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

274  Fiscal policy and TFP in the OECD : Measuring direct and indirect effects
Everaert, G.; Heylen, F.; Schoonackers, R.
WP 274
273  Economic importance of air transport and airport activities in Belgium – Report 2012
Van Nieuwenhove, F.
WP 273
272  Outward Foreign Direct Investment and domestic performance: In search of a causal link
Dhyne, E.; Guerin, S.S.
WP 272
271  Total factor productivity : Lessons from the past and directions for the future
van Ark, B.
WP 271
270  Acquisitions, productivity, and profitability : Evidence from the Japanese cotton spinning industry
Braguinsky, S.; Ohyama, A.; Okazaki, T. and Syverson, C.
WP 270
269  International competition and firm performance : Evidence from Belgium
De Loecker, J.; Fuss, C. and Van Biesebroeck, J.
WP 269
268  Import competition, productivity and multi-product firms
Dhyne, E.; Petrin, A.; Smeets, V. and Warzynski, F.
WP 268
267  Market imperfections, skills and total factor productivity : Firm-level evidence on Belgium and the Netherlands
Dobbelaere, S. and Vancauteren, M.
WP 267
266  A constrained nonparametric regression analysis of factor-biased technical change and TFP growth at the firm-level
Verschelde, M.; Dumont, M.; Merlevede, B. and Rayp, G.
WP 266
265  Assessing the role of ageing, feminising and better-educated workforces on TFP growth
Ariu, A. and Vandenberghe, V.
WP 265
264  The effects of state aid on Total Factor Productivit growth
Van Cayseele, P.; Konings J. and Sergant I.
WP 264
263  On the conjugacy of off-line and on-line Sequential Monte Carlo Samplers
Dufays, A.
WP 263
262  Employment, hours and optimal monetary policy
Dossche, M.; Lewis, V.; Poilly, C.
WP 262
261  European competitiveness: A semi-parametric stochastic metafrontier analysis at the firm level
Dumont, M.; Merlevede, B.; Rayp, G.; Verschelde, M.
Published in ECB Working Paper No 1701
WP 261
260  THE BELGIAN PORTS : Flemish maritime ports, Liège port complex and the port of Brussels – Report 2012
Mathys, C.
WP 260
259  A macro-financial analysis of the euro area sovereign bond market
Dewachter, H.; Iania, L.; Lyrio M.; de Sola Perea, M.
WP 259
258  Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, P.; Ilbas, P.
WP 258
257  Human capital, firm capabilities and productivity growth
Van Beveren, I.; Vanormelingen, S.
WP 257
256  Nowcasting Belgium
de Antonio Liedo, D.
WP 256
255  The single supervisory mechanism or “SSM”, part one of the Banking Union
Wymeersch, E.
WP 255
254  Information in the yield curve: A Macro-Finance approach
Dewachter, H.; Iania, L.; Lyrio, M.
WP 254
253  Micro-based evidence of EU competitiveness : The CompNet database
CompNet Task Force
WP 253

