Working Papers

Working Papers

The Working Paper series of the Oesterreichische Nationalbank is designed to disseminate and to provide a platform for discussion of either work of the staff of the OeNB economists or outside contributors on topics which are of special interest to the OeNB. To ensure the high quality of their content, the contributions are subjected to an international refereeing process.

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Opinions expressed by the authors of studies do not necessarily reflect the official viewpoint of the Oesterreichische Nationalbank or of the Eurosystem.

2017

2016

  • Working Paper 210

    November 2016 Fiscal Stimulus in a Monetary Union: Evidence from Eurozone Regions
  • Working Paper 209

    November 2016 Value Added and Productivity Linkages Across Countries
  • Working Paper 208

    July 2016 Unconventional US Monetary Policy: New Tools Same Channels?
  • Working Paper 207

    May 2016 Determinants of Credit Constrained Firms: Evidence from Central and Eastern Europe Region
  • Working Paper 206

    March 2016 Competition in Treasury Auctions
  • Working Paper 205

    February US Monetary Policy in a Globalized World
  • Working Paper 204

    February Background Indicators

2015

  • Working Paper 203

    June Why Are Banks Not Recapitalized During Crises?
  • Working Paper 202

    June Sovereign Risk and Bank Risk-Taking
  • Working Paper 201

    June The Return on Social Security with Increasing Longevity
  • Working Paper 200

    March 2015 Does Joint Modelling of the World Economy Pay Off? Evaluating Global Forecasts from a Bayesian GVAR
  • Working Paper 199

    January 2015 Shock Transmission through International Banks: Austria
  • Working Paper 198

    January 2015 Spillovers from Euro Area and U.S. Credit and Demand Shocks: Comparing Emerging Europe on the Basis of a GVAR Model

2014

  • Working Paper 197

    November 2014 The Euroization of Bank Deposits in Eastern Europe
  • Working Paper 196

    September 2014 The Role of Card Acceptance in the Transaction Demand for Money
  • Working Paper 195

    July 2014 The International Transmission of U.S. Structural Shocks – Evidence from Global Vector Autoregressions
  • Working Paper 194

    June 2014 Do Banks Lend Less in Uncertain Times?
  • Working Paper 193

    May 2014 “Made in China” – How Does it Affect Measures of Competitiveness?
  • Working Paper 192

    May 2014 Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data
  • Working Paper 191

    May 2014 Systemic Sovereign Risk: Macroeconomic Implications in the Euro Area
  • Working Paper 190

    May 2014 Information Frictions and the Law of One Price: “When the States and the Kingdom became United”
  • Working Paper 189

    March 2014 Forecasting with Bayesian Global Vector Autoregressive Models: A Comparison of Priors
  • Working Paper 188

    March 2014 Foreign currency borrowing and knowledge about exchange rate risk

2013

2012

  • Working Paper 181

    November 2012 Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe
  • Working Paper 180

    September 2012 Have Changes in the Financial Structure Affected Bank Profitability? Evidence for Austria
  • Working Paper 179

    August 2012 Increasing Life Expectancy and Pay-As-You-Go Pension Systems
  • Working Paper 178

    July 2012 Why Do People Save in Cash? Distrust, Memories of Banking Crises, Weak Institutions and Dollarization
  • Working Paper 177

    January 2012 A structural interpretation of the impact of the great recession on the Austrian economy using an estimated DSGE model
  • Working Paper 176

    January 2012 Multiple Imputation in the Austrian Household Survey on Housing Wealth

2011

  • Working Paper 175

    December 2011 How Does Quality Impact on Import Prices?
  • Working Paper 174

    Oktober 2011 Regulatory Medicine Against Financial Market Instability: What Helps And What Hurts?
  • Working Paper 173

    Oktober 2011 Decomposition of Wealth and Income using Micro Data from Austria
  • Working Paper 172

    September 2011 Credit Risk in General Equilibrium
  • Working Paper 171

    September 2011 Households’ Foreign Currency Borrowing in Central and Eastern Europe
  • Working Paper 170

