Selected publications by BCL staff


[2024] [2023] [2022] [2021] [2020] [2019] [2018] [2017] [2016] [2015] [2014] [2013][2012] [2011] [2010] [2009] [2008] [2007] [2006] [2005] [2004] [2003]


Giordana, G. and M. Ziegelmeyer (2024): Using household-level data to guide borrower-based macro-prudential policy, Empirical Economics66: 785–827.

Girshina, A., T.Y. Mathä and M. Ziegelmeyer (2024): Peer effects in stock market participation: Evidence from immigration, The Review of Income and Wealth, forthcoming.

Pulina, G. (2024): Credit card debt puzzle: Evidence from the euro area, Economics Letters, 236, 111586.


Carroni, E., M. Delogu and G. Pulina (2023): Technology adoption and specialized labor, International Economics173(C): 249–259.

Garcia, P., P. Jacquinot, Č. Lenarčič, M. Lozej and K. Mavromatis (2023): Global models for a global pandemic: The impact of COVID-19 on small euro area economies, Journal of Macroeconomics77, 103551.

Garcia Sanchez, P. (2023): Environmental risks and precautionary behaviour, Annals of Economics and Statistics150: 67–80.

Giordana, G. and M.N. Pi Alperin (2023): Old age takes its toll: Long-run projections of health-related public expenditure in Luxembourg, Economics & Human Biology, 50(C), 101262.

Han, Y., P. Pieretti and G. Pulina (2023): The impact of tax and infrastructure competition on the profitability of local firms, International Tax and Public Finance30: 281–304. 

Lindner, P., T.Y. MathäG. Pulina and M. Ziegelmeyer (2023): Borrowing constraints, own labour and homeownership, Applied Economics55(42): 4931–4945.

Marchiori, L.J. Pascal and O. Pierrard (2023): (In)efficient commuting and migration choices: Theory and policy in an urban search model, Regional Science and Urban Economics102, 103936.

Marchiori, L. and O. Pierrard (2023): Health Subsidies, Prevention and Welfare, Journal of Public Economic Theory25(6): 1304–1336.

Moura, A. (2023): Trend breaks and the long-run implications of investment-specific technological progress, Applied Economics Letters30(16): 2270–2275.


Ciccone, J.L. Marchiori and R. Morhs (2022): The flow-performance relationship of global investment funds, Journal of International Money and Finance127, 102690. 

Fegatelli, P. (2022): A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel, Journal of Macroeconomics71, 103392. 

Fève, P., A Moura and O. Pierrard (2022): The Fall in Shadow Banking and the Slow U.S. Recovery. Journal of Economic Dynamics and Control139, 104404. 

Garcia Sanchez, P. (2022): Learning, Uncertainty, and Monetary Policy, Annals of Economics and Statistics145: 5–28. 

Garcia Sanchez, P., P. Jacquinot, È. Lenarèiè, M. Lozej and K. Mavromatis (2022): Global models for a global pandemic: The impact of COVID-19 on small euro area economies, SUERF Policy Briefs, No. 272.

Pulina, G. and Zanaj, S. (2022): Tax competition and phantom FDI, Journal of Public Economic Theory24(6): 1342–1363.


Fegatelli, P. (2021): The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channel, SUERF Policy Briefs, No. 209 (October).

Marchiori, L. (2021) Monetary theory reversed: Virtual currency issuance and the inflation tax, Journal of International Money and Finance117(C), 102441.

Fève, P., P. Garcia SanchezA. Moura and O. Pierrard (2021): Costly default and skewed business cycles, European Economic Review132, 103630.

Mathä, T.Y., S. Millard, T. Rõõm, L. Wintr and R. Wyszyński (2021): Shocks and adjustments of firms: Evidence from a survey among European firms, Oxford Economic Papers73(3), 1008–1033.

Moura, A. (2021): Are neutral and investment-specific technology shocks correlated? European Economic Review139, 103866.


