Working Paper Series

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2002160: Model uncertainty and the equilibrium value of the real effective euro exchange rate

Carsten Detken, Jerome Henry, Frank Smets, Alistair Dieppe and Carmen Marin

2002159: Optimal public money

Cyril Monnet

2002158: Quantifying embodied technological change

Plutarchos Sakellaris and Daniel Wilson

2002157: Bidding and performance in repo auctions: evidence from ECB open market operations

Ulrich Bindseil, Kjell Nyborg and Ilya A. Strebulaev

2002156: Identifying endogenous fiscal policy rules for macroeconomic models

Paul Hiebert and Javier Pérez

2002155: Youth unemployment in the OECD: demographic shifts, labour market institutions, and macroeconomic shocks

Juan F Jimeno and Diego Rodriguez-Palenzuela

2002154: The Euro bloc, the Dollar bloc and the Yen bloc: how much monetary policy independence can exchange rate flexibility buy in an interdependent world?

Marcel Fratzscher

2002153: Euro area production function and potential output: a supply side system approach

Alpo Willman

2002152: Short-term monitoring of fiscal policy discipline

Gonzalo Camba-Mendez and Ana Lamo

2002151: G-7 Inflation forecasts

Fabio Canova

2002150: Equity and bond market signals as leading indicators of bank fragility

Jukka Vesala, Giuseppe Vulpes and Reint Gropp

2002149: The Spanish block of the ESCB-multi-country model

Angel Estrada and Alpo Willman

2002148: The functional form of yield curves

Vincent Brousseau

2002147: Time-to-build approach in a sticky price, sticky wage optimizing monetary model

Miguel Casares

2002146: Competition and stability: what's special about banking?

Elena Carletti and Philipp Hartmann

2002145: Towards a new early warning system of financial crises

Marcel Fratzscher and Matthieu Bussiere

2002144: A failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data

Saeed Heravi and Mick Silver

2002143: A nonparametric method for valuing new goods

Laura Blow and Ian Crawford

2002142: Modelling the daily banknotes in circulation in the context of the liquidity management of the European Central Bank

Alberto Cabrero Bravo, Gonzalo Camba-Mendez, Astrid Hirsch and Fernando Nieto

2002141: Asset prices and fiscal balances

Felix Eschenbach and Ludger Schuknecht

2002140: Price setting and the steady-state effects of inflation

Miguel Casares

2002139: On currency crises and contagion

Marcel Fratzscher

2002138: "New" views on the optimum currency area theory: what is EMU telling us?

Francesco Mongelli

2002137: Equilibrium bidding in the Eurosystem's open market operations

Ulrich Bindseil

2002136: Retail bank interest rate pass-through: new evidence at the euro area level

Gabe de Bondt

2002135: The optimal mix of taxes on money, consumption and income

Fiorella De Fiore and Pedro Teles

2002134: The cost of private transportation in the Netherlands, 1992-1999

Ben Bode and Jan Van Dalen

2002133: Can confidence indicators be useful to predict short term real GDP growth?

Annabelle Mourougane and Moreno Roma

2002132: Inflation dynamics and dual inflation in accession countries: a 'New Keynesian' perspective

Diego Rodriguez-Palenzuela, Christian Thimann and Peter Backé

2002131: Measurement bias in the HICP: what do we know, and what do we need to know?

