Working Paper Series

From European Central Bank
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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 Rõõm

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 Paweł 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 Savsek

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

20182140: Euro area real-time density forecasting with financial or labor market frictions

Peter McAdam and Anders Warne

20182139: Monetary policy and cross-border interbank market fragmentation: lessons from the crisis

Tobias Sebastian Blattner and Jonathan Swarbrick

20182138: Detrending and financial cycle facts across G7 countries: mind a spurious medium term!

Yves Schüler

20182137: A minimal moral hazard central stabilisation capacity for the EMU based on world trade

Roel Beetsma, Simone Cima and Jacopo Cimadomo

20182136: Dealing with endogeneity in threshold models using copulas: an illustration to the foreign trade multiplier

Dimitris Christopoulos, Peter McAdam and Elias Tzavalis

20182135: Sovereign defaults in court

Julian Schumacher, Christoph Trebesch and Henrik Enderlein

20182134: Spillovers in space and time: where spatial econometrics and Global VAR models meet

J.Paul Elhorst, Marco Gross and Eugen Tereanu

20182133: Deconstructing monetary policy surprises: the role of information shocks

Marek Jarociński and Peter Karadi

20182132: Priors for the long run

Domenico Giannone, Michele Lenza and Giorgio Primiceri

20182131: Predicting risk premia in short-term interest rates and exchange rates

Johannes Gräb and Thomas Kostka

20182130: Cross-border banking in the EU since the crisis: what is driving the great retrenchment?

Lorenz Emter, Martin Schmitz and Marcel Tirpák

20182129: Tight money - tight credit: coordination failure in the conduct of monetary and financial policies

Julio Carrillo, Enrique Mendoza, Victoria Nuguer and Jessica Roldán-Peña

20182128: Time-consistent monetary policy, terms of trade manipulation and welfare in open economies

Sebastian Schmidt

20182127: Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: a structural model-based approach

Pascal Jacquinot, Matija Lozej and Massimiliano Pisani

20182126: Credit constraints, firm investment and growth: evidence from survey data

Miguel García-Posada Gómez

20182125: Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area

Ugo Albertazzi, Bo Becker and Miguel Boucinha

20182124: Credit shocks and the European labour market

Katalin Bodnár, Ludmila Fadejeva, Marco Hoeberichts, Mario Izquierdo, Christophe Jadeau and Eliana Viviano

20182123: Macroprudential regulation in the European Union in 1995-2014: introducing a new data set on policy actions of a macroprudential nature

Katarzyna Budnik and Johannes Kleibl

20182122: How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe

Katalin Bodnár, Ludmila Fadejeva, Stefania Iordache, Liina Malk, Desislava Paskaleva, Jurga Pesliakaite, Nataša Todorović Jemec, Peter Tóth and Robert Wyszynski

20182121: Agent-based model of system-wide implications of funding risk

Grzegorz Halaj

20172120: Capital and liquidity buffers and the resilience of the banking system in the euro area

Katarzyna Budnik and Paul Bochmann

20172119: Macroeconomic implications of oil price fluctuations: a regime-switching framework for the euro area

Fédéric Holm-Hadulla and Kirstin Hubrich

20172118: Indebtedness in the EU: a drag or a catalyst for growth?

Alina Mika and Tina Zumer

20172117: The employment consequences of SMEs’ credit constraints in the wake of the Great Recession

David Cornille, Francois Rycx and Ilan Tojerow

20172116: The portfolio of euro area fund investors and ECB monetary policy announcements

Johannes Bubeck, Maurizio Michael Habib and Simone Manganelli

20172115: Evidence on finance and economic growth

Alexander Popov

20172114: The risk premium channel and long-term growth

Malte D. Schumacher and Dawid Żochowski

20172113: Liquidity provision as a monetary policy tool: the ECB’s non-standard measures after the financial crisis

Dominic Quint and Oreste Tristani

20172112: Common factors of commodity prices

Simona Delle Chiaie, Laurent Ferrara and Domenico Giannone

20172111: Structural reform waves and economic growth

Pasquale Marco Marrazzo and Alessio Terzi

20172110: A structural model to study the bail-out process in a bank and its macro-prudential policy implications

Ricardo Correia, Tomasz Dubiel-Teleszynski and Francisco Javier Población García

20172109: The international bank lending channel of unconventional monetary policy

Johannes Gräb and Dawid Żochowski

20172108: Real exchange rate misalignments in the euro area

Michael Fidora, Claire Giordano and Martin Schmitz

20172107: On collateral: implications for financial stability and monetary policy

Stefano Corradin, Florian Heider and Marie Hoerova

20172106: Dissecting long-term Bund yields in the run-up to the ECB's Public Sector Purchase Programme

Wolfgang Lemke and Thomas Werner

20172105: Monetary policy and bank profitability in a low interest rate environment

Carlo Altavilla, Miguel Boucinha and Jose-Luis Peydro

20172104: Do we want these two to tango? On zombie firms and stressed banks in Europe

Manuela Storz, Michael Koetter, Ralph Setzer and Andreas Westphal

20172103: Asymmetric wage adjustment and employment in European firms

Petra Marotzke, Robert Anderton, Ana Bairrao, Clémence Berson and Peter Tóth

20172102: Price rigidities and the granular origins of aggregate fluctuations

Ernesto Pasten, Raphael Schoenle and Michael Weber

20172101: Corporate debt and investment: a firm analysis for stressed euro area countries

Stefan Gebauer, Ralph Setzer and Andreas Westphal

20172100: More than a feeling: confidence, uncertainty and macroeconomic fluctuations

Laura Nowzohour and Livio Stracca