Working Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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20192299: Insurers’ investment strategies: pro- or countercyclical?

Margherita Giuzio and Linda Rousová

20192298: Behind the scenes of the beauty contest: window dressing and the G-SIB framework

Markus Behn, Giacomo Mangiante, Laura Parisi and Michael Wedow

20192297: Monetary policy, macroprudential policy, and financial stability

David Martinez-Miera and Rafael Repullo

20192296: Disentangling the role of the exchange rate in oil-related scenarios for the European stock market

Javier Ojea Ferreiro

20192295: Phillips curves in the euro area

Laura Moretti, Luca Onorante and Shayan Zakipour Saber

20192294: An agent-based model for the assessment of LTV caps

Dimitrios Laliotis, Alejandro Buesa, Miha Leber and Francisco Javier Población García

20192293: Tracing the impact of the ECB’s asset purchase programme on the yield curve

Fabian Eser, Wolfgang Lemke, Ken Nyholm, Sören Radde and Andreea Liliana Vladu

20192292: Impact of higher capital buffers on banks’ lending and risk-taking: evidence from the euro area experiments

Giuseppe Cappelletti, Aurea Marques, Paolo Varraso, Žymantas Budrys and Jonas Peeters

20192291: An analysis of the Eurosystem/ECB projections

Georgios Kontogeorgos and Kyriacos Lambrias

20192290: Competition among high-frequency traders, and market quality

Johannes Breckenfelder

20192289: Is there a zero lower bound? The effects of negative policy rates on banks and firms

Carlo Altavilla, Lorenzo Burlon, Mariassunta Giannetti and Sarah Holton

20192288: The procyclicality of banking: evidence from the euro area

Harry Huizinga and Luc Laeven

20192287: The architecture of supervision

Miguel Ampudia, Thorsten Beck, Andreas Beyer, Jean-Edouard Colliard, Agnese Leonello, Angela Maddaloni and David Marques-Ibanez

20192286: Bank capital in the short and in the long run

Caterina Mendicino, Kalin Nikolov, Javier Suarez and Dominik Supera

20192285: Cross-border effects of prudential regulation: evidence from the euro area

Dawid Żochowski, Fabio Franch and Luca Nocciola

20192284: Rules and discretion(s) in prudential regulation and supervision: evidence from EU banks in the run-up to the crisis

Angela Maddaloni and Alessandro Scopelliti

20192283: Negative interest rates, excess liquidity and retail deposits: banks’ reaction to unconventional monetary policy in the euro area

Selva Demiralp, Jens Eisenschmidt and Thomas Vlassopoulos

20192282: EME financial conditions: which global shocks matter?

David Lodge and Ana-Simona Manu

20192281: Measuring euro area monetary policy

Carlo Altavilla, Luca Brugnolini, Refet Gürkaynak, Roberto Motto and Giuseppe Ragusa

20192280: The global capital flows cycle: structural drivers and transmission channels

Maurizio Michael Habib and Fabrizio Venditti

20192279: Uncertainty shocks, monetary policy and long-term interest rates

Gianni Amisano and Oreste Tristani

20192278: Targeting financial stability: macroprudential or monetary policy?

David Aikman, Julia Giese, Sujit Kapadia and Michael McLeay

20192277: Pockets of risk in European housing markets: then and now

Jane Kelly, Julia Le Blanc and Reamonn Lydon

20192276: Institutional presence in secondary bank bond markets: how does it affect liquidity and volatility?

Silviu Oprica and Christian Weistroffer

20192275: Did the euro change the nature of FDI flows among member states?

David Sondermann and Isabel Vansteenkiste

20192274: Credit rating dynamics: evidence from a natural experiment

Nordine Abidi, Matteo Falagiarda and Ixart Miquel-Flores

20192273: Mapping bank securities across euro area sectors: comparing funding and exposure networks

Anne-Caroline Hüser and Christoffer Kok

20192272: Monetary policy implications of state-dependent prices and wages

James Costain, Anton Nakov and Borja Petit

20192271: Credit supply and human capital: evidence from bank pension liabilities

Luciana Barbosa, Andrada Bilan and Claire Célérier

20192270: Risky assets in Europe and the US: risk vulnerability, risk aversion and economic environment

