Working Paper Series

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2004340: Indeterminacy with inflation-forecast-based rules in a two-bloc model

Nicoletta Batini, Paul Levine and Joseph Pearlman

2004339: Understanding the effects of government spending on consumption

Jordi Galí, David López-Salido and Javier Valles

2004338: The optimal degree of discretion in monetary policy

Susan Athey, Andrew Atkeson and Patrick Kehoe

2004337: The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations

Athanasios Orphanides and John Williams

2004336: The great inflation of the 1970s

Fabrice Collard and Harris Dellas

2004335: Has euro-area inflation persistence changed over time?

Gerard O'Reilly and Karl Whelan

2004334: Is inflation persistence intrinsic in industrial economies?

Andrew Levin and Jeremy Piger

2004333: The pricing behaviour of Italian firms: new survey evidence on price stickiness

Silvia Fabiani, Angela Gattulli and Roberto Sabbatini

2004332: Stylised features of price setting behaviour in Portugal: 1992-2001

Monica Costa Dias, Daniel Dias and Pedro Neves

2004331: How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI

Luc Aucremanne and Emmanuel Dhyne

2004330: The demand for euro area currencies: past, present and future

Björn Fischer, Petra Köhler-Ulbrich and Franz Seitz

2004329: On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework

Robert Anderton, Alexander Hijzen and Roberto De Santis

2004328: Non-fundamental exchange rate volatility and welfare

Roland Straub and Ivan Tchakarov

2004327: Diversification in euro area stock markets: country versus industry

Gerard Moerman

2004326: The Great Depression and the Friedman-Schwartz hypothesis

Lawrence Christiano, Roberto Motto and Massimo Rostagno

2004325: What are the spill-overs from fiscal shocks in Europe? An empirical analysis

Massimo Giuliodori and Roel Beetsma

2004324: Fundamentals and joint currency crises

Philipp Hartmann, Stefan Straetmans and Casper de Vries

2004323: On the indeterminacy of new-Keynesian economics

Andreas Beyer and Roger Farmer

2004322: Modelling inflation in the euro area

Eilev Jansen

2004321: Frequency domain principal components estimation of fractionally cointegrated processes

Claudio Morana

2004320: Institutions and service employment: a panel study for OECD countries

Julian Messina

2004319: Risk sharing through financial markets with endogenous enforcement of trades

Thorsten Koeppl

2004318: Gross job flows and institutions in Europe

Ramon Gomez-Salvador, Julian Messina and Giovanna Vallanti

2004317: Fiscal policy and inflation volatility

Peter Backé

2004316: Cooperation in international banking supervision

Cornelia Holthausen and Thomas Rønde

2004315: Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB

Sami Vähämaa

2004314: Exchange rate risks and asset prices in a small open economy

Alexis Derviz

2004313: The high-yield segment of the corporate bond market: a diffusion modelling approach for the United States, the United Kingdom and the euro area

Gabe de Bondt and David Marques-Ibanez

2004312: Similarities and convergence in G-7 cycles

Fabio Canova, Matteo Ciccarelli and Eva Ortega

2004311: Current accounts dynamics in OECD and EU acceding countries - an intertemporal approach

Marcel Fratzscher, Gernot Müller and Matthieu Bussiere

2004310: International equity flows and returns: a quantative equilibrium approach

Rui Albuquerque, Gregory Bauer and Martin Schneider

2004309: Monetary policy shocks in the euro area and global liquidity spillovers

João Sousa and Andrea Zaghini

2004308: International risk-sharing and the transmission of productivity shocks

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

2004307: Budgetary forecasts in Europe - the track record of stability and convergence programmes

Rolf Strauch, Mark Hallerberg and Juergen von Hagen

2004306: A markup model of inflation for the euro area

Christopher Bowdler and Eilev Jansen

2004305: A structural common factor approach to core inflation estimation and forecasting

Claudio Morana

2004304: Equilibrium unemployment, job flows and inflation dynamics

Antonella Trigari

2004303: Fiscal policy events and interest rate swap spreads: evidence from the EU

Rolf Strauch and Antonio Afonso

2004302: Deposit insurance, moral hazard and market monitoring

Reint Gropp and Jukka Vesala

2004301: Inflation and relative price asymmetry

Attila Ratfai

2004300: Developing statistical indicators of the integration of the euro area banking system

Michele Manna

2004299: Import prices and pricing-to-market effects in the euro area

Thomas Warmedinger

2003298: The lender of last resort: a 21st century approach

Xavier Freixas, Jean Rochet and Bruno M. Parigi

2003297: Measurement of contagion in banks' equity prices

Reint Gropp and Gerard Moerman

2003296: Monetary policy analysis in a small open economy using Bayesian cointegrated structural VARs

Anders Warne and Mattias Villani

2003295: Optimal allotment policy in the Eurosystem's main refinancing operations

Nuno Cassola, Steen Ejerskov, Christian Ewerhart and Natacha Valla

2003294: Does the yield spread predict recessions in the euro area?

