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Livio Stracca

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

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SCHOLARLY PAPERS

48

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136

Scholarly Papers (48)

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1.

Myopic Loss Aversion, Disappointment Aversion, and the Equity Premium Puzzle

Number of pages: 38 Posted: 04 Feb 2003
Livio Stracca and David Fielding
European Central Bank (ECB) and University of Leicester - Department of Economics
Downloads 714 (28,617)
Citation 3

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Myopic loss aversion, disappointment aversion, equity premium puzzle, investment horizon, reference dependence

2.

What is Global Excess Liquidity, and Does it Matter?

ECB Working Paper No. 696
Number of pages: 52 Posted: 06 Dec 2006
Rasmus Rueffer and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 694 (26,506)
Citation 6

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Global excess liquidity, monetary policy, open economy, international economics

3.

The Optimal Allocation of Risks Under Prospect Theory

ECB Working Paper No. 161
Number of pages: 31 Posted: 27 Apr 2003
Livio Stracca
European Central Bank (ECB)
Downloads 614 (35,838)
Citation 3

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Cumulative prospect theory, loss aversion, diminishing sensitivity, diversification, home bias puzzle

4.

Delegated Portfolio Management: A Survey of the Theoretical Literature

Downloads 514 ( 47,692)
Citation 13

Delegated Portfolio Management: A Survey of the Theoretical Literature

ECB Working Paper No. 520
Number of pages: 41 Posted: 21 Sep 2005
Livio Stracca
European Central Bank (ECB)
Downloads 480 (51,355)
Citation 13

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Delegated portfolio management, agency, principalagent models, adverse selection, moral hazard

Delegated Portfolio Management: A Survey of the Theoretical Literature

Journal of Economic Surveys, Vol. 20, No. 5, pp. 823-848, December 2006
Number of pages: 26 Posted: 15 Nov 2006
Livio Stracca
European Central Bank (ECB)
Downloads 34 (418,531)
Citation 13
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5.

Housing Finance and Monetary Policy

ECB Working Paper No. 1069
Number of pages: 51 Posted: 18 Jul 2009
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)
Downloads 296 (80,531)
Citation 20

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Housing finance, mortgage markets, collateral constraint, monetary policy

6.

Have Euro Area and EU Economic Governance Worked? Just the Facts

ECB Working Paper No. 1344
Number of pages: 41 Posted: 31 May 2011
Demosthenes Ioannou and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 160 (144,959)

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Stability and Growth Pact, Lisbon Strategy, Euro Area, European Union, governance, institutions

7.

Capital Regulation in a Macroeconomic Model with Three Layers of Default

Downloads 154 (172,728)
Citation 1

Capital Regulation in a Macroeconomic Model with Three Layers of Default

Banque de France Working Paper No. 533
Number of pages: 63 Posted: 03 Jan 2015
Laurent Clerc, Alexis Derviz, Caterina Mendicino, Stephane Moyen, Kalin Nikolov, Livio Stracca, Javier Suarez and Alexandros Vardoulakis
Banque de France, Czech National Bank (CNB) - Monetary Department, Bank of Portugal, Deutsche Bundesbank - Research Centre, European Central Bank (ECB), European Central Bank (ECB), Centre for Monetary and Financial Studies (CEMFI) and Board of Governors of the Federal Reserve System
Downloads 123 (207,865)
Citation 1

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Macroprudential policy; Financial frictions; Default risk

Capital Regulation in a Macroeconomic Model with Three Layers of Default

ECB Working Paper No. 1827
Number of pages: 60 Posted: 11 Jul 2015
Laurent Clerc, Alexis Derviz, Caterina Mendicino, Stephane Moyen, Kalin Nikolov, Livio Stracca, Javier Suarez and Alexandros Vardoulakis
Banque de France, Czech National Bank (CNB) - Monetary Department, Bank of Portugal, Deutsche Bundesbank - Research Centre, European Central Bank (ECB), European Central Bank (ECB), Centre for Monetary and Financial Studies (CEMFI) and Board of Governors of the Federal Reserve System
Downloads 31 (431,658)
Citation 1

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Default risk; Financial frictions; Macroprudential policy

8.

Getting Beyond Carry Trade: What Makes a Safe Haven Currency?

