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.
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- 20202499: Contagion accounting

- Iñaki Aldasoro, Anne-Caroline Hüser and Christoffer Kok
- 20202498: Benefits of macro-prudential policy in low interest rate environments

- Alejandro Van der Ghote
- 20202497: How do banking groups react to macroprudential policies? Cross-border spillover effects of higher capital buffers on lending, risk-taking and internal markets

- Giuseppe Cappelletti, Aurea Marques, Carmelo Salleo and Diego Vila Martín
- 20202496: Interest rate risk and monetary policy normalisation in the euro area

- Alessio Reghezza, Rodriguez d’Acri, Costanza, Livia Pancotto and Philip Molyneux
- 20202495: Using forecast-augmented VAR evidence to dampen the forward guidance puzzle

- Kai Christoffel, Oliver de Groot, Falk Mazelis and Carlos Montes-Galdón
- 20202494: Nowcasting business cycle turning points with stock networks and machine learning

- Andres Azqueta-Gavaldon, Dominik Hirschbühl, Luca Onorante and Lorena Saiz
- 20202493: How news affects sectoral stock prices through earnings expectations and risk premia

- Kristian Kristiansen and Anna Kirstine Hvid
- 20202492: Banks, low interest rates, and monetary policy transmission

- Olivier Wang
- 20202491: Fire sales by euro area banks and funds: what is their asset price impact?

- Harun Mirza, Diego Moccero, Spyros Palligkinis and Cosimo Pancaro
- 20202490: Do words hurt more than actions? The impact of trade tensions on financial markets

- Massimo Ferrari Minesso, Maria Sole Pagliari and Frederik Kurcz
- 20202489: Investment funds, monetary policy, and the global financial cycle

- Christoph Kaufmann
- 20202488: Central bank digital currency in an open economy

- Massimo Ferrari Minesso, Arnaud Mehl and Livio Stracca
- 20202487: Reversal interest rate and macroprudential policy

- Matthieu Darracq Paries, Christoffer Kok and Matthias Rottner
- 20202486: Interest rate-growth differentials on government debt: an empirical investigation for the euro area

- Cristina Checherita-Westphal and João Domingues Semeano
- 20202485: The wage-price pass-through in the euro area: does the growth regime matter?

- Elke Hahn
- 20202484: Spillover effects in international business cycles

- Maximo Camacho, Gabriel Perez-Quiros and Matías Pacce
- 20202483: Money markets, central bank balance sheet and regulation

- Stefano Corradin, Jens Eisenschmidt, Marie Hoerova, Tobias Linzert, Glenn Schepens and Jean-David Sigaux
- 20202482: Central bank information effects and transatlantic spillovers

- Marek Jarociński
- 20202481: Firm-specific shocks and contagion: are banks special?

- Hannah Katharina Engljähringer and Livio Stracca
- 20202480: The (unobservable) value of central bank’s refinancing operations

- Ugo Albertazzi, Lorenzo Burlon, Nicola Pavanini and Tomas Jankauskas
- 20202479: The impact of G-SIB identification on bank lending: evidence from syndicated loans

- Markus Behn and Alexander Schramm
- 20202478: Covid-19 and rural landscape: the case of Italy

- Simone Manganelli, Francesco Piras and Mauro Agnoletti
- 20202477: Green asset pricing

- Ghassane Benmir, Ivan Jaccard and Gauthier Vermandel
- 20202476: The (ir)relevance of the nominal lower bound for real yield curve analysis

- Fabian Schupp
- 20202475: Financial drivers of the euro area business cycle: a DSGE-based approach

- Dominik Hirschbühl, Georgi Krustev and Grigor Stoevsky
- 20202474: Borrowing constraints, own labour and homeownership: does it pay to paint your walls?

- Peter Lindner, Thomas Mathä, Michael Ziegelmeyer and Giuseppe Pulina
- 20202473: Sectoral output effects of monetary policy: do sticky prices matter?

- Lukas Henkel
- 20202472: Global financial markets and oil price shocks in real time

- Fabrizio Venditti and Giovanni Veronese
- 20202471: Does the Phillips curve help to forecast euro area inflation?