Fabio Moneta

2003293: Committees and special interests

Hans Peter Grüner and Mike Felgenhauer

2003292: Bank mergers, competition and liquidity

Elena Carletti, Philipp Hartmann and Giancarlo Spagnolo

2003291: Measuring the time-inconsistency of US monetary policy

Paolo Surico

2003290: Inflation persistence and robust monetary policy design

Günter Coenen

2003289: Monetary and fiscal interactions in open economies

Alan Sutherland and Giovanni Lombardo

2003288: Implementing optimal control in cointegrated I(1) structural VAR models

Francesca V. Monti

2003287: Consumer inflation expectations in Poland

Tomasz Łyziak

2003286: Country and sector-specific spillover effects in the euro area, the United States and Japan

Bernd Kaltenhaeuser

2003285: Government deficits, wealth effects and the price level in an optimizing model

Barbara Annicchiarico

2003284: The credibility of the monetary policy "free lunch"

James Yetman

2003283: US, Japan and the euro area: comparing business-cycle features

Peter McAdam

2003282: Optimal dynamic risk sharing when enforcement is a decision variable

Thorsten Koeppl

2003281: Identifying fiscal shocks and policy regimes in OECD countries

Giuseppe De Arcangelis and Serena Lamartina

2003280: Inflation, factor substitution and growth

Rainer Klump

2003279: Designing targeting rules for international monetary policy cooperation

Gianluca Benigno and Pierpaolo Benigno

2003278: Relevant economic issues concerning the optimal rate of inflation

Gonzalo Camba-Mendez, Garcí­a, Juan Angel and Diego Rodriguez-Palenzuela

2003277: On the indeterminacy of determinacy and indeterminacy

Andreas Beyer and Roger Farmer

2003276: Short-term estimates of euro area real GDP by means of monthly data

Gerhard Rünstler and Franck Sédillot

2003275: Identifying the monetary transmission mechanism using structural breaks

Andreas Beyer and Roger Farmer

2003274: Interpreting implied risk-neutral densities: the role of risk premia

David Vestin and Peter Hördahl

2003273: Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations

Efrem Castelnuovo, Diego Rodriguez-Palenzuela and Sergio Nicoletti Altimari

2003272: Inflation targets and the liquidity trap

Matt Klaeffling and Víctor López Pérez

2003271: Indeterminacy and search theory

Nicola Giammarioli

2003270: Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area

Günter Coenen

2003269: Zero lower bound: is it a problem in the euro area?

Günter Coenen

2003268: The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S

Ignazio Angeloni, Anil Kashyap, Benoit Mojon and Daniele Terlizzese

2003267: Comparing economic dynamics in the EU and CEE accession countries

Ralph Süppel

2003266: Finance and growth in the EU: new evidence from the liberalisation and harmonisation of the banking industry

Diego Romero De Ãvila

2003265: New Keynesian Phillips Curves: a reassessment using euro-area data

Peter McAdam and Alpo Willman

2003264: A monthly monetary model with banking intermediation for the euro area

Annick Bruggeman and Marie Donnay

2003263: Measuring contagion with a Bayesian, time-varying coefficient model

Matteo Ciccarelli and Alessandro Rebucci

2003262: Indeterminacy of rational expectations equilibria in sequential financial markets

Paola Donati

2003261: Why has broad money demand been more stable in the euro area than in other economies? A literature review

Alessandro Calza and João Sousa

2003260: Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

William Barnett

2003259: Implicit tax co-ordination under repeated policy interactions

Marco Catenaro and Jean-Pierre Vidal

2003258: Interest rate reaction functions and the Taylor rule in the euro area

Petra Gerlach-Kristen

2003257: Macroeconomic modelling of monetary policy

Matt Klaeffling

2003256: Information acquisition and decision making in committees: a survey

Kerstin Gerling, Hans Peter Grüner, Alexandra Kiel and Elisabeth Schulte

2003255: Is the demand for euro area M3 stable?

Annick Bruggeman, Paola Donati and Anders Warne

2003254: Forecasting real GDP: what role for narrow money?

Claus Brand, Hans-Eggert Reimers and Franz Seitz

2003253: Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001

William G. Dewald

2003252: Interpolation and backdating with a large information set

Elena Angelini, Jérôme Henry and Massimiliano Marcellino

2003251: Consumption, habit persistence, imperfect information and the lifetime budget constraint

Alpo Willman

2003250: Persistence, the transmission mechanism and robust monetary policy

Peter Backé, Frank Smets and Günter Coenen

2003249: Trade advantages and specialisation dynamics in acceding countries

Andrea Zaghini

2003248: Exchange rates and fundamentals

Charles Engel and Kenneth West

2003247: Forecasting euro area inflation: Does aggregating forecasts by HICP component improve forecast accuracy?

Kirstin Hubrich

2003246: Public finances and long-term growth in Europe - evidence from a panel data analysis

Diego Romero De Ãvila and Rolf Strauch

2003245: Money and payments: a modern perspective

Cornelia Holthausen and Cyril Monnet

2003244: How does the ECB allot liquidity in its weekly main refinancing operations? A look at the empirical evidence

Steen Ejerskov, Clara Martin Moss and Livio Stracca

2003243: Pass-through of external shocks to euro area inflation

Elke Hahn

2003242: Public sector efficiency: an international comparison

Ludger Schuknecht, Vito Tanzi and Antonio Afonso

2003241: Maintaining price stability under free-floating: a fearless way out of the corner?

Carsten Detken and Gaspar, Ví­tor