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Publications

by members of

Bank Centrali ta' Malta

Central Bank of Malta

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles | Books |

Working papers

2025

  1. Gnocato, Nicolò & Montes-Galdón, Carlos & Stamato, Giovanni, 2025, "Tariffs across the supply chain," Working Paper Series, European Central Bank, number 3081, Jul.

2024

  1. Montes-Galdón, Carlos & Ajevskis, Viktors & Brázdik, František & Garcia, Pablo & Gatt, William & Lima, Diana & Mavromatis, Kostas & Ortega, Eva & Papadopoulou, Niki & De Lorenzo, Ivan & Kolb, Benedikt, 2024, "Using structural models to understand macroeconomic tail risks," Occasional Paper Series, European Central Bank, number 357, Oct.
  2. Bosone, Costanza & Stamato, Giovanni, 2024, "Beyond borders: how geopolitics is reshaping trade," Working Paper Series, European Central Bank, number 2960, Jul.

2023

  1. Valentina Antonaroli & Warren Deguara & Aleandra Muscat, 2023, "Household Finance and Consumption Survey in Malta: Results from the Fourth Wave," CBM Working Papers, Central Bank of Malta, number WP/01/2023.
  2. Ian P. Cassar & Nathaniel Debono & Stefano Deriu & Rosita Pretaroli & Noel Rapa & Francesca Severini & Claudio Socci, 2023, "MaCGE-MOD: Malta’s Computable General Equilibrium Model," CBM Working Papers, Central Bank of Malta, number WP/02/2023.
  3. Quintieri, Beniamino & Stamato, Giovanni, 2023, "Are preferential agreements beneficial to EU trade? New evidence from the EU-South Korea treaty," Working Paper Series, European Central Bank, number 2822, May.

2022

  1. William Gatt & Germano Ruisi, 2022, "The spillover of euro area shocks to the Maltese economy," CBM Working Papers, Central Bank of Malta, number WP/03/2022.
  2. William Gatt, 2022, "MEDSEA-FIN: an estimated DSGE model with housing and financial frictions for Malta," CBM Working Papers, Central Bank of Malta, number WP/05/2022.

2021

  1. Glenn Abela & William Gatt, 2021, "Saving behaviour in Malta: Insights from the Household Budgetary Survey," CBM Working Papers, Central Bank of Malta, number WP/02/2021.
  2. Noel Rapa, 2021, "Mitigation measures, prevalence response and public mobility during the COVID-19 emergency," CBM Working Papers, Central Bank of Malta, number WP/03/2021.
  3. Glenn Abela & Noel Rapa, 2021, "A study on the exchange rate pass-through to consumer prices in Malta," CBM Working Papers, Central Bank of Malta, number WP/05/2021.

2020

  1. Silvio Attard & Warren Deguara & Valentina Antonaroli, 2020, "Household Finance and Consumption Survey: A Comparison of the Main Results for Malta with the Euro Area," CBM Working Papers, Central Bank of Malta, number WP/05/2020.
  2. Barbara Annicchiarico & Valentina Antonaroli & Alessandra Pelloni, 2020, "Optimal Factor Taxation in A Scale Free Model of Vertical Innovation," CEIS Research Paper, Tor Vergata University, CEIS, number 485, May, revised 13 May 2020.
  3. William Gatt & Noel Rapa & Luca Brugnolini, 2020, "MEDSEA-FIN A DSGE model of the Maltese economy with housing and financial frictions," CBM Working Papers, Central Bank of Malta, number WP/04/2020.
  4. William Gatt & Germano Ruisi, 2020, "Housing demand shocks, foreign labour inflows and consumption," CBM Working Papers, Central Bank of Malta, number WP/07/2020.
  5. Tiziana Marie Gauci & Noel Rapa, 2020, "An analysis of the shadow economy in Malta: A Currency Demand and MIMIC model approach," CBM Working Papers, Central Bank of Malta, number WP/02/2020.
  6. Noel Rapa, 2020, "A Sectoral Model Extension to STREAM," CBM Working Papers, Central Bank of Malta, number WP/08/2020.

2018

  1. Balamatsias, Pavlos, 2018, "Democracy and government spending," MPRA Paper, University Library of Munich, Germany, number 84975, Mar.
  2. William Gatt, 2018, "Housing boom-bust cycles and asymmetric macroprudential policy," CBM Working Papers, Central Bank of Malta, number WP/02/2018.

