EU - Central bank research hub

Bootstrapping autoregressions with conditional heteroskedasticity of unknown form

by Lutz Kilian and Sílvia Gonçalves

European Central Bank Working Papers (Paper: 0196, 02.04.2003)

Inflation persistence and optimal monetary policy in the euro area

by Pierpaolo Benigno and J. David López-Salido

European Central Bank Working Papers (Paper: 0178, 02.04.2003)

JEL: E52, E58
Equity and bond market signals as leading indicators of bank fragility

by Reint Gropp

European Central Bank Working Papers (Paper: 0150, 02.04.2003)

JEL: G12, G21
Learning stability in economics with heterogenous agents

by Kaushik Mitra and Seppo Honkapohja

European Central Bank Working Papers (Paper: 0120, 02.04.2003)

The rationality of consumers' inflation expectations: survey-based evidence for the euro area

by G. Kenny and M. Forsells

European Central Bank Working Papers (Paper: 0163, 02.04.2003)

JEL: D12, D84, E31
Can confidence indicators be useful to predict short term real GDP growth?

by Annabelle Mourougane and Moreno Roma

European Central Bank Working Papers (Paper: 0133, 02.04.2003)

Sensitivity analysis of volatility: a new tool for risk management

by Simone Manganelli

European Central Bank Working Papers (Paper: 0194, 02.04.2003)

JEL: C32, C53, G15
The functional form of yield curves

by Vincent Brousseau

European Central Bank Working Papers (Paper: 0148, 02.04.2003)

JEL: G10, G12, G13
Durable goods

by Gian Maria Tomat

European Central Bank Working Papers (Paper: 0118, 02.04.2003)

JEL: C43, C51, D91
The fiscal costs of financial instability revisited

by Felix Eschenbach and Ludger Schuknecht

European Central Bank Working Papers (Paper: 0191, 02.04.2003)

JEL: E6, H3, H6
The optimal allocation of risks under prospect theory

by Livio Stracca

European Central Bank Working Papers (Paper: 0161, 02.04.2003)

Measurement bias in the HICP: what do we know

by Mark A. Wynne and Diego Rodriguez-Palenzuela

European Central Bank Working Papers (Paper: 0131, 02.04.2003)

Macroeconomics of international price discrimination

by Luca Dedola and Giancarlo Corsetti

European Central Bank Working Papers (Paper: 0176, 02.04.2003)

Competition and stability: what's special about banking?

by Philipp Hartmann and Elena Carletti

European Central Bank Working Papers (Paper: 0146, 02.04.2003)

JEL: G21, G28, G34, K21, L4
Rent indices for housing in West Germany 1985 to 1998

by Claudia Kurz and J. Hoffmann

European Central Bank Working Papers (Paper: 0116, 02.04.2003)

Debt reduction and automatic stabilisation

by Paul Hiebert

European Central Bank Working Papers (Paper: 0189, 02.04.2003)

JEL: E63, H31, H63
Optimal public money

by Cyril Monnet

European Central Bank Working Papers (Paper: 0159, 02.04.2003)

Non-standard central bank loss functions

by Livio Stracca and Ali al-Nowaihi

European Central Bank Working Papers (Paper: 0129, 02.04.2003)

International monetary policy coordination and financial market integration

by Alan Sutherland

European Central Bank Working Papers (Paper: 0174, 02.04.2003)

JEL: E52, E58, F42
A failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data

by Mick Silver and Saeed Heravi

European Central Bank Working Papers (Paper: 0144, 02.04.2003)

JEL: C43, E43, O47
Financial frictions and the monetary transmission mechanism: theory

by Charles Bean , Jens Larsen and Kalin Nikolov

European Central Bank Working Papers (Paper: 0113, 02.04.2003)

A fiscal theory of sovereign risk

by Martín Uribe

European Central Bank Working Papers (Paper: 0187, 02.04.2003)

JEL: E6, F4
Bidding and performance in repo auctions: evidence from ECB open market operations

by Kjell G. Nyborg

European Central Bank Working Papers (Paper: 0157, 02.04.2003)

Performance of monetary policy with internal central bank forecasting

by Kaushik Mitra and Seppo Honkapohja

European Central Bank Working Papers (Paper: 0127, 02.04.2003)

Constructing quality-adjusted price indices: a comparison of hedonic and discrete choice models

by Nicole Jonker

European Central Bank Working Papers (Paper: 0172, 02.04.2003)