ECB Working Paper No. 1288
Number of pages: 41 Posted: 16 Jan 2011
Maurizio Michael Habib and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 142 (159,471)
Citation 2

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VIX, global risk aversion, safe haven currencies, carry trade, globalisation

9.

The Global Effects of the Euro Debt Crisis

ECB Working Paper No. 1573
Number of pages: 41 Posted: 24 Aug 2013
Livio Stracca
European Central Bank (ECB)
Downloads 111 (163,643)

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Euro debt crisis, contagion, spill-over, global risk aversion

10.

Instability and Nonlinearity in the Euro Area Phillips Curve

ECB Working Paper No. 811
Number of pages: 40 Posted: 26 Sep 2007
Alberto Musso, Livio Stracca and Dick J. C. van Dijk
European Central Bank (ECB), European Central Bank (ECB) and Erasmus University Rotterdam - Erasmus School of Economics - Econometric Institute
Downloads 99 (192,476)
Citation 6

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Inflation, output gap, structural change, asymmetry, smooth transition model

11.

How Does the ECB Allot Liquidity in its Weekly Main Refinancing Operations? A Look at the Empirical Evidence

ECB Working Paper No. 244
Number of pages: 51 Posted: 13 Jan 2004
Steen Ejerskov, Clara Martin Moss and Livio Stracca
European Central Bank (ECB), Independent and European Central Bank (ECB)
Downloads 96 (220,436)
Citation 7

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Bank reserves, monetary policy, martingale hypothesis, liquidity effect, liquidity policy

12.

The Political Economy Under Monetary Union: Has the Euro Made a Difference?

Downloads 89 (259,302)

The Political Economy Under Monetary Union: Has the Euro Made a Difference?

ECB Working Paper No. 956
Number of pages: 48 Posted: 20 Nov 2008
Marcel Fratzscher and Livio Stracca
DIW Berlin and European Central Bank (ECB)
Downloads 88 (263,205)

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EMU, political economy, political news, monetary policy, fiscal policy, stock markets, transmission

The Political Economy Under Monetary Union: Has the Euro Made a Difference?

Economic Policy, Vol. 24, Issue 58, pp. 307-348, April 2009
Number of pages: 42 Posted: 27 Apr 2009
Marcel Fratzscher and Livio Stracca
DIW Berlin and European Central Bank (ECB)
Downloads 1 (612,705)
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13.

Non-Standard Central Bank Loss Functions, Skewed Risks, and Certainty Equivalence

ECB Working Paper No. 129
Number of pages: 37 Posted: 27 Jan 2003
Ali al-Nowaihi and Livio Stracca
University of Leicester - Department of Economics and European Central Bank (ECB)
Downloads 88 (245,344)
Citation 3

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Monetary Policy, Non-quadratic Loss Functions, Economic Psychologic, Certainty Equivalence

14.

Global Exchange Rate Configurations: Do Oil Shocks Matter?

ECB Working Paper No. 1442
Number of pages: 34 Posted: 09 Jul 2012
Sascha Bützer, Maurizio Michael Habib and Livio Stracca
Ludwig-Maximilians-University, Department of Economics, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 83 (174,662)

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Oil, structural VAR, exchange rate, exchange market pressure, global imbalances

15.

Housing, Consumption and Monetary Policy: How Different are the US and the Euro Area?

ECB Working Paper No. 1161
Number of pages: 47 Posted: 17 Jan 2012
Alberto Musso, Stefano Neri and Livio Stracca
European Central Bank (ECB), Bank of Italy and European Central Bank (ECB)
Downloads 78 (274,724)
Citation 3

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Residential investment, House prices, Credit, Monetary Policy

16.

The Functional Form of the Demand for Euro Area M1

Downloads 76 (285,257)
Citation 10

The Functional Form of the Demand for Euro Area M1

ECB Working Paper No. 51
Number of pages: 40 Posted: 09 Apr 2003
Livio Stracca
European Central Bank (ECB)
Downloads 57 (336,928)
Citation 10

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M1, money demand, interest rate elasticity, cointegration, Kalman filter

The Functional Form of the Demand for Euro Area M1

Manchester School, Vol. 71, pp. 172-204, March 2003
Number of pages: 33 Posted: 20 Sep 2003
Livio Stracca
European Central Bank (ECB)
Downloads 19 (498,018)
Citation 10
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17.