 -+ 2013

 -+ 2012

240  On the origins of the Triffin dilemma: Empirical business cycle analysis and imperfect competition theory
Maes, I.
WP 240
239  Concording of EU trade and production data over time
Van Beveren, I.; Bernard A.B.; Vandenbussche, H.
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, M.; Itskhoki, O.; Konings, J.
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, A.
WP 237
236  A macroeconomic model with a financial sector
Brunnermeier, M.K.; Sannikov, Y.
WP 236
235  Endogenous risk in a DSGE model with capital-constrained financial intermediaries
Dewachter, H. ; Wouters, R.
WP 235
234  Fiscal policy, banks and the financial crisis
Kollmann, R.; Ratto, M.; Roeger, W.; in’t Veld, J.
WP 234
233  A macroeconomic framework for quantifying systemic risk
He, Z.; Krishnamurthy, A.
WP 233
232  Bank /sovereign risk spillovers in the European debt crisis
De Bruyckere, V.; Gerhardt, M.; Schepens, G.; Vander Vennet, R.
WP 232
231  Macroprudential policy, countercyclical bank capital buffers and credit supply : Evidence from the Spanish dynamic provisioning experiments
Jiménez, G.; Ongena, S.; Peydró, J.-L.; Saurina, J.
WP 231
230  Flights to safety
Baele, L.;Bekaert, G.; Inghelbrecht, K.; Wei, M.
WP 230
229  Risk, uncertainty and monetary policy
Bekaert, G.; Hoerova, M.; Lo Duca, M.
WP 229
228  Measuring and testing for the systemically important financial institutions
Castro, C.; Ferrari, S.
WP 228
227  Regime switches in the volatility and correlation of financial institutions
Boudt, K.; Daníelsson, J.; Koopman, S.J.; Lucas, A.
WP 227
226  Dissecting the dynamics of the US trade balance in an estimated equilibrium model
Jacob, P.; Peersman, G.
WP 226
225  Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and port of Brussels - Report 2010
Mathys, C.
WP 225
224  Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics
Rannenberg, A.
WP 224
223  (Not so) easy come, (still) easy go? Footloose multinationals revisited
Blanchard, P.; Dhyne, E.l; Fuss, C.; Mathieu, C.
WP 223
222  Tommaso Padoa-Schioppa and the origins of the euro
Maes, I.
WP 222
221  Implementation of EU legislation on rail liberalisation in Belgium, France, Germany and The Netherlands
Deville, X.; Verduyn, F.
WP 221
220  Institutions and export dynamics
Araujo, L.; Mion, G.; Ornelas, E.
WP 220
219  Comparative advantage, multi-product firms and trade liberalisation: An empirical test
Fuss, C.; Zhu, L.
WP 219

 -+ 2011

218  Economic importance of air transport and airport activities in Belgium - Report 2009
Deville, X.; Vennix, S.
WP 218
217  The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)
Maes, I.
WP 217
216  Verti-zontal differentiation in monopolistic competition
Di Comite, F.; Thisse, J.F.; Vandenbussche, H.
published in CEPR Discussion Paper No 8752. published in Journal of International Economics, 93(1), May 2014, p. 50–66.
WP 216
215  Economic importance of the Belgian ports: Flemish maritime ports, Liège port complex and the port of Brussels - Report 2009
Mathys, C.
WP 215
214  Wage structure effects of international trade: Evidence from a small open economy
Du Caju, P.; Rycx, F.; Tojerow, I.
published in Review of World Economics, 148(2), June 2012, pp. 297-331.
WP 214
213  Ontwikkeling van een financiële gezondheidsindicator op basis van de jaarrekeningen van de vennootschappen
Vivet, D.
WP 213
213  Développement d'un indicateur de santé financière basé sur les comptes annuels des sociétés
Vivet, D.
WP 213
213  Development of a financial health indicator based on companies’ annual accounts
Vivet, D.
WP 213
212  Le lien entre les retards de paiement en matière de téléphonie mobile et ceux en matière de crédits
De Doncker, H.
WP 212
212  The link between mobile telephony arrears and credit arrears
De Doncker, H.
WP 212
212  Het verband tussen betalingsachterstanden voor mobiele telefonie en betalingsachterstanden voor krediet
De Doncker, H.
WP 212
211  Firm entry, inflation and the monetary transmission mechanism
Lewis, V.; Poilly, C.
WP 211
210  Estimating monetary policy reaction functions: A discrete choice approach
Boeckx, J.
WP 210
209  Wage and employment effects of a wage norm: The Polish transition experience
de Crombrugghe, A.; de Walque, G.
WP 209