- Marta Banbura and Elena Bobeica
- 20202470: Financial conditions, business cycle fluctuations and growth at risk

- Andrea Falconio and Simone Manganelli
- 20202469: Banking euro area stress test model

- Katarzyna Budnik, Mirco Balatti, Ivan Dimitrov, Johannes Groß, Michael Kleemann, Tomas Reichenbachas, Francesco Sanna, Andrei Sarychev, Nadežda Siņenko and Matjaž Volk
- 20202468: Forecasting the Covid-19 recession and recovery: lessons from the financial crisis

- Claudia Foroni, Massimiliano Marcellino and Dalibor Stevanovic
- 20202467: The influence of OPEC+ on oil prices: a quantitative assessment

- Dominic Quint and Fabrizio Venditti
- 20202466: Macroeconomic risks across the globe due to the Spanish Flu

- Roberto De Santis and Wouter Van der Veken
- 20202465: The great lockdown: pandemic response policies and bank lending conditions

- Carlo Altavilla, Francesca Barbiero, Miguel Boucinha and Lorenzo Burlon
- 20202464: The role of IMF conditionality for central bank independence

- Matthias Rau-Goehring, Bernhard Reinsberg and Andreas Kern
- 20202463: Bank reserves and broad money in the global financial crisis: a quantitative evaluation

- Jagjit Chadha, Luisa Corrado, Jack Meaning and Tobias Schuler
- 20202462: The effect of macroprudential policies on credit developments in Europe 1995-2017

- Katarzyna Budnik
- 20202461: How to estimate a VAR after March 2020

- Michele Lenza and Giorgio Primiceri
- 20202460: Convex supply curves

- Christoph Boehm and Nitya Pandalai-Nayar
- 20202459: The international dimension of an incomplete EMU

- Demosthenes Ioannou, Livio Stracca and Maria Sole Pagliari
- 20202458: Vulnerable growth in the Euro Area: Measuring the financial conditions

- Juan Figueres and Marek Jarociński
- 20202457: Culture and portfolios: trust, precautionary savings and home ownership

- Johannes Fleck and Adrian Monninger
- 20202456: Patterns in invoicing currency in global trade

- Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl and Tra Nguyen
- 20202455: A decomposition of structural revenue developments for euro area member states

- Richard Morris and Lukas Reiss
- 20202454: Macroprudential policy and the role of institutional investors in housing markets

- Manuel A. Muñoz
- 20202453: Nowcasting with large Bayesian vector autoregressions

- Jacopo Cimadomo, Domenico Giannone, Michele Lenza, Francesca Monti and Andrej Sokol
- 20202452: Risk and return in international corporate bond markets

- Geert Bekaert and Roberto De Santis
- 20202451: The simpler the better: measuring financial conditions for monetary policy and financial stability

- Simone Arrigoni, Alina Bobasu and Fabrizio Venditti
- 20202450: Economic consequences of high public debt: evidence from three large scale DSGE models

- Pablo Burriel, Cristina Checherita-Westphal, Pascal Jacquinot, Nikolai Stähler and Matthias Schön
- 20202449: Has regulatory capital made banks safer? Skin in the game vs moral hazard

- Ernest Dautović
- 20202448: Inflation volatility in small and large advanced open economies

- Mirco Balatti
- 20202447: The tipping point: interest rates and financial stability

- Davide Porcellacchia
- 20202446: Firms’ expectations on access to finance at the early stages of the Covid-19 pandemic

- Annalisa Ferrando and Ioannis Ganoulis
- 20202445: Determinants of the credit cycle: a flow analysis of the extensive margin

- Vincenzo Cuciniello and Nicola di Iasio
- 20202444: Monetary policy and intangible investment

- Robin Döttling and Lev Ratnovski
- 20202443: Interest rate setting and communication at the ECB

- Philippine Cour-Thimann and Alexander Jung
- 20202442: Central banks in parliaments: a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve

- Nicolò Fraccaroli, Alessandro Giovannini and Jean-Francois Jamet
- 20202441: Modeling the consumption response to the CARES Act

- Christopher Carroll, Jiri Slacalek, Matthew White and Edmund Crawley
- 20202440: Compositional effects of O-SII capital buffers and the role of monetary policy

- Giuseppe Cappelletti, Alessio Reghezza, Rodriguez d’Acri, Costanza and Martina Spaggiari
- 20202439: Who takes the ECB’s targeted funding?

- Olivier Vergote and Tomohiro Sugo
- 20202438: Financial intermediation and technology: What’s old, what’s new?

- Arnoud Boot, Peter Hoffmann, Luc Laeven and Lev Ratnovski
- 20202437: Drivers of European public debt management

- Guido Wolswijk
- 20202436: Forecasting macroeconomic risk in real time: Great and Covid-19 Recessions

- Roberto De Santis and Wouter Van der Veken
- 20202435: What’s up with the Phillips Curve?

- Marco Del Negro, Michele Lenza, Giorgio Primiceri and Andrea Tambalotti
- 20202434: Macroeconomic effects of tariffs shocks: the role of the effective lower bound and the labour market

- Pascal Jacquinot, Matija Lozej and Massimiliano Pisani
- 20202433: Rethinking capital regulation: the case for a dividend prudential target

- Manuel A. Muñoz
- 20202432: Bank contagion in general equilibrium

- Massimo Ferrari Minesso
- 20202431: ECB-BASIR: a primer on the macroeconomic implications of the Covid-19 pandemic

- Elena Angelini, Matthieu Darracq Paries, Srečko Zimic and Milan Damjanović
- 20202430: How much does aggregate demand travel across the Atlantic?

