Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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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

20222672: The shifts and the shocks: bank risk, leverage, and the macroeconomy

Dmitry Kuvshinov, Björn Richter and Kaspar Zimmermann

20222671: A model of system-wide stress simulation: market-based finance and the Covid-19 event

Giovanni di Iasio, Spyridon Alogoskoufis, Simon Kördel, Dominika Kryczka, Giulio Nicoletti and Nicholas Vause

20222670: Climate Change-Related Regulatory Risks and Bank Lending

Isabella Mueller and Eleonora Sfrappini

20222669: New facts on consumer price rigidity in the euro area

Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland and Hélène Zimmer

20222668: Liquidity coverage ratios and monetary policy credit in the time of Corona

Viktoriya Gocheva, Yvo Mudde and Jens Tapking

20222667: Temporal networks in the analysis of financial contagion

Fabio Franch, Luca Nocciola and Angelos Vouldis

20222666: One scheme fits all: a central fiscal capacity for the EMU targeting eurozone, national and regional shocks

Roel Beetsma, Jacopo Cimadomo and Josha van Spronsen

20222665: The double materiality of climate physical and transition risks in the euro area

Régis Gourdel, Irene Monasterolo, Nepomuk Dunz, Andrea Mazzocchetti and Laura Parisi

20222664: The rise in the cross-sectoral dispersion of earnings expectations during COVID-19

Joost Bats, William Greif and Daniel Kapp

20222663: Non-bank lending to mid-size firms in Europe: evidence from corporate securities

Olivier Darmouni and Melina Papoutsi

20222662: Payments and privacy in the digital economy

Toni Ahnert, Peter Hoffmann and Cyril Monnet

20222661: State-owned banks and international shock transmission

Marcin Borsuk, Oskar Kowalewski and Pawel Pisany

20222660: Instinctive versus reflective trust in the European Central Bank

Siria Angino and Stefania Secola

20222659: Financial cycles under diagnostic beliefs

Antoine Camous and Alejandro Van der Ghote

20222658: A Wake-Up Call Theory of Contagion

Toni Ahnert and Christoph Bertsch

20222657: A narrative database of labour market reforms in euro area economies

Romain Aumond, Valerio Di Tommaso and Gerhard Rünstler

20222656: Post-COVID fiscal rules: a central bank perspective

Sebastian Hauptmeier, Nadine Leiner-Killinger, Philip Muggenthaler and Stephan Haroutunian

20222655: Ideology and monetary policy: the role of political parties’ stances in the ECB’s parliamentary hearings

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

20222654: Euro Area banks' sensitivity to changes in carbon price

Marco Belloni, Friderike Kuik and Luca Mingarelli

20222653: Wages, compositional effects and the business cycle

Styliani Christodoulopoulou and Omiros Kouvavas

20222652: Are fund managers rewarded for taking cyclical risks?

Ellen Ryan

20222651: Labour market skills, endogenous productivity and business cycles

Mirko Abbritti and Agostino Consolo

20222650: Does gender diversity in the workplace mitigate climate change?

Yener Altunbas, Leonardo Gambacorta, Alessio Reghezza and Giulio Velliscig

20222649: Money markets and bank lending: evidence from the adoption of tiering

Carlo Altavilla, Miguel Boucinha, Lorenzo Burlon, Mariassunta Giannetti and Julian Schumacher

20222648: A study on the EBA stress test results: influence of bank, portfolio, and country-level characteristics

Javier Hernández, Francisco Javier Población García, Nuria Suárez and Javier Tarancón

20222647: Monetary policy, macroprudential policy and financial stability

Luc Laeven, Angela Maddaloni and Caterina Mendicino

20222646: Supply or Demand: What Drives Fluctuations in the Bank Loan Market?

Carlo Altavilla, Miguel Boucinha and Paul Bouscasse

20222645: Liquidation value and loan pricing

Francesca Barbiero, Glenn Schepens and Jean-David Sigaux

20222644: Caution: do not cross! Capital buffers and lending in Covid-19 times

Cyril Couaillier, Marco Lo Duca, Alessio Reghezza and Rodriguez d’Acri, Costanza

20222643: Household spending and fiscal support during the COVID-19 pandemic: insights from a new consumer survey

Dimitris Georgarakos and Geoff Kenny

20222642: Making sense of consumer inflation expectations: the role of uncertainty

Lovisa Reiche and Aidan Meyler

20222641: How sectoral technical progress and factor substitution shaped Japan’s structural transformation?

Ana-Simona Manu

20222640: Market-stabilization QE

Roberto Motto and Kadir Özen

20222639: The real effects of FinTech lending on SMEs: evidence from loan applications

Miguel A. Ferreira, Afonso Eça, Melissa Porras Prado and A. Emanuele Rizzo

20222638: Bank risk-taking and impaired monetary policy transmission

Philipp J. Koenig and Eva Schliephake

20222637: The financial accelerator mechanism: does frequency matter?

