Working Paper Series

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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

Jerome 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 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 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

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