    "" 2011 Bank Bailouts, International Linkages and Cooperation
  • Working Paper 169

    May 2011 Can Regional Transfers Buy Public Support? Evidence from EU Structural Policy
  • Working Paper 168

    November 5 Stock Market Volatility, Consumption and Investment; An Evaluation of the Uncertainty Hypothesis Using Post-War U.S. Data
  • Working Paper 167

    May 2011 Does the Broad Public Want to Consolidate Public Debt? – The Role of Fairness and of Policy Credibility

2010

  • Working Paper 166

    December 2010 Firms’ Reactions to the Crisis and their Consequences for the Labour Market. Results of a Company Survey conducted in Austria
  • Working Paper 165

    September 2010 Independence Tests based on Symbolic Dynamics
  • Working Paper 164

    September 2010 Bank-Lending Standards, the Cost Channel and Inflation Dynamics
  • Working Paper 163

    August 2010 Short-term forecasting GDP with a DSGE model augmented by monthly indicators
  • Working Paper 162

    May 2010 Has the Euro changed the Business Cycle?
  • Working Paper 161

    March 2010 Nominal and Real Wage Rigidities. In Theory and in Europe
  • Working Paper 160

    January 2010 Spatial Filtering, Model Uncertainty and the Speed of Income Convergence in Europe

2009

  • Working Paper 159

    November 2009 Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes
  • Working Paper 158

    November 2009 Trust in Banks? Evidence from normal times and from times of crises
  • Working Paper 157

    July 2009 The sensitivity of DSGE models’ results to data detrending
  • Working Paper 156

    May 2009 Financial Networks, Cross Holdings, and Limited Liability
  • Working Paper 155

    May 2009 Systemic Risk: Amplification Effects, Externalities, and Policy Responses
  • Working Paper 154

    May 2009 Country Size, Currency Unions, and International Asset Returns
  • Working Paper 153

    March 2009 The Impact of Reference Norms on Inflation Persistence When Wages are Staggered
  • Working Paper 152

    February 2009 Are Banks Different? Evidence from the CDS Market
  • Working Paper 151

    February 2009 Why did we fail to predict GDP during the last cycle? A breakdown of forecast errors for Austria
  • Working Paper 150

    February 2009 How to find plausible, severe, and useful stress scenarios
  • Working Paper 149

    January 2009 Expected Monetary Policy and the Dynamics of Bank Lending Rates

2008

  • Working Paper 148

    September 2008 Comparing the New Keynesian Phillips Curve with Time Series Models to Forecast Inflation
  • Working Paper 147

    September 2008 Inequality and growth: Goal conflict or necessary prerequisite?
  • Working Paper 146

    September 2008 The Optimal Mix Between Funded and Unfunded Pensions System When People Care About Relative Consumption
  • Working Paper 145

    July 2008 Transmission of business cycle shocks between the US and the euro area
  • Working Paper 144

    June 2008 Dating and forecasting turning points by Bayesian clustering with dynamic structure: A suggestion with an application to Austrian data.
  • Working Paper 143

    May 2008 Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
  • Working Paper 142

    April 2008 Testing the tax competition theory: How elastic are national tax bases in Western Europe?
  • Working Paper 141

    April 2008 The Real Consequences of Financial Market Integration when Countries Are Heterogeneous
  • Working Paper 140

    March 2008 Euroization: What Factors drive its Persistence?
  • Working Paper 139

    January 2008 Mr. Wicksell and the global economy: What drives real interest rates?

