Working Papers

From Oesterreichische Nationalbank (Austrian Central Bank)
P.O. Box 61, A-1011 Vienna, Austria.
Contact information at EDIRC.
Bibliographic data for series maintained by Markus Knell ().

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265: Dual Interpretation of Machine Learning Forecasts (Philippe Goulet Coulombe, Maximilian Göbel, Karin Klieber)

Maximilian Göbel, Philippe Goulet Coulombe and Karin Klieber

264: Targeted but (not) toxic? TLTRO and financial stability (Marcel Barmeier)

Marcel Barmeier

263: Heterogeneous Impacts of Macroprudential Policies: Financial Advisors, Regulatory Caps, and Mortgage Risk (Martin Cesnak, Andrej Cupak, Pirmin Fessler, Ján Klacso)

Martin Cesnak, Andrej Cupak, Pirmin Fessler and Ján Klacso

262: Improving disaggregated short-term food inflation forecasts with webscraped data (Christian Beer, Robert Ferstl, Bernhard Graf)

Christian Beer, Robert Ferstl and Bernhard Graf

261: Banking in the Negative: A Vector Error Correction Analysis of Bank-Specific Lending and Deposit Rates (Alessandra Agati, Michael Sigmund)

Alessandra Agati and Michael Sigmund

260: Making Sense of Financial Vulnerability: Between Sensitivity, Resilience, and Exposure (Valentin Voith, Sandra Mauser)

Sandra Mauser and Valentin Voith

259: Households’ risk perceptions, overplacement, and financial literacy (Tabea Bucher-Koenen, Pirmin Fessler, Maria Silgoner)

Tabea Bucher-Koenen, Pirmin Fessler and Maria Antoinette Silgoner

258: The Impact of Currency Carry Trade Activity on the Transmission of Monetary Policy (Maximilian Boeck, Alina Steshkova, Thomas O. Zörner)

Maximilian Böck, Alina Steshkova and Thomas Zörner

257: Take it and leave it: Banks’ balance sheet optimization and targeted longer-term refinancing operations (Michael Sigmund, Johannes Wächtler, Philip Schuster, Robert Ferstl, Maria Teresa Valderrama)

Robert Ferstl, Philip Schuster, Michael Sigmund, Maria Teresa Valderrama and Johannes Wächtler

256: Investment incomes vs. the trade balance: Is the current account still a meaningful concept? (Konstantin Wacker)

Konstantin Wacker

255: What contributes to consumer price inflation? A novel decomposition framework with an application to Austria (Martin Schneider)

Martin Schneider

254: The Role of MPC Heterogeneity for Fiscal and Monetary Policy in the Euro Area (Nicolas Albacete, Pirmin Fessler, Atanas Pekanov)

Nicolas Albacete, Pirmin Fessler and Atanas Pekanov

253: Multivariate assessment of interviewer-related errors in a cross-national economic survey (Lukas Olbrich, Elisabeth Beckmann, Joseph W. Sakshaug)

Elisabeth Beckmann, Lukas Olbrich and Joseph Sakshaug

252: Hawks vs. Doves: ECB’s Monetary Policy in Light of the Fed’s Policy Stance (Niko Hauzenberger, Florian Huber, Thomas Zörner)

Niko Hauzenberger, Florian Huber and Thomas Zörner

251: Housing and the secular decline in real interest rates (Markus Knell)

Markus Knell

250: Watching over 21,000 Billion Euros: Does the ECB Single Supervisory Mechanism Affect Bank Competition in the Euro Area? (Burkhard Raunig, Michael Sigmund)

Burkhard Raunig and Michael Sigmund

249: The subjective wealth distribution: How it arises and why it matters to inform policy? (Pirmin Fessler, Severin Rapp)

Pirmin Fessler and Severin Rapp

248: Assessing the Solvency of Virtual Asset Service Providers: Are Current Standards Sufficient? (Pietro Saggese, Esther Segalla, Michael Sigmund, Burkhard Raunig, Felix Zangerl, Bernhard Haslhofer)

Bernhard Haslhofer, Burkhard Raunig, Pietro Saggase, Esther Segalla, Michael Sigmund and Felix Zangerl

247: Inflation Expectations in CESEE: The Role of Sentiment and Experiences (Katharina Allinger, Fabio Rumler)

Katharina Allinger and Fabio Rumler

246: Resource Misallocation and TFP Gap Development in Austria (Richard Sellner, Nico Pintar, Norbert Ernst)

Norbert Ernst, Nico Pintar and Richard Sellner

245: Are zombie firms really contagious? (Norbert Ernst, Michael Sigmund)

