Anton Nakov

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

CEPR

Research Fellow

London

United Kingdom

SCHOLARLY PAPERS

29

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790

Ideas:
“  Effectiveness and Addictiveness of Quantitative Easing. Bubbles and Liquidity Traps. Rational Inattention and Retail Price Dynamics  ”

Scholarly Papers (29)

Communication of Monetary Policy in Unconventional Times

ECB Working Paper No. 2080
Number of pages: 47 Posted: 29 Jun 2017
European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB) - Directorate General Research
Downloads 389 (139,872)

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central bank communication, unconventional monetary policy, asset purchase programme, forward guidance

Communication of Monetary Policy in Unconventional Times

CFS Working Paper, WP No. 578
Number of pages: 47 Posted: 27 Sep 2017
European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB) - Directorate General Research
Downloads 244 (229,367)
Citation 23

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Central Bank Communication, Unconventional Monetary Policy, Asset Purchase Programme, Forward Guidance

2.

Saudi Aramco and the Oil Market

ECB Working Paper No. 1354
Number of pages: 27 Posted: 16 Jun 2011
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and affiliation not provided to SSRN
Downloads 430 (125,856)

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oil price, oil production, dominant firm, Saudi Aramco, oil tax

3.

Digitalisation: Channels, Impacts and Implications for Monetary Policy in the Euro Area

ECB Occasional Paper No. 2021/266
Number of pages: 164 Posted: 23 Sep 2021 Last Revised: 13 Jan 2022
European Central BankECB, Banque de France, HEC Paris - Economics & Decision Sciences, European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, Banco de España, European Central Bank (ECB), Bank of Italy, Bank of Italy, European Central Bank (ECB), Bank of Finland, European Central Bank (ECB), Deutsche Bundesbank, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), Bank of Greece - Economic Research Department, European Central Bank, Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 318 (175,835)

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COVID-19, inflation, labour markets, measurement, productivity

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2021272
Number of pages: 142 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
ECB -DG Monetary Policy, Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banco de Portugal, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Bank of Finland, European Central Bank (ECB)CEPR, Bank of Slovenia, National Bank of Belgium, Central Bank of Cyprus, Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank, Bank of Italy, De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, University of Giessen - Department of Economics and Bank of Slovenia
Downloads 148 (363,083)

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financial frictions, Monetary policy, systemic risk

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2023/272
Number of pages: 142 Posted: 16 May 2023
ECB -DG Monetary Policy, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), Research Centre, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Banque de FranceMassachusetts Institute of Technology (MIT) - Sloan School of Management, Deutsche Bundesbank - Economic Research Centre, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banca d’Italia, Bank of Portugal, Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB), Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, European Central Bank (ECB), European Central Bank (ECB)CEPR, Deutsche Bundesbank - Economic Research Centre, Banka Slovenije, Banque Nationale de Belgique, Central Bank of Cyprus, European Central Bank (ECB), Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Deutsche Bundesbank - Economic Research Centre and Národná banka Slovenska
Downloads 115 (440,086)

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financial frictions, Monetary policy, systemic risk

5.

Energy Markets and the Euro Area Macroeconomy

ECB Occasional Paper No. 113
Number of pages: 132 Posted: 20 Jun 2010
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bocconi University, affiliation not provided to SSRN, European Central Bank (ECB), European Union - European Investment Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank for International Settlements (BIS) - Monetary and Economic Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), National Bank of Belgium, Deutsche Bundesbank, affiliation not provided to SSRN, Bank of Greece, European Central Bank (ECB)CEPR, Banque de France - Centre de Recherche, Banque de France, Bank of Italy, affiliation not provided to SSRN, Bank of Italy, Dutch Central Bank (DNB), Oesterreichische Nationalbank (OeNB), affiliation not provided to SSRN, affiliation not provided to SSRN and Banco de España
Downloads 201 (276,624)
Citation 1

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6.

Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate

Banco de España Research Paper No. WP-0637
Number of pages: 52 Posted: 20 Sep 2005
Anton Nakov
European Central Bank (ECB)CEPR
Downloads 195 (284,261)
Citation 92

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liquidity trap, zero lower bound, optimal monetary policy, simple rules, monetary policy, zero floor, nominal interest rates

7.