Claudia Foroni, Paolo Gelain and Massimiliano Marcellino

20222636: Savings, efficiency and bank runs

Agnese Leonello, Caterina Mendicino, Ettore Panetti and Davide Porcellacchia

20212635: Endogenous growth, downward wage rigidity and optimal inflation

Mirko Abbritti, Agostino Consolo and Sebastian Weber

20212634: Sectoral exchange rate pass-through in the euro area

Chiara Osbat, Yiqiao Sun and Martin Wagner

20212633: Household saving and fiscal policy: evidence for the euro area from a thick modelling perspective

Cristina Checherita-Westphal and Marcel Stechert

20212632: Product market structure and monetary policy: evidence from the Euro Area

Annalisa Ferrando, Peter McAdam, Filippos Petroulakis and Xavier Vives

20212631: The low-carbon transition, climate commitments and firm credit risk

Sante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm and Katia Vozian

20212630: The exchange rate insulation puzzle

Giancarlo Corsetti, Keith Kuester, Gernot Müller and Sebastian Schmidt

20212629: Serial sovereign default: the role of shocks and fiscal habits

J. R. Faria, Peter McAdam and J. Orrillo

20212628: Global risk and the dollar

Georgios Georgiadis, Gernot Müller and Ben Schumann

20212627: Monetary policy communication: perspectives from former policy makers at the ECB

Michael Ehrmann, Sarah Holton, Danielle Kedan and Gillian Phelan

20212626: Feeling the heat: extreme temperatures and price stability

Donata Faccia, Miles Parker and Livio Stracca

20212625: Hysteresis in unemployment: evidence from OECD estimates of the natural rate

Laurence Ball and Joern Onken

20212624: Fan charts 2.0: flexible forecast distributions with expert judgement

Andrej Sokol

20212623: Assessing the fiscal-monetary policy mix in the euro area

Krzysztof Bańkowski, Kai Christoffel and Thomas Faria

20212622: Financial frictions: micro vs macro volatility

Seungcheol Lee, Ralph Luetticke and Morten Ravn

20212621: Firm expectations and economic activity

Zeno Enders, Franziska Hünnekes and Gernot Müller

20212620: Macroeconomic reversal rate in a low interest rate environment

Jan Willem End, Paul Konietschke, Anna Samarina and Irina M. Stanga

20212619: Addressing the endogeneity of slack in Phillips Curves

Max-Sebastian Dovì, Gerrit Koester and Christiane Nickel

20212618: What are banks’ actual capital targets?

Cyril Couaillier

20212617: Markups and inflation cyclicality in the euro area

Omiros Kouvavas, Chiara Osbat, Timo Reinelt and Isabel Vansteenkiste

20212616: Nowcasting euro area GDP with news sentiment: a tale of two crises

Lorena Saiz, Julian Ashwin and Eleni Kalamara

20212615: Quantitative easing and corporate innovation

Niklas Grimm, Luc Laeven and Alexander Popov

20212614: Credit growth, the yield curve and financial crisis prediction: evidence from a machine learning approach

Kristina Bluwstein, Marcus Buckmann, Andreas Joseph, Sujit Kapadia and Özgür Şimşek

20212613: What goes around comes around: How large are spillbacks from US monetary policy?

Max Breitenlechner, Georgios Georgiadis and Ben Schumann

20212612: Natural rate chimera and bond pricing reality

Claus Brand, Gavin Goy and Wolfgang Lemke

20212611: The transmission of euro area monetary policy to financially euroised countries

Isabella Moder

20212610: Estimating the elasticity of consumer prices to the exchange rate: an accounting approach

Hadrien Camatte, Guillaume Daudin, Violaine Faubert, Antoine Lalliard and Christine Rifflart

20212609: The ECB's tracker: nowcasting the press conferences of the ECB

Armando Marozzi

20212608: Demand or supply? An empirical exploration of the effects of climate change on the macroeconomy

Matteo Ciccarelli and Fulvia Marotta

20212607: Not all shocks are created equal: assessing heterogeneity in the bank lending channel

Laura Blattner, Luísa Farinha and Gil Nogueira

20212606: Market finance as a spare tyre? Corporate investment and access to bank credit in Europe

Malin Andersson, Laurent Maurin and Desislava Rusinova

20212605: Investment funds, risk-taking, and monetary policy in the euro area

Margherita Giuzio, Christoph Kaufmann, Ellen Ryan and Lorenzo Cappiello

20212604: Do inflation expectations improve model-based inflation forecasts?

Marta Banbura, Danilo Leiva-Leon and Jan-Oliver Menz

20212603: Global models for a global pandemic: the impact of COVID-19 on small euro area economies

Pablo Garcia Sanchez, Pascal Jacquinot, Črt Lenarčič, Matija Lozej and Kostas(Konstantinos) Mavromatis

20212602: Striking a bargain: narrative identification of wage bargaining shocks

Žymantas Budrys, Mario Porqueddu and Andrej Sokol

20212601: A mixed frequency BVAR for the euro area labour market

Agostino Consolo, Claudia Foroni and Catalina Martínez Hernández