Giordana, G. and M. Ziegelmeyer (2020): Stress testing household balance sheets in Luxembourg, The Quarterly Review of Economics and Finance76: 115–138.


Efstathiou, K., T.Y. MathäC. Veiga and L. Wintr (2019): Active labour market policy use in Luxembourg: Evidence from a firm survey, Journal of Labour Market Research53(1): 12

Fève, P., A. Moura and O. Pierrard (2019): Shadow banking and financial regulation: A small-scale DSGE perspective, Journal of Economic Dynamics and Control101: 130–144.

Lydon, R., T.Y. Mathä and S. Millard (2019): Short-time work in the Great Recession: Firm-level evidence from 20 EU countries, IZA Journal of Labor Policy8:2.


Efstathiou, K., T.Y. MathäC. Veiga and L. Wintr (2018): Short-time work in Luxembourg: Evidence from a firm survey , Journal of Labour Market Research52(1): 14.

Fève, P., A. Moura and O. Pierrard (2018): Predetermined interest rates in an analytical RBC model, Economics Letters172: 12–15.

Marchiori, L., P. Pieretti and B. Zou (2018): Immigration, occupational choice and public employment, Annals of Economics and Statistics131: 83–116.

Mathä, T.Y.A. Porpiglia and M. Ziegelmeyer (2018): Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys, Journal of Income Distribution, 27(1): 1–35.

Moura, A. (2018) Investment Shocks, Sticky Prices, and the Endogenous Relative Price of Investment, Review of Economic Dynamics27: 46–63.


Bouchet, M.L. Marchiori, and O. Pierrard (2017): Pension reform in a worst case scenario: public finance versus political feasibility, Journal of Pension Economics and Finance16(2): 173–204.

Ehrmann, M. and M. Ziegelmeyer (2017): Mortgage Choice in the Euro Area - Macroeconomic Determinants and the Effect of Monetary Policy on Debt, Journal of Money, Credit and Banking49(2-3): 469–494.

Giordana, G. and I. Schumacher (2017): An empirical study on the impact of Basel III standards on banks’ default risk: The case of Luxembourg, Journal of Risk and Financial Management10(2): 8.

Giordana, G. and M. Ziegelmeyer (2017): Household debt burden and financial vulnerability in Luxembourg, in IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data Needs and Statistics
Compilation for Macroprudential Analysis
46, Bank for International Settlements.

Marchiori, L. and O. Pierrard (2017): How does global demand for financial services promote domestic growth in Luxembourg? A dynamic general equilibrium analysis, Economic Modelling62(C): 103–123.

Marchiori, L., O. Pierrard and H. Sneessens (2017), The EU-US Unemployment Puzzle Revisited: Institutions, Demography and Capital Flows, Journal of Demographic Economics83(3): 259–305.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2017): Cross-border commuting and consuming An empirical investigation, Applied Economics49(20): 2011–2026.

Mathä, T.Y.A. Porpiglia and M. Ziegelmeyer (2017): Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics, Journal of Housing Economics35: 1–12.

Mathä, T.Y. and A. Shwachman Kaminaga (2017): Regional wages and Market potential in the enlarged EU: An empirical investigation, Applied Economics49(4): 376–385.


Arrondel, L., L. Bartilioro, P. Fessler, P. Lindner, T.Y. Mathä, C. Rampazzi, F. Savignac, T. Schmidt, M. Schürz and P. Vermeulen (2016): How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey, International Journal of Central Banking12(2): 129–220.

Giordana, G. (2016): Welfare and Stochastic Dominance for the Measurement of Banks' Domestic Systemic Importance: Analytical Framework and Application, International Journal of Finance and Economics21(2): 192–208.

Le Blanc, J., A. Porpiglia, F. Teppa, J. Zhu and M. Ziegelmeyer (2016): Household saving behaviour and credit constraints in the euro area, International Journal of Central Banking12(2): 15–69.

