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.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

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 Hałaj

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

20172098: Do negative interest rates make banks less safe?

Federico Calogero Nucera, Andre Lucas, Julia Schaumburg and Bernd Schwaab

20172097: Firm heterogeneity and aggregate business services exports: micro evidence from Belgium, France, Germany and Spain

Andrea Ariu, Elena Biewen, Sven Blank, Guillaume Gaulier, María Jesus González, Philipp Meinen, Daniel Mirza, Cesar Martin Machuca and Patry Tello

20172096: Home, safe home: cross-country monitoring framework for vulnerabilities in the residential real estate sector

Elias Bengtsson, Magdalena Grothe and Etienne Lepers

20172095: Spillovers from the ECB's non-standard monetary policy measures on south-eastern Europe

Isabella Moder

20172094: Subsidising car purchases in the euro area: any spill-over on production?

Joan Paredes

20172093: Why should the world care? Analysis, mechanisms and spillovers of the destination based border adjusted tax

Ursel Baumann, Alistair Dieppe and Allan Gloe Dizioli

20172092: Sources of the small firm financing premium: evidence from euro area banks

Sarah Holton and Fergal McCann

20172091: The political economy of fiscal transparency and independent fiscal councils

Roel Beetsma, Xavier Debrun and Randolph Sloof

20172090: What drives export market shares? It depends! An empirical analysis using Bayesian Model Averaging

Chiara Osbat, Konstantins Benkovskis, Benjamin Bluhm, Elena Bobeica and Stefan Zeugner

20172089: Multiple lending, credit lines and financial contagion

Giuseppe Cappelletti and Paolo Emilio Mistrulli

20172088: On secular stagnation and low interest rates: demography matters

Giuseppe Ferrero, Marco Gross and Stefano Neri

20172087: Housing and the tax system: how large are the distortions in the euro area?

Serena Fatica and Doris Prammer

20172086: Credit market competition and the gender gap: evidence from local labor markets

Alexander Popov and Sonia Zaharia

20172085: Between hawks and doves: measuring central bank communication

Ellen Tobback, Stefano Nardelli and David Martens

20172084: Bank business models at zero interest rates

Andre Lucas, Julia Schaumburg and Bernd Schwaab

20172083: Active labour market policies and short-time work arrangements: evidence from a survey of Luxembourg firms

Konstantinos Efstathiou, Thomas Mathä, Cindy Veiga and Ladislav Wintr

20172082: Financial globalisation, monetary policy spillovers and macro-modelling: tales from 1001 shocks

Georgios Georgiadis and Martina Jančoková

20172081: Destabilizing effects of bank overleveraging on real activity - an analysis based on a threshold MCS-GVAR

Marco Gross, Jérôme Henry and Willi Semmler

20172080: Communication of monetary policy in unconventional times

Günter Coenen, Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson and Georg Strasser

20172079: The leverage ratio, risk-taking and bank stability

Jonathan Acosta Smith, Michael Grill and Jan Hannes Lang

20172078: When do countries implement structural reforms?

António Dias Da Silva, Audrey Givone and David Sondermann

20172077: Estimating the impact of shocks to bank capital in the euro area

Derrick Kanngiesser, Reiner Martin, Laurent Maurin and Diego Moccero

20172076: Structural asymmetries and financial imbalances in the eurozone

Ivan Jaccard and Frank Smets

20172075: The macroeconomic impact of the ECB's expanded asset purchase programme (APP)

Luca Gambetti and Alberto Musso

20172074: Reducing large net foreign liabilities

Michael Fidora, Martin Schmitz and Céline Tcheng

20172073: House prices and monetary policy in the euro area: evidence from structural VARs

Andrea Nocera and Moreno Roma

20172072: Monetary-fiscal interactions and the euro area's malaise

Marek Jarociński and Bartosz Maćkowiak

20172071: Lobbying in Europe: new firm-level evidence

Konstantinos Dellis and David Sondermann

20172070: Business models of the banks in the euro area

Matteo Farnè and Angelos Vouldis

20172069: Culture and household saving

Benjamin Guin

20172068: Knightian uncertainty and credit cycles

Eddie Gerba and Dawid Żochowski

20172067: Government guarantees and the two-way feedback between banking and sovereign debt crises

Agnese Leonello

20172066: Determinants of FDI inflows in advanced economies: Does the quality of economic structures matter?

