Working Paper Series

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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

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 Sedillot

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