Diego Rodriguez-Palenzuela and Mark Wynne

2002130: Harmonized indexes of consumer prices: their conceptual foundations

Walter Diewert

2002129: Non-standard central bank loss functions, skewed risks, and certainty equivalence

Peter Backé and Livio Stracca

2002128: Openness, imperfect exchange rate pass-through and monetary policy

Frank Smets and Raf Wouters

2002127: Performance of monetary policy with internal central bank forecasting

Seppo Honkapohja and Kaushik Mitra

2002126: Optimal contracts in a dynamic costly state verification model

Cyril Monnet and Erwan Quintin

2002125: Duration, volume and volatility impact of trades

Simone Manganelli

2002124: Monetary policy, expectations and commitment

George Evans and Seppo Honkapohja

2002123: Analysing and combining multiple credit assessments of financial institutions

Evangelos Tabakis and Anna Vinci

2002122: New technologies and productivity growth in the euro area

Focco Vijselaar and Peter Backé

2002121: Natural rate doubts

Andreas Beyer and Roger Farmer

2002120: Learning stability in economics with heterogeneous agents

Seppo Honkapohja and Kaushik Mitra

2002119: Monetary policy and the stock market in the euro area

Nuno Cassola and Claudio Morana

2002118: Durable goods, price indexes and quality change: an application to automobile prices in Italy, 1988-1998

Gian Maria Tomat

2002117: Hedonic house prices without characteristics: the case of new multiunit housing

Olympia Bover and Pilar Velilla

2002116: Rent indices for housing in West Germany 1985 to 1998

Johannes Hoffmann and Claudia Kurz

2002115: Monetary policy rules, macroeconomic stability and inflation: a view from the trenches

Athanasios Orphanides

2002114: Monetary Transmission in the Euro Area: Where Do We Stand?

Anil Kashyap, Benoit Mojon, Daniele Terlizzese and Peter Backé

2002113: Financial frictions and the monetary transmission mechanism: theory, evidence and policy implications

Charles Bean, Jens Larsen and Kalin Nikolov

2001112: Firm investment and monetary transmission in the euro area

Jean-Bernard Chatelain, Andrea Generale, Ignacio Hernando, Philip Vermeulen and Ulf von Kalckreuth

2001111: Monetary transmission: empirical evidence from Luxembourg firm level data

Patrick Lünnemann and Thomas Mathä

2001110: Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms

Eugenio Gaiotti and Andrea Generale

2001109: Monetary transmission in Germany: new perspectives on financial constraints and investment spending

Ulf von Kalckreuth

2001108: Credit channel and investment behaviour in Austria: a micro-econometric approach

Maria Valderrama

2001107: The interest rate and credit channel in Belgium: an investigation with micro-level firm data

Paul Butzen, Catherine Fuss and Philip Vermeulen

2001106: Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation

Jean-Bernard Chatelain and André Tiomo

2001105: Financial systems and the role of banks in monetary policy transmission in the euro area

Michael Ehrmann, Leonardo Gambacorta, Jorge Martínez Pagés, Patrick Sevestre and Andreas Worms

2001104: Is there a bank lending channel of monetary policy in Greece? Evidence from bank level data

Sophocles Brissimis, Nicos C. Kamberoglou and George T. Simigiannis

2001103: Bank-specific characteristics and monetary policy transmission: the case of Italy

Leonardo Gambacorta

2001102: The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data

Luísa Farinha and Carlos Marques

2001101: Monetary policy and bank lending in France: are there asymmetries?

Claire Loupias, Frédérique Savignac and Patrick Sevestre

2001100: Transmission of monetary policy shocks in Finland: evidence from bank level data on loans

Jukka Topi and Jouko Vilmunen

200199: Is there a bank lending channel of monetary policy in Spain?

Ignacio Hernando and Jorge Martínez Pagés

200198: The credit channel in the Netherlands: evidence from bank balance sheets

Leo de Haan

200197: Asymmetries in bank lending behaviour. Austria during the 1990s

Sylvia Kaufmann

200196: The reaction of bank lending to monetary policy measures in Germany

Andreas Worms

200195: Some stylised facts on the euro area business cycle

Benoit Mojon and Anna Maria Agresti

200194: Monetary policy transmission in the euro area: What do aggregate and national structural models tell us?

