Working Papers

The National Bank's Working Papers have an economic or financial background, or focus on topics which are particularly relevant to the central banks' activities. They are aimed at a specialist public. The papers drawn up by the National Bank's staff are published in their own name and on their own responsibility.

The electronic versions are available through the links below. It is also possible to order a printed copy or to subscribe to the upcoming issues.

ISSN number - internet version: 1784-2476
ISSN number - paper version: 1375-680X


+   -

 -+ 2014

 -+ 2013

252  The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions
Olympia Bover, Jose Maria Casado, Sonia Costa, Philip Du Caju, Yvonne McCarthy, Eva Sierminska, Panagiota Tzamourani, Ernesto Villanueva and Tibor Zavadil
WP 252
251  Why firms avoid cutting wages : Survey evidence from European firms
Philip Du Caju, Theodora Kosma, Martina Lawless, Julián Messina and Tairi Rõõm
WP 251
250  Bank reactions after capital shortfalls
Christoffer Kok, Glenn Schepens
WP 250
249  The role of financial frictions during the crisis: An estimated DSGE model
Merola, Rossana
WP 249
248  The relationship between slack resourcesand firms’ exporting behavior
Paeleman, Ine; Fuss, Catherine and Vanacker Tom
WP 248
247  The BIS and the Latin American debt crisis of the 1980s
Clement, Piet; Maes Ivo
WP 247
246  Household and firm leverage, capital flows and monetary policy in a small open economy
Pirovano, Mara
WP 246
245  Robustifying optimal monetary policy using simple rules as cross-checks
Ilbas, Pelin; Røisland, Øisteinand; Sveen, Tommy
WP 245
244  Funding liquidity, market liquidity and TED spread : A two-regime model
Boudt, Kris; C.S., Ellen; W.R. Rosenthal, Paulus and Dale
WP 244
243  The fragility of two monetary regimes: The European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei
WP 243
242  Flemish maritime ports, Liège port complex and the port of Brussels – Report 2011
Mathys, Claude
WP 242
241  The influence of the Taylor rule on US monetary policy
Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy
WP 241

 -+ 2012

240  On the origins of the Triffin dilemma: Empirical business cycle analysis and imperfect competition theory
Maes, Ivo
WP 240
239  Concording of EU trade and production data over time
Van Beveren, Ilke; Bernard Andrew B.; Vandenbussche, Hylke
Published in NBER Working Paper No 18604. The concordance between CN8 and PC8 codes is available at:
WP 239
238  Importers, exporters, and exchange rate disconnect
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef
Published in NBER Working Paper No. w18615 and as CEPR Discussion Paper No 9260
WP 238
237  Services versus goods trade: Are they the same?
Ariu, Andrea
WP 237
236  A macroeconomic model with a financial sector
M.K. Brunnermeier, Y. Sannikov
WP 236
235  Endogenous risk in a DSGE model with capital-constrained financial intermediaries
H. Dewachter, R. Wouters
WP 235
234  Fiscal policy, banks and the financial crisis
R. Kollmann, M. Ratto, W. Roeger, J. in’t Veld
WP 234
233  A macroeconomic framework for quantifying systemic risk
Z. He, A. Krishnamurthy
WP 233
232  Bank /sovereign risk spillovers in the European debt crisis
V. De Bruyckere, M. Gerhardt, G. Schepens, R. Vander Vennet
WP 232
231  Macroprudential policy, countercyclical bank capital buffers and credit supply : Evidence from the Spanish dynamic provisioning experiments
G. Jiménez, S. Ongena, J.-L. Peydró, J. Saurina
WP 231
230  Flights to safety
L. Baele, G. Bekaert, K. Inghelbrecht, M. Wei
WP 230
229  Risk, uncertainty and monetary policy
G. Bekaert, M. Hoerova, M. Lo Duca
WP 229
228  Measuring and testing for the systemically important financial institutions
C. Castro, S. Ferrari
WP 228
227  Regime switches in the volatility and correlation of financial institutions
K. Boudt, J. Daníelsson, S.J. Koopman, A. Lucas
WP 227
226  Dissecting the dynamics of the US trade balance in an estimated equilibrium model
Punnoose Jacob, Gert Peersman
WP 226
225  Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and port of Brussels - Report 2010
Mathys, Claude
WP 225
224  Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics
Rannenberg, Ansgar
WP 224
223  (Not so) easy come, (still) easy go? Footloose multinationals revisited
Blanchard, Pierre; Dhyne, Emmanuel; Fuss, Catherine; Mathieu, Claude
WP 223
222  Tommaso Padoa-Schioppa and the origins of the euro
Maes, Ivo
WP 222
221  Implementation of EU legislation on rail liberalisation in Belgium, France, Germany and The Netherlands
Deville, Xavier; Verduyn, Fabienne
WP 221
220  Institutions and export dynamics
Araujo, Luis; Mion, Giordano; Ornelas, Emanuel
WP 220
219  Comparative advantage, multi-product firms and trade liberalisation: An empirical test
Fuss, Catherine; Zhu, Linke
WP 219

