Working Paper Series

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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

2005540: Optimal discretionary policy and uncertainty about inflation persistence

Richhild Moessner

2005539: Inflation persistence and monetary policy design: an overview

Andrew Levin and Richhild Moessner

2005538: The price setting behaviour of Spanish firms: evidence from survey data

Ignacio Hernando and Luis Alvarez

2005537: Global inflation

Matteo Ciccarelli and Benoit Mojon

2005536: Heterogeneity in consumer price stickiness: a microeconometric investigation

Patrick Sevestre, Hervé Le Bihan and Denis Fougere

2005535: The pricing behaviour of firms in the euro area: new survey evidence

Silvia Fabiani, Harald Stahl, Claudia Kwapil, Martine Druant, Ad Stokman, Bettina Landau, Roberto Sabbatini, Thomas Mathä, Claire Loupias, Ignacio Hernando and Fernando Martins

2005534: Time-dependent or state-dependent price setting? Micro-evidence from German metal-working industries

Harald Stahl

2005533: Discretionary policy, multiple equilibria, and monetary instruments

Andreas Schabert

2005532: Intra- and extra-euro area import demand for manufactures

Robert Anderton, Frauke Skudelny, Badi Baltagi and Nuno Sousa

2005531: Market power, innovative activity and exchange rate pass-through in the euro area

Sophocles Brissimis and Theodora Kosma

2005530: Cross-dynamics of volatility term structures implied by foreign exchange options

Sami Vähämaa, Elizaveta Krylova and Jussi Nikkinen

2005529: Explaining exchange rate dynamics: the uncovered equity return parity condition

Lorenzo Cappiello and Roberto De Santis

2005528: How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches

Marcel Fratzscher

2005527: Banking system stability: a cross-Atlantic perspective

Philipp Hartmann, Stefan Straetmans and Casper de Vries

2005526: On some fiscal effects on mortgage debt growth in the EU

Guido Wolswijk

2005525: Distilling co-movements from persistent macro and financial series

Karim Abadir and Gabriel Talmain

2005524: Price setting in the euro area: some stylized facts from individual consumer price data

Johannes Hoffmann, Giovanni Veronese, Luis Alvarez, Hervé Le Bihan, Daniel Dias, Emmanuel Dhyne, Jouko Vilmunen, Patrick Lünnemann, Nicole Jonker and Fabio Rumler

2005523: How frequently do consumer prices change in Austria? Evidence from micro CPI data

Josef Baumgartner, Ernst Glatzer, Fabio Rumler and Alfred Stiglbauer

2005522: Price setting behaviour in Spain: evidence from micro PPI data

Ignacio Hernando, Luis Alvarez and Pablo Burriel

2005521: Inflation persistence in structural macroeconomic models (RG10)

Robert-Paul Berben, Ricardo Mestre, Theo Mitrakos, Julian Morgan and Nikolaos G. Zonzilos

2005520: Delegated portfolio management: a survey of the theoretical literature

Livio Stracca

2005519: Non-Keynesian effects of fiscal contraction in new member states

Andrzej Rzońca and Piotr Ciżkowicz

2005518: Term structure and the sluggishness of retail bank interest rates in euro area countries

Benoit Mojon, Natacha Valla and Gabe de Bondt

2005517: Credit ratings and the standardised approach to credit risk in Basel II

Patrick Van Roy

2005516: The European Monetary Union as a commitment device for new EU member states

Federico Ravenna

2005515: An international analysis of earnings, stock prices and bond yields

Alain Durré and Pierre Giot

2005514: Gains from international monetary policy coordination: does it pay to be different?

Zheng Liu and Evi Pappa

2005513: Does government spending crowd in private consumption? Theory and empirical evidence for the euro area

Günter Coenen and Roland Straub

2005512: Counterfeiting and inflation

Cyril Monnet

2005511: Time or state dependent price setting rules? Evidence from Portuguese micro data

Carlos Marques, Daniel Dias and João Santos Silva

2005510: Factor analysis in a New-Keynesian model

Andreas Beyer, Roger Farmer, Jerome Henry and Massimiliano Marcellino

2005509: Productivity shocks, budget deficits and the current account

Marcel Fratzscher, Gernot Müller and Matthieu Bussiere

2005508: Systemic risk in alternative payment system designs

Peter Galos and Kimmo Soramäki

2005507: Incorporating a "public good factor" into the pricing of large-value payment systems

Cornelia Holthausen and Jean Rochet

2005506: Settlement finality as a public good in large-value payment systems

David Humphrey and Henri Pagès

2005505: Public good issues in TARGET: natural monopoly, scale economies, network effects and cost allocation

Wilko Bolt and David Humphrey

2005504: Monetary policy predictability in the euro area: an international comparison

Andrea Zaghini and Björn-Roger Wilhelmsen

2005503: World trade and global integration in production processes: a re-assessment of import demand equations

Ray Barrell and Stephane Dees

2005502: Fiscal and monetary rules for a currency union

Andrea Ferrero

2005501: Measuring comovements by regression quantiles

Lorenzo Cappiello, Simone Manganelli and Bruno Gérard

2005500: Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions

Gernot Müller and Andre Meier

2005499: A trend-cycle(-season) filter

Matthias Mohr

2005498: Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets

Mariassunta Giannetti and Steven Ongena

2005497: Early-warning tools to forecast general government deficit in the euro area: the role of intra-annual fiscal indicators

Javier Pérez

2005496: Estimates of the open economy New Keynesian Phillips curve for euro area countries

Fabio Rumler

2005495: Measuring inflation persistence: a structural time series approach

Maarten Dossche and Gerdie Everaert

2005494: Cross-country efficiency of secondary education provision: a semi-parametric analysis with non-discretionary inputs

Antonio Afonso and Miguel Aubyn

2005493: Optimal research in financial markets with heterogeneous private information: a rational expectations model

Katrin Tinn

2005492: Experimental evidence on the persistence of output and inflation

Klaus Adam

2005491: On the fit and forecasting performance of New-Keynesian models

Frank Smets, Raf Wouters, Marco Del Negro and Frank Schorfheide

2005490: Unions, wage setting and monetary policy uncertainty

Hans Peter Grüner, Bernd Hayo and Carsten Hefeker

2005489: Persistence and nominal inertia in a generalized Taylor economy: how longer contracts dominate shorter contracts

Huw Dixon and Engin Kara

2005488: Communication and decision-making by central bank committees: different strategies, same effectiveness?

