Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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20232800: Derivative margin calls: a new driver of MMF flows

Maddalena Ghio, Linda Rousová, Dilyara Salakhova and Germán Villegas Bauer

20232799: Liquidity support and distress resilience in bank-affiliated mutual funds

Giulio Bagattini, Falko Fecht and Angela Maddaloni

20232798: The asymmetric effects of weather shocks on euro area inflation

Matteo Ciccarelli, Friderike Kuik and Catalina Martínez Hernández

20232797: Monetary policy strategies for the euro area: optimal rules in the presence of the ELB

Falk Mazelis, Roberto Motto and Annukka Ristiniemi

20232796: Supervisory policy stimulus: evidence from the euro area dividend recommendation

Ernest Dautović, Leonardo Gambacorta and Alessio Reghezza

20232795: The effectiveness of borrower-based macroprudential policies: a cross-country analysis using an integrated micro-macro simulation model

Stelios Giannoulakis, Marco Forletta, Marco Gross and Eugen Tereanu

20232794: Digitalisation and productivity: gamechanger or sideshow?

Robert Anderton, Vasco Botelho and Paul Reimers

20232793: The climate and the economy

Johannes Breckenfelder, Bartosz Maćkowiak, David Marques-Ibanez, Conny Olovsson, Alexander Popov, Davide Porcellacchia and Glenn Schepens

20232792: Does IFRS 9 increase banks’ resilience?

Arndt-Gerrit Kund and Daniel Rugilo

20232791: Testing for differences in survey-based density expectations: a compositional data approach

Jonas Dovern, Alexander Glas and Geoff Kenny

20232790: Euro area banks’ market power, lending channel and stability: the effects of negative policy rates

Yener Altunbas, Giuseppe Avignone, Christoffer Kok and Cosimo Pancaro

20232789: House prices and ultra-low interest rates: exploring the non-linear nexus

Daniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang and Marek Rusnák

20232788: Monetary policy and the drifting natural rate of interest

Sandra Daudignon and Oreste Tristani

20232787: Evaluating the impact of dividend restrictions on euro area bank market values

Desislava Andreeva, Paul Bochmann and Julius Schneider

20232786: Double conditioning: the hidden connection between Bayesian and classical statistics

Simone Manganelli

20232785: Credibility gains from communicating with the public: evidence from the ECB’s new monetary policy strategy

Michael Ehrmann, Dimitris Georgarakos and Geoff Kenny

20232784: Leakages from macroprudential regulations: the case of household-specific tools and corporate credit

Apoorv Bhargava, Lucyna Gόrnicka and Peichu Xie

20232783: Central Bank Digital Currency and financial stability

Toni Ahnert, Peter Hoffmann, Agnese Leonello and Davide Porcellacchia

20232782: Loan guarantees, bank underwriting policies and financial fragility

Elena Carletti, Agnese Leonello and Robert Marquez

20232781: Passive monetary policy and active fiscal policy in a monetary union

Bartosz Maćkowiak and Sebastian Schmidt

20232780: Dynamic nonparametric clustering of multivariate panel data

Igor Custodio Joao, Andre Lucas, Julia Schaumburg and Bernd Schwaab

20232779: Toward a green economy: the role of central bank’s asset purchases

Alessandro Ferrari and Valerio Nispi Landi

20232778: Monetary policy and local industry structure

Alexander Popov and Lea Steininger

20232777: The asymmetric adjustment of global imbalances: myth or fact?

Neus Dausà and Livio Stracca

20232776: Cross-country price and inflation dispersion: retail network or national border?

Teresa Messner, Fabio Rumler and Georg Strasser

20232775: Negative rates, monetary policy transmission and cross-border lending via international financial centres

Desislava Andreeva, Andra Coman, Mary Everett, Maren Froemel, Kelvin Ho, Simon Lloyd, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Andrew Wong, Eric Wong and Dawid Żochowski

20232774: Euro Area inflation differentials: the role of fiscal policies revisited

Cristina Checherita-Westphal, Nadine Leiner-Killinger and Teresa Schildmann

20232773: Estimating the impact of quality adjustment on consumer price inflation

Jan-Oliver Menz, Elisabeth Wieland and Günter W. Beck

20232772: Optimal monetary policy with the risk-taking channel

Angela Abbate and Dominik Thaler

20232771: Window dressing of regulatory metrics: evidence from repo markets

Claudio Bassi, Markus Behn, Michael Grill and Martin Waibel

20232770: Information acquisition ahead of monetary policy announcements

Michael Ehrmann and Paul Hubert

20232769: A single monetary policy for heterogeneous labour markets: the case of the euro area

Sandra Gomes, Pascal Jacquinot and Matija Lozej

20232768: DSGE model forecasting: rational expectations vs. adaptive learning

Anders Warne

20232767: Using machine learning to measure financial risk in China

Alexander Al-Haschimi, Apostolos Apostolou, Andres Azqueta-Gavaldon and Martino Ricci

20232766: GVC exporter performance during the COVID-19 pandemic: the role of supply bottlenecks

Laura Lebastard, Marco Matani and Roberta Serafini

20232765: Why European banks adjust their dividend payouts?