 -+ 2011

218  Economic importance of air transport and airport activities in Belgium - Report 2009
Deville, Xavier; Vennix, Saskia
WP 218
217  The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)
Maes, Ivo
WP 217
216  Verti-zontal differentiation in monopolistic competition
Di Comite, Francesco; Thisse, Jacques-François; Vandenbussche, Hylke
published in CEPR Discussion Paper No 8752.
WP 216
215  Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of Brussels - Report 2009
Mathys, Claude
WP 215
214  Wage structure effects of international trade: Evidence from a small open economy
Du Caju, Philip; Rycx, François; Tojerow, Ilan
published in Review of World Economics, 148(2), June 2012, pp. 297-331.
WP 214
213  Développement d'un indicateur de santé financière basé sur les comptes annuels des sociétés
Vivet, David
WP 213
213  Development of a financial health indicator based on companies’ annual accounts
Vivet, David
WP 213
213  Ontwikkeling van een financiële gezondheidsindicator op basis van de jaarrekeningen van de vennootschappen
Vivet, David
WP 213
212  Le lien entre les retards de paiement en matière de téléphonie mobile et ceux en matière de crédits
De Doncker, Helga
WP 212
212  The link between mobile telephony arrears and credit arrears
De Doncker, Helga
WP 212
212  Het verband tussen betalingsachterstanden voor mobiele telefonie en betalingsachterstanden voor krediet
De Doncker, Helga
WP 212
211  Firm entry, inflation and the monetary transmission mechanism
Lewis, Vivien; Poilly, Céline
WP 211
210  Estimating monetary policy reaction functions: A discrete choice approach
Boeckx, Jef
WP 210
209  Wage and employment effects of a wage norm: The Polish transition experience
de Crombrugghe, Alain; de Walque, Gregory
WP 209

 -+ 2010

208  The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss
Rannenberg, Ansgar
WP 208
207  Labour demand adjustment: Does foreign ownership matter ?
Dhyne, Emmanuel; Fuss, Catherine; Mathieu, Claude
published in Micro-Dyn Working Paper n°40-10, 2011.
WP 207
206  The effects of internationalisation on domestic labour demand by skills: Firm-level evidence for Belgium
Cuyvers, Ludo; Dhyne, Emmanuel; Soeng, Reth
WP 206
205  Immigration, offshoring and American jobs
Ottaviano, Gianmarco I.P.; Peri, Giovanni; Wright, Greg C.
WP 205
204  Can Belgian firms cope with the Chinese dragon and the Asian tigers ? The export performance of multi-product firms on foreign markets
Abraham, Filip; Van Hove, Jan
WP 204
203  Multi-product exporters, carry-along trade and the margins of trade
Bernard, Andrew B.; Van Beveren, Ilke
WP 203
202  Market size, competition and the product mix of exporters
Mayer, Thierry; Melitz, Marc J.; Ottaviano, Gianmarco I.P.
WP 202
201  The productivity and export spillovers of the internationalisation behaviour of Belgian firms
Dumont, Michel; Merlevede, Bruno; Piette, Christophe; Rayp, Glenn
WP 201
200  Trade in services: IT and task content
Ariu, Andrea; Mion, Giordano
published as CEPR Discussion Paper No 8761.
WP 200
199  Intermediaries in international trade: Direct versus indirect modes of export
Bernard, Andrew B.; Grazzi, Marco; Tomasi, Chiara
WP 199
198  The internationalization process of firms: From exports to FDI ?
Conconi, Paola; Sapir, André; Zanardi, Maurizio
Published as CEPR Discussion Paper No 9332.
WP 198
197  Internationalization strategy and performance of small and medium sized enterprises
Onkelinx, Jonas; Sleuwaegen, Leo
published in the Review of Business and Economics, LVI(2), pp. 128-146.
WP 197
196  Trade and the global recession
Eaton, Jonathan; Kortum, Sam; Neiman, Brent; Romalis, John
WP 196
195  Trade crisis ? What trade crisis ?
Behrens, Kristian; Corcos, Gregory; Mion, Giordano
published as CEPR Discussion Paper n° 7956 and in the Review of Economics and Statistics.
WP 195
194  Trade with China and skill upgrading: Evidence from Belgian firm level data
Mion, Giordano; Vandenbussche, Hylke; Zhu, Linke
published as CEPR Discussion Paper n° 8188.
WP 194
193  Wages, labor or prices: How do firms react to shocks ?
Dhyne, Emmanuel; Druant, Martine
WP 193
192  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2008
Mathys, Claude
WP 192
192  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2008
Mathys, Claude
WP 192
191  The incidence of nominal and real wage rigidity: An individual-based sectoral approach
Messina, Julián; Du Caju, Philip; Filipa Duarte, Cláudia; Lynggård Hansen, Niels; Izquierdo, Mario
published in the Journal of the European Economic Association, 8(2-3), April May 2010, pp. 487-496.
WP 191
190  What determines euro area bank CDS spreads ?
Annaert, Jan; De Ceuster, Marc; Van Roy, Patrick; Vespro, Cristina
WP 190
189  Inter-industry wage differentials in EU countries: What do cross-country time-varying data add to the picture ?
Du Caju, Philip; Kátay, Gábor; Lamo, Ana; Nicolitsas, Daphne; Poelhekke, Steven
published in the Journal of the European Economic Association, 8(2-3), April May 2010, pp. 478-486.
WP 189
188  A century of macroeconomic and monetary thought at the National Bank of Belgium
Maes, Ivo
WP 188
187  Getting rid of Keynes ? A survey of the history of macroeconomics from Keynes to Lucas and beyond
De Vroey, Michel
WP 187
186  The development of monetary policy in the 20th century - some reflections
Issing, Otmar
WP 186
185  Self-fulfilling liquidity dry-ups
Malherbe, Frédéric
WP 185
184  Discriminatory fees, coordination and investment in shared ATM networks
Ferrari, Stijn
WP 184