2007

  • Working Paper 138

    July 2007 Real Convergence, Price Level Convergence and Inflation Differentials in Europe
  • Working Paper 137

    May 2007 Transmission of Business Cycle Shocks between Unequal Neighbours: Germany and Austria
  • Working Paper 136

    May 2007 The Relative Importance of Symmetric and Asymmetric Shocks: the Case of United Kingdom and Euro Area
  • Working Paper 135

    May 2007 Has the EU’s Single Market Programme Fostered Competition? Testing for a Decrease in Markup Rations in EU Industries

2006

  • Working Paper 134

    December 2006 Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies
  • Working Paper 133

    November 2006 A Deliberative Independent Central Bank
  • Working Paper 132

    September 2006 AQM-06: The Macro economic Model of the OeNB
  • Working Paper 131

    September 2006 Expected Money Growth, Markov Trends and the Instability of Money Demand in the Euro Area
  • Working Paper 130

    August 2006 A Worldwide System of Reference Rates
  • Working Paper 129

    July 2006 Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries
  • Working Paper 128

    June 2006 Three Lectures on Monetary Theory and Policy: Speaking Notes and Background Papers
  • Working Paper 127

    June 2006 Proposal for a Common Currency among Rich Democracies
  • Working Paper 126

    June 2006 Monetary Unions, External Shocks and Economic Performance
  • Working Paper 125

    June 2006 Regional Currency Arrangements: Insights from Europe
  • Working Paper 124

    May 2006 Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison
  • Working Paper 123

    May 2006 The Mystique of Central Bank Speak
  • Working Paper 122

    May 2006 Exchange-Rate Arrangements an Financial Integration in East Asia: On a Collision Course?
  • Working Paper 121

    May 2006 Regional Currency Arrangements in North America
  • Working Paper 120

    April 2006 Europe’s Hard Fix: The Euro Area
  • Working Paper 119

    March 2006 An Unobserved Components Model to Forecast Austrian GDP
  • Working Paper 118

    March 2006 Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability
  • Working Paper 117

    March 2006 Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?
  • Working Paper 116

    March 2006 Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks
  • Working Paper 115

    February 2006 The London Stock Exchange in the 19th Century: Ownership Structures, Growth and Performance
  • Working Paper 114

    February 2006 The Determinants of Multinational Banking during the First Globalization, 1870–1914
  • Working Paper 113

    January 2006 Lessons from Italian Monetary Unification
  • Working Paper 112

    January 2006 Did Genoa and Venice Kick a Financial Revolution in the Quattrocento?
  • Working Paper 111

    January 2006 European Financial Market Integration in the Gründerboom and Gründerkrach: Evidence from European Cross-Listings
  • Working Paper 110

    January 2006 Does Diversification Improve the Performance of German Banks? Evidence from Individual Bank Loan Portfolios
  • Working Paper 109

    February 2006 Bankruptcy Law, Creditors’ Rights and Contractual Exchange in Europe, 1808–1914
  • Working Paper 108

    January 2006 European Banks and their Impact on the Banking Industry in Chile
  • Working Paper 107

    January 2006 Legal-Political Factors and the Historical Evolution of the Finance-Growth Link

2005

  • Working Paper 106

    November 2005 Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
  • Working Paper 105

    Oktober 2005 Trade Integration of Central and Eastern European Countries: Lessons from a Gravity Model
  • Working Paper 104

    September 2005 AQM – The Austrian Quarterly Model of the Oesterreichische Nationalbank
  • Working Paper 103

    September 2005 Does Money Matter for Inflation in the Euro Area?
  • Working Paper 102

    August 2005 Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries
  • Working Paper 101

    July 2005 How Frequently Do Consumer Prices Change in Austria? Evidence from Micro CPI Data
  • Working Paper 100

    July 2005 The Price-Setting Behavior of Austrian Firms: Some Survey Evidence
  • Working Paper 99

    May 2005 The Effect of Capital Requirement Regulation on the Transmission of Monetary Policy: Evidence from Austria
  • Working Paper 98

    May 2005 The European Monetary Union as a Commitment Device for New EU Member States
  • Working Paper 97

    May 2005 Financial Differences and Business Cycle Co-Movements in A Currency Area
  • Working Paper 96

    March 2005 Managerial Behavior and Cost/Profit Efficiency in the Banking Sectors of Central and Eastern European Countries
  • Working Paper 95

    February 2005 On the Design of Sustainable and Fair PAYG Pension Systems When Cohort Sizes Change
  • Working Paper 94

    December 2004 What Do German Short-Term Interest Rates Tell Us About Future Inflation?