Karim Bekhtiar, Pirmin Fessler and Peter Lindner

20192269: Shocks and labour cost adjustment: evidence from a survey of European firms

Thomas Mathä, Stephen Millard, Tairi Rõõm, Ladislav Wintr and Robert Wyszyński

20192268: Dynamic fiscal limits and monetary-fiscal policy interactions

Niccolò Battistini, Giovanni Callegari and Luca Zavalloni

20192267: Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates

Georgios Georgiadis and Feng Zhu

20192266: Collateral booms and information depletion

Vladimir Asriyan, Luc Laeven and Alberto Martin

20192265: The gender promotion gap: evidence from central banking

Laura Hospido, Luc Laeven and Ana Lamo

20192264: The CSPP at work - yield heterogeneity and the portfolio rebalancing channel

Andrea Zaghini

20192263: Can more public information raise uncertainty? The international evidence on forward guidance

Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann and Georg Strasser

20192262: Once bitten: new evidence on the link between IMF conditionality and IMF stigma

Irina Andone and Beatrice Scheubel

20192261: The benefits and costs of adjusting bank capitalisation: evidence from euro area countries

Katarzyna Budnik, Massimiliano Affinito, Gaia Barbic, Saiffedine Ben Hadj, Edouard Chretien, Hans Dewachter, Clara Gonzalez, Jenny Hu, Lauri Jantunen, Ramona Jimborean, Otso Manninen, Ricardo Martinho, Javier Mencía, Elena Mousarri, Laurynas Naruševičius, Giulio Nicoletti, O’Grady, Michael, Selcuk Ozsahin, Ana Regina Pereira, Jairo Rivera-Rozo, Constantinos Trikoupis, Fabrizio Venditti and Sofia Velasco

20192260: Macroprudential policy in a monetary union with cross-border banking

Matthieu Darracq Paries, Christoffer Kok and Elena Rancoita

20192259: On the credit and exchange rate channels of central bank asset purchases in a monetary union

Matthieu Darracq Paries and Niki Papadopoulou

20192258: Demographics and the natural real interest rate: historical and projected paths for the euro area

Andrea Papetti

20192257: Taylor-rule consistent estimates of the natural rate of interest

Claus Brand and Falk Mazelis

20192256: Does liquidity regulation impede the liquidity profile of collateral?

Kirsten Schmidt

20192255: Fiscal multipliers and foreign holdings of public debt

Daragh Clancy, Alberto Martin, Fernando Broner and Aitor Erce

20192254: Stress testing household balance sheets in Luxembourg

Gastón Giordana and Michael Ziegelmeyer

20192253: Concentration, market power and dynamism in the euro area

Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares and Isabel Vansteenkiste

20192252: Distance(s) and the volatility of international trade(s)

Arnaud Mehl, Martin Schmitz and Cédric Tille

20192251: Labor share and growth in the long run

Peter McAdam, Slim Bridji and Matthieu Charpe

20192250: Forecasting daily electricity prices with monthly macroeconomic variables

Claudia Foroni, Francesco Ravazzolo and Luca Rossini

20192249: Whatever it takes: what’s the impact of a major nonconventional monetary policy intervention?

Carlo Alcaraz Pribaz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza

20192248: Global growth on life support? The contributions of fiscal and monetary policy since the global financial crisis

Ursel Baumann, David Lodge and Mirela Miescu

20192247: The Green Golden Rule: habit and anticipation of future consumption

Joao Faria and Peter McAdam

20192246: Mars or mercury redux: the geopolitics of bilateral trade agreements

Barry Eichengreen, Arnaud Mehl and Livia Chiţu

20192245: The financial transmission of housing bubbles: evidence from Spain

Alberto Martin, Enrique Moral-Benito and Tom Schmitz

20192244: Credit, financial conditions and the business cycle in China

David Lodge and Michel Soudan

20192243: Monetary policy transmission to mortgages in a negative interest rate environment

Adrien Amzallag, Alessandro Calza, Dimitris Georgarakos and João Sousa

20192242: The anatomy of the euro area interest rate swap market

Silvia Dalla Fontana, Marco Holz auf der Heide, Loriana Pelizzon and Martin Scheicher

20192241: Debt overhang, rollover risk, and corporate investment: evidence from the European crisis

Sebnem Kalemli-Ozcan, Luc Laeven and David Moreno

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