 -+ 2009

183  The margins of labour cost adjustment: Survey evidence from European firms
Babecky, Jan; Du Caju, Philip; Kosma, Theodora; Lawless, Martina; Messina, Julian; Room, Tairi
published in Labour Economics, 19(5), October 2012, pp. 792-801.
WP 183
182  Downward nominal and real wage rigidity: Survey evidence from European firms
Babecky, Jan; Du Caju, Philip; Kosma, Theodora; Lawless, Martina; Messina, Julian; Room, Tairi
published in The Scandinavian Journal of Economics, 112(4), December 2010, pp. 884-910
WP 182
181  Empirical evidence on the aggregate effects of anticipated and unanticipated US tax policy shocks
Mertens, Karel; O. Ravn, Morten
WP 181
180  Inter-industry wage differentials: How much does rent sharing matter ?
Du Caju, Philip; Ryckx, François; Tojerow, Ilan
published in The Manchester School, 79(4), July 2011, p 691-717.
WP 180
179  Staying, dropping, or switching: the impacts of bank mergers on small firms
Degryse, Hans; Masschelein, Nancy; Mitchell, Janet
WP 179
178  Optimal monetary policy and firm entry
Lewis, Vivien
WP 178
177  Incentives and tranche retention in securitisation: A screening model
Fender, Ingo; Mitchell, Janet
WP 177
176  On the origins of the BIS macro-prudential approach to financial stability: Alexandre Lamfalussy and financial fragility
Maes, Ivo
WP 176
175  Micro data on nominal rigidity, inflation persistence and optimal monetary policy
Kara, Engin
WP 175
174  How are firms’ wages and prices linked: survey evidence in Europe
Druant, Martine; Fabiani, Silvia; Kezdi, Gabor; Lamo, Ana; Martins, Fernando; Sabbatini, Roberto
WP 174
173  Evaluating a monetary business cycle model with unemployment for the euro area
Groshenny, Nicolas
WP 173
172  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2007
Mathys, Claude
WP 172
172  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2007
Mathys, Claude
WP 172
171  A global assessment of the degree of price stickiness - results from the NBB business survey
Dhyne, Emmanuel
WP 171
170  Analysis of business demography using markov chains: An application to Belgian data
Coppens, François; Verduyn, Fabienne
WP 170
169  The use of fixed-term contracts and the labour adjustment in Belgium
Dhyne, Emmanuel; Mahy, Benoit
WP 169
168  Model misspecification, learning and the exchange rate disconnect puzzle
Lewis, Vivien; Markiewicz, Agnieszka
published in the B.E. Journal of Macroeconomics Vol. 9, Issue 1 (Topics), Article 13, April 2009.
WP 168
167  Back to the basics in banking ? A micro-analysis of banking system stability
De Jonghe, Olivier
WP 167
166  Input-output connections between sectors and optimal monetary policy
Kara, Engin
WP 166
165  Understanding inflation dynamics: Where do we stand ?
Dossche, Maarten
WP 165
164  Inflation dynamics with labour market matching: Assessing alternative specifications
Christoffel, Kai; Costain, James; de Walque, Gregory; Kuester, Keith; Linzert, Tobias; Millard, Stephen; Pierrard, Olivier
WP 164
163  The young Lamfalussy: An empirical and policy-oriented growth theorist
Maes, Ivo
WP 163
162  Labour flows in Belgium
Heuse, Pierrette; Saks, Yves
WP 162
161  Trade, wages and productivity
Behrens, Kristian; Mion, Giordano; Murata, Yasusada; Südekum, Jens
WP 161
160  The Belgian iron and steel industry in the international context
Lagneaux, Frédéric; Vivet, David
WP 160
159  Rigid labour compensation and flexible employment ? Firm-level evidence with regard to productivity for Belgium
Fuss, Catherine; Wintr, Ladislav
WP 159
158  Economic importance of air transport and airport activities in Belgium
Kupfer, Franziska; Lagneaux, Frédéric; Van Gastel, George
WP 158
157  Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation
de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; Wouters, Raf
WP 157
156  Understanding sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition
Du Caju, Philip; Fuss, Catherine; Wintr, Ladislav
published in the Journal for Labour Market Research, Vol. 45, No 1, 2012, pp. 7-22.
WP 156
155  Fiscal sustainability and policy implications for the euro area
Balassone, Fabrizio; Cunha, Jorge; Langenus, Geert; Manzke, Bernhard; Pavot, Jeanne; Prammer, Doris; Tommasino, Pietro
published in the International Journal of Sustainable Economy, Vol. 3, No. 2, 2011, pp. 210-234.
WP 155