Lodigiani, E., L. Marchiori and I-L Shen (2016): Revisiting the brain drain literature with insights from a dynamic general equilibrium world model, The World Economy39(4): 173–2014.

Necker, S. and M. Ziegelmeyer (2016): Household Risk Taking after the Financial Crisis, The Quarterly Review of Economics and Finance59: 141–160.


No publications


Bucher-Koenen, T. and M. Ziegelmeyer (2014): Once burned, twice shy? Financial literacy and wealth losses during the financial crisis, Review of Finance18(6): 2215–2246.

Jin, X. and F. Nadal de Simone (2014): Banking systemic vulnerabilities: A tail-risk dynamic CIMDO approach. Journal of Financial Stability14: 81–101.

Jin, X. and F. Nadal De Simone (2015): A Framework for tracking changes in the intensity of investment funds’ systemic risk. Journal of Empirical Finance29: 343–368.

Martin, D. and O. Pierrard (2014): On-the-job search and cyclical unemployment: Crowding out vs. vacancy effects. Journal of Economic Dynamics and Control44(3): 235–250.


De la Croix, D., O. Pierrard and H. Sneessens (2013): Ageing and pensions in general equilibrium: labour market imperfections matter, Journal of Economic Dynamics and Control37(1): 104–124.

Curi, C., P. Guarda, A. Lozano-Vivas and V. Zelenyuk (2013): Is foreign-bank efficiency in financial centers driven by home or host country characteristics? Journal of Productivity Analysis40(3): 367–385.

Giordana, G. and I. Schumacher (2013): What are the bank-specific and macroeconomic drivers of banks’ leverage? Evidence from Luxembourg, Empirical Economics45(2): 905–928.

Giordana, G. and I. Schumacher (2013): Bank liquidity risk and monetary policy. Empirical evidence on the impact of Basel III liquidity standards, International Review of Applied Economics27(5): 633–655.

Guarda, P., A. Rouabah and M. Vardanyan (2013): Identifying bank outputs and inputs with a directional technology distance function, Journal of Productivity Analysis40(2): 185–195.

Guarda, P., A. Rouabah and J. Theal (2013): An MVAR framework to capture extreme events in macro-prudential stress tests, Journal of Risk Model Validation7(4).

Marchiori, L., I-L. Shen and F. Docquier (2013): Brain drain in globalization: A general equilibrium analysis from the source countries’ perspective, Economic Inquiry51(2): 1582–1602

Ziegelmeyer, M. (2013): Illuminate the unknown: Evaluation of imputation procedures based on the SAVE Survey, Advances in Statistical Analysis97(1): 49–76.

Ziegelmeyer, M. and J. Nick (2013): Backing out of private pension provision – Lessons from Germany, Empirica – Journal of European Economics40(3): 505–539.


Du Caju, P., C. Fuss and L. Wintr (2012): Sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition, Journal for Labour Market Research45(1): 7–22.

Du Caju, P., C. Fuss and L. Wintr (2012): Downward wage rigidity for different workers and firms, Brussels Economic Review55(1).

Kabundi, A. and F. Nadal De Simone, (2012): Recent French relative export performance: Is there a competitiveness problem? Economic Modelling29: 1408–1435.

Ziegelmeyer, M. (2012): Nursing home residents make a difference – The overestimation of saving rates at older ages, Economics Letters117(3): 569–572.


Igan, D., N. Tamirisa, A. Kabundi, F. Nadal de Simone, M. Pinheiro (2011): Housing, credit, and real activity cycles: Characteristics and comovements, Journal of Housing Economics20(3): 210–231.

Kabundi, A. and F. Nadal De Simone (2011): France in the global economy: a structural approximate dynamic factor model analysis, Empirical Economics41(2): 311–342.