Marco Belloni, Maciej Grodzicki and Mariusz Jarmuzek

20232764: Benefits and costs of the ETS in the EU, a lesson learned for the CBAM design

Justus Böning, Virginia Di Nino and Till Folger

20222763: Leaning against the global financial cycle

Andrea Ferrero, Maurizio Michael Habib, Livio Stracca and Fabrizio Venditti

20222762: Carbon taxes and the geography of fossil lending

Luc Laeven and Alexander Popov

20222761: Optimal trend inflation, misallocation and the pass-through of labour costs to prices

Sergio Santoro and Eliana Viviano

20222760: Pandemic lending: micro and macro effects of model-based regulation

Franco Fiordelisi, Giulia Fusi, Angela Maddaloni and David Marques-Ibanez

20222759: Monetary communication rules

Laura Gáti and Amy Handlan

20222758: Bank bond holdings and bail-in regulatory changes: evidence from euro area security registers

Carlo Altavilla, Cecilia Melo Fernandes, Steven Ongena and Alessandro Scopelliti

20222757: Non-banks contagion and the uneven mitigation of climate risk

Régis Gourdel and Matthias Sydow

20222756: The impact of derivatives collateralisation on liquidity risk: evidence from the investment fund sector

Audrius Jukonis, Elisa Letizia and Linda Rousová

20222755: Real interest rates, bank borrowing, and fragility

Toni Ahnert, Kartik Anand and Philipp Johann König

20222754: Conditional density forecasting: a tempered importance sampling approach

Carlos Montes-Galdón, Joan Paredes and Elias Wolf

20222753: Bank lending rates and the remuneration for risk: evidence from portfolio and loan level data

Agha Durrani, Julian Metzler, Nektarios Michail and Johannes Gabriel Werner

20222752: Navigating the housing channel of monetary policy across euro area regions

Niccolò Battistini, Matteo Falagiarda, Angelina Hackmann and Moreno Roma

20222751: Medium-term investment responses to activity shocks: the role of corporate debt

Rodrigo Barrela, Paloma Lopez-Garcia and Ralph Setzer

20222750: Euro area monetary policy and TARGET balances: a trilogy

Jens Eisenschmidt, Danielle Kedan and Martin Schmitz

20222749: Chronicle of a death foretold: does higher volatility anticipate corporate default?

Miguel Ampudia, Filippo Busetto and Fabio Fornari

20222748: Price setting before and during the pandemic: evidence from Swiss consumer prices

Barbara Rudolf and Pascal Seiler

20222747: Are ethical and green investment funds more resilient?

Laura-Dona Capotă, Margherita Giuzio, Sujit Kapadia and Dilyara Salakhova

20222746: Risk sharing and monetary policy transmission

Sebastian Hauptmeier, Fédéric Holm-Hadulla and Théodore Renault

20222745: The augmented bank balance-sheet channel of monetary policy

Christian Bittner, Diana Bonfim, Florian Heider, Farzad Saidi, Glenn Schepens and Carla Soares

20222744: The effects of climate change on the natural rate of interest: a critical survey

Francesco Mongelli, Wolfgang Pointner and Jan Willem End

20222743: Dawn of the (half) dead: the twisted world of zombie identification

Luca Mingarelli, Beatrice Ravanetti, Tamarah Shakir and Jonas Wendelborn

20222742: The ECB press conference: a textual analysis

Andrea Pavelkova

20222741: Gender diversity in bank boardrooms and green lending: evidence from euro area credit register data

Leonardo Gambacorta, Livia Pancotto, Alessio Reghezza and Martina Spaggiari

20222740: It’s not time to make a change: sovereign fragility and the corporate credit risk

Fabio Fornari and Andrea Zaghini

20222739: Foreign currency exposure and the financial channel of exchange rates

Pablo Anaya Longaric

20222738: LOLR policies, banks’ borrowing capacities and funding structures

Stefano Corradin and Suresh Sundaresan

20222737: Is the EU money market fund regulation fit for purpose? Lessons from the COVID-19 turmoil

Laura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz and Christian Weistroffer

20222736: Consumer savings behaviour at low and negative interest rates

Marco Felici, Geoff Kenny and Roberta Friz

20222735: Digitalisation, institutions and governance, and growth: mechanisms and evidence