 -+ 2008

154  Institutional features of wage bargaining in 23 European countries, the US and Japan
Ducaju, Philip; Gautier, Erwan; Momferatou, Daphné; Ward-Warmedinge, Mélanie
published in Ekonomia, 12(2), Winter 2009, pp. 57-108.
WP 154
153  Forecast with judgment and models
Monti, Francesca
WP 153
152  Rent-sharing under different bargaining regimes: Evidence from linked employer-employee data
Rusinek, Michael; Rycx, François
WP 152
150  Risk premiums and macroeconomic dynamics in a heterogeneous agent model
De Graeve, Ferre; Dossche, Maarten; Emiris, Marina; Sneessens, Henri; Wouters, Raf
WP 150
149  Monetary policy, asset prices and macroeconomic conditions: A panel-VAR study
Assenmacher-Wesche, Katrin; Gerlach, Stefan
WP 149
148  Financial (in)stability, supervision and liquidity injections: A dynamic general equilibrium approach
de Walque, Gregory; Pierrard, Olivier; Rouabah, Abdelaziz
WP 148
147  Central bank misperceptions and the role of money in interest rate rules
Beck, Guenter; Wieland, Volker
WP 147
146  Credit frictions and optimal monetary policy
Cúrdia, Vasco; Woodford, Michael
WP 146
145  Housing market spillovers: evidence from an estimated DSGE model
Iacoviello, Matteo; Neri, Stefano
WP 145
144  Imperfect information, macroeconomic dynamics and the yield curve: An encompassing macro-finance model
Dewachter, Hans
WP 144
143  The bond premium in a DSGE model with long-run real and nominal risks
Rudebusch, Glenn D.; Swanson, Eric T.
WP 143
142  Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert
WP 142
141  Monetary aggregates and liquidity in a neo-Wicksellian framework
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad; López-Salido, David
WP 141
140  Export destinations and learning-by-exporting: Evidence from Belgium
Pisu, Mauro
WP 140
139  Exporters and credit constraints. A firm-level approach
Muûls, Mirabelle
WP 139
138  The efficiency frontier as a method for gauging the performance of public expenditure: A Belgian case study
Eugène, Bruno
WP 138
137  Agency problems in structured finance - A case study of European CLOs
Keller, Joachim
WP 137
136  Multivariate structural time series models with dual cycles: implications for measurement of output gap and potential growth
Moës, Philippe
WP 136
135  Imperfect exchange rate pass-through: the role of distribution services and variable demand elasticity
Jeanfils, Philippe
WP 135
134  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2006
Vennix, Saskia
WP 134
134  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2006
Vennix, Saskia
WP 134
133  Short-term forecasting of GDP using large monthly datasets - A pseudo real-time forecast evaluation exercise
Barhoumi, K.; Benk, S.; Cristadoro, R.; Den Reijer, A.; Jakaitiene, A.; Jelonek, P.; Rua, A.; Ruth, K.; Van Nieuwenhuyze, C.; Rünstler, G.
published in the Journal of Forecasting, Vol. 28(7), Nov. 2009, pp. 595-611.
WP 133
132  Searching for additional sources of inflation persistence: the micro-price panel data approach
Raciborski, Rafal
WP 132
131  Do survey indicators let us see the business cycle ? A frequency decomposition
Dresse, Luc; Van Nieuwenhuyze, Christophe
WP 131
130  Job creation, job destruction and firms’ international trade involvement
Pisu, Mauro
WP 130
129  Estimation of monetary policy preferences in a forward-looking model: A Bayesian approach
Ilbas, Pelin
WP 129
128  Exports and productivity - comparable evidence for 14 countries
The International Study Group on Exports and Productivity; Pisu, Mauro
WP 128
127  How do firms adjust their wage bill in Belgium ? A decomposition along the intensive and extensive margins
Fuss, Catherine
published in the Labour Economics, 16(3), 2009, pp. 320-329.
WP 127
126  Some evidence on late bidding in eBay auctions
Wintr, Ladislav
WP 126
125  Economic importance of Belgian transport logistics
Lagneaux, Frédéric
WP 125