Lünnemann, P. and L. Wintr (2011): Price Stickiness in the US and Europe revisited: Evidence from internet prices, Oxford Bulletin of Economics and Statistics73(5): 593–621.

Marchiori, L. (2011): Demographic trends and international capital flows in an integrated world, Economic Modelling28(5): 2100–2120.

Mathä, T.Y. and O. Pierrard. (2011): Search in the product market and the real business cycle, Journal of Economic Dynamics and Control35: 1172–1191.


De Walque, G., O. Pierrard and A. Rouabah (2010): Financial (in)stability, supervision and liquidity injections: a dynamic general approach, The Economic Journal120(549): 1234–1261.

Fegatelli, P. (2010): The misconception of the option value of deposit insurance and the efficacy of nonriskbased capital requirements in the literature on bank capital regulation, Journal of Financial Stability6(2): 79–84.

Lünnemann, P. and T.Y. Mathä. (2010): Consumer price behaviour in Luxembourg: evidence from micro CPI data, Managerial and Decision Economics31(2-3): 177–192.

Lünnemann, P. and T.Y. Mathä. (2010): Rigidities and inflation persistence of services and regulated prices, Managerial and Decision Economics31(2-3): 193–208.


De Walque, G., O. Pierrard, H. Sneessens and R. Wouters. (2009): Sequential bargaining in a New Keynesian Model with frictional unemployment and wage-staggering, Annals of Economics and Statistics96(2): 221–250.

Guarda, P. and A. Rouabah. (2009): Output indicators for the banking sector, in Balling, M., E. Gnan, F. Lierman and J.-P. Schoder (eds.): Productivity in the Financial Services Sector. SUERF Studies 2009/4.

Lünnemann, P. and T.Y. Mathä. (2009): Mean reversion and sales, Applied Economics Letters 16(12): 1271–1275.

Mathä, T.Y. (2009): Regional mc parity: Do common pricing points reduce deviations from the law of one price? Review of World Economics / Weltwirtschaftliches Archiv145(1): 155–166.

Mathä, T.Y. and L. Wintr (2009): Commuting flows across bordering regions: A Note, Applied Economics Letters16(7): 735–738.


Pierrard, O. (2008): Commuters, residents and job competition, Regional Science and Urban Economics38(6): 565–577.

Pierrard, O. and H. Sneessens (2008): Biased technological shocks, relative wage rigidities and low skilled unemployment, Scottish Journal of Political Economy55(3): 330–352.


Fabiani, S., C. Loupias, M. Druant, I. Hernando, C. Kwapil, B. Landau, F. Martins, T.Y. Mathä, R. Sabbatini, H. Stahl, A. Stokman. (2007): Summary of results for the euro area, in Fabiani, S., C. Loupias, F. Martins and R. Sabbatini (eds.): Pricing Decisions in the Euro Area: How Firms Set Prices and Why, Oxford Univ. Press Chapter 2, pp. 32–52.

Kokko, A., T.Y. Mathä and P. Gustavsson Tingvall. (2007): Regional integration and trade diversion in Europe, Integration and Trade Journal, 26: 205–245.

Lünnemann, P. and T.Y. Mathä. (2007): A comparison based on international survey evidence, in Fabiani, S., C. Loupias, F. Martins and R. Sabbatini (eds.): Pricing Decisions in the Euro Area: How Firms Set Prices and Why, Oxford Univ. Press Chapter 12, pp. 185–199.

Lünnemann, P. and T.Y. Mathä. (2007): A survey of price setting practices of Luxembourg firms, in Fabiani, S., C. Loupias, F. Martins and R. Sabbatini (eds.): Pricing Decisions in the Euro Area: How Firms Set Prices and Why, Oxford Univ. Press Chapter 8, pp. 124–139.

Pierrard, O., J.-F. Fagnart and H. Sneessens. (2007): Microeconomic uncertainty and macroeconomic indeterminacy, European Economic Review51(6): 1564–1588.

