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- Serena Fatica European Commission, Joint Research Centre (JRC), Ispra, Italy; email: serena.fatica@ec.europa.eu Doris Prammer Oesterreichische Nationalbank, Wien, Austria; email: doris.prammer@oenb.at European Central Bank, 2017 Postal address 60640 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website www.ecb.europa.eu All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the authors. This paper can be downloaded without charge from www.ecb.europa.eu, from the Social Science Research Network electronic library or from RePEc: Research Papers in Economics. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB’s website.
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