Discussion Papers

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24/2023: Towards seasonal adjustment of infra-monthly time series with JDemetra+

Karsten Webel and Anna Smyk

23/2023: Capital reallocation under climate policy uncertainty

Makram Khalil and Felix Strobel

22/2023: Learning monetary policy strategies at the effective lower bound with sudden surprises

Spencer David Krane, Leonardo Melosi and Matthias Rottner

21/2023: Effects of the ECB's communication on government bond spreads

Sebastian Camarero Garcia, Frederik Neugebauer, Jan Russnak and Lilli Zimmermann

20/2023: Forecasting banknote circulation during the COVID-19 pandemic using structural time series models

Nikolaus Bartzsch, Marco Brandi, Raymond de Pastor, Lucas Devigne, Gianluca Maddaloni, Diana Posada Restrepo and Gabriele Sene

19/2023: The state-dependent impact of changes in bank capital requirements

Jan Hannes Lang and Dominik Menno

18/2023: Monetary policy rules under bounded rationality

Michael Dobrew, Rafael Gerke, Daniel Kienzler and Alexander Schwemmer

17/2023: The pass-through from inflation perceptions to inflation expectations

Stefanie Huber, Daria Minina and Tobias Schmidt

16/2023: Corporate taxes, productivity, and business dynamism

Andrea Colciago, Vivien Lewis and Branka Matyska

15/2023: Convenient but risky government bonds

Matthias Kaldorf and Joost Röttger

14/2023: Shadow-rate VARs

Andrea Carriero, Todd Clark, Massimiliano Marcellino and Elmar Mertens

13/2023: Mental accounting and the marginal propensity to consume

René Bernard

12/2023: Long-term deposit funding and demand for central bank funds: Evidence from targeted longer-term refinancing operations

Adina Fudulache and Martin R. Goetz

11/2023: Banks' net interest margin and changes in the term structure

Christoph Memmel and Lotta Heckmann-Draisbach

10/2023: On the empirical relevance of the exchange rate as a shock absorber at the zero lower bound

David Finck, Mathias Hoffmann and Patrick Hürtgen

09/2023: Banks of a feather: The informational advantage of being alike

Peter Bednarek, Valeriya Dinger, Alison Schultz and Natalja von Westernhagen

08/2023: Pricing the Bund term structure with linear regressions – without an observable short rate

Christian Speck

07/2023: The rollout of internal credit risk models: Implications for the novel partial-use philosophy

Carina Schlam and Corinna Woyand

06/2023: Asset allocation with recursive parameter updating and macroeconomic regime identifiers

Milad Goodarzi and Christoph Meinerding

05/2023: Time-varying stock return correlation, news shocks, and business cycles

Norbert Metiu and Esteban Prieto

04/2023: Shocks to transition risk

Christoph Meinerding, Yves Schüler and Philipp Zhang

03/2023: Inflation expectations in the wake of the war in Ukraine

Geghetsik Afunts, Misina Cato and Tobias Schmidt

02/2023: Households' expectations and regional COVID-19 dynamics

Misina Cato and Tobias Schmidt

01/2023: Make-up strategies with incomplete markets and bounded rationality

Michael Dobrew, Rafael Gerke, Sebastian Giesen and Joost Röttger

52/2022: Bayesian VARs and prior calibration in times of COVID-19

Benny Hartwig

51/2022: The preferential treatment of green bonds

Francesco Giovanardi, Matthias Kaldorf, Lucas Radke and Florian Wicknig

50/2022: Score-based calibration testing for multivariate forecast distributions

Malte Knüppel, Fabian Krüger and Marc-Oliver Pohle

49/2022: Estimating the impact of quality adjustment on consumer price inflation

Jan-Oliver Menz, Elisabeth Wieland and Jens Mehrhoff

48/2022: Real interest rates, bank borrowing, and fragility

Toni Ahnert, Kartik Anand and Philipp Johann König

47/2022: On the macroeconomic effects of reinvestments in asset purchase programmes

Rafael Gerke, Daniel Kienzler and Alexander Scheer

46/2022: What drives inflation? Disentangling demand and supply factors

Sandra Eickmeier and Boris Hofmann

45/2022: A nonlinear generalization of the country-product-dummy method

Ludwig von Auer and Sebastian Weinand

44/2022: Chinese supply chain shocks

Makram Khalil and Marc-Daniel Weber

43/2022: The global financial cycle and macroeconomic tail risks

Johannes Beutel, Lorenz Emter, Norbert Metiu, Esteban Prieto and Yves Schüler

42/2022: Robust real rate rules

Tom Holden

41/2022: Who creates and who bears flow externalities in mutual funds?

Daniel Fricke, Stephan Jank and Hannes Wilke

40/2022: Determinants of TARGET2 transactions of European banks based on micro-data

Constantin Drott, Stefan Goldbach and Axel Jochem

39/2022: The Eurosystem's asset purchase programmes, securities lending and Bund specialness

Markus Baltzer, Kathi Schlepper and Christian Speck

38/2022: The effects of sanctions on Russian banks in TARGET2 transactions data

Constantin Drott, Stefan Goldbach and Volker Nitsch

37/2022: Basel III and SME bank finance in Germany

Philipp Marek and Ingrid Stein

36/2022: The impact of natural disasters on banks' impairment flow: Evidence from Germany

Iliriana Shala and Benno Schumacher

35/2022: Robust real-time estimates of the German output gap based on a multivariate trend-cycle decomposition

Tino Berger and Christian Ochsner

34/2022: Global monetary and financial spillovers: Evidence from a new measure of Bundesbank policy shocks

James Cloyne, Patrick Hürtgen and Alan Taylor

33/2022: Going below zero - How do banks react?

Henrike Michaelis

32/2022: 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 and Hélène Zimmer

31/2022: A review of some recent developments in the modelling and seasonal adjustment of infra-monthly time series

Karsten Webel

30/2022: Loan pricing in internal capital markets and the impact of the two-tier system: Finance groups in Germany

Ulrike Busch, Nuri Khayal and Melanie Klein

29/2022: Information transmission between banks and the market for corporate control

Christian Bittner, Falko Fecht, Melissa Pala and Farzad Saidi

28/2022: Smart or smash? The effect of financial sanctions on trade in goods and services

Tibor Besedes, Stefan Goldbach and Volker Nitsch

27/2022: The impact of weight shifts on inflation: Evidence for the euro area HICP

Thomas Knetsch, Patrick Schwind and Sebastian Weinand