 -+ 2007

124  Downward wage rigidity for different workers and firms: An evaluation for Belgium using the IWFP procedure
Du Caju, Philip; Fuss, Catherine; Wintr, Ladislav
published in Brussels Economic Review, 55(1), Spring 2012, pp. 5-32.
WP 124
123  Failure prediction models: performance, disagreements, and internal rating systems
Mitchell, Janet; Van Roy, Patrick
WP 123
122  The gas chain: influence of its specificities on the liberalisation process
Swartenbroekx, Carine
WP 122
121  Dynamic order submission strategies with competition between a dealer market and a crossing network
Degryse, Hans; Van Achter, Mark; Wuyts, Gunther
WP 121
120  Monitoring pro-cyclicality under the capital requirements directive: preliminary concepts for developing a framework
Masschelein, Nancy
WP 120
119  The determinants of stock and bond return comovements
Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen
WP 119
118  The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations
Coppens, François; Gonzáles, Fernando; Winkler, Gerhard
WP 118
117  Can excess liquidity signal an asset price boom?
Bruggeman, Annick
WP 117
116  Temporal Distribution of Price Changes: Staggering in the Large and Synchronization in the Small
Dhyne, Emmanuel; Konieczny, Jerzy
WP 116
115  Economisch belang van de Belgische havens: Vlaamse zeehavens en Luiks havencomplex - verslag 2005
Lagneaux, Frédéric
WP 115
115  Economic importance of the Belgian ports: report 2005. Flemish maritime ports and Liège port complex
Lagneaux, Frédéric
WP 115
114  Imports and Exports at the Level of the Firm: Evidence from Belgium
Muûls, Mirabelle; Pisu, Mauro
published in the World Economy 32, 692-734.
WP 114
113  The spread of Keynesian economics: a comparison of the Belgian and Italian experiences
Maes, Ivo
published in the Journal of the History of Economic Thought, Vol. 30, No. 2, December 2008, pp. 491-509.
WP 113
112  Assessing the Gap between Observed and Perceived Inflation in the Euro Area: Is the Credibility of the HICP at Stake ?
Aucremanne, Luc; Collin, Marianne; Stragier, Thomas
WP 112
111  Price setting in the euro area: some stylised facts from individual producer price data
Vermeulen, Philip; Dias, Daniel; Dossche, Maarten; Gautier, Erwan; Hernando, Ignacio; Sabbatini, Roberto; Stahl, Harald
WP 111
110  Economic impact of port activity: a disaggregate analysis. The case of Antwerp
Coppens, F.; Lagneaux, F.; van Gastel, G.; Meersman, H.; Sellekaerts, N.; Van de Voorde, E.; Vanelslander, Th.; Verhetsel, A.
WP 110
109  Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, Frank; Wouters, Raf
WP 109
108  Investment-Specific Technology Shocks and Labor Market Frictions
De Bock, Reinout
WP 108
107  Importance et évolution des investissements directs en Belgique
Piette, Christophe
WP 107

