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.

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

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, Jerome 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