Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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20192240: Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe

Dan Andrews and Filippos Petroulakis

20192239: Money markets, collateral and monetary policy

Fiorella De Fiore, Marie Hoerova, Harald Uhlig and Ciaran Rogers

20192238: America First? A US-centric view of global capital flows

Peter McQuade and Martin Schmitz

20192237: Empowering central bank asset purchases: The role of financial policies

Matthieu Darracq Paries, Jenny Körner and Niki Papadopoulou

20192236: Do reputable issuers provide better-quality securitizations?

Solomon Deku, Alper Kara and David Marques-Ibanez

20192235: The link between labor cost and price inflation in the euro area

Elena Bobeica, Matteo Ciccarelli and Isabel Vansteenkiste

20192234: Markets, banks, and shadow banks

David Martinez-Miera and Rafael Repullo

20192233: A dynamic model of bank behaviour under multiple regulatory constraints

Markus Behn, Claudio Daminato and Carmelo Salleo

20192232: From cash- to securities-driven euro area repo markets: the role of financial stress and safe asset scarcity

Claus Brand, Lorenzo Ferrante and Antoine Hubert

20192231: Do public wages in the euro area explain private wage developments? An empirical investigation

Maria Grazia Attinasi, Francesco Berardini and Alessandra Anna Palazzo

20192230: Some borrowers are more equal than others: bank funding shocks and credit reallocation

Olivier De Jonghe, Hans Dewachter, Klaas Mulier, Steven Ongena and Glenn Schepens

20192229: Medium term treatment and side effects of quantitative easing: international evidence

Roland Beck, Ioana A. Duca and Livio Stracca

20192228: When losses turn into loans: the cost of undercapitalized banks

Laura Blattner, Luísa Farinha and Francisca Rebelo

20192227: Mind the gap: a multi-country BVAR benchmark for the Eurosystem projections

Elena Angelini, Magdalena Lalik, Michele Lenza and Joan Paredes

20192226: Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?

Domenico Giannone, Michele Lenza and Lucrezia Reichlin

20192225: Risk endogeneity at the lender/investor-of-last-resort

Diego Caballero, Andre Lucas, Bernd Schwaab and Xin Zhang

20192224: CoMap: mapping contagion in the euro area banking sector

Giovanni Covi, Mehmet Gorpe and Christoffer Kok

20192223: Leaning against the wind: macroprudential policy and the financial cycle

Thore Kockerols and Christoffer Kok

20192222: On the retirement effect of inheritance: heterogeneity and the role of risk aversion

Bertrand Garbinti and Simon Georges-Kot

20192221: Interest rates and foreign spillovers

Roberto De Santis and Srečko Zimic

20192220: Attenuating the forward guidance puzzle: implications for optimal monetary policy

Taisuke Nakata, Ryota Ogaki, Sebastian Schmidt and Paul Yoo

20182219: The first twenty years of the European Central Bank: monetary policy

Philipp Hartmann and Frank Smets

20182218: Re-use of collateral: leverage, volatility, and welfare

Johannes Brumm, Michael Grill, Felix Kubler and Karl Schmedders

20182217: Gambling traps

Anil Ari

20182216: International spillovers of monetary policy: evidence from France and Italy

Marianna Caccavaio, Luisa Carpinelli, Giuseppe Marinelli and Julia Schmidt

20182215: Domestic and external sectoral portfolios: network structure and balance-sheet contagion

Natacha Valla, Romain Ranciere and Jonas Heipertz

20182214: A macro-financial analysis of the corporate bond market

Hans Dewachter, Leonardo Iania, Wolfgang Lemke and Marco Lyrio

20182213: Debt overhang and investment efficiency

Alexander Popov, Marcin Wolski and Francesca Barbiero

20182212: Short-time work in the Great Recession: firm-level evidence from 20 EU countries

Reamonn Lydon, Thomas Mathä and Stephen Millard

20182211: How repayments manipulate our perceptions about loan dynamics after a boom

Ramón Adalid and Matteo Falagiarda

20182210: Cyclical and structural variation in resource allocation: evidence for Europe