Oil and the Great Moderation

Banco de España Research Paper No. WP-0735, FRB of Cleveland Working Paper No. 07-17
Number of pages: 29 Posted: 30 Oct 2007
Anton Nakov and Andrea Pescatori
European Central Bank (ECB)CEPR and Federal Reserve Bank of Cleveland
Downloads 180 (305,432)
Citation 10

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Great Moderation, oil shocks, Bayesian estimation, counterfactual simulations, monetary policy, oil price, great moderation, bayesian estimation, OPEC

8.
Downloads 163 (332,958)
Citation 48

Learning From Experience in the Stock Market

ECB Working Paper No. 1396
Number of pages: 41 Posted: 30 Nov 2011
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 62 (650,942)

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learning from experience, OLG, assett pricing, bubbles, heterogeneous agents

Learning from Experience in the Stock Market

FEDS Working Paper No. 2012-41
Number of pages: 36 Posted: 18 Dec 2012
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 52 (709,820)
Citation 22

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learning from experience, OLG, asset pricing, bubbles, heterogeneous agents

Learning from Experience in the Stock Market

Banco de Espana Working Paper No. 1132
Number of pages: 41 Posted: 05 Dec 2011
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 48 (736,321)
Citation 17

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learning from experience, OLG, asset pricing, bubbles, heterogeneous agents

Learning from Experience in the Stock Market

CEPR Discussion Paper No. DP9845
Number of pages: 31 Posted: 02 Jun 2014
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and European Central Bank (ECB)
Downloads 1 (1,162,535)
Citation 3
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asset pricing, constant-gain learning, dispersed beliefs, heterogeneous beliefs, OLG

9.

A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, Us and UK, 1959-1999

CEU Dept. of Economics Working Paper No. 4/2001
Number of pages: 59 Posted: 03 Sep 2001
Max Gillman and Anton Nakov
Central European University (CEU) - Department of Economics and European Central Bank (ECB)CEPR
Downloads 163 (332,958)
Citation 5

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10.

A General Equilibrium Model of the Oil Market

Banco de Espana Working Paper No. 1125
Number of pages: 36 Posted: 07 Oct 2011
Anton Nakov and Galo Nuño
European Central Bank (ECB)CEPR and Banco de España
Downloads 145 (366,775)
Citation 47

Abstract:

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oil price, oil production, dominant firm, Saudi Aramco, oil tax

11.
Downloads 135 (387,811)
Citation 21

Optimal Monetary Policy with State-Dependent Pricing

ECB Working Paper No. 1250
Number of pages: 31 Posted: 05 Oct 2010
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 57 (679,258)

Abstract:

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optimal monetary policy, price stability, stochastic menu costs, state-dependent pricing

Optimal Monetary Policy with State-Dependent Pricing

Banco de Espana Working Paper No. 1130
Number of pages: 33 Posted: 10 Nov 2011
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 47 (743,186)
Citation 8

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monetary policy, state-dependent pricing, monopolistic competition

Optimal Monetary Policy with State-Dependent Pricing

FEDS Working Paper No. 2011-48
Number of pages: 33 Posted: 16 Nov 2011
Carlos Thomas and Anton Nakov
Banco de España and European Central Bank (ECB)CEPR
Downloads 31 (868,138)
Citation 10

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monetary policy, state-dependent pricing, monopolistic competition

Optimal Monetary Policy with State-Dependent Pricing

CEPR Discussion Paper No. DP9846
Number of pages: 43 Posted: 02 Jun 2014
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 0
Citation 1
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monetary policy, monopolistic competition, state-dependent pricing

12.

Inflation-Output Gap Trade-Off With a Dominant Oil Supplier

FRB of Cleveland Working Paper No. 07-10, Banco de España Research Paper No. WP-0723
Number of pages: 54 Posted: 16 Jul 2007 Last Revised: 11 Aug 2010
Anton Nakov and Andrea Pescatori
European Central Bank (ECB)CEPR and Federal Reserve Bank of Cleveland
Downloads 134 (390,146)
Citation 7

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oil shocks, inflation-output gap tradeoff, dominant firm

13.