Keeping Up with the Joneses, Reference Dependence, and Equilibrium Indeterminacy

ECB Working Paper No. 444
Number of pages: 27 Posted: 05 May 2005
Livio Stracca and Ali al-Nowaihi
European Central Bank (ECB) and University of Leicester - Department of Economics
Downloads 72 (276,806)

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Consumption externalities, keeping up with the Joneses, reference dependence, equilibrium indeterminacy, optimal taxation

18.

Does it Pay to Have the Euro? Italy's Troubled Politics and Financial Markets Under the Lira and the Euro

Second Singapore International Conference on Finance 2008
Number of pages: 42 Posted: 13 Feb 2008
Marcel Fratzscher and Livio Stracca
DIW Berlin and European Central Bank (ECB)
Downloads 71 (285,257)

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Euro; Italy, political economy, exchange rates, asset prices, financial markets, shocks

19.

Does Liquidity Matter? Properties of the Synthetic Divisia Monetary Aggregate in the Euro Area

ECB Working Paper No. 79
Number of pages: 54 Posted: 27 Feb 2003
Livio Stracca
European Central Bank (ECB)
Downloads 69 (287,436)
Citation 9

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EMU; Divisia monetary aggregates; money demand; liquidity

20.

A Decade (and a Global Financial Crisis) after Blinder: The Interaction between Researchers and Policy-Makers in Central Banks

ECB Working Paper No. 1260
Number of pages: 48 Posted: 11 Nov 2010
Matthieu Bussière and Livio Stracca
Banque de France and European Central Bank (ECB)
Downloads 65 (296,472)
Citation 1

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Economic research, policy making, central bank communication, economic crises, DSGE models

21.

Should We Take Inside Money Seriously?

ECB Working Paper No. 841
Number of pages: 43 Posted: 17 Dec 2007
Livio Stracca
European Central Bank (ECB)
Downloads 62 (291,923)
Citation 1

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Endogenous money, inside money, monetary policy, dynamic general equilibrium models, deposit in advance constraint

22.

Liquidity and Real Equilibrium Interest Rates: A Framework of Analysis

ECB Working Paper No. 542
Number of pages: 29 Posted: 11 Nov 2005
Livio Stracca
European Central Bank (ECB)
Downloads 62 (301,121)

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Real interest rates, liquidity services, financial market, heterogeneity

23.

A Speed Limit Monetary Policy Rule for the Euro Area

ECB Working Paper No. 600
Number of pages: 32 Posted: 25 Apr 2006
Livio Stracca
European Central Bank (ECB)
Downloads 61 (308,391)
Citation 2

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Euro area, hybrid New Keynesian model, monetary policy rules, commitment, speed limit policies

24.

Is the New Keynesian IS Curve Structural?

ECB Working Paper No. 1236
Number of pages: 47 Posted: 25 Aug 2010
Livio Stracca
European Central Bank (ECB)
Downloads 49 (326,608)
Citation 1

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IS curve, New Keynesian model, panel data, Instrumental variables

25.

What Does a Financial Shock Do? First International Evidence

Downloads 48 (359,063)
Citation 1

What Does a Financial Shock Do? First International Evidence

ECB Working Paper No. 1522
Number of pages: 42 Posted: 06 Mar 2013
Fabio Fornari and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 47 (368,631)
Citation 1

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financial shocks, VAR, identification, stochastic pooling, leverage, credit

What Does a Financial Shock Do? First International Evidence

Economic Policy, Vol. 27, Issue 71, pp. 407-445, 2012
Number of pages: 39 Posted: 03 Jul 2012
Fabio Fornari and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1 (612,705)
Citation 1
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26.

Does it Pay to Have the Euro? Italy's Politics and Financial Markets under the Lira and the Euro

ECB Working Paper No. 1064
Number of pages: 43 Posted: 16 Jun 2009
Marcel Fratzscher and Livio Stracca
DIW Berlin and European Central Bank (ECB)
Downloads 47 (337,803)

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Euro, Italy, political economy, exchange rates, asset prices, financial markets, shocks

27.