2017

  1. Noel Rapa, 2017, "Estimates of Fiscal Multipliers using MEDSEA," CBM Working Papers, Central Bank of Malta, number WP/04/2017.

2016

  1. Balamatsias, Pavlos, 2016, "Democracy and taxation," MPRA Paper, University Library of Munich, Germany, number 82563, Feb, revised 31 Oct 2017.
  2. Rodriguez-Palenzuela, Diego & Dées, Stéphane & Andersson, Malin & Bijsterbosch, Martin & Forster, Katrin & Zorell, Nico & Audoly, Richard & Buelens, Christian & Compeyron, Guillaume & Ferrando, Annali, 2016, "Savings and investment behaviour in the euro area," Occasional Paper Series, European Central Bank, number 167, Jan.
  3. William Gatt, 2016, "Time variation, asymmetry and threshold effect in Malta's Phillips curve," CBM Working Papers, Central Bank of Malta, number WP/02/2016.
  4. Lafourcade, Pierre & Gerali, Andrea & Brůha, Jan & Bursian, Dirk & Buss, Ginters & Corbo, Vesna & Haavio, Markus & Håkanson, Christina & Hlédik, Tibor & Kátay, Gábor & Kulikov, Dmitry & Lozej, Matija , 2016, "Labour market modelling in the light of the financial crisis," Occasional Paper Series, European Central Bank, number 175, Aug.
  5. Brian Micallef, 2016, "Property price misalignment with fundamentals in Malta," CBM Working Papers, Central Bank of Malta, number WP/03/2016.
  6. Owen Grech & Noel Rapa, 2016, "STREAM: A structural macro-econometric model of the Maltese economy," CBM Working Papers, Central Bank of Malta, number WP/01/2016.
  7. Noel Rapa, 2016, "MEDSEA : a small open economy DSGE model for Malta," CBM Working Papers, Central Bank of Malta, number WP/05/2016.

2015

  1. Aaron G Grech, 2015, "The macroeconomic impact of the income tax reductions in Malta," CBM Working Papers, Central Bank of Malta, number WP/02/2015.
  2. Grech, Aaron George, 2015, "Structural changes in the Maltese cconomy," MPRA Paper, University Library of Munich, Germany, number 63632, Apr.
  3. Grech, Aaron George, 2015, "Pension reforms in the 1990s and during the financial crisis: More of the same?," MPRA Paper, University Library of Munich, Germany, number 66894, Sep.
  4. Brian Micallef & Silvio Attard, 2015, "Assessing the macroeconomic impact of extending hotel height limitations," CBM Working Papers, Central Bank of Malta, number WP/01/2015.
  5. de Walque, Gregory & Pisani, Massimiliano & Kilponen, Juha & Thomas, Carlos & Hlédik, Tibor & Hurtado, Samuel & Hollmayr, Josef & Corbo, Vesna & Schmidt, Sebastian & Micallef, Brian & Maria, José R. &, 2015, "Comparing fiscal multipliers across models and countries in Europe," Working Paper Series, European Central Bank, number 1760, Mar.

2014

  1. Gatt, William, 2014, "Communicating uncertainty - a fan chart for HICP projections," MPRA Paper, University Library of Munich, Germany, number 59603, Sep.
  2. Gatt, William, 2014, "An evaluation of core inflation measures for Malta," MPRA Paper, University Library of Munich, Germany, number 61250, Nov.
  3. Aaron George, Grech, 2014, "Pension policy design: The core issues," MPRA Paper, University Library of Munich, Germany, number 53662, Feb.
  4. Grech, Aaron George, 2014, "The demand for currency in Malta," MPRA Paper, University Library of Munich, Germany, number 53878, Feb.
  5. Grech, Aaron George & Micallef, Brian, 2014, "Assessing the supply of the Maltese economy using a production function approach," MPRA Paper, University Library of Munich, Germany, number 53882, Feb.
  6. Grech, Aaron George, 2014, "Assessing the sustainability of pension reforms in Europe: a pension wealth approach," MPRA Paper, University Library of Munich, Germany, number 57638, Jul.
  7. Grech, Aaron George, 2014, "Evaluating the possible impact of pension reforms on elderly poverty in Europe," MPRA Paper, University Library of Munich, Germany, number 57639, Jul.

