... decisions.11ECB Working PaperSeries No. 441February 200545ECB Working PaperSeries No. 441February 2005European Central Bank workingpaper series For a complete list of Working Papers published ... assumptions relevant to the estimation of PhillipsCurves.14ECB Working PaperSeries No. 441February 2005W ORKING PAPER SERIES NO. 441 / FEBRUARY 2005THE PHILLIPS CURVE AND LONG-TERM ... Long-Term Unemployment Reducea Person’s Chance of a Job? A Time Series Test," Economica, Vol. 58(229), pp. 93-106.36ECB Working PaperSeries No. 441February 2005Figure 2: Unemployment and the...
... their estimation results. They are available upon request23ECB Working PaperSeries No. 432January 20053ECB Working PaperSeries No. 432January 2005CONTENTSAbstract 4Non-technical summary ... Btp 01/03/07 Btp 01/08/11 Btp 01/05/31Mts ItalyEuromts41ECB Working PaperSeries No. 432January 200547ECB Working PaperSeries No. 432January 2005412 “The real effects of money growth ... flow JEL classification: F31, C32 4ECB Working PaperSeries No. 432January 200548ECB Working PaperSeries No. 432January 2005431January 2005.432by Y. C. Cheung,...
... equilibria with adverse selection. Our paper differs both inits focus on financial innovations, and incorporation of fixed costs of creating contracts.The remainder of the paper is organized as follows. ... Philadelphia – Discussion Paper Payment Cards Center, December.. 2 003. “Credit Card Pricing Developments and Their Disclosure.” Federal Re-serve Bank of Philadelphia – Discussion Paper Payment Cards ... leads to lowerinterest rates and increased competition for borrowers. Our work differs from thesepapers in several key respects. First, we introduce a novel mechanism which operatesthrough the...
... the U.S. banking industry,University of Pennsylvania, The Wharton School WorkingPaperSeries 10.30ECB Working PaperSeries No. 398October 2004ReferencesAcharya, S. (1988), A generalised ... differencesbetween bidders and targets are statistically significant.20ECB Working PaperSeries No. 398October 20043ECB Working PaperSeries No. 398October 2004CONTENTSAbstract 4Non-technical summary ... consolidation observed in recent years in the European Union.26ECB Working PaperSeries No. 398October 200435ECB Working PaperSeries No. 398October 2004390 “Financial markets’ behavior around...
... 0 <qGθH−c2+qGµHδ− ¯u.10ECB Working PaperSeries No. 407November 2004or fire (R =0)the credit officer accordingly.W ORKING PAPER SERIES NO. 407 / NOVEMBER 2004BANKING CONSOLIDATION ... acknowledged.The views expressed in this paper do notnecessarily reflect those of the EuropeanCentral Bank.The statement of purpose for the ECB Working PaperSeries is available from theECB website, ... governance, banking, small business lending, efficiency wage4ECB Working PaperSeries No. 407November 2004Non-tec hnical summ aryThe paper provides a new perspective on the effects of banking consolidation...
... like35ECB Working PaperSeries No. 527September 2005In 2005 all ECB publications will feature a motif taken from the €50 banknote. WORKING PAPER SERIES NO. 527 / SEPTEMBER 2005This paper ... mea-sure to assess the systemic breadth of currency crises.14ECB Working PaperSeries No. 527September 2005 WORKING PAPER SERIES NO. 527 / SEPTEMBER 2005BANKING SYSTEM STABILITYA CROSS-ATLANTICPERSPECTIVEby ... risk32Following the NBER and CEPR business cycle dating programs, w ecover at most two full cycles; see http://www .nber. org/cycles.html andh t tp://www.cepr.org/data/Dating/.41ECB Working Paper Series...
... 34?>B8C>AB C> <>=8C>A 10=:4AB WORKING PAPER SERIES NO 845 / DECEMBER 2007RUN-PRONE BANKINGAND ASSET MARKETSby Marie Hoerova35ECB Working PaperSeries No 845December 2007B>;4;H ... 02@D8A4 WORKING PAPER SERIES NO 845 / DECEMBER 2007In 2007 all ECB publications feature a motif taken from the 20 banknote.RUN-PRONE BANKING AND ASSET MARKETS 1by Marie Hoerova 2This paper ... 2>=BD<4C#0C4 CH?4B 2>=BD<4C33ECB Working PaperSeries No 845December 20072>=BCA08=C 8E4= C74 ?A>?4AC84B >5 C74 DC8;8CH...