Michael Ehrmann and Marcel Fratzscher

2005487: Computing second-order-accurate solutions for rational expectation models using linear solution methods

Alan Sutherland and Giovanni Lombardo

2005486: What drives productivity growth in the new EU member states? The case of Poland

Marcin Kolasa

2005485: Corporate investment and cash flow sensitivity: what drives the relationship?

Philip Vermeulen and Paul Mizen

2005484: Fiscal federalism and public inputs provision: vertical externalities matter

Martí­nez-López, Diego

2005483: Money supply and the implementation of interest rate targets

Andreas Schabert

2005482: Forecasting macroeconomic variables for the new member states of the European Union

Massimiliano Marcellino, Anindya Banerjee and Igor Masten

2005481: Output and inflation responses to credit shocks: are there threshold effects in the euro area?

Alessandro Calza and João Sousa

2005480: Insurance policies for monetary policy in the euro area

Volker Wieland and Keith Kuester

2005479: The performance and robustness of interest-rate rules in models of the euro area

Ramón Adalid, Günter Coenen, Peter McAdam and Stefano Siviero

2005478: The conquest of U.S. inflation: learning and robustness to model uncertainty

Thomas Sargent and Timothy Cogley

2005477: Parameter misspecification and robust monetary policy rules

Carl Walsh

2005476: Monetary policy with judgment: forecast targeting

Lars Svensson

2005475: Monetary policy analysis with potentially misspecified models

Marco Del Negro and Frank Schorfheide

2005474: Calvo pricing and imperfect common knowledge: a forward looking model of rational inflation inertia

Kristoffer Nimark

2005473: Fiscal consolidations in the Central and Eastern European countries

Antonio Afonso, Christiane Nickel and Philipp Rother

2005472: Yield curve prediction for the strategic investor

Carlos Bernadell, Joachim Coche and Ken Nyholm

2005471: Real wages and local unemployment in the euro area

Anna Sanz de Galdeano and Jarkko Turunen

2005470: Structural filters for monetary analysis: the inflationary movements of money in the euro area

Annick Bruggeman, Gonzalo Camba-Mendez, Björn Fischer and João Sousa

2005469: Money and prices in models of bounded rationality in high inflation economies

Albert Marcet and Juan Pablo Nicolini

2005468: Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?

Francesco Mongelli and Paul De Grauwe

2005467: Socio-economic development and fiscal policy: lessons from the cohesion countries for the new member states

Aaron Mehrotra and Tuomas Peltonen

2005466: Regulated and services' prices and inflation persistence

Patrick Lünnemann and Thomas Mathä

2005465: Determinants and consequences of the unification of dual-class shares

Anete Pajuste

2005464: The price-setting behavior of Austrian firms: some survey evidence

Claudia Kwapil, Josef Baumgartner and Johann Scharler

2005463: Break in the mean and persistence of inflation: a sectoral analysis of French CPI

Laurent Bilke

2005462: Time-dependent versus state-dependent pricing: a panel data approach to the determinants of Belgian consumer price changes

Luc Aucremanne and Emmanuel Dhyne

2005461: Do decreasing hazard functions for price changes make any sense?

Luis Alvarez, Pablo Burriel and Ignacio Hernando

2005460: Part-time work in EU countries: labour market mobility, entry and exit

Gilles Mourre, Hielke Buddelmeyer and Melanie Ward-Warmedinger

2005459: Capital flows and the US "New Economy": consumption smoothing and risk exposure

Marcus Miller, Olli Castrén and Lei Zhang

2005458: Money demand and macroeconomic stability revisited

Andreas Schabert and Christian Stoltenberg

2005457: Transparency, disclosure and the federal reserve

Michael Ehrmann and Marcel Fratzscher

2005456: The French block of the ESCB multi-country model

Jean-Pierre Villetelle and Frédéric Boissay

2005455: Central bank transparency and private information in a dynamic macroeconomic model

Joseph Pearlman

2005454: European women: Why do(n't) they work?

Veronique Genre, Ramón Gómez-Salvador and Ana Lamo

2005453: Does product market competition reduce inflation? Evidence from EU countries and sectors

Marcin Przybyla and Moreno Roma

2005452: Stocks, bonds, money markets and exchange rates: measuring international financial transmission

Michael Ehrmann, Marcel Fratzscher and Roberto Rigobon

2005451: Breaks in the mean of inflation: how they happen and what to do with them

Sandrine Corvoisier and Benoit Mojon

2005450: Using mean reversion as a measure of persistence

Carlos Marques and Daniel Dias

2005449: Consumer price behaviour in Italy: evidence from micro CPI data

Giovanni Veronese, Silvia Fabiani, Angela Gattulli and Roberto Sabbatini

2005448: Price-setting behaviour in Belgium: what can be learned from an ad hoc survey?

Luc Aucremanne and Martine Druant