Working paper series

In-depth studies for experts

Our Working Paper Series (WPS) disseminates economic research relevant to the various tasks and functions of the ECB, and provides a conceptual and empirical basis for policy-making. The Working Papers constitute “work in progress”. They are published to stimulate discussion and contribute to the advancement of our knowledge of economic matters. They are addressed to experts, so readers should be knowledgeable in economics.

Availability: ECB Working Papers are available online only, get updated on latest Working Paper releases by RSS news feed.

No. 1941
15 Jul 2016
The role of price and cost competitiveness for intra- and extra-euro area trade of euro area countries
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No. 1940
15 Jul 2016
How competitiveness shocks affect macroeconomic performance across euro area countries
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No. 1939
14 Jul 2016
Impact of the asset purchase programme on euro area government bond yields using market news
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No. 1938
14 Jul 2016
Bond risk premia, macroeconomic factors and financial crisis in the euro area
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No. 1937
13 Jul 2016
The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis
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No. 1936
13 Jul 2016
Trade in value added: do we need new measures of competitiveness?
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No. 1935
12 Jul 2016
Assessing the costs and benefits of capital-based macroprudential policy
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No. 1934
12 Jul 2016
The BEAR toolbox
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No. 1933
11 Jul 2016
News and noise in the housing market
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No. 1932
07 Jul 2016
Credit market competition and liquidity crises
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No. 1931
06 Jul 2016
Networks of value added trade
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No. 1930
05 Jul 2016
Credit spreads, economic activity and fragmentation
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No. 1929
05 Jul 2016
A portfolio demand approach for broad money in the euro area
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No. 1928
04 Jul 2016
The limits of model-based regulation
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No. 1927
01 Jul 2016
Violating the law of one price: the role of non-conventional monetary policy
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No. 1926
01 Jul 2016
Have monetary data releases helped markets to predict the interest rate decisions of the European Central Bank?
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No. 1925
29 Jun 2016
Stressed interbank markets: evidence from the European financial and sovereign debt crisis
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No. 1924
27 Jun 2016
Pricing sovereign credit risk of an emerging market
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No. 1923
17 Jun 2016
EAGLE-FLI. A macroeconomic model of banking and financial interdependence in the euro area
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No. 1922
10 Jun 2016
Global credit risk: world country and industry factors
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No. 1921
10 Jun 2016
The real exchange rate and economic growth: revisiting the case using external instruments
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No. 1920
09 Jun 2016
Making sense of the EU wide stress test: a comparison with the SRISK approach
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No. 1919
09 Jun 2016
Liquidity, innovation, and endogenous growth
ECB Lamfalussy Fellowship Programme
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No. 1918
08 Jun 2016
Collateral damage? On collateral, corporate financing and performance
ECB Lamfalussy Fellowship Programme
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No. 1917
08 Jun 2016
Search-based endogenous asset liquidity and the macroeconomy
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No. 1916
07 Jun 2016
Bank capital structure and the credit channel of central bank asset purchases
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No. 1915
07 Jun 2016
Business, housing and credit cycles
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No. 1914
06 Jun 2016
The effect of bank shocks on firm-level and aggregate investment
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No. 1913
06 Jun 2016
The risky steady state and the interest rate lower bound
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No. 1912
03 Jun 2016
Determinants of euro-denominated corporate bond spreads
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No. 1911
03 Jun 2016
Leading indicator properties of corporate bond spreads, excess bond premia and lending spreads in the euro area
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No. 1910
25 May 2016
Waking up from the American dream: on the experience of young Americans during the housing boom of the 2000s
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No. 1909
25 May 2016
On domestic demand and export performance in the euro area countries: does export concentration matter?
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No. 1908
24 May 2016
Unemployment risk and over-indebtedness
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No. 1907
24 May 2016
Estimating the top tail of the wealth distribution
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No. 1906
17 May 2016
The collateral channel of open market operations
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No. 1905
13 May 2016
Exchange rate forecasting with DSGE models
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No. 1904
13 May 2016
The housing market, household portfolios and the German consumer
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No. 1903
10 May 2016
Bank leverage and monetary policy's risk-taking channel: evidence from the United States
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No. 1902
03 May 2016
Export characteristics and output volatility: comparative firm-level evidence for CEE countries
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No. 1901
02 May 2016
Price drift before U.S. macroeconomic news: private information about public announcements?
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No. 1900
02 May 2016
Toward robust early-warning models: a horse race, ensembles and model uncertainty
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No. 1899
27 Apr 2016
Monetary policy according to HANK
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No. 1898
27 Apr 2016
Credit risk spillover between financials and sovereigns in the euro area during 2007-2015
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No. 1897
26 Apr 2016
Restoring rational choice: The challenge of consumer financial regulation
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No. 1896
26 Apr 2016
Dynamic balance sheet model with liquidity risk
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No. 1895
25 Apr 2016
Credit, asset prices and business cycles at the global level
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No. 1894
25 Apr 2016
Sovereign risk and bank risk-taking
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No. 1893
20 Apr 2016
On the design of data sets for forecasting with dynamic factor models
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No. 1892
20 Apr 2016
A lost generation? Education decisions and employment outcomes during the U.S. housing boom-bust cycle of the 2000s
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No. 1891
20 Apr 2016
Parsing financial fragmentation in the euro area: a multi-country DSGE perspective
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No. 1890
20 Apr 2016
Does slack influence public and private labor market interactions?
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No. 1889
30 Mar 2016
Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
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No. 1888
08 Mar 2016
The impact of bank capital on economic activity - evidence from a mixed-cross-section GVAR model
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No. 1887
03 Mar 2016
Network Dependence in the Euro Area Money Market
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No. 1886
19 Feb 2016
Lending-of-last-resort is as lending-of-last-resort does: central bank liquidity provision and interbank market functioning in the euro area
Published in: Journal of Financial Intermediation (forthcoming)
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No. 1885
18 Feb 2016
Advances in multivariate back-testing for credit risk underestimation
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No. 1884
18 Feb 2016
Lenders on the storm of wholesale funding shocks: Saved by the central bank?
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No. 1883
08 Feb 2016
Is fiscal consolidation self-defeating? A Panel-VAR analysis for the Euro area countries
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No. 1882
05 Feb 2016
Is the intrinsic value of macroeconomic news announcements related to their asset price impact?
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No. 1881
05 Feb 2016
Assessing the efficacy of borrower-based macroprudential policy using an integrated micro-macro model for European households
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No. 1880
25 Jan 2016
Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment
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No. 1879
25 Jan 2016
Taking gravity online: the role of virtual proximity in international finance
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No. 1878
18 Jan 2016
Sovereign to corporate risk spillovers
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No. 1877
14 Jan 2016
Credit subsidies
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No. 1876
14 Jan 2016
Bank networks from text: interrelations, centrality and determinants
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No. 1875
13 Jan 2016
The information in systemic risk rankings
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No. 1874
13 Jan 2016
Cash management and payment choices: a simulation model with international comparisons
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Disclaimer: Please keep in mind that the papers are published in the name of the author(s). Their views do not necessarily reflect those of the ECB.