Peter J. A. van Els, Julian Morgan, Alberto Locarno and Jean-Pierre Villetelle

200193: The monetary transmission mechanism at the euro-area level: issues and results using structural macroeconomic models

Peter McAdam and Julian Morgan

200192: A VAR description of the effects of monetary policy in the individual countries of the euro area

Benoit Mojon and Gert Peersman

200191: The monetary transmission mechanism in the euro area: more evidence from VAR analysis

Gert Peersman and Frank Smets

200190: Public pensions and growth

Stéphane Lambrecht, Philippe Michel and Jean-Pierre Vidal

200189: Monetary policy and fears of financial instability

Vincent Brousseau and Carsten Detken

200188: Why is it so difficult to beat the random walk forecast of exchange rates?

Lutz Kilian and Mark Taylor

200187: Credit rationing, output gap, and business cycles

Frédéric Boissay

200186: Rational expectations and near rational alternatives: How best to form expectations

Mike Beeby, Stephan George Hall and Brian S. Henry

200185: Determinants of the euro real effective exchange rate: a BEER/PEER approach

Francisco Maeso-Fernandez, Chiara Osbat and Bernd Schnatz

200184: Data uncertainty and the role of money as an information variable for monetary policy

Andrew Levin, Volker Wieland and Günter Coenen

200183: Chi-squared tests of interval and density forecasts and the Bank of England's fan charts

Kenneth Wallis

200182: Economic forecasting: some lessons from recent research

Michael Clements and David Hendry

200181: What can changes in structural factors tell us about unemployment in Europe?

Julian Morgan and Annabelle Mourougane

200180: The microstructure of the euro money market

Philipp Hartmann, Michele Manna and Andrés Manzanares

200179: Does liquidity matter? Properties of a synthetic divisia monetary aggregate in the euro area

Livio Stracca

200178: Investment and monetary policy in the euro area

Benoit Mojon, Frank Smets and Philip Vermeulen

200177: Cyclically adjusted budget balances: an alternative approach

Carine Bouthevillain, Philippine Cour-Thimann, Gerrit van de Dool, Pablo Hernández de Cos, Geert Langenus, Matthias Mohr, Sandro Momigliano and Mika Tujula

200176: Rating agency actions and the pricing of debt and equity of European banks: What can we infer about private sector monitoring of bank soundness?

Anthony Richards and Reint Gropp

200175: Value at risk models in finance

Robert Engle and Simone Manganelli

200174: Interbank market integration under asymmetric information

Xavier Freixas and Cornelia Holthausen

200173: Interbank lending and monetary policy transmission - evidence for Germany

Michael Ehrmann and Andreas Worms

200172: Bank Concentration and Retail Interest Rates

Sandrine Corvoisier and Reint Gropp

200171: Asset market linkages in crisis periods

Philipp Hartmann, Stefan Straetmans and Casper de Vries

200170: Central bank forecasts of liquidity factors: Quality, publication and the control of the overnight rate

Ulrich Bindseil

200169: The ECB monetary policy strategy and the money market

Gabriel Perez Quiros, Jorge Sicilia and Gaspar, Ví­tor

200168: The performance of forecast-based monetary policy rules under model uncertainty

Andrew Levin, Volker Wieland and John Williams

200167: The daily market for funds in Europe: Has something changed with the EMU?

Gabriel Perez Quiros and Hugo Rodriguez Mendizabal

200166: Can short-term foreign exchange volatility be predicted by the Global Hazard Index?

Vincent Brousseau and Fabio Scacciavillani

200165: A system approach for measuring the euro area NAIRU

Silvia Fabiani and Ricardo Mestre

200164: Exchange rate volatility and euro area imports

Robert Anderton and Frauke Skudelny

200163: Does money lead inflation in the euro area?

Sergio Nicoletti Altimari

200162: Spectral based methods to identify common trends and common cycles

Gonzalo Camba-Mendez and George Kapetanios

200161: Diffusion index-based inflation forecasts for the euro area

Jerome Henry, Ricardo Mestre and Peter Backé