Employment and the Conduct of Monetary Policy in the Euro Area

ECB Occasional Paper No. 2021/275
Number of pages: 149 Posted: 23 Sep 2021 Last Revised: 28 Jan 2022
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Central Bank of Ireland, Bank of Latvia, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central Bank (ECB), European Central Bank (ECB), Banco de España, Deutsche Bundesbank, KU Leuven, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Národná banka Slovenska, University of St. Gallen, European Central BankECB, European Central Bank (ECB), Bank of Italy, Banque de France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Central Bank of Ireland, Banque de France, Národná banka Slovenska, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB)CEPR, Bank of Italy, Banco de España, Bank of Finland - Research, National Bank of Belgium, University of Bonn, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Bank of Finland, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Université Paris I Panthéon-Sorbonne and Bank of Portugal
Downloads 117 (432,496)
Citation 1

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Employment, inequality, monetary policy

14.
Downloads 115 (440,951)
Citation 1

Climate-Conscious Monetary Policy

ECB Working Paper No. 2023/2845
Number of pages: 41 Posted: 29 Sep 2023
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 71 (604,760)
Citation 1

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climate change externalities, green QE, Pigouvian carbon taxes, Ramsey optimal monetary policy

Climate-conscious monetary policy

Banco de Espana Working Paper No. 2334
Number of pages: 41 Posted: 22 Nov 2023
Anton Nakov and Carlos Thomas
European Central Bank (ECB)CEPR and Banco de España
Downloads 44 (771,522)

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Ramsey optimal monetary policy, climate change externalities, Pigouvian carbon taxes, green QE

15.

Oilgopoly: A General Equilibrium Model of the Oil-Macroeconomy Nexus

Banco de Espana Working Paper No. 0932
Number of pages: 27 Posted: 30 Dec 2009
Anton Nakov and Galo Nuno
European Central Bank (ECB)CEPR and affiliation not provided to SSRN
Downloads 107 (461,983)
Citation 43

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Oil Price, Oil Shocks, Dominant F Rm, Competitive Fringe, Pigovian Tax

16.

The Zero Bound on Nominal Interest Rates and Optimal Monetary Policy Under Discretion

Number of pages: 24 Posted: 03 May 2004
Anton Nakov
European Central Bank (ECB)CEPR
Downloads 107 (461,983)
Citation 3

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Zero bound, New Keynesian, optimal monetary policy

17.
Downloads 103 (474,856)
Citation 57

Logit Price Dynamics

Banco de Espana Working Paper No. 1301
Number of pages: 55 Posted: 06 Feb 2013
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 63 (645,530)
Citation 51

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nominal rigidity, logit equilibrium, state-dependent pricing, near rationality, information-constrained pricing

Logit Price Dynamics

ECB Working Paper No. 1693
Number of pages: 51 Posted: 16 Jul 2014
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 40 (794,387)
Citation 1

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nominal rigidity, logit equilibrium, state-dependent pricing, near rationality, information-constrained pricing

Monetary Policy Implications of State-Dependent Prices and Wages

ECB Working Paper No. 2272 (2019); ISBN 978-92-899-3534-0
Number of pages: 59 Posted: 01 May 2019
James Costain, Anton Nakov and Borja Petit
European Central Bank (ECB), European Central Bank (ECB)CEPR and CUNEF Universidad, Department of Economics
Downloads 50 (722,915)
Citation 6

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nominal rigidity, state-dependent adjustment, logit equilibrium, near rationality, control costs

Monetary Policy Implications of State-Dependent Prices and Wages

Banco de Espana Working Paper No. 1910
Number of pages: 61 Posted: 17 Apr 2019 Last Revised: 17 Jul 2019
James Costain, Anton Nakov and Borja Petit
European Central Bank (ECB), European Central Bank (ECB)CEPR and CUNEF Universidad, Department of Economics
Downloads 49 (729,648)

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nominal rigidity, state-dependent adjustment, logit equilibrium, near rationality, control costs

Monetary Policy Implications of State-Dependent Prices and Wages

CEPR Discussion Paper No. DP13398
Number of pages: 63 Posted: 07 Jan 2019
James Costain, Anton Nakov and Borja Petit
European Central Bank (ECB), European Central Bank (ECB)CEPR and CUNEF Universidad, Department of Economics
Downloads 1 (1,162,535)
Citation 2
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control costs, logit equilibrium, near rationality, state-dependent adjustment, sticky prices, sticky wages

19.
Downloads 81 (552,990)
Citation 52

Precautionary Price Stickiness

ECB Working Paper No. 1375
Number of pages: 46 Posted: 25 Aug 2011
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 48 (736,321)
Citation 1

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Logit equilibrium, state-dependent pricing, (S,s) adjustment, near rationality, information-constrained pricing

Precautionary Price Stickiness

Banco de Espana Working Paper No. 1122
Number of pages: 42 Posted: 30 Jul 2013
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 33 (850,832)
Citation 48