 -+ 2010

208  The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss
Rannenberg, A.
WP 208
207  Labour demand adjustment: Does foreign ownership matter ?
Dhyne, E.; Fuss, C.; Mathieu, C.
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, L.; Dhyne, E.; Soeng, R.
WP 206
205  Immigration, offshoring and American jobs
Ottaviano, G.; Peri, G.; Wright, G.
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, F.; Van Hove, J.
WP 204
203  Multi-product exporters, carry-along trade and the margins of trade
Bernard, A.; Van Beveren, I.
WP 203
202  Market size, competition and the product mix of exporters
Mayer, T.; Melitz, M.; Ottaviano, G.
WP 202
201  The productivity and export spillovers of the internationalisation behaviour of Belgian firms
Dumont, M.; Merlevede, B.; Piette, C.; Rayp, G.
WP 201
200  Trade in services: IT and task content
Ariu, A.; Mion, G.
published as CEPR Discussion Paper No 8761.
WP 200
199  Intermediaries in international trade: Direct versus indirect modes of export
Bernard, A.; Grazzi, M.; Tomasi, C.
WP 199
198  The internationalization process of firms: From exports to FDI ?
Conconi, P.; Sapir, A.; Zanardi, M.
Published as CEPR Discussion Paper No 9332.
WP 198
197  Internationalization strategy and performance of small and medium sized enterprises
Onkelinx, J.; Sleuwaegen, L.
published in the Review of Business and Economics, LVI(2), pp. 128-146.
WP 197
196  Trade and the global recession
Eaton, J.; Kortum, S.; Neiman, B.; Romalis, J.
WP 196
195  Trade crisis ? What trade crisis ?
Behrens, K.; Corcos, G.; Mion, G.
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, G.; Vandenbussche, H.; Zhu, L.
published as CEPR Discussion Paper n° 8188.
WP 194
193  Wages, labor or prices: How do firms react to shocks ?
Dhyne, E.; Druant, M.
WP 193
192  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2008
Mathys, C.
WP 192
192  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2008
Mathys, C.
WP 192
191  The incidence of nominal and real wage rigidity: An individual-based sectoral approach
Messina, J.; Du Caju, P.; Duarte, C.F.; Lynggård Hansen, N.; Izquierdo, M.
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, J.; De Ceuster, M.; Van Roy, P.; Vespro, C.
WP 190
189  Inter-industry wage differentials in EU countries: What do cross-country time-varying data add to the picture ?
Du Caju, P.; Kátay, G.; Lamo, A.; Nicolitsas, D.; Poelhekke, S.
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, I.
WP 188
187  Getting rid of Keynes ? A survey of the history of macroeconomics from Keynes to Lucas and beyond
De Vroey, M.
WP 187
186  The development of monetary policy in the 20th century - some reflections
Issing, O.
WP 186
185  Self-fulfilling liquidity dry-ups
Malherbe, F.
WP 185
184  Discriminatory fees, coordination and investment in shared ATM networks
Ferrari, S.
WP 184

