Selected publications by BCL staff

Giordana, G. (2026):  Assessing consumer CBDC adoption in Luxembourg: a micro-simulation approach, Journal of Financial Services Research, forthcoming.

Fegatelli, P. (2024): Monetary policy and reserve requirements with a zero-interest digital euro, Journal of Macroeconomics, 80, 103597.

Fève, P. and A. Moura (2024): Frictionless house-price momentum, Journal of Economic Dynamics and Control, 168, 105000.

Giordana, G. and M. Ziegelmeyer (2024): Using household-level data to guide borrower-based macro-prudential policy, Empirical Economics, 66: 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, 70(4): 1060-1088.

Moura, A. (2024): Why you should never use the Hoddrick-Prescott Filter: Comment on Hamilton (RES, 2018), Journal of Comments and Replications in Economics, 3, 2014-1.

Moura, A. and O. Pierrard (2024): Bayesian evaluation of DSGE models with housing and collateral effects, Annals of Economics and Statistics, 155: 91-124.

Pascal, J. (2024): Artificial neural networks to solve dynamic programming problems: A bias-corrected Monte Carlo operator, Journal of Economic Dynamics and Control, 162, 104853.

Pi Alperin, M.N, M. Perquin and G. Giordana (2024): Population ageing and public finance burden of dementia: Micro-simulations evaluating risk factors, treatments and comorbidities in Luxembourg, The Journal of the Economics of Ageing, 28,100517.

Pieretti P., G. Pulina and S. Zanaj (2024): Fiscal competition and migration patterns, SUERF Policy Briefs, 920.

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

Pulina, G. (2024): Consumer debt in Luxembourg and the euro area, SUERF Policy Brief, 828.

Carroni, E., M. Delogu and G. Pulina (2023): Technology adoption and specialized labor, International Economics, 173(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 Macroeconomics, 77, 103551.

Garcia Sanchez, P. (2023): Environmental risks and precautionary behaviour, Annals of Economics and Statistics, 150: 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 Finance, 30: 281–304. 

Lindner, P., T.Y. Mathä, G. Pulina and M. Ziegelmeyer (2023): Borrowing constraints, own labour and homeownership, Applied Economics, 55(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 Economics, 102, 103936.

Marchiori, L. and O. Pierrard (2023): Health Subsidies, Prevention and Welfare, Journal of Public Economic Theory, 25(6): 1304–1336.

Moura, A. (2023): Trend breaks and the long-run implications of investment-specific technological progress, Applied Economics Letters, 30(16): 2270–2275.

Ciccone, J., L. Marchiori and R. Morhs (2022): The flow-performance relationship of global investment funds, Journal of International Money and Finance, 127, 102690. 

Fegatelli, P. (2022): A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel, Journal of Macroeconomics, 71, 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 Control, 139, 104404. 

Garcia Sanchez, P. (2022): Learning, Uncertainty, and Monetary Policy, Annals of Economics and Statistics, 145: 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 Theory, 24(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 Finance, 117(C), 102441.

Fève, P., P. Garcia Sanchez, A. Moura and O. Pierrard (2021): Costly default and skewed business cycles, European Economic Review, 132, 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 Papers, 73(3), 1008–1033.

Moura, A. (2021): Are neutral and investment-specific technology shocks correlated? European Economic Review, 139, 103866.

Giordana, G. and M. Ziegelmeyer (2020): Stress testing household balance sheets in Luxembourg, The Quarterly Review of Economics and Finance, 76: 115–138.

Efstathiou, K., T.Y. Mathä, C. Veiga and L. Wintr (2019): Active labour market policy use in Luxembourg: Evidence from a firm survey, Journal of Labour Market Research, 53(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 Control, 101: 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 Policy, 8:2.

Efstathiou, K., T.Y. Mathä, C. Veiga and L. Wintr (2018): Short-time work in Luxembourg: Evidence from a firm survey , Journal of Labour Market Research, 52(1): 14.

Fève, P., A. Moura and O. Pierrard (2018): Predetermined interest rates in an analytical RBC model, Economics Letters, 172: 12–15.