 -+ 2006

106  R&D in the Belgian pharmaceutical sector
De Doncker, Helga
WP 106
105  Sector Concentration in Loan Portfolios and Economic Capital
Düllmann, Klaus; Masschelein, Nancy
WP 105
104  Exploring the CDS-Bond Basis
De Wit, Jan
WP 104
103  Macroeconomic fluctuations and firm entry: theory and evidence
Lewis, Vivien
WP 103
102  Fiscal sustainability indicators and policy design in the face of ageing
Langenus, Geert
WP 102
100  Lumpy price adjustments: a microeconometric analysis
Dhyne, Emmanuel; Fuss, Catherine; Pesaran, Hashem; Sevestre, Patrick
published in the Journal of Business, and Economics Statistics, 2011, accepted for publication, DOI: 10.1198/jbes.2011.09066. published in Economics Statistics, 29(4), pp. 529-540.
WP 100
99  The kinked demand curve and price rigidity: evidence from scanner data
Dossche, Maarten; Heylen, Freddy; Van den Poel, Dirk
WP 99
98  Dynamics and monetary policy in a fair wage model of the business cycle
de la Croix, David; de Walque, Gregory; Wouters, Raf
WP 98
97  Nominal wage rigidities in a new Keynesian model with frictional unemployment
Bodart, Vincent; de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R.; Wouters, Raf
WP 97
96  How wages change: micro evidence from the International Wage Flexibility Project
Dickens, William T.; Goette, Lorenz; Groshen, Erica L.; Holden, Steinar; Messina, Julian; Schweitzer, Mark E.; Turunen, Jarkko; Ward, Melanie E.
WP 96
95  Inflation persistence and price-setting behaviour in the euro area: A summary of the Inflation Persistence Network evidence
Altissimo, Filippo; Ehrmann, Michael; Smets, Frank
WP 95
94  Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model
Plasmans, Joseph; Michalak, Tomasz; Fornero, Jorge
WP 94
93  Price and wage setting in an integrating Europe: firm level evidence
Abraham, Filip; Konings, Jozef; Vanormelingen, Stijn
WP 93
92  A new Keynesian model with unemployment
Blanchard, Olivier; Gali, Jordi
WP 92
91  The dynamics of trade and competition
Chen, Natalie; Imbs, Jean; Scott, Andrew
WP 91
90  Industry wage differentials, unobserved ability, and rent-sharing: Evidence from matched worker-firm data, 1995-2002
Plasman, Robert; Rycx, François; Tojerow, Ilan
WP 90
89  The production function approach to the Belgian output gap, Estimation of a Multivariate Structural Time Series Model
Moës, Philippe
WP 89
88  The term structure of interest rates in a DSGE model
Emiris, Marina
WP 88
87  The response of firms’ investment and financing to adverse cash flow shocks: the role of bank relationships
Fuss, Catherine; Vermeulen, Philip
published in the Review of Business and Economics, 53(1), 2008, pp. 5-34.
WP 87
86  Economic importance of the Belgian ports: Flemish maritime ports and Liège port complex - Report 2004
Lagneaux, Frédéric
WP 86
86  Importance économique des ports belges: ports maritimes flamands et complexe portuaire liégeois - Rapport 2004
Lagneaux, Frédéric
WP 86
86  Economisch belang van de Belgische havens : Vlaamse zeehavens en Luiks havencomplex - Verslag 2004
Lagneaux, Frédéric
WP 86
85  Firm-specific production factors in a DSGE model with Taylor price setting
de Walque, Gregory; Smets, Frank; Wouters, Raf
WP 85
84  The single European electricity market: A long road to convergence
Coppens, François; Vivet, David
WP 84
83  A multi-factor model for the valuation and risk managment of demand deposits
Dewachter, Hans; Lyrio, Marco; Maes, Konstantijn
WP 83
82  The patterns and determinants of price setting in the Belgian industry
Cornille, David; Dossche, Maarten
WP 82
81  Réduction linéaire de cotisations patronales à la sécurité sociale et financement alternatif
Jeanfils, Philippe; Delhez, Philippe; Van Meensel, Luc; Burggraeve, Koen; Buysse, Kristel; Du Caju, Philip; Saks, Yves; Van Cauter, Kris
WP 81
80  A generalised dynamic factor model for the Belgian economy - Useful business cycle indicators and GDP growth forecasts
Van Nieuwenhuyze, Christophe
WP 80
79  Is there a difference between solicited and unsolicited bank ratings and if so, why ?
Van Roy, Patrick
WP 79
78  Kredieten aan particulieren - Analyse van de in de Centrale voor Kredieten aan Particulieren geregistreerde gegevens
De Doncker, Helga
WP 78
78  Crédits aux particuliers - Analyse des données de la Centrale des Crédits aux Particuliers
De Doncker, Helga
WP 78

