Working Papers

From Oesterreichische Nationalbank (Austrian Central Bank)
P.O. Box 61, A-1011 Vienna, Austria.
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166: Firms’ Reactions to the Crisis and their Consequences for the Labour Market. Results of a Company Survey conducted in Austria

Claudia Kwapil

165: Independence Tests based on Symbolic Dynamics

Helmut Elsinger

164: Bank-Lending Standards, the Cost Channel and Inflation Dynamics

Sylvia Kaufmann and Johann Scharler

163: Short-term forecasting GDP with a DSGE model augmented by monthly indicators

Marianna Cervena and Martin Schneider

162: Has the Euro changed the Business Cycle?

Zeno Enders and Gernot Müller

161: Nominal and Real Wage Rigidities. In Theory and in Europe

Markus Knell

160: Spatial Filtering, Model Uncertainty and the Speed of Income Convergence in Europe

Jesus Crespo Cuaresma and Martin Feldkircher

159: Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes

Thomas Scheiber and Helmut Stix

158: Trust in Banks? Evidence from normal times and from times of crises

Markus Knell and Helmut Stix

157: The sensitivity of DSGE models’ results to data detrending

Simona Delle Chiaie

156: Financial Networks, Cross Holdings, and Limited Liability

Helmut Elsinger

155: Systemic Risk: Amplification Effects, Externalities, and Policy Responses

Anton Korinek

154: Country Size, Currency Unions, and International Asset Returns

Tarek Hassan

153: The Impact of Reference Norms on Inflation Persistence When Wages are Staggered

Markus Knell and Alfred Stiglbauer

152: Are Banks Different? Evidence from the CDS Market

Burkhard Raunig and Martin Scheicher

151: Why did we fail to predict GDP during the last cycle? A breakdown of forecast errors for Austria

Christian Ragacs and Martin Schneider

150: How to find plausible, severe, and useful stress scenarios

Thomas Breuer, Martin Jandacka, Klaus Rheinberger and Martin Summer

149: Expected Monetary Policy and the Dynamics of Bank Lending Rates

Claudia Kwapil and Johann Scharler

148: Comparing the New Keynesian Phillips Curve with Time Series Models to Forecast Inflation

Fabio Rumler and Maria Valderrama

146: The Optimal Mix Between Funded and Unfunded Pensions System When People Care About Relative Consumption

Markus Knell

145: Transmission of business cycle shocks between the US and the euro area

Gerhard Fenz and Martin Schneider

144: Dating and forecasting turning points by Bayesian clustering with dynamic structure: A suggestion with an application to Austrian data

Sylvia Kaufmann

143: Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets

Christian Wagner

142: Testing the tax competition theory: How elastic are national tax bases in Western Europe?

Aleksandra Riedl and Silvia Rocha-Akis

141: The Real Consequences of Financial Market Integration when Countries Are Heterogeneous

Kerstin Gerling

140: Euroization: What Factors drive its Persistence?

Helmut Stix

139: Mr. Wicksell and the global economy: What drives real interest rates?

Michal Brzoza-Brzezina and Jesus Crespo Cuaresma

138: Real Convergence, Price Level Convergence and Inflation Differentials in Europe

Balázs Égert

137: Transmission of Business Cycle Shocks between Unequal Neighbours: Germany and Austria

Gerhard Fenz and Martin Schneider

136: The Relative Importance of Symmetric and Asymmetric Shocks: the Case of United Kingdom and Euro Area

Gert Peersman

135: Has the EU’s Single Market Programme Fostered Competition? Testing for a Decrease in Markup Rations in EU Industries

Harald Badinger

134: Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies

Balázs Égert

133: A Deliberative Independent Central Bank

Erwin Jericha and Martin Schürz

132: AQM-06: The Macro economic Model of the OeNB

Markus Leibrecht and Martin Schneider

131: Expected Money Growth, Markov Trends and the Instability of Money Demand in the Euro Area

Sylvia Kaufmann and Peter Kugler

130: A Worldwide System of Reference Rates

John Williamson

129: Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries

Ansgar Belke, Bernhard Herz and Lukas Vogel

128: Three Lectures on Monetary Theory and Policy: Speaking Notes and Background Papers

David Laidler

127: Proposal for a Common Currency among Rich Democracies

Michael D. Bordo and Richard N. Cooper

126: Monetary Unions, External Shocks and Economic Performance

Sebastian Edwards

125: Regional Currency Arrangements: Insights from Europe

Josef Christl

124: Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison

Marek Jarociński

123: The Mystique of Central Bank Speak

Petra Geraats

122: Exchange-Rate Arrangements an Financial Integration in East Asia: On a Collision Course?

Hans Genberg

121: Regional Currency Arrangements in North America

Sven Arndt

120: Europe’s Hard Fix: The Euro Area

Otmar Issing

119: An Unobserved Components Model to Forecast Austrian GDP

Gerhard Fenz and Martin Spitzer

118: Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability

Claudia Kwapil and Johann Scharler

117: Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?

Johann Scharler

116: Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks

Sylvia Kaufmann and Johann Scharler