... (online) WORKING PAPER SERIES NO 868/FEBRUARY2008PURDAHON THE RATIONALE FORCENTRAL BANK SILENCEAROUND POLICYMEETINGSbyMichael Ehrmannand Marcel Fratzscher5ECB Working PaperSeries No ... author(s). The views expressed in this paper do not necessarily refl ect those of the European Central Bank.The statement of purpose for the ECB Working PaperSeries is available from the ECB ... be measured with error, leading to an attenuated estimator in the mean equation. 10ECB Working PaperSeries No 868February 20083. Measuring Communication As to the data on communication,...
... T. Levin and Ryan Michaels. 2007. “Three Great American Disinflations.” NBERWorkingPaper 12982. 18ECB Working PaperSeries No 898May 20083. Central bank communication in practice Many central ... issues for future research 45References 48European Central Bank WorkingPaperSeries 54CONTENTS15ECB Working PaperSeries No 898May 2008122007). The models differ with respect to both ... author(s). The views expressed in this paper do not necessarily refl ect those of the European Central Bank.The statement of purpose for the ECB Working PaperSeries is available from the ECB...
... JEL Classification: E44, E55. 28ECB Working PaperSeries No 1075July 2009European Central Bank WorkingPaper Series For a complete list of Working Papers published by the ECB, please visit ... Conclusions 19References 21Tables and fi gures 24European Central Bank WorkingPaperSeries 28CONTENTS4ECB Working PaperSeries No 1075July 2009AbstractWe find evidence of a bank lending ... wage rigiDity anD optimal steaDy- state inflation working paper series no 1048 / april 2009WAGE DYNAMICSNETWORK18ECB Working PaperSeries No 1075July 2009 This model completely eliminates...
... 0.58Market leverage Book leverage 36ECB Working PaperSeries No 1096Septembre 20095ECB Working PaperSeries No 1096Septembre 2009The objective of this paper is to examine whether capital requirements ... 24156314422074369R20.790.290.190.5534ECB Working PaperSeries No 1096Septembre 20094ECB Working PaperSeries No 1096Septembre 2009 Abstract The paper shows that mispriced deposit insurance ... Moreover, since leverage is one minus the equity ratio, the 14ECB Working PaperSeries No 1096Septembre 20096ECB Working PaperSeries No 1096Septembre 2009Fourth, unobserved time-invariant...
... Germany, Italy, the Netherlands, and Spain.ECB Working PaperSeries No 1150January 201025 WORKING PAPER SERIES NO 1150 / JANUARY 2010This paper can be downloaded without charge fromhttp://www.ecb.europa.eu ... views expressed in this paper do not necessarily refl ect those of the European Central Bank.Information on all of the working papers published in the ECB’s WorkingPaper Series can be found ... G214ECB Working PaperSeries No 1150January 2010Table 5 - ContnuedPanel B: IV panel regression of GDP growth on loans growth and changes in credit standards28ECB Working PaperSeries No...
... growthtBank spreadtBank loan growtht 21ECB Working PaperSeries No 1160February 2010 WORKING PAPER SERIES This paper can be downloaded without charge fromhttp://www.ecb.europa.eu ... leads to higher liquidity needs over the short term (see for 12ECB Working PaperSeries No 1160February 2010 Working PaPer SerieS no 1118 / november 2009DiScretionary FiScal PolicieS over ... residential investment and private consumption (not reported). 15ECB Working PaperSeries No 1160February 2010 Working PaPer SerieS no 1160 / FeBrUarY 2010evidence For by Gabe de Bondt, José-Luis...
... the papers published in the ECB WorkingPaperSeries can be found on the ECB’s website, http://www.ecb.europa.eu/pub/scientific/wps/date/html/index.en.htmlISSN 1725-2806 (online)18ECB Working ... “Structural Change in the German Bank-ing System?” Goethe University WorkingPaper Finance and Accounting No. 147.40ECB Working PaperSeries No 1272December 2010Hakenes, H. and I. Schnabel (2010): ... ability tocontrol for the level of interest rates charged is a strength of the paper, because it permits Working PaPer SerieS no 1272 / DeCeMBer 2010THe iMPaCT of PuBliC guaranTeeS on Bank riSk...
... 22ECB Working PaperSeries No 1332April 2011emphasis of the paper has been to identify whether financial stability-related communication “creates news” and/or “reduces noise”. The paper s ... of a cluster or not. 8ECB Working PaperSeries No 1332April 2011The paper proceeds in section 2 by outlining a more general motivation and relating the current paper to the existing literature. ... contains newspaper articles and newswire reports from 14,000 sources. As shown in Table 1, the dataset contains information on 367 FSRs. The increasing tendency of 29ECB Working PaperSeries No...