 -+ 2009

183  The margins of labour cost adjustment: Survey evidence from European firms
Babecky, J.; Du Caju, P.; Kosma, T.; Lawless, M.; Messina, J.; Room, T.
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, J.; Du Caju, P.; Kosma, T.; Lawless, M.; Messina, J.; Room, T.
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, K.; Ravn, M.
WP 181
180  Inter-industry wage differentials: How much does rent sharing matter ?
Du Caju, P.; Ryckx, F.; Tojerow, I.
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, H.; Masschelein, N.; Mitchell, J.
WP 179
178  Optimal monetary policy and firm entry
Lewis, V.
WP 178
177  Incentives and tranche retention in securitisation: A screening model
Fender, I.; Mitchell, J.
WP 177
176  On the origins of the BIS macro-prudential approach to financial stability: Alexandre Lamfalussy and financial fragility
Maes, I.
WP 176
175  Micro data on nominal rigidity, inflation persistence and optimal monetary policy
Kara, E.
WP 175
174  How are firms’ wages and prices linked: survey evidence in Europe
Druant, M.; Fabiani, S.; Kezdi, G.; Lamo, A.; Martins, F.; Sabbatini, R.
WP 174
173  Evaluating a monetary business cycle model with unemployment for the euro area
Groshenny, N.
WP 173
172  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2007
Mathys, C.
WP 172
172  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2007
Mathys, C.
WP 172
171  A global assessment of the degree of price stickiness - results from the NBB business survey
Dhyne, E.
WP 171
170  Analysis of business demography using markov chains: An application to Belgian data
Coppens, F.; Verduyn, F.
WP 170
169  The use of fixed-term contracts and the labour adjustment in Belgium
Dhyne, E.; Mahy, B.
WP 169
168  Model misspecification, learning and the exchange rate disconnect puzzle
Lewis, V.; Markiewicz, A.
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, O.
WP 167
166  Input-output connections between sectors and optimal monetary policy
Kara, E.
WP 166
165  Understanding inflation dynamics: Where do we stand ?
Dossche, M.
WP 165
164  Inflation dynamics with labour market matching: Assessing alternative specifications
Christoffel, K.; Costain, J. de Walque, G. Kuester, K.; Linzert, T.; Millard, S.; Pierrard, O.
WP 164
163  The young Lamfalussy: An empirical and policy-oriented growth theorist
Maes, I.
WP 163
162  Labour flows in Belgium
Heuse, P.; Saks, Y.
WP 162
161  Trade, wages and productivity
Behrens, K.; Mion, G.; Murata, Y.; Südekum, J.
WP 161
160  The Belgian iron and steel industry in the international context
Lagneaux, F.; Vivet, D.
WP 160
159  Rigid labour compensation and flexible employment ? Firm-level evidence with regard to productivity for Belgium
Fuss, C.; Wintr, L.
WP 159
158  Economic importance of air transport and airport activities in Belgium
Kupfer, F.; Lagneaux, F.; Van Gastel, G.
WP 158
157  Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation
de Walque, G.; Pierrard, O.; Sneessens, H.; Wouters, R.
WP 157
156  Understanding sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition
Du Caju, P.; Fuss, C.; Wintr, L.
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, F.; Cunha, J.; Langenus, G.; Manzke, B.; Pavot, J.; Prammer, D.; Tommasino, P.
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, P.; Gautier, E.; Momferatou, D.; Ward-Warmedinge, M.
published in Ekonomia, 12(2), Winter 2009, pp. 57-108.
WP 154
153  Forecast with judgment and models
Monti, F.
WP 153
152  Rent-sharing under different bargaining regimes: Evidence from linked employer-employee data
Rusinek, M.; Rycx, F.
WP 152
150  Risk premiums and macroeconomic dynamics in a heterogeneous agent model
De Graeve, F.; Dossche, M.; Emiris, M.; Sneessens, H.; Wouters, R.
WP 150
149  Monetary policy, asset prices and macroeconomic conditions: A panel-VAR study
Assenmacher-Wesche, K.; Gerlach, S.
WP 149
148  Financial (in)stability, supervision and liquidity injections: A dynamic general equilibrium approach
de Walque, G.; Pierrard, O.; Rouabah, A.
WP 148
147  Central bank misperceptions and the role of money in interest rate rules
Beck, G. Wieland, V.
WP 147
146  Credit frictions and optimal monetary policy
Cúrdia, V.; Woodford, M.
WP 146
145  Housing market spillovers: evidence from an estimated DSGE model
Iacoviello, M.; Neri, S.
WP 145
144  Imperfect information, macroeconomic dynamics and the yield curve: An encompassing macro-finance model
Dewachter, H.
WP 144
143  The bond premium in a DSGE model with long-run real and nominal risks
Rudebusch, G.; Swanson, E.
WP 143
142  Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, C.; Durinck, E.; Peersman, G.
WP 142
141  Monetary aggregates and liquidity in a neo-Wicksellian framework
Canzoneri, M.; Cumby, R.; Diba, B.; López-Salido, D.
WP 141
140  Export destinations and learning-by-exporting: Evidence from Belgium
Pisu, M.
WP 140
139  Exporters and credit constraints. A firm-level approach
Muûls, M.
WP 139
138  The efficiency frontier as a method for gauging the performance of public expenditure: A Belgian case study
Eugène, B.
WP 138
137  Agency problems in structured finance - A case study of European CLOs
Keller, J.
WP 137
136  Multivariate structural time series models with dual cycles: implications for measurement of output gap and potential growth
Moës, P.
WP 136
135  Imperfect exchange rate pass-through: the role of distribution services and variable demand elasticity
Jeanfils, P.
WP 135
134  Economisch belang van de Belgische havens: Vlaamse zeehavens, Luiks havencomplex en haven van Brussel - Verslag 2006
Vennix, S.
WP 134
134  Importance économique des ports belges: ports maritimes flamands, complexe portuaire liégeois et port de Bruxelles - Rapport 2006
Vennix, S.
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, R.
WP 132
131  Do survey indicators let us see the business cycle ? A frequency decomposition
Dresse, L.; Van Nieuwenhuyze, C.
WP 131
130  Job creation, job destruction and firms’ international trade involvement
Pisu, M.
WP 130
129  Estimation of monetary policy preferences in a forward-looking model: A Bayesian approach
Ilbas, P.
WP 129
128  Exports and productivity - comparable evidence for 14 countries
The International Study Group on Exports and Productivity; Pisu, M.
WP 128
127  How do firms adjust their wage bill in Belgium ? A decomposition along the intensive and extensive margins
Fuss, C.
published in the Labour Economics, 16(3), 2009, pp. 320-329.
WP 127
126  Some evidence on late bidding in eBay auctions
Wintr, L.
WP 126
125  Economic importance of Belgian transport logistics
Lagneaux, F.
WP 125

