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Central Bank Research Hub - National Bank of Belgium Working Papers



Financial factors in economic fluctuations

by Lawrence J. Christiano, Roberto Motto, Massimo Rostagno151
(16 Oct 2008)
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Credit frictions and optimal monetary policy

by Vasco Cúrdia, Michael Woodford146
(16 Oct 2008)
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 Full text

Housing market spillovers: evidence from an estimated DSGE model

by Matteo Iacoviello, Stefano Neri145
(16 Oct 2008)
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Risk premiums and macroeconomic dynamics in a heterogeneous agent model (JEL E32, E44, G12)

by Ferre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens, Raf Wouters150
(16 Oct 2008)
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Monetary policy, asset prices and macroeconomic conditions: a panel-VAR study (JEL C23, E52)

by Katrin Assenmacher-Wesche, Stefan Gerlach149
(16 Oct 2008)
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Financial (in)stability, supervision and liquidity injections: a dynamic general equilibrium approach (JEL E13, E20, G21, G28)

by Gregory de Walque, Olivier Pierrard, Abdelaziz Rouabah148
(16 Oct 2008)
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Central bank misperceptions and the role of money in interest rate rules (JEL E32, E41, E43, E52, E58)

by Guenter Beck, Volker Wieland147
(16 Oct 2008)
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Imperfect information, macroeconomic dynamics and the yield curve: an encompassing macro-finance model (JEL E43, E44, E52)

by Hans Dewachter144
(16 Oct 2008)
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Liquidity, inflation and asset prices in a timevarying framework for the euro area (JEL E31, E32, E44, E51, E52)

by Christiane Baumeister, Eveline Durinck, Gert Peersman142
(16 Oct 2008)
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Monetary aggregates and liquidity in a neo-Wicksellian framework

by Matthew Canzoneri, Robert Cumby, Behzad Diba, David López-Salido141
(16 Oct 2008)
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The bond premium in a DSGE model with long-run real and nominal risks

by Glenn D. Rudebusch, Eric T. Swanson143
(16 Oct 2008)
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The efficiency frontier as a method for gauging the performance of public expenditure: a Belgian case study

by Bruno Eugène138
(12 Sep 2008)
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Agency problems in structured finance - a case study of European CLOs

by Joachim Keller137
(26 Aug 2008)
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Multivariate structural time series models with dual cycles : implications for measurement of output gap and potential growth

by Philippe Moës136
(18 Aug 2008)
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Imperfect exchange rate pass-through: the role of distribution services and variable demand elasticity

by Philippe Jeanfils135
(18 Aug 2008)
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Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of Brussels - Report 2006

by Saskia Vennix134
(26 Jun 2008)
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Short-term forecasting of GDP using large monthly datasets - A pseudo real-time forecast evaluation exercise

by K. Barhoumi, S. Benk, R. Cristadoro, A. Den Reijer, A. Jakaitiene, P. Jelonek, A. Rua, G. Rünstler, K. Ruth, C. Van Nieuwenhuyze133
(17 Jun 2008)
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Searching for additional sources of inflation persistence: the micro-price panel data approach (JEL C51, C81, D21, E1, E13, L11)

by R. Raciborski132
(07 Apr 2008)
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Do survey indicators let us see the business cycle? A frequency decomposition (JEL C22, E32)

by Luc Dresse and Christophe Van Nieuwenhuyze131
(27 Mar 2008)
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Job creation, job destruction and firms' international trade involvement (JEL F16, J63)

by Mauro Pisu130
(17 Mar 2008)
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Estimation of monetary policy preferences in a forward-looking model: a Bayesian approach (JEL E42, E52, E58, E61)

by Pelin Ilbas129
(13 Mar 2008)
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Exports and productivity - comparable evidence for 14 countries (JEL D21, F14)

by The International Study Group on Exports and Productivity128
(13 Feb 2008)
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How do firms adjust their wage bill in Belgium? A decomposition along the intensive and extensive margins (JEL J30, J60)

by Catherine Fuss127
(31 Jan 2008)
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Some evidence on late bidding in eBay auctions (JEL D44)

by L. Wintr126
(25 Jan 2008)
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Economic Importance of Belgian Transport Logistics (JEL C67, J21, L91, L92, L93, L96, R15, R34, R41)

by Frédéric Lagneaux125
(09 Jan 2008)
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2007