Are Money and Consumption Additively Separable in the Euro Area? A Non-Parametric Approach

ECB Working Paper No. 704
Number of pages: 48 Posted: 28 Dec 2006
Barry E. Jones and Livio Stracca
SUNY at Binghamton - Department of Economics and European Central Bank (ECB)
Downloads 46 (340,801)
Citation 4

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Non-parametric testing, Revealed Preference, Additive Separability, Money, IS Curve

28.

EMU and the Adjustment to Asymmetric Shocks: The Case of Italy

ECB Working Paper No. 1128
Number of pages: 39 Posted: 24 Dec 2009
Gianni Amisano, Nicola Giammarioli and Livio Stracca
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 40 (337,803)

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EMU, relative economic performance, shocks, adjustment, Italy

29.

Does Money Matter in the IS Curve? The Case of the UK

Downloads 40 (385,978)
Citation 2

Does Money Matter in the IS Curve? The Case of the UK

ECB Working Paper No. 904
Number of pages: 38 Posted: 26 Jun 2008
Barry E. Jones and Livio Stracca
SUNY at Binghamton - Department of Economics and European Central Bank (ECB)
Downloads 37 (405,690)
Citation 2

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Additive Separability, IS Curve, Non-Parametric Tests, Measurement Error, Divisia Monetary Aggregates

Does Money Matter in the IS Curve? The Case of the UK

Manchester School, Vol. 76, Issue s1, pp. 58-84, September 2008
Number of pages: 27 Posted: 18 Aug 2008
Barry E. Jones and Livio Stracca
SUNY at Binghamton - Department of Economics and European Central Bank (ECB)
Downloads 3 (592,107)
Citation 2
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30.

Housing, Consumption and Monetary Policy: How Different are the U.S. And the Euro Area?

Bank of Italy Temi di Discussione (Working Paper) No. 807
Number of pages: 57 Posted: 23 May 2011
Alberto Musso, Stefano Neri and Livio Stracca
European Central Bank (ECB), Bank of Italy and European Central Bank (ECB)
Downloads 37 (385,978)
Citation 2

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residential investment, house prices, credit, monetary policy

31.

A Persistence-Weighted Measure of Core Inflation in the Euro Area

ECB Working Paper No. 905
Number of pages: 29 Posted: 30 Jun 2008
Laurent Bilke and Livio Stracca
Citadel and European Central Bank (ECB)
Downloads 37 (375,447)
Citation 1

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core inflation, inflation persistence

32.

The Rise of China and India: Blessing or Curse for the Advanced Countries?

ECB Working Paper No. 1620
Number of pages: 39 Posted: 14 Dec 2013
Livio Stracca
European Central Bank (ECB)
Downloads 32 (334,936)

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Globalisation, China, India, economic growth, trade, comparative advantage, offshoring

33.

Behavioural Central Bank Loss Functions, Skewed Risks and Certainty Equivalence

Manchester School, Vol. 71, pp. 21-38, September 2003
Number of pages: 18 Posted: 29 Sep 2003
Ali al-Nowaihi and Livio Stracca
University of Leicester - Department of Economics and European Central Bank (ECB)
Downloads 32 (416,932)
Citation 3
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34.

The Effect of G20 Summits on Global Financial Markets

ECB Working Paper No. 1668
Number of pages: 47 Posted: 03 Jul 2014
Marco Lo Duca and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 30 (340,801)

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G20, global financial markets, event studies, volatility, global governance, financial crisis

35.

Macroeconomic Imbalances: A Question of Trust?

ECB Working Paper No. 1584
Number of pages: 48 Posted: 12 Sep 2013
Sascha Bützer, Christina Jordan and Livio Stracca
Ludwig-Maximilians-University, Department of Economics, European Commission, DG ECFIN and European Central Bank (ECB)
Downloads 28 (368,662)

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macro-economic imbalances, trust, culture, Euro area

36.

Does Fiscal Austerity Affect Public Opinion?

ECB Working Paper No. 1774
Number of pages: 41 Posted: 02 Apr 2015
Anna Kalbhenn and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 27 (321,299)

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fiscal consolidation, primary balance, public opinion, trust, euroscepticism

37.

