Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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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

2004417: Staggered price contracts and inflation persistence: some general results

Karl Whelan

2004416: Price setting behaviour in Spain: stylised facts using consumer price micro data

Ignacio Hernando and Luis Alvarez

2004415: How persistent is disaggregate inflation? An analysis across EU 15 countries and HICP sub-indices

Patrick Lünnemann and Thomas Mathä

2004414: Inflation persistence in the European Union, the euro area, and the United States

Gregory Gadzinski and Fabrice Orlandi

2004413: An empirical analysis of price setting behaviour in the Netherlands in the period 1998-2003 using micro data

Nicole Jonker, Carsten Folkertsma and Harry Blijenberg

2004412: The real effects of money growth in dynamic general equilibrium

Liam Graham and Dennis J. Snower

2004411: Fiscal discipline and the cost of public dept service: some estiames for OECD countries

Silvia Ardagna, Francesco Caselli and Timothy Lane

2004410: Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?

Olli Castrén

2004409: Currency mismatch, uncertainty and debt maturity structure

Marcel Fratzscher, Matthieu Bussiere and Winfried Koeniger

2004408: The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think

Florin Bilbiie

2004407: Banking consolidation and small business lending

Elod Takats

2004406: Labour market reform and the sustainability of exchange rate pegs

Tuomas Takalo, Olli Castrén and Geoffrey Wood

2004405: A joint econometric model of macroeconomic and term structure dynamics

Oreste Tristani, David Vestin and Peter Hördahl

2004404: An analysis of systemic risk in alternative securities settlement architectures

Giulia Iori

2004403: Financial market integration and loan competition: when is entry deregulation socially beneficial?

Leo Kaas

2004402: Forecasting euro area inflation using dynamic factor measures of underlying inflation

Gonzalo Camba-Mendez and George Kapetanios

2004401: Foreign direct investment and international business cycle comovement

W. Jos Jansen and Ad Stokman

2004400: Cross-country differences in monetary policy transmission

Julian Morgan, Alberto Locarno, Javier Valles and Robert-Paul Berben

2004399: Sporadic manipulation in money markets with central bank standing facilities

Nuno Cassola, Steen Ejerskov, Christian Ewerhart and Natacha Valla

2004398: Mergers and acquisitions and bank performance in Europe: the role of strategic similarities

Yener Altunbas and David Marques-Ibanez

2004397: Determinants of euro term structure of credit spreads

Astrid Van Landschoot

2004396: The short-term impact of government budgets on prices: evidence from macroeconomic models

Jérôme Henry, Pablo Hernández de Cos and Sandro Momigliano

2004395: Fiscal sustainability and public debt in an endogenous growth model

Jean-Pierre Vidal and Jesús Fernández-Huertas Moraga

2004394: Liquidity, money creation and destruction, and the returns to banking

Ricardo Cavalcanti, Andres Erosa and Ted Temzelides

2004393: The determinants of the overnight interest rate in the euro area

Julius Moschitz

2004392: The role of central bank capital revisited

Ulrich Bindseil, Andrés Manzanares and Benedict Weller

2004391: Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach

Frank Smets and Raf Wouters

2004390: Financial markets' behavior around episodes of large changes in the fiscal stance

Silvia Ardagna

2004389: Forecasting with a Bayesian DSGE model: an application to the euro area

Frank Smets and Raf Wouters

2004388: Euro area inflation differentials

Ignazio Angeloni and Michael Ehrmann

2004387: Horizontal and vertical integration and securities trading and settlement

Jens Tapking and Jing Yang

2004386: Intergenerational altruism and neoclassical growth models

Philippe Michel, Jean-Pierre Vidal and Emmanuel Thibault

2004385: Euro area sovereign yield dynamics: the role of order imbalance

Albert Menkveld, Yiu Chung Cheung and Frank de Jong

2004384: Price rigidity. Evidence from the French CPI micro-data

Patrick Sevestre, Laurent Baudry, Hervé Le Bihan and Sylvie Tarrieu

2004383: Explicit inflation objectives and macroeconomic outcomes

Andrew Levin, Jeremy Piger and Fabio M. Natalucci

2004382: Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001

William G. Dewald and Alfred A. Haug

2004381: Fiscal rules and sustainability of public finances in an endogenous growth model

Nicola Giammarioli and Barbara Annicchiarico

2004380: Optimal monetary policy under discretion with a zero bound on nominal interest rates

Klaus Adam and Roberto Billi

2004379: Do financial market variables show (symmetric) indicator properties relative to exchange rate returns?