 -+ 2005

77  Income uncertainty and aggregate consumption
Pozzi, L.
WP 77
76  The pricing behaviour of firms in the euro area: new survey evidence
Fabiani, S.; Druant, M.; Hernando, I.; Kwapil, C.; Landau, B.; Loupias, C.; Martins, F.; Mathä, T.; Sabbatini, R.; Stahl, H.; Stokman, A.
WP 76
75  Importance économique du port autonome de Liège: rapport 2003
Lagneaux, Frédéric
WP 75
74  Price setting in the euro area: Some stylized facts from Individual Consumer Price Data
Dhyne, Emmanuel; Álvarez, Luis J.; Le Bihan, Hervé; Veronese, Giovanni; Dias, Daniel; Hoffmann, Johannes; Jonker, Nicole; Lünnemann, Patrick; Rumler, Fabio; Vilmunen, Jouko
published in the Journal of Economic Perspectives, 20(2), Spring 2006, pp. 171-192
WP 74
73  An international analysis of earnings, stock prices and bond yields
Durré, Alain; Giot, Pierre
WP 73
72  Liquidity risk in securities settlement
Devriese, Johan; Mitchell, Janet
WP 72
71  Financial intermediation theory and implications for the sources of value in structured finance markets
Mitchell, Janet
WP 71
70  Measuring inflation persistence: A structural time series approach
Dossche, Maarten; Everaert, Gerdie
WP 70
69  Economisch belang van de Vlaamse zeehavens: verslag 2003
Lagneaux, Frédéric
WP 69
69  Economic importance of the Flemish maritime ports: report 2003
Lagneaux, Frédéric
WP 69
68  Noname - A new quarterly model for Belgium
Jeanfils, Philippe; Burggraeve, Koen
WP 68
67  Indirect effects - A formal definition and degrees of dependency as an alternative to technical coefficients
Coppens, Francois
WP 67
66  Time-dependent versus State-dependent Pricing: A Panel Data Approach to the Determinants of Belgian Consumer Price Changes
Aucremanne, Luc; Dhyne, Emmanuel
WP 66
65  Price-setting behaviour in Belgium: what can be learned from an ad hoc survey ?
Aucremanne, Luc; Druant, Martine
WP 65

 -+ 2004

64  Importance économique du port autonome de Liège: rapport 2002
Lagneaux, Frédéric
WP 64
63  Asymetric growth and inflation developments in the acceding countries: A new assessment
Ide, Stefaan; Moës, Philippe
WP 63
62  Voting on pensions: A survey
de Walque, Grégory
WP 62
61  Comparing shocks and frictions in US and euro area business cycles: A Bayesian DSGE approach
Smets, Frank; Wouters, Raf
WP 61
60  Forecasting with a Bayesian DSGE Model: An application to the euro area
Smets, Frank; Wouters, Raf
WP 60
59  Liberalisation of Network Industries: Is Electricity an Exception to the Rule?
Coppens, François; Vivet, David
WP 59
58  Macroeconomic and monetary policy-making at the EC, from the Rome Treaties to the Hague Summit
Maes, Ivo
published in the Scottish Journal of Political Economy, Vol. 53, No. 2, May 2006, pp. 222-241 "The Ascent of the European Commission as an Actor in the Monetary Integration Process in the 1960s".
WP 58
57  Determinants of Euro Term Structure of Credit Spreads
Van Landschoot, Astrid
WP 57
56  Economic importance of the Flemish maritime ports: Report 2002
Lagneaux, Frédéric
WP 56
55  Liquidity and financial market stability
O'Hara, Maureen
WP 55
54  Regulating financial conglomerates
Freixas, Xavier; Loranth, Gyongyi; Morrison, Alan D.; Shin, Hyun Song
WP 54
53  Does financial liberalization spur growth?
Bekaert, Geert; Harvey, Campbell R.; Lundblad, Christian
WP 53
52  The efficiency and stability of banks and markets
Allen, Franklin
WP 52
51  Basel II and operational risk: Implications for risk measurement and management in the financial sector
Chapelle, Ariane; Crama, Yves; Hubner, Georges; Peeters, Jean-Philippe
WP 51
50  Financial consolidation and liquidity: prudential regulation and/or competition policy?
Van Cayseele, Patrick
WP 50
49  How does liquidity react to stress periods in a limit order market?
Beltran, Helena; Durré, Alain; Giot, Pierre
WP 49
48  Sectoral vs. country diversification benefits and downside risk
Emiris, Marina
WP 48
47  The determinants of pass-through of market conditions to bank retail interest rates in Belgium
De Graeve Ferre; De Jonghe Olivier; Vander Vennet Rudi
WP 47
46  SMEs and bank lending relationships: the impact of mergers
Degryse, Hans; Masschelein, Nancy; Mitchell, Janet
WP 46
45  Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip
published in the Applied Economics, 40(18), 2008, pp. 2337-2351.
WP 45
44  How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI.
Aucremanne, Luc; Dhyne, Emmanuel
WP 44
43  Interbank exposures: An empirical examination of systemic risk in the Belgian banking system
Degryse, Hans; Nguyen, Grégory
WP 43
42  Modeling the Term Structure of Interest Rates: Where Do We Stand?
Maes, Konstantijn
WP 42

