Working Paper Series

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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

20222700: Cross-country cross-technology digitalisation: a Bayesian hierarchical model perspective

Charles Hoffreumon and Vincent Labhard

20222699: Explaining deviations from Okun’s law

Claudia Foroni and Francesco Furlanetto

20222698: Latent fragility: conditioning banks’ joint probability of default on the financial cycle

Paul Bochmann, Paul Hiebert, Yves Schüler and Miguel Segoviano

20222697: Preferred habitat and monetary policy through the looking-glass

Giacomo Carboni and Martin Ellison

20222696: The current account and monetary policy in the euro area

Tobias Schuler and Yiqiao Sun

20222695: Macroprudential regulation of investment funds

Giovanni di Iasio, Christoph Kaufmann and Florian Wicknig

20222694: Central Bank communication with the general public: promise or false hope?

Alan Blinder, Michael Ehrmann, Jakob de Haan and David-Jan Jansen

20222693: Towards the holy grail of cross-border payments

Ulrich Bindseil and George Pantelopoulos

20222692: Contagion from market price impact: a price-at-risk perspective

Gábor Fukker, Michiel Kaijser, Luca Mingarelli and Matthias Sydow

20222691: Intensified competition and the impact on credit ratings in the RMBS market

Vivian M. van Breemen, Frank J. Fabozzi and Dennis Vink

20222690: The trade-off between public health and the economy in the early stage of the COVID-19 pandemic

Ivan Jaccard

20222689: The optimal quantity of CBDC in a bank-based economy

Lorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz and Frank Smets

20222688: Voluntary Support and Ring-Fencing in Cross-border Banks

Gyongyi Loranth, Anatoli Segura and Jing Zeng

20222687: Developing reconciled quarterly distributional national wealth – insight into inequality and wealth structures

Janina Engel, Pau Gayà Riera, Joseph Grilli and Pierre Sola

20222686: Financial Markets and Green Innovation

Philippe Aghion, Lena Boneva, Johannes Breckenfelder, Luc Laeven, Conny Olovsson, Alexander Popov and Elena Rancoita

20222685: Monetary policy & anchored expectations: an endogenous gain learning model

Laura Gáti

20222684: E pluribus plures: shock dependency of the USD pass-through to real and financial variables

Massimo Ferrari Minesso and Johannes Gräb

20222683: Job polarisation and household borrowing

Michele Cantarella and Ilja Kristian Kavonius

20222682: Targeted monetary policy, dual rates and bank risk taking

Francesca Barbiero, Lorenzo Burlon, Maria Dimou and Jan Toczynski

20222681: Tax thy neighbour: Corporate tax pass-through into downstream consumer prices in a monetary union

Luca Dedola, Chiara Osbat and Timo Reinelt

20222680: Product quality, measured inflation and monetary policy

Alexander Rodnyansky, Alejandro Van der Ghote and Daniel Wales

20222678: DSGE Nash: solving Nash games in macro models

Massimo Ferrari Minesso and Maria Sole Pagliari

20222677: Transition versus physical climate risk pricing in European financial markets: a text-based approach

Giovanna Bua, Daniel Kapp, Federico Ramella and Lavinia Rognone

20222676: How well-behaved are revisions to quarterly fiscal data in the euro area?

Krzysztof Bańkowski, Thomas Faria and Robert Schall

20222675: Digitalisation, Institutions and Governance, and Diffusion: Mechanisms and Evidence

Claudio Baccianti, Vincent Labhard and Jonne Lehtimäki

20222674: Organisational structure as a driver of mergers and acquisitions in the European banking sector

Laura Lebastard

20222673: The impact of credit supply shocks in the euro area: market-based financing versus loans

Kristina Barauskaite (Griskeviciene), Anh Nguyen, Linda Rousová and Lorenzo Cappiello