Downward wage rigidity for different workers and firms: an evaluation for Belgium using the IWFP procedure (JEL J31)

by Ph. Du Caju, C. Fuss, L. Wintr124
(21 Dec 2007)
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Failure prediction models: performance, disagreements, and internal rating systems (JEL D40, G21, G24, G28, G33)

by Janet Mitchell, Patrick Van Roy123
(13 Dec 2007)
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The gas chain: influence of its specificities on the liberalisation process (JEL D23, D43, L13, L43, L95, L97)

by Carine Swartenbroekx122
(16 Nov 2007)
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Dynamic order submission strategies with competition between a dealer market and a crossing network (JEL G10, G20)

by Hans Degryse, Mark Van Achter and Gunther Wuyts121
(15 Nov 2007)
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Monitoring pro-cyclicality under the capital requirements directive: preliminary concepts for developing a framework (JEL E32, G18)

by Nancy Masschelein120
(31 Oct 2007)
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The determinants of stock and bond return comovements (JEL E43, E44, G11, G12, G14)

by Lieven Baele, Geert Bekaert, Koen Inghelbrecht119
(18 Oct 2007)
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The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations (JEL C49, G20, G28)

by François Coppens, Fernando González, Gerhard Winkler118
(07 Sep 2007)
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Can excess liquidity signal an asset price boom? (JEL E41, E51, E52)

by Annick Bruggeman117
(03 Aug 2007)
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Temporal Distribution of Price Changes: Staggering in the Large and Synchronization in the Small (JEL D21, E31, L11, L16)

by Emmanuel Dhyne, Jerzy Konieczny116
(28 Jun 2007)
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Economic importance of the Belgian ports: Flemish maritime ports and Liège port complex - report 2005 (JEL C67, H57, J21, L22, L91, L92, R15, R34, R41)

by Frédéric Lagneaux115
(31 May 2007)
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Imports and Exports at the Level of the Firm: Evidence from Belgium (JEL F10, F16, J21)

by Mirabelle Muûls, Mauro Pisu114
(03 May 2007)
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The spread of Keynesian economics: a comparison of the Belgian and Italian experiences

by Ivo Maes113
(30 Apr 2007)
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Assessing the Gap between Observed and Perceived Inflation in the Euro Area: Is the Credibility of the HICP at Stake? (JEL C22, C23, D12, E31)

by Luc Aucremanne, Marianne Collin, Thomas Stragier112
(23 Apr 2007)
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Price setting in the euro area: Some stylized facts from individual producer price data (JEL C25, D40, E31)

by Philip Vermeulen, Daniel Dias, Maarten Dossche, Erwan Gautier, Ignacio Hernando, Roberto Sabbatini, Harald Stahl111
(29 Mar 2007)
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Economic impact of port activity - the case of Antwerp (JEL C67, L90, R12, R15, R41)

by F. Coppens, F. Lagneaux, H. Meersman, N. Sellekaerts, E. Van de Voorde, G. van Gastel, Th. Vanelslander, A. Verhetsel110
(08 Feb 2007)
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Shocks and Frictions in US Business Cycles: a Bayesian DSGE Approach (JEL E4, E5)

by Frank Smets, Raf Wouters109
(05 Feb 2007)
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Investment-Specific Technology Shocks and Labor Market Frictions (JEL E24, E32, J64)

by Reinout De Bock108
(01 Feb 2007)
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Importance et évolution des investissements directs en Belgique

by Christophe Piette107
(11 Jan 2007)
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2006

R&D in the Belgian Pharmaceutical Sector (JEL I18, L65, O3)

by Helga De Doncker106
(17 Nov 2006)
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Sector Concentration in Loan Portfolios and Economic Capital (JEL C1, G18, G21)

by Klaus Düllmann, Nancy Masschelein105
(17 Nov 2006)
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Exploring the CDS-Bond Basis (JEL C12, C19, C23, G15, G19)

by Jan De Wit104
(16 Nov 2006)
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Macroeconomic fluctuations and firm entry: theory and evidence (JEL E30, E32)

by Vivien Lewis103
(13 Oct 2006)
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Reasons for wage rigidity in Germany - paper not available

by Wolfgang Franz, Friedrich Pfeiffer101
(12 Oct 2006)
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Lumpy price adjustments: a microeconomic analysis (JEL C51, C81, D21)

by Emmanuel Dhyne, Catherine Fuss, Hashem Pesaran, Patrick Sevestre100
(12 Oct 2006)
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The kinked demand curve and price rigidity: evidence from scanner data (JEL C33, D12, E3)

by Maarten Dossche, Freddy Heylen, Dirk Van den Poel099
(12 Oct 2006)
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Dynamics and monetary policy in a fair wage model of the business cycle (JEL E4, E5)

by David de la Croix, Gregory de Walque, Raf Wouters098
(12 Oct 2006)
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How wages change: micro evicence from the International Wage Flexibility Project (JEL E3, J3, J5)