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nominal rigidity, logit equilibrium, state-dependent pricing, (S,s) adjustment, near-rational behavior

Precautionary Price Stickiness

CEPR Discussion Paper No. DP9912
Number of pages: 41 Posted: 02 Jun 2014
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 0
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(S,s), adjustment, logit equilibrium, near-rational behavior, Nominal rigidity, state-dependent pricing

Distributional Dynamics Under Smoothly State-Dependent Pricing

FEDS Working Paper No. 2011-50
Number of pages: 52 Posted: 17 Nov 2011
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 37 (817,623)
Citation 15

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Nominal rigidity, state-dependent pricing, menu costs, heterogeneity, Taylor rule

Distributional Dynamics Under Smoothly State-dependent Pricing

ECB Working Paper No. 1333
Number of pages: 46 Posted: 25 Apr 2011
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 35 (833,833)

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Nominal rigidity, state-dependent pricing, menu costs, heterogeneity, Taylor rule

21.

Some Implications of Micro Price-Setting Evidence for Inflation Dynamics and Monetary Transmission

ECB Occasional Paper No. 2023/321
Number of pages: 37 Posted: 19 Jul 2023
Bank of Italy, Banque de France - Centre de Recherche, European Central Bank (ECB)CEPR, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 70 (600,629)
Citation 3

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heterogeneity, price Phillips curve, real and nominal rigidities, state-dependent price setting and non-linearities

22.

Monetary Effects on Nominal Oil Prices

Banco de Espana Working Paper No. 0928
Number of pages: 35 Posted: 08 Dec 2009
Max Gillman and Anton Nakov
Central European University (CEU) - Department of Economics and European Central Bank (ECB)CEPR
Downloads 70 (600,629)
Citation 49

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oil prices, infl ation, cash-in-advance, multiple structural breaks, Granger causality

23.

Dynamics of the Price Distribution in a General Model of State-Dependent Pricing

Banco de Espana Working Paper No. 0831
Number of pages: 46 Posted: 15 Jan 2009
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 70 (600,629)
Citation 34

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price stickiness, state-dependent pricing, stochastic menu costs, generalized (S,s), heterogeneous agents, distributional dynamics

24.

Price Adjustments in a General Model of State-Dependent Pricing

Banco de Espana Working Paper No. 0824
Number of pages: 43 Posted: 24 Nov 2008 Last Revised: 02 Dec 2008
James S. Costain and Anton Nakov
Banco de España - Research Department and European Central Bank (ECB)CEPR
Downloads 57 (666,211)
Citation 66

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price stickiness, state-dependent pricing, stochastic menu costs, generalized (S,s), bounded rationality

25.

Granger Causality of the Inflation-Growth Mirror in Accession Countries

Number of pages: 42 Posted: 05 May 2005
Max Gillman and Anton Nakov
Central European University (CEU) - Department of Economics and European Central Bank (ECB)CEPR
Downloads 17 (973,910)
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Granger causality, VAR, transition, inflation, growth, velocity, structural breaks

26.

Optimal Monetary Policy with R*<0

NBER Working Paper No. w31508
Number of pages: 43 Posted: 31 Jul 2023
Roberto M. Billi, Jordi Galí and Anton Nakov
Sveriges Riksbank, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and European Central Bank (ECB)CEPR
Downloads 3 (1,100,603)
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27.

Effectiveness and Addictiveness of Quantitative Easing

CEPR Discussion Paper No. DP14951
Number of pages: 40 Posted: 29 Jun 2020 Last Revised: 16 Aug 2020
Peter Karadi and Anton Nakov
European Central Bank (ECB) and European Central Bank (ECB)CEPR
Downloads 0 (1,123,761)
Citation 1
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Balance-Sheet-Constrained Banks, Large-scale asset purchases

28.

A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, USA and UK, 1959-1999

Posted: 07 Dec 2004
Max Gillman and Anton Nakov
Central European University (CEU) - Department of Economics and European Central Bank (ECB)CEPR

Abstract:

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29.

A Monetary Explanation of Oil and Gold Prices During Postwar Stagflation and Recovery: 1957-1999

Central European University Working Paper No. 5/2000
Posted: 23 Jan 2001
Max Gillman and Anton Nakov
Central European University (CEU) - Department of Economics and European Central Bank (ECB)CEPR

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oil, gold, inflation, cointegration, cash-in-advance