 -+ 2007

124  Downward wage rigidity for different workers and firms: An evaluation for Belgium using the IWFP procedure
Du Caju, P.; Fuss, C.; Wintr, L.
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, J.; Van Roy, P.
WP 123
122  The gas chain: influence of its specificities on the liberalisation process
Swartenbroekx, C.
WP 122
121  Dynamic order submission strategies with competition between a dealer market and a crossing network
Degryse, H.; Van Achter, M.; Wuyts, G.
WP 121
120  Monitoring pro-cyclicality under the capital requirements directive: preliminary concepts for developing a framework
Masschelein, N.
WP 120
119  The determinants of stock and bond return comovements
Baele, L.; Bekaert, G. Inghelbrecht, K.
WP 119
118  The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations
Coppens, F.; Gonzáles, F.; Winkler, G.
WP 118
117  Can excess liquidity signal an asset price boom?
Bruggeman, A.
WP 117
116  Temporal Distribution of Price Changes: Staggering in the Large and Synchronization in the Small
Dhyne, E.; Konieczny, J.
WP 116
115  Economisch belang van de Belgische havens: Vlaamse zeehavens en Luiks havencomplex - verslag 2005
Lagneaux, F.
WP 115
115  Economic importance of the Belgian ports: report 2005. Flemish maritime ports and Liège port complex
Lagneaux, F.
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, L.; Collin, M.; Stragier, T.
WP 112
111  Price setting in the euro area: some stylised facts from individual producer price data
Vermeulen, Ph.; Dias, D.; Dossche, M.; Gautier, E.; Hernando, I.; Sabbatini, R.; Stahl, H.
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, F.; Wouters, R.
WP 109
108  Investment-Specific Technology Shocks and Labor Market Frictions
De Bock, R.
WP 108
107  Importance et évolution des investissements directs en Belgique
Piette, C.
WP 107