by William T. Dickens, Lorenz Goette, Erica L. Groshen, Steinar Holden, Julian Messina, Mark E. Schweitzer, Jarkko Turunen, Melanie E. Ward096
(12 Oct 2006)
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Inflation persistence and price-setting behaviour in the euro area: a summary of the Inflation Persistence Network evidence (JEL E31, E42, E52)

by Filippo Altissimo, Michael Ehrmann, Frank Smets095
(12 Oct 2006)
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Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model (JEL D21, E31, F41, P24)

by Joseph Plasmans, Tomasz Michalak, Jorge Fornero094
(12 Oct 2006)
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Price and wage setting in an integrating Europe: firm level evidence (JEL F16, J50, L13)

by Filip Abraham, Jozef Konings, Stijn Vanormelingen093
(12 Oct 2006)
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A new Keynesian model with unemployment (JEL E32, E50)

by Olivier Blanchard, Jordi Gali092
(12 Oct 2006)
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The dynamics of trade and competition (JEL E31, F12, F15, L16)

by Natalie Chen, Jean Imbs, Andrew Scott091
(12 Oct 2006)
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Industry wage differentials, unobserved ability and rent-sharing: evidence from matched worker-firm data, 1995-2002 (JEL D31, J31, J41)

by Robert Plasman, François Rycx, Ilan Tojerow090
(12 Oct 2006)
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Fiscal sustainability indicators and policy design in the face of ageing (JEL H55, H60)

by Geert Langenus102
(03 Oct 2006)
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Nominal wage rigidies in a new Keynesian model with frictional unemployment

by Vincent Bodart, Grégory de Walque, Olivier Pierrard, Henri R. Sneessens, Raf Wouters097
(02 Oct 2006)
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The production function approach to the Belgian output gap, Estimation of a Multivariate Structural Time Series Model (JEL C32, E32)

by Philippe Moës089
(04 Sep 2006)
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The term structure of interest rates in a DSGE model (JEL E43, E44, G12)

by Marina Emiris088
(27 Jul 2006)
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The response of firmsinvestment and financing to adverse cash flow shocks: the role of bank relationships (JEL D92)

by Catherine Fuss, Philip Vermeulen087
(13 Jul 2006)
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Economic importance of the Belgian ports: Report 2004 (JEL C67, H57, J21, L22, L91, L92, R15, R34, R41)

by Frédéric Lagneaux086
(28 Jun 2006)
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Firm-specific production factors in a dynamic stochastic general equilibrium model with Taylor price setting (JEL E1, E3)

by Gregory de Walque, Frank Smets, Raf Wouters085
(15 Jun 2006)
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The single European electricity market: A long road to convergence (JEL L94)

by François Coppens, David Vivet084
(15 May 2006)
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A multi-factor model for the valuation and risk management of demand deposits (JEL G12, G21)

by Hans Dewachter, Marco Lyrio, Konstantijn Maes083
(12 May 2006)
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The patterns and determinants of price setting in the Belgian industry (JEL D40, E31)

by David Cornille, Maarten Dossche082
(05 May 2006)
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A generalised dynamic factor model for the Belgian economy - Useful business cycle indicators and GDP growth forecasts (JEL C33, C43, E32, E37)

by Christophe Van Nieuwenhuyze080
(27 Feb 2006)
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Is there a difference between solicited and unsolicited bank ratings and if so, why? (JEL G15, G18, G21)

by Patrick Van Roy079
(21 Feb 2006)
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2005

Income uncertainty and Aggregate Consumption (JEL E21)

by Lorenzo Pozzi077
(21 Nov 2005)
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The pricing behaviour of firms in the euro area: new survey evidence

by S. Fabiani, M. Druant, I. Hernando, C. Kwapil, B. Landau, C. Loupias, F. Martins, T. Mathä, R. Sabbatini, H. Stahl, A. Stokman076
(14 Nov 2005)
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Price setting in the euro area: Some stylized facts from Individual Consumer Price Data

by Emmanuel Dhyne, Luis J. Álvarez, Hervé Le Bihan, Giovanni Veronese, Daniel Dias, Johannes Hoffmann, Nicole Jonker, Patrick Lünnemann, Fabio Rumler, Jouko Vilmunen074
(16 Sep 2005)
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An international analysis of earnings, stock prices and bond yields

by Alain Durré and Pierre Giot073
(01 Sep 2005)
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Liquidity risk in securities settlement (JEL G20, G28)

by Johan Devriese and Janet Mitchell072
(26 Jul 2005)
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Financial Intermediation Theory and