Working Papers

Working Paper 134
Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies

Balázs Egert

Working Paper 133
A Deliberative Independent Central Bank

Erwin Jericha and Martin Schürz

Working Paper 131
Expected Money Growth, Markov Trends and the Instability of Money Demand in the Euro Area

Sylvia Kaufmann and Peter Kugler

Working Paper 130
A Worldwide System of Reference Rates

John Williamson with a comment by Marc Flandreau

Working Paper 129
Are Monetary Rules and Reforms Complements or Substitutes?
A Panel Analysis for the World versus OECD Countries

Ansgar Belke, Bernhard Herz, Lukas Vogel

Working Paper 128
Three Lectures on Monetary Theory and Policy:
Speaking Notes and Background Papers

David Laidler

Working Paper 124
Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison

Marek Jarociński

Working Paper 123
The Mystique of Central Bank Speak

Petra Geraats

Working Paper 122
Exchange-Rate Arrangements an Financial Integration in East Asia: On a Collision Course?

Hans Genberg (comments by Jim Dorn and Eiji Ogawa)

Working Paper 121
Regional Currency Arrangements in North America

Sven Arndt (comments by Steve Kamin and Pierre Siklos)

Working Paper 120
Europe’s Hard Fix: The Euro Area

Otmar Issing (comments by Mario Bleyer and Leslie Lipschitz)

Working Paper 119
An Unobserved Components Model to Forecast Austrian GDP

Gerhard Fenz and Martin Spitzer

Working Paper 118
Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability

Claudia Kwapil and Johann Scharler

Working Paper 117
Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?

Johann Scharler

Working Paper 116
Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks

Sylvia Kaufmann and Johann Scharler

Working Paper 115
The London Stock Exchange in the 19th Century:
Ownership Structures, Growth and Performance

Larry Neal

Working Paper 114
The Determinants of Multinational Banking during the First Globalization, 1870–1914

Stefano Battilossi with comments by Patrick McGuire and Aurel Schubert

Working Paper 113
Lessons from Italian Monetary Unification

James Foreman-Peck
with a comment by Ivo Maes

Working Paper 112
Did Genoa and Venice Kick a Financial Revolution in the Quattrocento?

Michele Fratianni and Franco Spinelli
with comments by John Driffill and Nathan Sussman

Working Paper 111
European Financial Market Integration in the Gründerboom and Gründerkrach: Evidence from European Cross-Listings

Markus Baltzer
with comments by Luis Catão and by Isabel Schnabel

Working Paper 110
Does Diversification Improve the Performance of German Banks? Evidence from Individual Bank Loan Portfolios

Evelyn Hayden, Daniel Porath and Natalja von Westernhagen

Working Paper 109
Bankruptcy Law, Creditors’ Rights and Contractual Exchange in Europe, 1808–1914

Jérôme Sgard
with comments by Yishay Yafeh

Working Paper 108
European Banks and their Impact on the Banking Industry in Chile

Ignacio Briones and André Villela
with comments by Forrest Capie and by Patrick Honohan

Working Paper 107
Legal-Political Factors and the Historical Evolution of the Finance-Growth Link

Michael D. Bordo and Peter L. Rousseau
with comments by Thorvaldur Gylfason and by Pierre Siklos