2013

  1. Grech, Aaron George & Grech, Owen & Micallef, Brian & Rapa, Noel & Gatt, William, 2013, "A Structural Macro-Econometric Model of the Maltese Economy," MPRA Paper, University Library of Munich, Germany, number 46128, Apr.
  2. Gatt, William, 2013, "Forecasting inflation at the Central Bank of Malta�," MPRA Paper, University Library of Munich, Germany, number 56876, Mar.
  3. Aaron George Grech, 2013, "How best to measure pension adequacy," CASE Papers, Centre for Analysis of Social Exclusion, LSE, number case172, Apr.
  4. Grech, Aaron George, 2013, "Pension reform sustainability in the EU: a pension wealth-based framework," MPRA Paper, University Library of Munich, Germany, number 48800, Apr.
  5. Grech, Aaron George, 2013, "Adapting the Hodrick-Prescott Filter for Very Small Open Economies," MPRA Paper, University Library of Munich, Germany, number 48803, Aug.
  6. Brian Micallef, 2013, "Measuring the effects of structural reforms in Malta: an analysis using the EAGLE model," CBM Working Papers, Central Bank of Malta, number WP/01/2013.
  7. Brian Micallef & Cyrus, Laurent, 2013, "Inflation differentials in a Monetary Union: the case of Malta," CBM Working Papers, Central Bank of Malta, number WP/05/2013.

2012

  1. Aaron George Grech, 2012, "Evaluating the possible impact of pension reforms on future living standards in Europe," CASE Papers, Centre for Analysis of Social Exclusion, LSE, number case161, May.

2010

  1. Aaron George Grech, 2010, "Assessing the sustainability of pension reforms in Europe," CASE Papers, Centre for Analysis of Social Exclusion, LSE, number case140, Sep.

2007

  1. Grech, Aaron George, 2007, "Pension policy in EU25 and its impact on pension benefits," MPRA Paper, University Library of Munich, Germany, number 33669, Sep.

2006

  1. Michael Fuchs & Aaron George Grech & Asghar Zaidi, 2006, "Pension Policy in EU25 and its Possible Impact on Elderly Poverty," CASE Papers, Centre for Analysis of Social Exclusion, LSE, number case116, Dec.
  2. Grech, Aaron George, 2006, "Elderly poverty in EU25," MPRA Paper, University Library of Munich, Germany, number 33618, Jul.

2004

  1. Grech, Aaron George & Pace, Christopher, 2004, "The adoption of the European System of Accounts 1995 framework in the national accounts of Malta," MPRA Paper, University Library of Munich, Germany, number 33460, Jun.
  2. Grech, Aaron George, 2004, "Estimating the output gap for the Maltese economy," MPRA Paper, University Library of Munich, Germany, number 33663, Jan.
  3. Grech, Aaron George, 2004, "Unit labour costs in Malta: Trends and international comparisons," MPRA Paper, University Library of Munich, Germany, number 33666, Aug.

2003

  1. Grech, Aaron George, 2003, "Employment and the labour input in the Maltese economy," MPRA Paper, University Library of Munich, Germany, number 33383, Sep.
  2. Grech, Aaron George, 2003, "The Framework of Monetary Policy in Malta," MPRA Paper, University Library of Munich, Germany, number 33464, Jul.

2000

  1. Grech, Aaron George, 2000, "The private and public savings gaps in Malta and their impact on the current account," MPRA Paper, University Library of Munich, Germany, number 33208, Mar.

1999

  1. Grech, Aaron George, 1999, "Funded pension schemes: Economic effects and policy implications," MPRA Paper, University Library of Munich, Germany, number 33615, Sep.

