Working Paper Series

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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

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

2005440: Estimating and analysing currency options implied risk-neutral density functions for the largest new EU member states

Olli Castrén

2005439: A look at intraday frictions in the euro area overnight deposit market

Vincent Brousseau and Andrés Manzanares

2005438: Quality of public finances and growth

Ludger Schuknecht, Werner Ebert, Michael Thöne and Antonio Afonso

2005437: What drives international bank flows? Politics, institutions and other determinants

Elias Papaioannou

2005436: Measuring market and inflation risk premia in France and in Germany

Lorenzo Cappiello and Stéphane Guéné

2005435: Reforming public expenditure in industrialised countries: are there trade-offs?

Ludger Schuknecht and Vito Tanzi

2005434: Interest rates and output in the long-run

Yunus Aksoy and Miguel Leon-Ledesma

2005433: Implementing the stability and growth pact: enforcement and procedural flexibility

Roel Beetsma and Xavier Debrun

2005432: Trading European sovereign bonds: the microstructure of the MTS trading platforms

Yiu Chung Cheung, Frank de Jong and Barbara Rindi

2005431: Regulation of multinational banks: a theoretical inquiry

Giacomo Calzolari and Gyongyi Loranth

2005430: Public policy and the creation of active venture capital markets

Marco Da Rin, Giovanna Nicodano and Alessandro Sembenelli

2005429: Cross-border diversification in bank asset portfolios

Claudia Buch, John Driscoll and Charlotte Ostergaard

2005428: Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings

Vicente Pons-Sanz

2005427: Interlinking securities settlement systems: a strategic commitment?

Karlo Kauko

2005426: Security fungibility and the cost of capital: evidence from global bonds

Darius P. Miller and John J. Puthenpurackal

2005425: Geographic versus industry diversification: constraints matter

Paul Ehling and Sofia Ramos

2004424: An empirical study of liquidity and information effects of order flow on exchange rates

Francis Breedon and Paolo Vitale

2004423: Price setting in France: new evidence from survey data

Claire Loupias and Roland Ricart

2004422: What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances

Mika Tujula and Guido Wolswijk

2004421: EU fiscal rules: issues and lessons from political economy

Ludger Schuknecht

2004420: On prosperity and posterity: the need for fiscal discipline in a monetary union

Carsten Detken, Bernhard Winkler and Gaspar, Ví­tor

2004419: The design of fiscal rules and forms of governance in European Union countries

Rolf Strauch, Mark Hallerberg and Juergen von Hagen

2004418: Identifying the influences of nominal and real rigidities in aggregate price-setting behavior

Andrew Levin and Günter Coenen