Norbert Ernst and Michael Sigmund

244: The ECB Single Supervisory Mechanism: Effects on Bank Performance and Capital Requirements (Burkhard Raunig, Michael Sigmund)

Burkhard Raunig and Michael Sigmund

243: Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)

Pavel Ciaian, Andrej Cupak, Pirmin Fessler and d'Artis Kancs

242: The new normal: bank lending and negative interest rates in Austria (Marcel Barmeier)

Marcel Barmeier

241: What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents (Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer)

Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix and Martin Summer

240: New Facts on Consumer Price Rigidity in the Euro Area (Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland, Hélène Zimmer)

Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Erwan Gautier, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland and Hélène Zimmer

239: The Wealth Distribution and Redistributive Preferences: Evidence from a Randomized Survey Experiment (Nicolás Albacete, Pirmin Fessler, Peter Lindner)

Nicolas Albacete, Pirmin Fessler and Peter Lindner

238: Pension Entitlements and Net Wealth in Austria (Markus Knell, Reinhard Koman)

Markus Knell and Reinhard Koman

237: Third-Party Loan Guarantees: Measuring Literacy and its Effect on Financial Decisions (Elisabeth Beckmann, Christa Hainz, Sarah Reiter)

Elisabeth Beckmann, Christa Hainz and Sarah Reiter

236: Determinants of Contingent Convertible Bond Coupon Rates of Banks: An Empirical Analysis (Michael Sigmund, Kevin Zimmermann)

Michael Sigmund and Kevin Zimmermann

235: Bank Solvency Stress Tests with Fire Sales (Thomas Breuer, Martin Summer, Branko Urošević)

Thomas Breuer, Martin Summer and Branko Urošević

234: Economic Policy Uncertainty and Stock Market Volatility: A Causality Check (Burkhard Raunig)

Burkhard Raunig

233: A View from Outside: Sovereign CDS Volatility as an Indicator of Economic Uncertainty (Maximilian Böck, Martin Feldkircher, Burkhard Raunig)

Maximilian Böck, Martin Feldkircher and Burkhard Raunig

232: The Capital Buffer Calibration for Other Systemically Important Institutions – Is the Country Heterogeneity in the EU caused by Regulatory Capture? (Michael Sigmund)

Michael Sigmund

231: Helicopter Money in Europe: New Evidence on the Marginal Propensity to Consume across European Households (Katharina Drescher, Pirmin Fessler, Peter Lindner)

Katharina Drescher, Pirmin Fessler and Peter Lindner

230: Financial Innovation, Payment Choice and Cash Demand – Causal Evidence from the Staggered Introduction of Contactless Debit Cards (Martin Brown,Nicole Hentschel, Hannes Mettler, Helmut Stix)

Martin Brown, Nicole Hentschel, Hannes Mettler and Helmut Stix

229: Assessing Credit Gaps in CESEE Based on Levels Justified by Fundamentals – A Comparison Across Different Estimation Approaches (Mariarosaria Comunale, Markus Eller, Mathias Lahnsteiner)

Mariarosaria Comunale, Markus Eller and Mathias Lahnsteiner

228: Serial Correlation in Contingency Tables (Helmut Elsinger)

Helmut Elsinger

227: How Peer Groups Influence Economic Perceptions

Markus Knell and Helmut Stix

226: Ownership and purchase intention of crypto-assets – survey results

Helmut Stix

225: Systematic Systemic Stress Tests

Thomas Breuer and Martin Summer

224: Bail-in and Legacy Assets: Harmonized rules for targeted partial compensation to strengthen the bail-in regime

Philipp Poyntner and Thomas Reininger

223: The functions of wealth: renters, owners and capitalists across Europe and the United States

Pirmin Fessler and Martin Schürz

222: Income inequality and trust in national governments in Central, Eastern and Southeastern Europe

Christian Belabed and Mariya Hake

221: International monetary policy spillovers through the bank funding channel

Peter Lindner, Axel Loeffler, Esther Segalla, Guzel Valitova and Ursula Vogel

220: Exploring differences in financial literacy across countries: the role of individual characteristics and institutions

Andrej Cupak, Pirmin Fessler, Maria Silgoner and Elisabeth Ulbrich

219: Economic Policy Uncertainty and the Volatility of Sovereign CDS Spreads

Burkhard Raunig

218: Optimal fiscal policy and sovereign debt crises

Stefan Niemann and Paul Pichler

217: Sovereign Bond Risk Premiums

Engelbert Dockner, Manuel Mayer and Josef Zechner

216: Perceptions of Inequality

Markus Knell and Helmut Stix