Marchiori, L., P. Pieretti and B. Zou (2018): Immigration, occupational choice and public employment, Annals of Economics and Statistics, 131: 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 Dynamics, 27: 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 Finance, 16(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 Banking, 49(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 Management, 10(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 Modelling, 62(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 Economics, 83(3): 259–305.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2017): Cross-border commuting and consuming An empirical investigation, Applied Economics, 49(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 Economics, 35: 1–12.

Mathä, T.Y. and A. Shwachman Kaminaga (2017): Regional wages and Market potential in the enlarged EU: An empirical investigation, Applied Economics, 49(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 Banking, 12(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 Economics, 21(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 Banking, 12(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 Economy, 39(4): 173–2014.

Necker, S. and M. Ziegelmeyer (2016): Household Risk Taking after the Financial Crisis, The Quarterly Review of Economics and Finance, 59: 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 Finance, 18(6): 2215–2246.

Jin, X. and F. Nadal de Simone (2014): Banking systemic vulnerabilities: A tail-risk dynamic CIMDO approach. Journal of Financial Stability, 14: 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 Finance, 29: 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 Control, 44(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 Control, 37(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 Analysis, 40(3): 367–385.

Giordana, G. and I. Schumacher (2013): What are the bank-specific and macroeconomic drivers of banks’ leverage? Evidence from Luxembourg, Empirical Economics, 45(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 Economics, 27(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 Analysis, 40(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 Validation, 7(4).

Marchiori, L., I-L. Shen and F. Docquier (2013): Brain drain in globalization: A general equilibrium analysis from the source countries’ perspective, Economic Inquiry, 51(2): 1582–1602

Ziegelmeyer, M. (2013): Illuminate the unknown: Evaluation of imputation procedures based on the SAVE Survey, Advances in Statistical Analysis, 97(1): 49–76.

Ziegelmeyer, M. and J. Nick (2013): Backing out of private pension provision – Lessons from Germany, Empirica – Journal of European Economics, 40(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 Research, 45(1): 7–22.

Du Caju, P., C. Fuss and L. Wintr (2012): Downward wage rigidity for different workers and firms, Brussels Economic Review, 55(1).

Kabundi, A. and F. Nadal De Simone, (2012): Recent French relative export performance: Is there a competitiveness problem? Economic Modelling, 29: 1408–1435.

Ziegelmeyer, M. (2012): Nursing home residents make a difference – The overestimation of saving rates at older ages, Economics Letters, 117(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 Economics, 20(3): 210–231.

Kabundi, A. and F. Nadal De Simone (2011): France in the global economy: a structural approximate dynamic factor model analysis, Empirical Economics, 41(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 Statistics, 73(5): 593–621.

Marchiori, L. (2011): Demographic trends and international capital flows in an integrated world, Economic Modelling, 28(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 Control, 35: 1172–1191.

De Walque, G., O. Pierrard and A. Rouabah (2010): Financial (in)stability, supervision and liquidity injections: a dynamic general approach, The Economic Journal, 120(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 Stability, 6(2): 79–84.

Lünnemann, P. and T.Y. Mathä. (2010): Consumer price behaviour in Luxembourg: evidence from micro CPI data, Managerial and Decision Economics, 31(2-3): 177–192.

Lünnemann, P. and T.Y. Mathä. (2010): Rigidities and inflation persistence of services and regulated prices, Managerial and Decision Economics, 31(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 Statistics, 96(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 Archiv, 145(1): 155–166.

Mathä, T.Y. and L. Wintr (2009): Commuting flows across bordering regions: A Note, Applied Economics Letters, 16(7): 735–738.

Pierrard, O. (2008): Commuters, residents and job competition, Regional Science and Urban Economics, 38(6): 565–577.

Pierrard, O. and H. Sneessens (2008): Biased technological shocks, relative wage rigidities and low skilled unemployment, Scottish Journal of Political Economy, 55(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 Review, 51(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 Prévision, 177: 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 Association, 4(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 Association, 4(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 Letters, 13(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 Perspectives, 20(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 Banking, 2(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 Studies, 44(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 Prévision, 172: 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 Wirtschaftspolitik, 6(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 Letters, 84: 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.