Working Papers

From Banco de Portugal, Economics and Research Department
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2019: Tighter Credit and Consumer Bankruptcy Insurance

António Antunes and Tiago Cavalcanti

2019: From Micro to Macro: A Note on the Analysis of Aggregate Productivity Dynamics Using Firm-Level Data

Daniel Dias

2019: Bank Funding and the Survival of Start-ups

Luísa Farinha, Sónia Félix and Joao Santos

2019: Trends and cycles under changing economic conditions

Cláudia Duarte, José Maria and Sharmin Sazedj

2019: Time vs. Risk Preferences, Bank Liquidity Provision and Financial Fragility

Ettore Panetti

2019: Sovereign exposures in the Portuguese banking system: determinants and dynamics

Maria Campos and Ana Rita Mateus

2019: The Financial Channels of Labor Rigidities: Evidence from Portugal

Ettore Panetti and Edoardo Maria Acabbi

2019: ECB, BoE and Fed Monetary-Policy announcements: price and volume effects on European securities markets

Eurico Ferreira

2019: Monthly Forecasting of GDP with Mixed Frequency Multivariate Singular Spectrum Analysis

António Rua and Hossein Hassani

2019: Testing for breaks in the cointegrating relationship: On the stability of government bond markets’ equilibrium

Paulo Rodrigues and Philipp Sibbertsen

2019: The Neutrality of Nominal Rates: How Long is the Long Run?

João Valle e Azevedo and Pedro Teles

2019: Euro area fiscal policy changes: stylised features of the past two decades

Cláudia Braz and Nicolas Carnot

2019: A reexamination of inflation persistence dynamics in OECD countries: A new approach

Paulo Rodrigues and Gabriel Zsurkis

2019: Into the heterogeneities in the Portuguese labour market: an empirical assessment

Fernando Martins and Domingos Seward

2019: The new ESCB methodology for the calculation of cyclically adjusted budget balances: an application to the Portuguese case

Cláudia Braz, Maria Campos and Sharmin Sazedj

2019: Testing for Episodic Predictability in Stock Returns

Paulo Rodrigues and Matei Demetrescu

2019: Modelling the Demand for Euro Banknotes

António Rua

2019: What is the Impact of Increased Business Competition?

Sónia Félix and Chiara Maggi

2019: Vocational high school graduate wage gap: the role of cognitive skills and firms

Hugo Reis and Joop Hartog

2019: How Responsive are Wages to Demand within the Firm? Evidence from Idiosyncratic Export Demand Shocks

Andrew Garin

2019: The transmission of unconventional monetary policy to bank credit supply: evidence from the TLTRO

Joana Sousa-Leite and Antonio Afonso

2019: Economic consequences of high public debt and challenges ahead for the euro area

Maria Campos and Cristina Checherita-Westphal

2019: Sovereign exposures in the Portuguese banking system: evidence from an original dataset

Maria Campos and Ana Rita Mateus

2019: A tentative exploration of the effects of Brexit on foreign direct investment vis-à-vis the United Kingdom

Ana de Almeida

2019: The Deepening of the Economic and Monetary Union

Cláudia Braz, João Amador and João Valle e Azevedo

2018: Credit Subsidies

Pedro Teles and Fiorella De Fiore

2018: Does domestic demand matter for firms’ exports?

António Rua, Paulo Esteves and Miguel Portela

2018: Bank credit allocation and productivity: stylised facts for Portugal

Nuno Azevedo

2018: Bank shocks and firm performance: New evidence from the sovereign debt crisis

Luísa Farinha and Marina-Eliza Spaliara

2018: Exploring the implications of different loan-to-value macroprudential policy designs

Sandra Gomes and Rita Basto

2018: A General Equilibrium Theory of Occupational Choice under Optimistic Beliefs about Entrepreneurial Ability

Luca David Opromolla and Michele Dell'Era

2018: CEO Performance in Severe Crises: The Role of Newcomers

João Amador, Sharmin Sazedj and Jose Tavares

2018: Thirty Years of Economic Growth in Africa

António Santos and João Amador

2018: To Ask or Not To Ask? Collateral versus Screening in Lending Relationships

Artashes Karapetyan

2018: Every cloud has a silver lining: micro-level evidence on the cleansing effects of the portuguese financial crisis

Daniel Dias

2018: Testing the fractionally integrated hypothesis using M estimation: With an application to stock market volatility

Paulo Rodrigues and Matei Demetrescu

2018: When losses turn into loans: the cost of undercapitalized banks

Luísa Farinha and Francisca Rebelo

2018: Cross-border spillovers of monetary policy: what changes during a financial crisis?

Diana Bonfim, Luciana Barbosa, Sónia Costa and Mary Everett

2018: Structural Changes in the Duration of Bull Markets and Business Cycle Dynamics

Paulo Rodrigues and João Cruz

2018: An integrated financial amplifier: the role of defaulted loans and occasionally binding constraints in output fluctuations

José Maria and Paulo Júlio

2018: Collateral Damage? Labour Market Effects of Competing with China - at Home and Abroad

Sonia Cabral and Pedro Martins

2018: Fear the walking dead: zombie firms, spillovers and exit barriers

Christian Osterhold

2018: International trade in services: Evidence for Portuguese firms

João Amador, Sonia Cabral and Birgitte Ringstad

2018: The effects of official and unofficial information on tax compliance

Luca David Opromolla and Filomena Garcia

2018: Flexible wage components as a source of wage adaptability to shocks:evidence from European firms, 2010–2013

Fernando Martins and Jan Babecký

2018: Did recent reforms facilitate EU labour market adjustment? Firm level evidence

Fernando Martins and Mario Izquierdo

2018: Real Effects of Financial Distress: The Role of Heterogeneity

Francisco Buera

2018: The returns to schooling unveiled

Hugo Reis, Paulo Guimaraes, Pedro Portugal and Ana Rute Cardoso

2018: The Effect of Firm Cash Holdings on Monetary Policy

Bernardino Adão and Andre Silva

2018: Sub-Optimality of the Friedman Rule with Distorting Taxes

Bernardino Adão and Andre Silva

2018: Are asset price data informative about news shocks? A DSGE perspective

Nikolay Iskrev

2018: Calibration and the estimation of macroeconomic models

Nikolay Iskrev