Central Bank Research Hub - Series: European Central Bank Working papers 2004

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Title	Author(s)
An empirical study of liquidity and information effects of order flow on exchange rates Paper: 0424, 23.12.2004 JEL: D82, G14, G15	Paolo Vitale Francis Breedon
Price setting in France: new evidence from survey data Paper: 0423, 23.12.2004 JEL: D40, E31, L11	Roland Ricart Claire Loupias
What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances Paper: 0422, 20.12.2004 JEL: E61, E62, H61, H62	Guido Wolswijk Mika Tujula
EU fiscal rules: issues and lessons from political economy Paper: 0421, 20.12.2004 JEL: D7, H3, H6	Ludger Schuknecht
On prosperity and posterity: the need for fiscal discipline in a monetary union Paper: 0420, 17.12.2004 JEL: D62, E61, E63	Carsten Detken
The design of fiscal rules and forms of governance in European Union countries Paper: 0419, 01.12.2004 JEL: H11, H61, H62	Mark Hallerberg
Identifying the influences of nominal and real rigidities in aggregate price-setting behavior Paper: 0418, 01.12.2004 JEL: E31, E52	Andrew T. Levin Günter Coenen
The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think Paper: 0408, 01.12.2004 JEL: E31, E32, E44, E58, E65	Florin O. Bilbiie
Fiscal discipline and the cost of public dept service: some estiames for OECD countries Paper: 0411, 01.12.2004 JEL: E44, E62, H62	Silvia Ardagna
An empirical analysis of price setting behaviour in the Netherlands in the period 1998-2003 using micro data Paper: 0413, 01.12.2004 JEL: C41, D49, E31	Nicole Jonker
Staggered price contracts and inflation persistence: some general results Paper: 0417, 25.11.2004 JEL: E31	Karl Whelan
Banking consolidation and small business lending Paper: 0407, 25.11.2004 JEL: G21, G34, J30	Elod Takáts
Inflation persistence in the European Union, the euro area, and the United States Paper: 0414, 25.11.2004 JEL: C12, C22, E31, E52	Gregory Gadzinski Fabrice Orlandi
How persistent is disaggregate inflation? An analysis across EU 15 countries and HICP sub-indices Paper: 0415, 25.11.2004 JEL: C14, C21, C22, E31	Patrick Lünnemann Thomas Y. Mathä
Price setting behaviour in Spain: stylised facts using consumer price micro data Paper: 0416, 25.11.2004 JEL: C25, D40, E31	Ignacio Hernando Luis J. Álvarez
The real effects of money growth in dynamic general equilibrium Paper: 0412, 20.11.2004 JEL: E20, E40, E50	Dennis J. Snower Liam Graham
Currency mismatch, uncertainty and debt maturity structure Paper: 0409, 20.11.2004 JEL: F34, F36	Matthieu Bussière
Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate? Paper: 0410, 20.11.2004 JEL: E58, F31, F33	Olli Castrén
Labour market reform and the sustainability of exchange rate pegs Paper: 0406, 07.11.2004 JEL: D84, E42, F33	Olli Castrén
Forecasting euro area inflation using dynamic factor measures of underlying inflation Paper: 0402, 07.11.2004 JEL: C13, C32, E31	George Kapetanios Gonzalo Camba-Mendez
Financial market integration and loan competition: when is entry deregulation socially beneficial? Paper: 0403, 07.11.2004 JEL: D43, D82, G21	Leo Kaas
An analysis of systemic risk in alternative securities settlement architectures Paper: 0404, 07.11.2004 JEL: C6, D4, G20, O33	Giulia Iori
A joint econometric model of macroeconomic and term structure dynamics Paper: 0405, 07.11.2004 JEL: E43, E44, E47	Peter Hördahl
Foreign direct investment and international business cycle comovement Paper: 0401, 02.11.2004 JEL: E32, F21, J23, J31	W. Jos Jansen Ad Stokman
