Working Paper Series
From European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC. Bibliographic data for series maintained by Official Publications (officialpublications@ecb.int). Access Statistics for this working paper series.
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- 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, Jérôme 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 E. O. 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
- 2005447: Foreign exchange option and returns based correlation forecasts: evaluation and two applications

- Olli Castrén and Stefano Mazzotta
- 2005446: Trade effects of the euro: evidence from sectoral data

- Richard Baldwin, Frauke Skudelny and Daria Taglioni
- 2005445: Welfare implications of joining a common currency

- Michele Ca' Zorzi, Roberto De Santis and Fabrizio Zampolli
- 2005444: Keeping up with the Joneses, reference dependence, and equilibrium indeterminacy

- Ali al-Nowaihi and Livio Stracca
- 2005443: Explaining cross-border large-value payment flows: evidence from TARGET and EURO 1 data

- Simonetta Rosati and Stefania Secola
- 2005442: Why do financial systems differ? History matters

- Cyril Monnet and Erwan Quintin
- 2005441: The Phillips curve and long-term unemployment

- Ricardo Llaudes
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