Konstantinos Dellis, David Sondermann and Isabel Vansteenkiste

20172065: The importance of being special: repo markets during the crisis

Stefano Corradin and Angela Maddaloni

20172064: Sectoral interlinkages in global value chains: spillovers and network effects

Erik Frohm and Vanessa Gunnella

20172063: Does employment protection legislation affect credit access? Evidence from Europe

Andrea Moro, Daniela Maresch, Annalisa Ferrando and Gregory F. Udell

20172062: The great Irish (de)leveraging 2005-14

Reamonn Lydon and Tara McIndoe-Calder

20172061: Capital requirements, risk shifting and the mortgage market

Arzu Uluc and Tomasz Wieladek

20172060: Reading the Footprints: how foreign investors shape countries' participation in global value chains

Christian Buelens and Marcel Tirpák

20172059: Does marketing widen borders? Cross-country price dispersion in the European car market

Eyal Dvir and Georg Strasser

20172058: On the sources of business cycles: implications for DSGE models

Michal Andrle, Jan Bruha and Serhat Solmaz

20172057: How to predict financial stress? An assessment of Markov switching models

Thibaut Duprey and Benjamin Klaus

20172056: Bid-to-cover and yield changes around public debt auctions in the euro area

Roel Beetsma, Massimo Giuliodori, Jesper Hanson and Frank de Jong

20172055: Spillovers among sovereign debt markets: identification by absolute magnitude restrictions

Roberto De Santis and Srečko Zimic

20172054: Do stress tests matter? Evidence from the 2014 and 2016 stress tests

Oana-Maria Georgescu, Marco Gross, Daniel Kapp and Christoffer Kok

20172053: Learning from prices: amplication and business fluctuations

Ryan Chahrour and Gaetano Gaballo

20172052: Flow effects of central bank asset purchases on euro area sovereign bond yields: evidence from a natural experiment

Roberto De Santis and Fédéric Holm-Hadulla

20172051: Wage bargaining regimes and firms' adjustments to the Great Recession

Maddalena Ronchi and Filippo di Mauro

20172050: If the Fed sneezes, who catches a cold?

Luca Dedola, Giulia Rivolta and Livio Stracca

20172049: Internal devaluation in currency unions: the role of trade costs and taxes

Filippos Petroulakis

20172048: Firm growth in Europe: an overview based on the CompNet labour module

Cristina Fernandez, Roberto García, Paloma Lopez-Garcia, Benedicta Marzinotto, Roberta Serafini, Juuso Vanhala and Ladislav Wintr

20172047: Necessity as the mother of invention: monetary policy after the crisis

Alan Blinder, Michael Ehrmann, Jakob de Haan and David-Jan Jansen

20172046: Home sweet home: the home bias in trade in the European Union

Alina Mika

20172045: ECB-Global: introducing ECB's global macroeconomic model for spillover analysis

Alistair Dieppe, Georgios Georgiadis, Martino Ricci, Ine Van Robays and Björn van Roye

20172044: Volatility spillovers of Federal Reserve and ECB balance sheet expansions to emerging market economies

Apostolos Apostolou and John Beirne

20172043: Did the crisis permanently scar the Portuguese labour market? Evidence from a Markov-switching Beveridge curve analysis

Isabel Vansteenkiste

20172042: Threshold effects of financial stress on monetary policy rules: a panel data analysis

Björn van Roye and Danvee Floro

20172041: How does risk flow in the credit default swap market?

Martin Scheicher, Tuomas Peltonen, Marco D'Errico and Stefano Battiston