- Ine Van Robays and Livio Stracca
- 20202429: Bank lending in the knowledge economy

- Dell’Ariccia, Giovanni, Camelia Minoiu, Lev Ratnovski and Dalida Kadyrzhanova
- 20202428: Macroeconomic stabilisation properties of a euro area unemployment insurance scheme

- Christoph Kaufmann, Maria Grazia Attinasi and Sebastian Hauptmeier
- 20202427: Monetary policy, markup dispersion, and aggregate TFP

- Timo Reinelt and Matthias Meier
- 20202426: Mitigating the forward guidance puzzle: inattention, credibility, finite planning horizons and learning

- Oliver de Groot and Falk Mazelis
- 20202425: The aggregate consequences of default risk: evidence from firm-level data

- Timothy Besley, John van Reenen and Isabelle Roland
- 20202424: Disciplining expectations and the forward guidance puzzle

- Kai Christoffel, Falk Mazelis, Carlos Montes-Galdón and Tobias Müller
- 20202423: On the inflation risks embedded in sovereign bond yields

- Gonzalo Camba-Mendez
- 20202422: Bank capital regulation in a zero interest environment

- Robin Döttling
- 20202421: Monetary policy transmission over the leverage cycle: evidence for the euro area

- Gerhard Rünstler and Leonie Bräuer
- 20202420: Identifying financial constraints

- Annalisa Ferrando, Klaas Mulier, Marijn Verschelde, Laurens Cherchye and Bram De Rock
- 20202419: Determinants of firms’ efficiency: do innovations and finance constraints matter? The case of European SMEs

- Annalisa Ferrando, Stefania P. S. Rossi and Graziella Bonanno
- 20202418: Fiscal multipliers with financial fragmentation risk and interactions with monetary policy

- Matthieu Darracq Paries, Niki Papadopoulou and Georg Müller
- 20202417: Cross-border currency exposures: new evidence based on an enhanced and updated dataset

- Agustín Bénétrix, Luciana Juvenal, Martin Schmitz and Deepali Gautam
- 20202416: Who’s afraid of euro area monetary tightening? CESEE shouldn’t

- André Geis, Isabella Moder and Tobias Schuler
- 20202415: Macroprudential capital requirements with non-bank finance

- Kyle P. Dempsey
- 20202414: Twin defaults and bank capital requirements

- Caterina Mendicino, Kalin Nikolov, Juan-Rubio Ramirez, Javier Suarez and Dominik Supera
- 20202413: Burned by leverage? Flows and fragility in bond mutual funds

- Luis Molestina Vivar, Michael Wedow and Christian Weistroffer
- 20202412: Stock return comovement when investors are distracted: more, and more homogeneous

- Michael Ehrmann and David-Jan Jansen
- 20202411: Do non-performing loans matter for bank lending and the business cycle in euro area countries?

- Ivan Huljak, Reiner Martin, Diego Moccero and Cosimo Pancaro
- 20202410: Global trade in final goods and intermediate inputs: impact of FTAs and reduced “Border Effects”

- Sebastian Franco-Bedoya and Erik Frohm
- 20202409: Loan types and the bank lending channel

- Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
- 20202408: Random forest versus logit models: which offers better early warning of fiscal stress?

- Barbara Jarmulska
- 20202407: Monetary policy and its transmission in a globalised world

- Michele Ca' Zorzi, Luca Dedola, Georgios Georgiadis, Marek Jarociński, Livio Stracca and Georg Strasser
- 20202406: Macroprudential regulation and leakage to the shadow banking sector

- Stefan Gebauer and Falk Mazelis
- 20202405: Cyclical systemic risk and downside risks to bank profitability

- Jan Hannes Lang and Marco Forletta
- 20202404: Monetary policy with judgment

- Paolo Gelain and Simone Manganelli
- 20202403: Political referenda and investment: evidence from Scotland

- Andres Azqueta-Gavaldon
- 20202402: Heterogeneity in corporate debt structures and the transmission of monetary policy

- Fédéric Holm-Hadulla and Claire Thürwächter
- 20202401: Endogenous TFP, business cycle persistence and the productivity slowdown in the euro area

- Michaela Elfsbacka Schmöller and Martin Spitzer
- 20202400: The Phillips Curve at the ECB

- Fabian Eser, Peter Karadi, Philip R. Lane, Laura Moretti and Chiara Osbat
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