Working papers

The changing landscape of financial markets in Europe, the United States and Japan

We compare the structure of the financial sectors of the EU27, Japan and the United States, looking at a set of 23 indicators.

Michiel Bijlsma and Gijsbert Zwart

European antitrust control and standard setting

Standards reduce production costs and increase products’ value to consumers. Standards however entail risks of anti-competitive abuse...

Mario Mariniello

The growth effects of EU cohesion policy: a meta-analysis

EU countries are converging. Regions in Europe are also converging. But, within countries, regional disparities are on the rise. There is no conclusiv

Benedicta Marzinotto

The EU-EFIGE/Bruegel-Unicredit dataset

Carlo Altomonte and Tommaso Aquilante

The simple macroeconomics of North and South in EMU

The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge

Jean Pisani-Ferry and Silvia Merler

Productivity, labour cost and export adjustment: Detailed results for 24 EU countries

As a background document for the Policy Contribution ‘Compositional effects on productivity, labour cost and export adjustment’, this working paper pr

Zsolt Darvas

Paths to eurobonds

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, s

Shahin Vallée

The creation of euro area financial safety nets

This paper provides an overview of the recent financial stability mechanisms and their various shortcomings and tries to brush the outline of a more

Shahin Vallée and Michiel Bijlsma

Monetary transmission in three central European economies: evidence from time-varying coefficient vector autoregressions

This is a study of the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in

Zsolt Darvas

Are banks affected by their holdings of government debt?

This Working Paper sheds light on the link between sovereign and banking risk in the euro zone. It provides an empirical analysis of the impact o

Guntram B. Wolff

Real effective exchange rates for 178 countries: a new database

Using data on exchange rates and consumer price indices and a weighting matrix, we calculate up-to-date consumer price index-based REER (the real effe

Zsolt Darvas

The internationalisation path of the renminbi

This paper focuses on the internationalisation sequence of the renminbi, its meaning and its outlook. It is part of a broader work, which concentrate

Shahin Vallée

The G20: characters in search of an author

The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visibl

Jean Pisani-Ferry and Ignazio Angeloni

Corporate balance sheet adjustment: stylized facts, causes and consequences

We analyse corporate balance sheet adjustment episodes in Germany and Japan, as well as a sample of 30 countries, using national account data. A pan

Guntram B. Wolff

The debt challenge in Europe

The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and c

Alan Ahearne and Guntram B. Wolff

Financial reform after the crisis: an early assessment

This paper takes stock of global efforts towards financial reform since the start of the financial crisis in 2007-08, and provides a synthetic (if s

Nicolas Véron