Determinants of euro term structure of credit spreads Paper: 0397, 02.11.2004 JEL: C22, G15	Astrid Van Landschoot
Mergers and acquisitions and bank performance in Europe: the role of strategic similarities Paper: 0398, 02.11.2004 JEL: G21, G34	David Marqués-Ibáñez Yener Altunbas
Sporadic manipulation in money markets with central bank standing facilities Paper: 0399, 02.11.2004 JEL: D84, E52	Nuno Cassola Christian Ewerhart
Cross-country differences in monetary policy transmission Paper: 0400, 02.11.2004 JEL: C53, E37, E52	Alberto Locarno Robert-Paul Berben
The short-term impact of government budgets on prices: evidence from macroeconomic models Paper: 0396, 26.10.2004 JEL: E17, E31, E62	Jérôme Henry
Fiscal sustainability and public debt in an endogenous growth model Paper: 0395, 25.10.2004 JEL: E17, E62, H55, H63, O41	Jesús Fernández-Huertas Moraga Jean-Pierre Vidal
Liquidity, money creation and destruction, and the returns to banking Paper: 0394, 30.09.2004 JEL: E4, E5	Ricardo de O. Cavalcanti
The determinants of the overnight interest rate in the euro area Paper: 0393, 30.09.2004 JEL: E43, E52, E58	Julius Moschitz
The role of central bank capital revisited Paper: 0392, 29.09.2004 JEL: E42, E58	Ulrich Bindseil
Financial markets' behavior around episodes of large changes in the fiscal stance Paper: 0390, 29.09.2004 JEL: E44, E62, H62	Silvia Ardagna
Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach Paper: 0391, 29.09.2004 JEL: E1, E3	Frank Smets Raf Wouters
Forecasting with a Bayesian DSGE model: an application to the euro area Paper: 0389, 14.09.2004 JEL: E4, E5	Frank Smets Raf Wouters
Euro area inflation differentials Paper: 0388, 08.09.2004 JEL: E31, E32, E52, F42	Ignazio Angeloni Michael Ehrmann
Horizontal and vertical integration and securities trading and settlement Paper: 0387, 27.08.2004 JEL: G15, G21, L13	Jens Tapking Jing Yang
Price rigidity. Evidence from the French CPI micro-data Paper: 0384, 27.08.2004 JEL: D43, E31, L11	Laurent Baudry Hervé Le Bihan
Euro area sovereign yield dynamics: the role of order imbalance Paper: 0385, 27.08.2004 JEL: G10, G15, G18	Albert J. Menkveld
Intergenerational altruism and neoclassical growth models Paper: 0386, 27.08.2004	Philippe Michel
Explicit inflation objectives and macroeconomic outcomes Paper: 0383, 17.08.2004 JEL: E31, E52, E58	Andrew T. Levin
Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001 Paper: 0382, 09.08.2004 JEL: E3	Alfred A. Haug William G. Dewald
Fiscal rules and sustainability of public finances in an endogenous growth model Paper: 0381, 09.08.2004 JEL: H62, H63	Nicola Giammarioli Barbara Annicchiarico
Optimal monetary policy under discretion with a zero bound on nominal interest rates Paper: 0380, 07.08.2004 JEL: C63, E31, E52	Roberto M. Billi Klaus Adam
Do financial market variables show (symmetric) indicator properties relative to exchange rate returns? Paper: 0379, 28.07.2004 JEL: F31, F32, G15	Olli Castrén
Optimal monetary policy under commitment with a zero bound on nominal interest rates Paper: 0377, 28.07.2004 JEL: C63, E31, E52	Roberto M. Billi Klaus Adam
Liquidity, information, and the overnight rate Paper: 0378, 28.07.2004 JEL: E52, G14, G21	Nuno Cassola Christian Ewerhart
Raising rival's costs in the securities settlement industry Paper: 0376, 23.07.2004 JEL: G10, G20, L14	Jens Tapking Cornelia Holthausen
Guess what: it's the settlements! Paper: 0375, 23.07.2004 JEL: C73, G20, G34, L22	Thorsten V. Koeppl Cyril Monnet

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