Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().

Access Statistics for this working paper series.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

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

200160: A multi-country trend indicator for euro area inflation: computation and properties

Jerome Henry, Ricardo Mestre and Peter Backé

200159: Uncertain potential output: implications for monetary policy

Michael Ehrmann and Frank Smets

200158: Business cycle asymmetries in stock returns: evidence from higher order moments and conditional densities

Gabriel Perez Quiros and Allan Timmermann

200157: Model-based indicators of labour market rigidity

Silvia Fabiani and Diego Rodriguez-Palenzuela

200156: Stabilization policy in a two country model and the role of financial frictions

Ester Faia

200155: Modelling the demand for loans to the private sector in the euro area

Alessandro Calza, Christine Gartner and João Sousa

200154: Assessment criteria for output gap estimates

Gonzalo Camba-Mendez and Diego Rodriguez-Palenzuela

200153: An evaluation of some measures of core inflation for the euro area

Juan Vega and Mark Wynne

200152: Are the effects of monetary policy in the euro area greater in recessions than in booms?

Gert Peersman and Frank Smets

200151: The functional form of the demand for euro area M1

Livio Stracca

200150: Employment and productivity growth in service and manufacturing sectors in France, Germany and the US

Till von Wachter

200149: Business cycle and monetary policy analysis in a structural sticky-price model of the euro area

Miguel Casares

200148: Financial market integration in Europe: on the effects of EMU on stock markets

Marcel Fratzscher

200147: Deposit insurance and moral hazard: does the counterfactual matter?

Jukka Vesala and Reint Gropp

200146: A two-factor model of the German term structure of interest rates

Jorge Luis and Nuno Cassola

200145: Testing the rank of the Hankel matrix: a statistical approach

Gonzalo Camba-Mendez and George Kapetanios

200144: The supply and demand for Eurosystem deposits - The first 18 months

Ulrich Bindseil and Franz Seitz

200143: Sources of economic renewal: from the traditional firm to the knowledge firm

Diego Rodriguez-Palenzuela

200142: An area-wide model (AWM) for the euro area

Gabriel Fagan, Jerome Henry and Ricardo Mestre

200141: Why adopt transparency? The publication of central bank forecasts

Petra M. Geraats

200040: Financial structure and the interest rate channel of ECB monetary policy

Benoit Mojon

200039: A money demand system for euro area M3

Claus Brand and Nuno Cassola

200038: The optimal inflation tax when taxes are costly to collect

Fiorella De Fiore

200037: Business fixed investment: evidence of a financial accelerator in Europe

Philip Vermeulen

200036: Measuring core inflation in the euro area

Claudio Morana

200035: Systemic risk: A survey

Olivier de Bandt and Philipp Hartmann

200034: Capital market development, corporate governance and the credibility of exchange rate pegs

Tuomas Takalo and Olli Castrén

200033: The information content of M3 for future inflation

Carmine Trecroci and Juan Vega

200032: Can indeterminacy explain the short-run non-neutrality of money?

Fiorella De Fiore

200031: The disappearing tax base: is foreign direct investment eroding corporate income taxes?

Kristina Kostial and Reint Gropp

200030: A small estimated euro area model with rational expectations and nominal rigidities

Volker Wieland and Günter Coenen

200029: The sources of unemployment fluctuations: an empirical application to the Italian case

Silvia Fabiani, Alberto Locarno, Giampaolo Oneto and Paolo Sestito

200028: Learning, uncertainty and central bank activism in an economy with strategic interactions

Martin Ellison and Natacha Valla

200027: This is what the US leading indicators lead

Maximo Camacho and Gabriel Perez Quiros

200026: Which kind of transparency? On the need for clarity in monetary policy-making

Bernhard Winkler

200025: Caution and conservatism in the making of monetary policy

Philip Schellekens

200024: What horizon for price stability

Frank Smets

200023: Escaping Nash inflation

Inkoo Cho and Thomas Sargent

200022: Regulating access to international large-value payment systems

Cornelia Holthausen and Thomas Rønde

200021: Firm size and monetary policy transmission: evidence from German business survey data

Michael Ehrmann

200020: Convergence of fiscal policies in the euro area

Olivier de Bandt and Francesco Mongelli

200019: The euro and international capital markets

Carsten Detken and Philipp Hartmann

200018: House prices and the macroeconomy in Europe: Results from a structural var analysis

Matteo Iacoviello

200017: Alternative measures of the NAIRU in the euro area: estimates and assessment

Silvia Fabiani and Ricardo Mestre

200016: Estimating the implied distribution of the future short term interest rate using the Longstaff-Schwartz model

Peter Hördahl

200015: The quest for prosperity without inflation

Athanasios Orphanides

200014: Assessing nominal income rules for monetary policy with model and data uncertainty

Glenn Rudebusch

200013: Monetary policy with uncertain parameters

Ulf Söderström

200012: Indicator variables for optimal policy

Lars Svensson and Michael Woodford

200011: Is the yield curve a useful Information variable for the Eurosystem?

Peter Bergeijk and Jan Marc Berk

200010: On the effectiveness of sterilized foreign exchange intervention

Rasmus Fatum

20210: Estimating the Fed’s Unconventional Policy Shocks

Marek Jarociński

20009: Asymptotic confidence bands for the estimated autocovariance and autocorrelation functions of vector autoregressive models

Günter Coenen

19998: Inflation zone targeting

Athanasios Orphanides and Volker Wieland

19997: A cross-country comparison of market structures in European banking

E Davis and Olivier de Bandt

19996: The demand for M3 in the euro area

Juan Vega and Günter Coenen

19995: Core inflation: a review of some conceptual issues

Mark Wynne

19994: From the ERM to the euro: new evidence on economic and policy convergence among EU countries

Ignazio Angeloni and Luca Dedola

19993: Fiscal policy effectiveness and neutrality results in a non-Ricardian world

Carsten Detken

19992: What does the single monetary policy do? A SVAR benchmark for the European Central Bank

Carlo Monticello and Oreste Tristani

19991: A global hazard index for the world foreign exchange markets

Vincent Brousseau and Fabio Scacciavillani