2004

  • Working Paper 93

    December 2004 Understanding the Stock Market’s Response to Monetary Policy Shocks
  • Working Paper 92

    November 2004 Exchange Rate Regimes Past, Present and Future
  • Working Paper 91

    Oktober 2004 Forecasting Austrian Inflation
  • Working Paper 90

    September 2004 Modeling Credit Aggregates
  • Working Paper 89

    August 2004 Forecasting Austrian GDP using the generalized dynamic factor model.
  • Working Paper 88

    June 2004 Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities.
  • Working Paper 87

    May 2004 Bank Capital, Liquidity and Systemic Risk

2003

  • Working Paper 86

    September 2003 Testing for Longer Horizon Predictability of Return Volatility with an Application to the German
  • Working Paper 85

    July 2003 Investigating asymmetries in the bank lending channel. An analysis using Austrian banks’ balance sheet data.
  • Working Paper 84

    July 2003 Searching for the Natural Rate of Interest: a Euro-Area Perspective
  • Working Paper 83

    July 2003 The business cycle of European countries Bayesian clustering of country - individual IP growth series
  • Working Paper 82

    July 2003 How Do Debit Cards Affect Cash Demand? Survey Data Evidence
  • Working Paper 81

    June 2003 How Robust are Money Demand Estimations? A Meta-Analytic Approach

2002

  • Working Paper 80

    November 2002 Does Central Bank Intervention Influence the Probability of a Speculative Attack? Evidence from the EMS
  • Working Paper 79

    Oktober 2002 Risk Assessment for Banking Systems
  • Working Paper 78

    Oktober 2002 Job Creation and Job Destruction in a Regulated Labor Market: The Case of Austria
  • Working Paper 77

    Oktober 2002 Why did Central Banks Intervene in the EMS? The Post 1993 Experience
  • Working Paper 76

    Oktober 2002 The Potential Consequences of Alternative Exchange Rate Regimes: A Study of Three Candidate Regions
  • Working Paper 75

    Oktober 2002 Central European EU Accession and Latin American Integration: Mutual Lessons in Macro-Economic Policy Design
  • Working Paper 74

    September 2002 The Great Exchange Rate Debate after Argentina
  • Working Paper 73

    August 2002 Forecasting Austrian HICP and its Components using VAR and ARIMA Models
  • Working Paper 72

    August 2002 Monetary Integration in the Southern Cone: Mercosur is not like the EU?
  • Working Paper 71

    August 2002 EMU and Accession Countries: Fuzzy Cluster Analysis of Membership
  • Working Paper 70

    August 2002 Fiscal and Monetary Policy Coordination in EMU
  • Working Paper 69

    July 2002 Reflections on the Optimal Currency Area (OCA) criteria in the light of EMU
  • Working Paper 68

    July 2002 Monetary Union: European Lessons, Latin American Prospects
  • Working Paper 67

    July 2002 An Evaluation of Monetary Regime Options for Latin America
  • Working Paper 66

    July 2002 Growth, Integration, and Macroeconomic Policy Design: Some Lessons for Latin America
  • Working Paper 65

    July 2002 Dollarization and Economic Performance: What Do We Really Know?
  • Working Paper 64

    June 2002 The Federal Design of a Central Bank in Monetary Union: The Case of the European System of Central Banks
  • Working Paper 63

    May 2002 Wage Formation in Open Economies and the Role of Monetary and Wage-Setting Institutions
  • Working Paper 62

    April 2002 Growth, Convergence and EU Membership
  • Working Paper 61

    February 2002 Price Dynamics in Central and Eastern European EU Accession
  • Working Paper 60

    February 2002 The Empirical Performance of Option Based Densities of Foreign Exchange
  • Working Paper 59