Eric Bartelsman, Paloma Lopez-Garcia and Giorgio Presidente

20182209: Sources of borrowing and fiscal multipliers

Romanos Priftis and Srečko Zimic

20182208: Trading ahead of treasury auctions

Jean-David Sigaux

20182207: Lending standards and macroeconomic dynamics

Pedro Gete

20182206: Mixed frequency models with MA components

Claudia Foroni, Massimiliano Marcellino and Dalibor Stevanovic

20182205: Business cycle duration dependence and foreign recessions

Gabe de Bondt and Philip Vermeulen

20182204: Inequality and relative saving rates at the top

Philipp Lieberknecht and Philip Vermeulen

20182203: Fiscal equalization and the tax structure

Fédéric Holm-Hadulla

20182202: Credit supply and demand in unconventional times

Carlo Altavilla, Miguel Boucinha, Sarah Holton and Steven Ongena

20182201: Behavioral & experimental macroeconomics and policy analysis: a complex systems approach

Cars Hommes

20182200: The New Area-Wide Model II: an extended version of the ECB’s micro-founded model for forecasting and policy analysis with a financial sector

Günter Coenen, Peter Karadi, Sebastian Schmidt and Anders Warne

20182199: Monetary policy and bank equity values in a time of low interest rates

Miguel Ampudia and Skander Van den Heuvel

20182198: Stigma? What stigma? A contribution to the debate on financial market effects of IMF lending

Beatrice Scheubel, Andrea Tafuro and Benjamin Vonessen

20182197: Does a big bazooka matter? Central bank balance-sheet policies and exchange rates

Luca Dedola, Georgios Georgiadis, Johannes Gräb and Arnaud Mehl

20182196: Inflation expectations, consumption and the lower bound: micro evidence from a large euro area survey

Ioana A. Duca, Geoff Kenny and Andreas Reuter

20182195: Government debt and banking fragility: the spreading of strategic uncertainty

Kalin Nikolov and Russell Cooper

20182194: Semi-structural credit gap estimation

Jan Hannes Lang and Peter Welz

20182193: Bank to sovereign risk spillovers across borders: evidence from the ECB’s Comprehensive Assessment

Johannes Breckenfelder and Bernd Schwaab

20182192: Speed limit policy and liquidity traps

Taisuke Nakata, Sebastian Schmidt and Paul Yoo

20182191: Variation margins, fire sales, and information-constrained optimality

Bruno Biais, Florian Heider and Marie Hoerova

20182190: How does monetary policy affect income and wealth inequality? Evidence from quantitative easing in the euro area

Michele Lenza and Jiri Slacalek

20182189: Insolvency frameworks and private debt: an empirical investigation

Agostino Consolo, Federica Malfa and Beatrice Pierluigi

20182188: Selecting models with judgment

Simone Manganelli

20182187: Is the top tail of the wealth distribution the missing link between the Household Finance and Consumption Survey and national accounts?

Robin Chakraborty, Ilja Kristian Kavonius, Sebastien Perez-Duarte and Philip Vermeulen

20182186: Interest rate spreads and forward guidance

Christian Bredemeier, Christoph Kaufmann and Andreas Schabert

20182185: Beyond spreads: measuring sovereign market stress in the euro area

Carlos Garcia-de-Andoain and Manfred Kremer

20182184: Trust and the household-bank relationship

Miguel Ampudia and Spyros Palligkinis

20182183: (Un)conventional policy and the effective lower bound

Fiorella De Fiore and Oreste Tristani

20182182: A framework for early-warning modeling with an application to banks

Jan Hannes Lang, Tuomas A. Peltonen and Peter Sarlin

20182181: A structural model to assess the impact of bank capitalization changes conditional on a bail-in versus bail-out regime

Marco Gross, Tomasz Dubiel-Teleszynski and Francisco Javier Población García

20182180: The role of factor substitution and technical progress in China's great expansion

Ana-Simona Manu, Peter McAdam and Alpo Willman

20182179: The global effects of global risk and uncertainty

Dario Bonciani and Martino Ricci

20182178: Revenue- versus spending-based consolidation plans: the role of follow-up

Roel Beetsma, Oana Furtuna and Massimo Giuliodori

20182177: Managing the sovereign-bank nexus

Giovanni Dell'ariccia, Caio Ferreira, Nigel Jenkinson, Luc Laeven, Alberto Martin, Camelia Minoiu and Alexander Popov

20182176: Who bears interest rate risk?