Foreign Investors and Risk Shocks: Seeking a Safe Haven or Running for the Exit?

ECB Working Paper No. 1609
Number of pages: 38 Posted: 09 Nov 2013
Maurizio Michael Habib and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 18 (401,030)

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safe haven, portfolio flows, information, risk aversion, home bias

38.

A Speed Limit Monetary Policy Rule for the Euro Area

International Finance, Vol. 10, Issue 1, pp. 21-41, Spring 2007
Number of pages: 21 Posted: 11 Dec 2007
Livio Stracca
European Central Bank (ECB)
Downloads 17 (486,459)
Citation 2
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39.

Does Liquidity Matter? Properties of a Divisia Monetary Aggregate in the Euro Area

Oxford Bulletin of Economics & Statistics, Vol. 66, No. 3, pp. 309-331, July 2004
Number of pages: 23 Posted: 21 Jul 2004
Livio Stracca
European Central Bank (ECB)
Downloads 15 (502,285)
Citation 9
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40.

Financial Imbalances and Household Welfare: Empirical Evidence from the EU

ECB Working Paper No. 1543
Number of pages: 30 Posted: 19 Jun 2013
Livio Stracca
European Central Bank (ECB)
Downloads 13 (481,151)

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Eurobarometer, life satisfaction, consumer confidence, …financial stability, central bank

41.

Explaining EU Citizens’ Trust in the ECB in Normal and Crisis Times

ECB Working Paper No. 1501
Number of pages: 31 Posted: 09 Feb 2013
Michael Ehrmann, Michel Soudan and Livio Stracca
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 13 (401,030)

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Trust, Eurobarometer, global financial crisis, public opinion, European Central Bank

42.

Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

Downloads 9 (534,255)

Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

CEPR Discussion Paper No. DP6231
Number of pages: 61 Posted: 22 May 2008
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)
Downloads 9 (557,333)
Citation 21
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Collateral constraint, house prices, monetary policy, mortgage markets

Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

CFS Working Paper No. 2007/10
Posted: 08 Mar 2007
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)

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House Prices, Mortgage Markets, Collateral Constraint, Monetary Policy

43.

More than a Feeling: Confidence, Uncertainty and Macroeconomic Fluctuations

ECB Working Paper No. 2100
Number of pages: 54 Posted: 17 Sep 2017
Laura Nowzohour and Livio Stracca
Graduate Institute of International and Development Studies (IHEID) and European Central Bank (ECB)
Downloads 0 (308,391)

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animal spirits, confi dence, uncertainty, business cycles, dynamic correlations

44.

Trade, Finance or Policies: What Drives the Cross-Border Spill-Over of Business Cycles?

ECB Working Paper No. 1993
Number of pages: 42 Posted: 03 Feb 2017
Letizia Montinari and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (475,666)

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growth spillovers, multi-country models, trade integration, financial integration, FDI, gravity

45.

What Do We Know About the Global Financial Safety Net? A New Comprehensive Data Set

CESifo Working Paper Series No. 6184
Number of pages: 83 Posted: 19 Dec 2016
Beatrice Scheubel and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (401,030)

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global financial safety net, financial integration, financial globalisation, IMF

46.

What Do We Know About the Global Financial Safety Net? Rationale, Data and Possible Evolution

ECB Occasional Paper No. 177
Number of pages: 55 Posted: 28 Sep 2016
Beatrice Scheubel and Livio Stracca
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (416,932)

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global financial safety net, financial integration, financial globalisation, IMF

47.

The Real Exchange Rate and Economic Growth: Revisiting the Case Using External Instruments

ECB Working Paper No. 1921
Number of pages: 33 Posted: 19 Jun 2016
Maurizio Michael Habib, Elitza Mileva and Livio Stracca
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 0 (266,778)

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real exchange rate, economic growth, instrumental variables, panel data

48.

Explaining European Union Citizens’ Trust in the European Central Bank in Normal and Crisis Times

The Scandinavian Journal of Economics, Vol. 115, Issue 3, pp. 781-807, 2013
Number of pages: 27 Posted: 20 Jun 2013
Michael Ehrmann, Michel Soudan and Livio Stracca
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (597,668)
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Eurobarometer, European Central Bank, global financial crisis, public opinion, trust