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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- 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
- 20172099: Household spending out of a tax rebate: Italian “€80 tax bonus”

- Andrea Neri, Concetta Rondinelli and Filippo Scoccianti
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