Rouabah, R. (2007): L'inflation et la rentabilité des actions: Une relation enigmatique et un casse-tête pour les banques centrales, Economie et Prévision177: 19–34.

Sabbatini, R., L.J. Álvarez, E. Dhyne, M. Hoeberichts, H. Le Bihan, P. Lünnemann, F. Martins, F. Rumler, H. Stahl, P. Vermeulen, G. Veronese and J. Vilmunen. (2007): What quantitative micro data reveal about price setting behavior, in Fabiani, S., C. Loupias, F. Martins and R. Sabbatini (eds.): Pricing Decisions in the Euro Area: How Firms Set Prices and Why, Oxford Univ. Press Chapter 14, pp. 218–34.


Altissimo, F., L. Bilke, A. Levin, T.Y. Mathä and B. Mojon. (2006): Sectoral and aggregate inflation dynamics in the euro area, Journal of the European Economic Association4(2-3): 585–593.

Álvarez, L., E. Dhyne, M. Hoeberichts, C. Kwapil, H. Le Bihan, P. Lünnemann, F. Martins, R. Sabbatini, H. Stahl, P. Vermeulen and J. Vilmunen. (2006): Prices in the euro area: A summary of new micro-evidence, Journal of the European Economic Association4(2-3): 575–584.

Blot, C. and F. Serranito. (2006): Convergence of fiscal policies in EMU: A unit-root test analysis with structural breaks, Applied Economics Letters13(4): 211–216.

Bouchet, M. (2006): The transition from PAYGO to funding: Application to the Luxembourg private sector pension system, in Muralidhar, A. and Allegrezza, S. (eds.), Reforming European Pension Systems, Dutch University Press, pp. 223–292.

Guarda, P. and A. Rouabah. (2006): Measuring banking output and productivity: A user cost approach to Luxembourg data, in Bandyopadhyay P. and G. Gupta (eds.): Measuring Productivity in Services: New Dimensions, Icfai University Press Chapter 10, pp. 232–246.

Dhyne, E., L. Álvarez, H. Le Bihan, G. Veronese, D. Dias, J. Hoffmann, N. Jonker, P. Lünnemann, F. Rumler and J. Vilmunen. (2006): Price changes in the euro area and the United States: Some facts from individual consumer price data, Journal of Economic Perspectives20(2): 171–192.

Fabiani, S., M. Druant, I. Hernando, C. Kwapil, B. Landau, C. Loupias, F. Martins, T.Y. Mathä, R. Sabbatini, H. Stahl and A. Stokman. (2006): What firms’ surveys tell us about price-setting behaviour in the euro area, International Journal of Central Banking2(3): 3–47.

Mathä, T.Y. (2006): The Euro and price differences of individual products in an integrated cross-border area, Journal of Common Market Studies44(3): 563–580.

Nguiffo-Boyom, M. (2006): Un indicateur de retournement conjoncturel pour la France: une application du modèle à facteur avec changements de régimes, Economie et Prévision172: 101-114.


Blot, C. (2005): Sensibilité du taux de change aux chocs monétaires et budgétaires: Une analyse en termes de VAR des fluctuations de l’euro/dollar, Revue de OFCE, 93.

Mathä, T.Y. (2005): Der Euro und weiterführende regionale Preiskonvergenz? Resultate aus der ‘Groß-Region’ um Luxemburg, Perspektiven der Wirtschaftspolitik6(1): 57-70.


Friberg, R. and T.Y. Mathä. (2004): Does a common currency lead to (more) price equalization? The Case of psychological pricing points, Economics Letters84: 281–287.


Lünnemann, P. and T.Y. Mathä. (2003): Monetary transmission: Empirical evidence from Luxembourg firm-level data, in Angeloni, I., A. Kashyap and B. Mojon, (eds.): Monetary Policy Transmission in the Euro Area, Cambridge Univ. Press. Chapter 12, pp. 212–220.