in the euro area: a cross country comparison

Christoffer Kok and Thomas Werner

2006579: A disaggregated framework for the analysis of structural developments in public finances

Jana Kremer, Cláudia Rodrigues Braz, Teunis Brosens, Geert Langenus, Sandro Momigliano and Mikko Spolander

2006578: Forecasting ECB monetary policy: accuracy is (still) a matter of geography

Helge Berger, Michael Ehrmann and Marcel Fratzscher

2006577: Distortionary taxation, debt, and the price level

Andreas Schabert and Leopold von Thadden

2006576: Debt stabilizing fiscal rules

Philippe Michel, Jean-Pierre Vidal and Leopold von Thadden

2006575: Growth in euro area labour quality

Guido Schwerdt and Jarkko Turunen

2006574: Inflation convergence and divergence within the European Monetary Union

Fabio Busetti, Lorenzo Forni, Andrew Harvey and Fabrizio Venditti

2006573: Credit chains and the propagation of financial distress

Frédéric Boissay

2006572: Information, habits, and consumption behavior: evidence from micro data

Mika Kuismanen and Luigi Pistaferri

2006571: Are emerging market currency crises predictable? A test

Tuomas Peltonen

2006570: Household debt sustainability: what explains household non-performing loans? An empirical analysis

Laura Rinaldi and Alicia Sanchis-Arellano

2005569: Towards European monetary integration: the evolution of currency risk premium as a measure for monetary convergence prior to the implementation of currency unions

Fernando González and Simo Launonen

2005568: Exploring the international linkages of the euro area: a global VAR analysis

Stephane Dees, Filippo di Mauro, Mohammad Pesaran and Vanessa Smith

2005567: Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation

Marcelo Sánchez

2005566: Real versus financial frictions to capital investment

Nihal Bayraktar, Plutarchos Sakellaris and Philip Vermeulen

2005565: The timing of central bank communication

Michael Ehrmann and Marcel Fratzscher

2005564: Forecasting the central bank's inflation objective is a good rule of thumb

Marie Diron and Benoit Mojon

2005563: Sticky prices in the euro area: a summary of new micro evidence

Luis Alvarez, Philip Vermeulen, Harald Stahl, Roberto Sabbatini, Fernando Martins, Patrick Lünnemann, Hervé Le Bihan, Claudia Kwapil, Marco M. Hoeberichts, Emmanuel Dhyne and Jouko Vilmunen

2005562: The price setting behaviour of Portuguese firms: evidence from survey data

Fernando Martins

2005561: Price setting in German manufacturing: new evidence from new survey data

Harald Stahl

2005560: The determinants of "domestic" original sin in emerging market economies

Arnaud Mehl and Julien Reynaud

2005559: When did unsystematic monetary policy have an effect on inflation?

Benoit Mojon

2005558: Ricardian fiscal regimes in the European Union

Antonio Afonso

2005557: How should central banks communicate?

Michael Ehrmann and Marcel Fratzscher

2005556: The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Kai Christoffel and Tobias Linzert

2005555: Near-rational exuberance

George Evans, Seppo Honkapohja and James Bullard

2005554: Equilibrium and inefficiency in fixed rate tenders

Nuno Cassola, Christian Ewerhart and Natacha Valla

2005553: Global bond portfolios and EMU

Philip Lane

2005552: European Union enlargement and equity markets in accession countries

Tomas Dvorak and Richard Podpiera

2005551: Technological diversification

Miklós Koren and Silvana Tenreyro

2005550: Underwriter competition and gross spreads in the eurobond market

Michael G. Kollo

2005549: Eigenvalue filtering in VAR models with application to the Czech business cycle

Beneš, Jaromí­r and David Vavra

2005548: The link between interest rates and exchange rates: do contractionary depreciations make a difference?

Marcelo Sánchez

2005547: Bank finance versus bond finance: what explains the differences between US and Europe?

Fiorella De Fiore and Harald Uhlig

2005546: The natural real interest rate and the output gap in the euro area: a joint estimation

Julien Garnier and Björn-Roger Wilhelmsen

2005545: Trade integration of Central and Eastern European countries: lessons from a gravity model

Bernd Schnatz, Matthieu Bussiere and Jarko Fidrmuc

2005544: Forecasting the yield curve in a data-rich environment: a no-arbitrage factor-augmented VAR approach

Emanuel Mönch

2005543: Lending booms in the new EU Member States: will euro adoption matter?

Michal Brzoza-Brzezina

2005542: Liquidity and real equilibrium interest rates: a framework of analysis

Livio Stracca

2005541: Consumer price behaviour in Luxembourg: evidence from micro CPI data

Patrick Lünnemann and Thomas Mathä