 -+ 2006

106  R&D in the Belgian pharmaceutical sector
De Doncker, H.
WP 106
105  Sector Concentration in Loan Portfolios and Economic Capital
Düllmann, K.; Masschelein, N.
WP 105
104  Exploring the CDS-Bond Basis
De Wit, J.
WP 104
103  Macroeconomic fluctuations and firm entry: theory and evidence
Lewis, V.
WP 103
102  Fiscal sustainability indicators and policy design in the face of ageing
Langenus, G.
WP 102
100  Lumpy price adjustments: a microeconometric analysis
Dhyne, E.; Fuss, C.; Pesaran, H.; Sevestre, P.
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, M.; Heylen, F.; Van den Poel, D.
WP 99
98  Dynamics and monetary policy in a fair wage model of the business cycle
de la Croix, D.; de Walque, G.; Wouters, R.
WP 98
97  Nominal wage rigidities in a new Keynesian model with frictional unemployment
Bodart, V.; de Walque, G.; Pierrard, O.; Sneessens, H.; Wouters, R.
WP 97
96  How wages change: micro evidence from the International Wage Flexibility Project
Dickens, W.; Goette, L.; Groshen, E.; Holden, S.; Messina, J.; Schweitzer, M.; Turunen, J.; Ward, M.
WP 96
95  Inflation persistence and price-setting behaviour in the euro area: A summary of the Inflation Persistence Network evidence
Altissimo, F.; Ehrmann, M.; Smets, F.
WP 95
94  Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model
Plasmans, J.; Michalak, T.; Fornero, J.
WP 94
93  Price and wage setting in an integrating Europe: firm level evidence
Abraham, F. Konings, J.; Vanormelingen, S.
WP 93
92  A new Keynesian model with unemployment
Blanchard, O.; Gali, J.
WP 92
91  The dynamics of trade and competition
Chen, N.; Imbs, J.; Scott, A.
WP 91
90  Industry wage differentials, unobserved ability, and rent-sharing: Evidence from matched worker-firm data, 1995-2002
Plasman, R.; Rycx, F.; Tojerow, I.
WP 90
89  The production function approach to the Belgian output gap, Estimation of a Multivariate Structural Time Series Model
Moës, P.
WP 89
88  The term structure of interest rates in a DSGE model
Emiris, M.
WP 88
87  The response of firms’ investment and financing to adverse cash flow shocks: the role of bank relationships
Fuss, C.; Vermeulen, P.
published in the Review of Business and Economics, 53(1), 2008, pp. 5-34.
WP 87
86  Economisch belang van de Belgische havens : Vlaamse zeehavens en Luiks havencomplex - Verslag 2004
Lagneaux, F.
WP 86
86  Importance économique des ports belges: ports maritimes flamands et complexe portuaire liégeois - Rapport 2004
Lagneaux, F.
WP 86
86  Economic importance of the Belgian ports: Flemish maritime ports and Liège port complex - Report 2004
Lagneaux, F.
WP 86
85  Firm-specific production factors in a DSGE model with Taylor price setting
de Walque, G.; Smets, F.; Wouters, R.
WP 85
84  The single European electricity market: A long road to convergence
Coppens, F.; Vivet, D.
WP 84
83  A multi-factor model for the valuation and risk managment of demand deposits
Dewachter, H.; Lyrio, M.; Maes, K.
WP 83
82  The patterns and determinants of price setting in the Belgian industry
Cornille, D.; Dossche, M.
WP 82
81  Réduction linéaire de cotisations patronales à la sécurité sociale et financement alternatif
Jeanfils, P.; Delhez, P.; Van Meensel, L.; Burggraeve, K.; Buysse, K.; Du Caju, P.; Saks, Y.; Van Cauter, K.
WP 81
80  A generalised dynamic factor model for the Belgian economy - Useful business cycle indicators and GDP growth forecasts
Van Nieuwenhuyze, C.
WP 80
79  Is there a difference between solicited and unsolicited bank ratings and if so, why ?
Van Roy, P.
WP 79
78  Crédits aux particuliers - Analyse des données de la Centrale des Crédits aux Particuliers
De Doncker, H.
WP 78
78  Kredieten aan particulieren - Analyse van de in de Centrale voor Kredieten aan Particulieren geregistreerde gegevens
De Doncker, H.
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, H.; Veronese, G.; Dias, D.; Hoffmann, J.; Jonker, N.; Lünnemann, P.; Rumler, F.; Vilmunen, J.
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, A.; Giot, P.
WP 73
72  Liquidity risk in securities settlement
Devriese, J.; Mitchell, J.
WP 72
71  Financial intermediation theory and implications for the sources of value in structured finance markets
Mitchell, J.
WP 71
70  Measuring inflation persistence: A structural time series approach
Dossche, M.; Everaert, G.
WP 70
69  Economic importance of the Flemish maritime ports: report 2003
Lagneaux, F.
WP 69
69  Economisch belang van de Vlaamse zeehavens: verslag 2003
Lagneaux, F.
WP 69
68  Noname - A new quarterly model for Belgium
Jeanfils, P.; Burggraeve, K.
WP 68
67  Indirect effects - A formal definition and degrees of dependency as an alternative to technical coefficients
Coppens, F.
WP 67
66  Time-dependent versus State-dependent Pricing: A Panel Data Approach to the Determinants of Belgian Consumer Price Changes
Aucremanne, L.; Dhyne, E.
WP 66
65  Price-setting behaviour in Belgium: what can be learned from an ad hoc survey ?
Aucremanne, L.; Druant, M.
WP 65