 -+ 2003

41  Stock market valuation in the United States
Bisciari, Patrick, Durré, Alain; Nyssens, Alain
WP 41
40  The process of European monetary integration: A comparison of the Belgian and Italian approaches
Maes, Ivo; Quaglia, Lucia
published in the BNL Quaterly Review, N° 227, Dec. 2003, pp. 299-335
WP 40
39  La consommation privée en Belgique
Eugène, Bruno; Jeanfils, Philippe; Robert, Benoît
WP 39
38  De autonijverheid in België: Het belang van het toeleveringsnetwerk rond de assemblage van personenauto's
Coppens, François; Van Gastel, George
WP 38
38  L’industrie de l’automobile en Belgique : Importance de la sous-traitance dans l’assemblage de véhicules automobiles
Coppens, François; Van Gastel, George
WP 38
37  Scope of asymmetries in the Euro area
Ide, Stefaan; Moës, Philipppe
WP 37
36  The labour market and fiscal impact of labour reductions: the case of reduction of employers' social security contributions under a wage norm regime with automatic price indexing of wages
Burggraeve, Koen; Du Caju, Philip
published in the Brussels Economic Review, 46(4), Winter 2003, pp 31-64
WP 36

 -+ 2002

35  An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf
WP 35
34  On the origins of the Franco-German EMU controversies
Maes, Ivo
published in the European Journal of Law and Economics, Vol17, N°1, January 2004, pp. 21-39
WP 34
33  Investment, R&D and liquidity constraints
Van Cayseele, Patrick
WP 33
32  Financing constraints, fixed capital and R&D investment decisions of belgian firms
Cincera, Michele
WP 32
31  Governance as a source of managerial discipline
Franks, Julian; Mayer, Colin
WP 31
30  Development path and capital structure of belgian biotechnology firms
Bastin, Véronique; Corhay, Albert; Hübner, Georges; Michel, Pierre-Armand
WP 30
29  Financing and investment interdependencies in unquoted belgian compagnies: the role of venture capital
Manigart, Sophie; Baeyens, Katleen; Verschueren, Ilse
WP 29
28  Structural modelling of investment and financial constraints: Where do we stand?
Chatelain, Jean-Bernard
WP 28
27  Capital structure, firm liquidity and growth
Anderson, Ronald W.
WP 27
26  Finance, uncertainty and investment: Assessing the gains and losses of a generalized non linear structural approach using Belgian panel data
Gérard, Marcel; Verscueren, Frédéric
WP 26
25  Investment, protection, ownership, and the cost of capital
Himmelberg, Charles P.; Hubbard, R. Glenn
WP 25
24  The impact of uncertainty on investment plans
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip
WP 24
23  Investment, uncertainty and irreversibility: evidence from belgian accounting data
Cassimon, Danny; Engelen, Peter-Jan; Meersman, Hilde; Van Wouwe, Martine
WP 23
22  Real options and investment under uncertainty: what do we know?
Trigeorgis, Lenos
WP 22
21  Lifting the burden: fundamental tax reform and U.S. economic growth
Jorgenson, Dale W.; Yun, Kun-Young
WP 21
20  Inflation, relative prices and nominal rigidities
Aucremanne, Luc; Brys, Guy; Hubert, Mia; Rousseeuw, Peter J.; Struyf, Anja
WP 20
19  Openness, imperfect exchange rate pass-through and monetary policy
Smets, Frank; Wouters, Raf
WP 19

 -+ 2001

18  The interest rate and credit channels in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip
published in Brussels Economic Review, 45 (3), Autumn 2002, pp. 5-35.
WP 18
17  Attractive prices and euro-rounding effects on inflation
Aucremanne, Luc; Cornille, David
WP 17
16  A guided tour of the world of rational expectations models and optimal policies
Jeanfils, Philippe
WP 16
15  Determinanten van de debetrentes toegepast door Belgische kredietinstellingen
Bruggeman, Annick; Wouters, Raf
WP 15
14  Nouvelle économie
Bisciari, Patrick
WP 14
13  Le financement des entreprises par capital-risque
Rigo, Catherine
WP 13

 -+ 2000