JEL: C25, C43, D11, D21
Modelling the daily banknotes in circulation in the context of the liquidity management of the European Central Bank

by Alberto Cabrero

European Central Bank Working Papers (Paper: 0142, 02.04.2003)

JEL: C22, C51, C53, C59
Duration

by Simone Manganelli

European Central Bank Working Papers (Paper: 0125, 02.04.2003)

JEL: C32, G14
European integration: what lessons for other regions? The case of Latin America

by Ettore Dorrucci

European Central Bank Working Papers (Paper: 0185, 02.04.2003)

JEL: E42, F15, F33, F41
Youth unemployment in the OECD: demographic shifts

by Diego Rodriguez-Palenzuela and Juan F. Jimeno

European Central Bank Working Papers (Paper: 0155, 02.04.2003)

Euro area inflation persistence

by Nicoletta Batini

European Central Bank Working Papers (Paper: 0201, 02.04.2003)

JEL: E4, E5
What measure of inflation should a central bank target?

by Gregory Mankiw and Ricardo Reis

European Central Bank Working Papers (Paper: 0170, 02.04.2003)

JEL: E42, E52, E58
Price setting and the steady-state effects of inflation

by Miguel Casares

European Central Bank Working Papers (Paper: 0140, 02.04.2003)

JEL: E13, E31, E50
Monetary policy in a world with different financial systems

by Ester Faia

European Central Bank Working Papers (Paper: 0183, 02.04.2003)

JEL: E3, E42, E44, E52
Euro area production function and potential output: a supply side system approach

by Alpo Willman

European Central Bank Working Papers (Paper: 0153, 02.04.2003)

JEL: E23, E25
"New" views on the optimum currency area theory: what is EMU telling us?

by Francesco Paolo Mongelli

European Central Bank Working Papers (Paper: 0138, 02.04.2003)

JEL: E42, F15, F33, F41
Time variation in the tail behaviour of bunds futures returns

by Thomas Werner and Christian Upper

European Central Bank Working Papers (Paper: 0199, 02.04.2003)

JEL: C14, G13
Estimating the effects of fiscal policy in OECD countries

by Roberto Perotti

European Central Bank Working Papers (Paper: 0168, 02.04.2003)

JEL: E62, H30
G-7 Inflation forecasts

by Fabio Canova

European Central Bank Working Papers (Paper: 0151, 02.04.2003)

Analysing and combining multiple credit assessments of financial institutions

by Anna Vinci and Evangelos Tabakis

European Central Bank Working Papers (Paper: 0123, 02.04.2003)

JEL: C21, C51, G15, G21, G28
Inflation dynamics and international linkages: a model of the United States

by Volker Wieland and Günter Coenen

European Central Bank Working Papers (Paper: 0181, 02.04.2003)

JEL: E31, E52, E58, E61
Retail bank interest rate pass-through: new evidence at the euro area level

by Gabe de Bondt

European Central Bank Working Papers (Paper: 0136, 02.04.2003)

JEL: E43, G21
A model of the Eurosystem's operational framework for monetary policy implementation

by Christian Ewerhart

European Central Bank Working Papers (Paper: 0197, 02.04.2003)

JEL: E51, G28
Monetary and fiscal policy interactions in a micro-founded model of a monetary union

by Henrik Jensen and Roel Beetsma

European Central Bank Working Papers (Paper: 0166, 02.04.2003)

Natural rate doubts

by Andreas Beyer and Roger E. A. Farmer

European Central Bank Working Papers (Paper: 0121, 02.04.2003)

Optimal monetary policy with durable and non-durable goods

by Andrew T. Levin and Christopher J. Erceg

European Central Bank Working Papers (Paper: 0179, 02.04.2003)

Euro area corporate debt securities market: first empirical evidence

by Gabe de Bondt

European Central Bank Working Papers (Paper: 0164, 02.04.2003)

JEL: E44, G32
The cost of private transportation in the Netherlands

by Jan Van Dalen and Ben Bode

European Central Bank Working Papers (Paper: 0134, 02.04.2003)

JEL: C43, D12, E31
In-sample or out-of-sample tests of predictability: which one should we use?

by Lutz Kilian and Atsushi Inoue

European Central Bank Working Papers (Paper: 0195, 02.04.2003)

A theory of the currency denomination of international trade

by Philippe Bacchetta and Eric van Wincoop

European Central Bank Working Papers (Paper: 0177, 02.04.2003)

JEL: F31, F41
The Spanish block of the ESCB-multi-country model

by Alpo Willman and Angel Estrada

European Central Bank Working Papers (Paper: 0149, 02.04.2003)

JEL: E10, E13, E17