Peter Hoffmann, Sam Langfield, Federico Pierobon and Guillaume Vuillemey

20182175: ALICE: A new inflation monitoring tool

Elke Hahn, Zivile Zekaite and Gabe de Bondt

20182174: Stochastic discounting and the transmission of money supply shocks

Ivan Jaccard

20182173: Life below zero: bank lending under negative policy rates

Florian Heider, Farzad Saidi and Glenn Schepens

20182172: International spillovers of quantitative easing

Marcin Kolasa and Grzegorz Wesołowski

20182171: A methodology for automised outlier detection in high-dimensional datasets: an application to euro area banks' supervisory data

Matteo Farnè and Angelos Vouldis

20182170: Monetary policy and household inequality

Miguel Ampudia Fraile, Dimitris Georgarakos, Jiri Slacalek, Oreste Tristani, Philip Vermeulen and Giovanni L. Violante

20182169: Benefits and costs of liquidity regulation

Marie Hoerova, Caterina Mendicino, Kalin Nikolov, Glenn Schepens and Skander Van den Heuvel

20182168: The natural rate of interest and the financial cycle

Georgi Krustev

20182167: Financial frictions, international capital flows and welfare

Filippo Taddei

20182166: Credit shocks, employment protection, and growth: firm-level evidence from Spain

Luc Laeven, Peter McAdam and Alexander Popov

20182165: Proposal on ELBE and LGD in-default: tackling capital requirements after the financial crisis

Marta Ramos González, Antonio Partal Ureña and Pilar Gómez Fernández-Aguado

20182164: I will survive. Pricing strategies of financially distressed firms

Ioana A. Duca, José M. Montero, Marianna Riggi and Roberta Zizza

20182163: Missing the wealthy in the HFCS: micro problems with macro implications

Robin Chakraborty and Sofie Waltl

20182162: Foreign-law bonds: can they reduce sovereign borrowing costs?

Marcos Chamon, Julian Schumacher and Christoph Trebesch

20182161: Are asset price data informative about news shocks? A DSGE perspective

Nikolay Iskrev

20182160: Cross-country linkages and spill-overs in early warning models for financial crises

Jan Hannes Lang

20182159: Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys

Eva Branten, Ana Lamo and Tairi Room

20182158: Non-base wage components as a source of wage adaptability to shocks: evidence from European firms, 2010–2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Pawel Strzelecki

20182157: Wealth effects in the euro area

Cinzia Guerrieri and Caterina Mendicino

20182156: Designing QE in a fiscally sound monetary union

Tilman Bletzinger and Leopold von Thadden

20182155: Coordinating monetary and financial regulatory policies

Alejandro Van der Ghote

20182154: Learning about fiscal multipliers during the European sovereign debt crisis: evidence from a quasi-natural experiment

Lucyna Gόrnicka, Christophe Kamps, Gerrit Koester and Nadine Leiner-Killinger

20182153: What are the main obstacles to hiring after recessions in Europe?

Simon Savšek

20182152: Sticky expectations and consumption dynamics

Christopher Carroll, Edmund Crawley, Jiri Slacalek, Kiichi Tokuoka and Matthew White

20182151: Exchange rate forecasting on a napkin

Michał Rubaszek and Michele Ca' Zorzi

20182150: Asset pricing and the propagation of financial shocks

Ivan Jaccard

20182149: From carry trades to curvy trades

Ferdinand Dreher, Johannes Gräb and Thomas Kostka

20182148: Private and public risk sharing in the euro area

Jacopo Cimadomo, Oana Furtuna and Massimo Giuliodori

20182147: The evolving impact of global, region-specific and country-specific uncertainty

Haroon Mumtaz and Alberto Musso

20182146: Politics, banks, and sub-sovereign debt: unholy trinity or divine coincidence?

Michael Koetter and Alexander Popov

20182145: Who benefits from the corporate QE? A regression discontinuity design approach

Nordine Abidi and Ixart Miquel-Flores

20182144: Countercyclical capital regulation in a small open economy DSGE model

Matija Lozej, Luca Onorante and Ansgar Rannenberg

20182143: The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains

Francesco Chiacchio, Katerina Gradeva and Paloma Lopez-Garcia

20182142: On the optimal labor income share

Jakub Growiec, PeterMcAdam and Jakub Mućk

20182141: Consumption volatility risk and the inversion of the yield curve

Adriana Grasso and Filippo Natoli