Vincent Labhard and Jonne Lehtimäki

20222734: Brexit, what Brexit? Euro area portfolio exposures to the United Kingdom since the Brexit referendum

Daniel Carvalho and Martin Schmitz

20222733: The anatomy of consumption in a household foreign currency debt crisis

Gyozo Gyongyosi, Judit Rariga and Emil Verner

20222732: How do banks manage liquidity? Evidence from the ECB’s tiering experiment

Luca Baldo, Florian Heider, Peter Hoffmann, Jean-David Sigaux and Olivier Vergote

20222731: Boosting carry with equilibrium exchange rate estimates

Michał Rubaszek, Joscha Beckmann, Michele Ca' Zorzi and Marek Kwas

20222730: A new optimum currency area index for the euro area

Davor Kunovac, Diego Rodriguez Palenzuela and Yiqiao Sun

20222729: Consumer payment preferences in the euro area

László Kajdi

20222728: Pricing of green bonds: drivers and dynamics of the greenium

Allegra Pietsch and Dilyara Salakhova

20222727: Deflationary financial shocks and inflationary uncertainty shocks: an SVAR Investigation

Roberto A. De Santis and Wouter Van der Veken

20222726: Will the green transition be inflationary? Expectations matter

Alessandro Ferrari and Valerio Nispi Landi

20222725: A sensitivities based CoVaR approach to assets commonality and its application to SSM banks

Leonardo Del Vecchio, Carla Giglio, Frances Shaw, Guido Spanò and Giuseppe Cappelletti

20222724: Financial exposure and bank mergers: micro and macro evidence from the EU

Laura Lebastard

20222723: Corrective regulation with imperfect instruments

Eduardo Davila and Ansgar Walther

20222722: Evaluating market risk from leveraged derivative exposures

Audrius Jukonis

20222721: Uncovering the network structure of non-centrally cleared derivative markets: evidences from regulatory data

Sebastiano Michele Zema

20222720: How to release capital requirements during a pandemic? Evidence from euro area banks

Cyril Couaillier, Alessio Reghezza, Rodriguez d’Acri, Costanza and Alessandro Scopelliti

20222719: Immigrants and the distribution of income and wealth in the euro area: first facts and implications for monetary policy

Maarten Dossche, Aleksandra Kolndrekaj, Maximilian Propst, Javier Ramos Perez and Jiri Slacalek

20222718: Making a virtue out of necessity: the effect of negative interest rates on bank cost efficiency

Giuseppe Avignone, Claudia Girardone, Cosimo Pancaro, Livia Pancotto and Alessio Reghezza

20222717: The impact of the COVID-19 shock on euro area potential output: a sectoral approach

Nicolò Bandera, Katalin Bodnár, Julien Le Roux and Béla Szörfi

20222716: Estimating the Euro Area output gap using multivariate information and addressing the COVID-19 pandemic

James Morley, Diego Rodriguez Palenzuela, Yiqiao Sun and Benjamin Wong

20222715: Counter-cyclical fiscal rules and the zero lower bound

Sebastian Hauptmeier, Christophe Kamps and Lucas Radke

20222714: Lower for longer under endogenous technology growth

Michaela Elfsbacka Schmöller and Martin Spitzer

20222713: The economics of central bank digital currency

Toni Ahnert, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia

20222712: Can EU bonds serve as euro-denominated safe assets?

Tilman Bletzinger, William Greif and Bernd Schwaab

20222711: The certification role of the EU-wide stress testing exercises in the stock market. What can we learn from the stress tests (2014-2021)?

Agha Durrani, Steven Ongena and Aurea Marques

20222710: Government loan guarantees, market liquidity, and lending standards

Toni Ahnert and Martin Kuncl

20222709: The division of spoils in a booming industry

Alexander Popov

20222708: The relationship between central bank auctions and bill market liquidity

Joost Bats and Jurian J.A. Hoondert

20222707: Is the financial market driving income distribution? – An analysis of the linkage between income and wealth in Europe

Ilja Kristian Kavonius and Veli-Matti Törmälehto

20222706: Monetary policy transmission in segmented markets

Jens Eisenschmidt, Yiming Ma and Anthony Lee Zhang

20222705: Does the European Central Bank speak differently when in parliament?

Nicolò Fraccaroli, Alessandro Giovannini, Jean-Francois Jamet and Eric Persson

20222704: Funding deposit insurance

Dick Oosthuizen and Ryan Zalla

20222703: Did COVID-19 induce a reallocation wave?

Agostino Consolo and Filippos Petroulakis

20222702: Informing macroprudential policy choices using credit supply and demand decompositions

Claudio Barbieri, Cyril Couaillier, Cristian Perales and Rodriguez d’Acri, Costanza

20222701: Climate change mitigation: how effective is green quantitative easing?

Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig and Carolin Nerlich