    February 2002 Evaluating Density Forecasts with an Application to Stock Market Returns
  • Working Paper 58

    January 2002 Credit Channel and Investment Behavior in Austria: A Micro-Econometric Approach
  • Working Paper 57

    January 2002 Banking Regulation and Systemic Risk
  • Working Paper 56

    January 2002 Asymmetries in Bank Lending Behaviour. - Austria During the 1990s

2001

  • Working Paper 55

    December 2001 The Effectiveness of Central Bank Intervention in the EMS: The Post 1993 Experience
  • Working Paper 54

    Oktober 2001 New International Monetary Arrangements and the Exchange Rate
  • Working Paper 53

    Oktober 2001 Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
  • Working Paper 52

    September 2001 Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks
  • Working Paper 51

    September 2001 Assessing Inflation Targeting after a Decade of World Experience
  • Working Paper 50

    September 2001 Macroeconomic Fundamentals and the DM/$ Exchange Rate: Temporal Instability and the Monetary Model
  • Working Paper 49

    August 2001 Arbitrage and Optimal Portfolio Choice with Financial Constraints
  • Working Paper 48

    July 2001 A regulatory regime for financial stability
  • Working Paper 47

    June 2001 The ECB monetary policy strategy and the money market
  • Working Paper 46

    May 2001 Exchange Rates, Prices and Money. A Long Run Perspective
  • Working Paper 45

    May 2001 Is there an asymmetric effect on monetary policy over time? A bayesian analysis using Austrian data
  • Working Paper 44

    May 2001 The EURO Area and the single monetary policy
  • Working Paper 43

    March 2001 The Bank, the States, and the Market: An Austro-Hungarian Tale for Euroland, 1867-1914

2000

  • Working Paper 42

    June 2000 Integration, Disintegration and Trade in Europe: Evolution of Trade Relations During the 1990s
  • Working Paper 41

    March 2000 Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions
  • Working Paper 40

    March 2000 Central Banks in European Emerging Market Economies in the 1990s

1999

  • Working Paper 39

    December 1999 Democracy and Markets: The Case of Exchange Rates
  • Working Paper 38

    July 1999 On the real effects of the monetary policy: A central banker's view
  • Working Paper 37

    May 1999 Estimation of the term structure of interest rates - A parametric approach

1998

  • Working Paper 36

    December 1998 Heterogeneities within industries and structure-performance models
  • Working Paper 35

    December 1998 Room for manoeuvre of economic policy in EU countries are there costs of joining EMU?
  • Working Paper 34

    November 1998 The impact of EMU on European unemployment
  • Working Paper 33

    September 1998 Core Inflation in Selected European Union Countries
  • Working Paper 32

    July 1998 Price Level Convergence Among United States Cities: Lessons for the European Central Bank
  • Working Paper 31a

    July 1998 The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates
  • Working Paper 30

    July 1998 The Great Appreciation, the Great Depreciation, and the Purchasing Power Parity Hypothesis
  • Working Paper 29

    June 1998 Goods Arbitrage and Real Exchange Rate Stationarity
  • Working Paper 28

    June 1998 What Do We Really Know About Real Exchange Rates?
  • Working Paper 27

    June 1998 Trends in European Productivity: Implications for Real Exchange Rates, Real Interest Rates and Inflation Differentials
  • Working Paper 26

    May 1998 Structural Budget Deficits and Sustainability of Fiscal Positions in the European Union
  • Working Paper 25

    April 1998 Sources of Currency Crises: An Empirical Analysis

1997

  • Working Paper 24

    September 1997 Exchange Rates and Monetary Policy in Central Europe - a Survey of Some Issues

1996

1995

  • Working Paper 20

    Oktober 1995 Monetary Spill-over Effects in the ERM: The Case of Austria, a Former Shadow Member
  • Working Paper 19

    January 1995 Austrian Exchange Rate Policy and European Monetary Integration - Selected Issues