 -+ 2004

64  Importance économique du port autonome de Liège: rapport 2002
Lagneaux, F.
WP 64
63  Asymetric growth and inflation developments in the acceding countries: A new assessment
Ide, S.; Moës, P.
WP 63
62  Voting on pensions: A survey
de Walque, G.
WP 62
61  Comparing shocks and frictions in US and euro area business cycles: A Bayesian DSGE approach
Smets, F.; Wouters, R.
WP 61
60  Forecasting with a Bayesian DSGE Model: An application to the euro area
Smets, F.; Wouters, R.
WP 60
59  Liberalisation of Network Industries: Is Electricity an Exception to the Rule?
Coppens, F.; Vivet, D.
WP 59
58  Macroeconomic and monetary policy-making at the EC, from the Rome Treaties to the Hague Summit
Maes, I.
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, A.
WP 57
56  Economic importance of the Flemish maritime ports: Report 2002
Lagneaux, F.
WP 56
55  Liquidity and financial market stability
O'Hara, M.
WP 55
54  Regulating financial conglomerates
Freixas, X.; Loranth, G.; Morrison, A. D.; Shin, H.
WP 54
53  Does financial liberalization spur growth?
Bekaert, G.; Harvey, C.; Lundblad, C.
WP 53
52  The efficiency and stability of banks and markets
Allen, F.
WP 52
51  Basel II and operational risk: Implications for risk measurement and management in the financial sector
Chapelle, A.; Crama, Y.; Hubner, G.; Peeters, J.P.
WP 51
50  Financial consolidation and liquidity: prudential regulation and/or competition policy?
Van Cayseele, P.
WP 50
49  How does liquidity react to stress periods in a limit order market?
Beltran, H.; Durré, A.; Giot, P.
WP 49
48  Sectoral vs. country diversification benefits and downside risk
Emiris, M.
WP 48
47  The determinants of pass-through of market conditions to bank retail interest rates in Belgium
De Graeve, F.; De Jonghe, O.; Vander Vennet, R.
WP 47
46  SMEs and bank lending relationships: the impact of mergers
Degryse, H.; Masschelein, N.; Mitchell, J.
WP 46
45  Firms' investment decisions in response to demand and price uncertainty
Fuss, C.; Vermeulen, P.
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, L.; Dhyne, E.
WP 44
43  Interbank exposures: An empirical examination of systemic risk in the Belgian banking system
Degryse, H.; Nguyen, G.
WP 43
42  Modeling the Term Structure of Interest Rates: Where Do We Stand?
Maes, K.
WP 42

 -+ 2003

 -+ 2002

35  An estimated dynamic stochastic general equilibrium model of the euro area
Smets, F.; Wouters, R.
WP 35
34  On the origins of the Franco-German EMU controversies
Maes, I.
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, P.
WP 33
32  Financing constraints, fixed capital and R&D investment decisions of belgian firms
Cincera, M.
WP 32
31  Governance as a source of managerial discipline
Franks, J.; Mayer, C.
WP 31
30  Development path and capital structure of belgian biotechnology firms
Bastin, V.; Corhay, A.; Hübner, G.; Michel, P.A.
WP 30
29  Financing and investment interdependencies in unquoted belgian compagnies: the role of venture capital
Manigart, S.; Baeyens, K.; Verschueren, I.
WP 29
28  Structural modelling of investment and financial constraints: Where do we stand?
Chatelain, J.B.
WP 28
27  Capital structure, firm liquidity and growth
Anderson, R.
WP 27
26  Finance, uncertainty and investment: Assessing the gains and losses of a generalized non linear structural approach using Belgian panel data
Gérard, M.; Verscueren, F.
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, P.; Fuss, C.; Vermeulen, Ph.
WP 24
23  Investment, uncertainty and irreversibility: evidence from belgian accounting data
Cassimon, D.; Engelen, P.J.; Meersman, H.; Van Wouwe, M.
WP 23
22  Real options and investment under uncertainty: what do we know?
Trigeorgis, L.
WP 22
21  Lifting the burden: fundamental tax reform and U.S. economic growth
Jorgenson, Dale; Yun, K.Y.
WP 21
20  Inflation, relative prices and nominal rigidities
Aucremanne, L.; Brys, G.; Hubert, M.; Rousseeuw, P.; Struyf, A.
WP 20
19  Openness, imperfect exchange rate pass-through and monetary policy
Smets, F.; Wouters, R.
WP 19

 -+ 2001

 -+ 2000