Olli Castrén

2004378: Liquidity, information, and the overnight rate

Nuno Cassola, Steen Ejerskov, Christian Ewerhart and Natacha Valla

2004377: Optimal monetary policy under commitment with a zero bound on nominal interest rates

Klaus Adam and Roberto Billi

2004376: Raising rival's costs in the securities settlement industry

Cornelia Holthausen and Jens Tapking

2004375: Guess what: it's the settlements!

Cyril Monnet and Thorsten Koeppl

2004374: To aggregate or not to aggregate? Euro area inflation forecasting

Moreno Roma, Frauke Skudelny, Nicholai Benalal, Juan Luis Diaz del Hoyo and Bettina Landau

2004373: Technology shocks and robust sign restrictions in a euro area SVAR

Gert Peersman and Roland Straub

2004372: The operational target of monetary policy and the rise and fall of reserve position doctrine

Ulrich Bindseil

2004371: Inflation persistence: facts or artefacts?

Carlos Marques

2004370: Inflation persistence during periods of structural change: an assessment using Greek data

George Hondroyiannis and Sophia Lazaretou

2004369: Sovereign risk premia in the European government bond market

Ludger Schuknecht, Juergen von Hagen and Kerstin Bernoth

2004368: Capital quality improvement and the sources of growth in the euro area

Plutarchos Sakellaris and Focco Vijselaar

2004367: Factor substitution and factor augmenting technical progress in the US: a normalized supply-side system approach

Rainer Klump, Peter McAdam and Alpo Willman

2004366: The informational content of over-the-counter currency options

Peter Christoffersen and Stefano Mazzotta

2004365: Exchange rates and fundamentals: new evidence from real-time data

Michael Ehrmann and Marcel Fratzscher

2004364: Asset price booms and monetary policy

Carsten Detken and Frank Smets

2004363: Communication and exchange rate policy

Marcel Fratzscher

2004362: Oil price shocks and real GDP growth: empirical evidence for some OECD countries

Rebeca Jiménez-Rodríguez and Marcelo Sánchez

2004361: Excess reserves and implementation of monetary policy of the ECB

Ulrich Bindseil, Gonzalo Camba-Mendez, Astrid Hirsch and Benedict Weller

2004360: Optimal monetary policy rules for the euro area: an analysis using the area wide model

Alistair Dieppe, Keith Kuester and Peter McAdam

2004359: The longer term refinancing operations of the ECB

Tobias Linzert, Dieter Nautz and Ulrich Bindseil

2004358: Did the pattern of aggregate employment growth change in the euro area in the late 1990s?

Gilles Mourre

2004357: Seasonal adjustment and the detection of business cycle phases

Antonio Matas Mir and Denise Osborn

2004356: Developing a euro area accounting matrix: issues and applications

Peter McAdam, Tjeerd Jellema, Steven Keuning and Reimund Mink

2004355: Production interdependence and welfare

Kevin X. D. Huang and Zheng Liu

2004354: Taking stock: monetary policy transmission to equity markets

Michael Ehrmann and Marcel Fratzscher

2004353: Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective

Francisco Maeso-Fernandez, Chiara Osbat and Bernd Schnatz

2004352: Forecasting inflation with thick models and neural networks

Peter McAdam and Paul McNelis

2004351: Interest rate determination in the interbank market

Gaspar, Ví­tor, Gabriel Perez Quiros and Hugo Rodriguez Mendizabal

2004350: Exchange-rate policy and the zero bound on nominal interest rates

Günter Coenen and Volker Wieland

2004349: Estimating the rank of the spectral density matrix

Gonzalo Camba-Mendez and George Kapetanios

2004348: Financial openness and growth: short-run gain, long-run pain?

Marcel Fratzscher and Matthieu Bussiere

2004347: Firms' investment decisions in response to demand and price uncertainty

Catherine Fuss and Philip Vermeulen

2004346: Perpetual youth and endogenous labour supply: a problem and a possible solution

Guido Ascari and Neil Rankin

2004345: Optimal monetary and fiscal policy: a linear-quadratic approach

Pierpaolo Benigno and Michael Woodford

2004344: Ramsey monetary policy and international relative prices

Ester Faia and Tommaso Monacelli

2004343: Monetary discretion, pricing complementarity and dynamic multiple equilibria

Robert G. King and Alexander Wolman

2004342: Equal size, equal role? Interdependence between the euro area and the United States

Michael Ehrmann and Marcel Fratzscher

2004341: Benefits and spillovers of greater competition in Europe: a macroeconomic assessment

Tamim Bayoumi, Douglas Laxton and Paolo Pesenti