Undated

  1. Glenn Abela & William Gatt, undated, "Who are the (dis)savers? A look at household saving patters and wealth composition in Malta," CBM Policy Papers, Central Bank of Malta, number PP/01/2022.
  2. William Gatt & Owen Grech, undated, "An assessment of the Maltese housing market," CBM Policy Papers, Central Bank of Malta, number PP/02/2016.
  3. William Gatt, undated, "The determinants of household saving behaviour in Malta," CBM Working Papers, Central Bank of Malta, number WP/03/2014.
  4. Aaron G Grech, undated, "The possible impact of pension age changes on Malta’s potential output," CBM Policy Papers, Central Bank of Malta, number PP/01/2016.
  5. Aaron G. Grech, undated, "SMEs’ contribution to the Maltese economy and future prospects," CBM Policy Papers, Central Bank of Malta, number PP/01/2018.
  6. Aaron G. Grech, undated, "The ageing of the Maltese workforce and the impact of pension age changes," CBM Policy Papers, Central Bank of Malta, number PP/01/2020.
  7. Aaron G Grech, undated, "The Diversification of the Maltese Economy," CBM Policy Papers, Central Bank of Malta, number PP/02/2015.
  8. Aaron G Grech, undated, "The extent of labour turnover in Malta," CBM Policy Papers, Central Bank of Malta, number PP/02/2023.
  9. Aaron G Grech & Noel Rapa, undated, "Trends in Malta’s current account and their underlying causes," CBM Policy Papers, Central Bank of Malta, number PP/03/2016.
  10. Aaron G Grech, undated, "Understanding the Macroeconomic Impact of Migration in Malta," CBM Policy Papers, Central Bank of Malta, number PP/04/2015.
  11. Aaron G. Grech, undated, "The European Commission’s business and consumer surveys and Maltese macroeconomic trends," CBM Policy Papers, Central Bank of Malta, number PP/05/2019.
  12. Aaron George Grech, undated, "The impact of COVID-19 on longer careers – an initial assessment for Malta," CBM Policy Papers, Central Bank of Malta, number PP/05/2022.
  13. Aaron George Grech, undated, "The impact of migration assumption on ageing expenditure forecasts," CBM Policy Papers, Central Bank of Malta, number PP/07/2021.
  14. Aaron G Grech, undated, "Assessing employment in Malta," CBM Working Papers, Central Bank of Malta, number WP/01/2006.
  15. Aaron G. Grech, undated, "An estimate of the possible impact of lower electricity and water tariffs on the Maltese economy," CBM Working Papers, Central Bank of Malta, number WP/01/2014.
  16. Aaron G. Grech, undated, "Investigating potential output using the Hodrick-Prescott filter: an application for Malta," CBM Working Papers, Central Bank of Malta, number WP/02/2014.
  17. Aaron G Grech, undated, "The evolution of the Maltese economy since independence," CBM Working Papers, Central Bank of Malta, number WP/05/2015.
  18. Brian Micallef, undated, "The process of economic convergence in Malta and in the European Union," CBM Policy Papers, Central Bank of Malta, number PP/02/2017.
  19. Brian Micallef, undated, "Estimating the Impact on potential output of structural reforms to Increase the female participation rate," CBM Policy Papers, Central Bank of Malta, number PP/03/2015.
  20. Brian Micallef, undated, "Estimating a credit gap for non-financial corporations in Malta," CBM Working Papers, Central Bank of Malta, number WP/04/2015.
  21. Brian Micallef, undated, "Unit labour costs, wages and productivity in Malta: a sectoral and cross-country analysis," CBM Policy Papers, Central Bank of Malta, number PP/01/2015.
  22. Brain Micallef, undated, "A multivariate filter to estimate potential output and NAIRU for the Maltese economy," CBM Working Papers, Central Bank of Malta, number WP/05/2014.
  23. Noel Rapa, undated, "The exit of the United Kingdom from the European Union – Its short-to-medium term impact on the Maltese economy," CBM Policy Papers, Central Bank of Malta, number PP/01/2017.
  24. Noel Rapa, undated, "The Macroeconomic Effects of Efficiency Gains in Electricity Production in Malta," CBM Policy Papers, Central Bank of Malta, number PP/05/2017.
  25. Noel Rapa & Abigail Marie Rapa, undated, "The macroeconomic effects of closing the public sector capital gap in Malta," CBM Policy Papers, Central Bank of Malta, number PP/07/2019.
  26. Nathaniel Debono & Noel Rapa, undated, "The economic effects of the COVID-19 tourism downturn," CBM Policy Papers, Central Bank of Malta, number PP/08/2021.

Journal articles

2026

  1. Balamatsias, Pavlos, 2026, "A heterogeneous agent new Keynesian model of search frictions and public sector employment," Journal of Economic Dynamics and Control, Elsevier, volume 189, issue C, DOI: 10.1016/j.jedc.2026.105357.

2025

  1. William Gatt, 2025, "Housing Boom‐Bust Cycles and Asymmetric Macroprudential Policy," Journal of Money, Credit and Banking, Blackwell Publishing, volume 57, issue 2-3, pages 615-643, March, DOI: 10.1111/jmcb.13097.
  2. Gunnella, Vanessa & Stamato, Giovanni & Kobayashi, Alicja, 2025, "The implications of US-China trade tensions for the euro area – lessons from the tariffs imposed by the first Trump Administration," Economic Bulletin Boxes, European Central Bank, volume 3.

2024

  1. Andreani, Michele & Giri, Federico, 2024, "Mortgages, house prices, and business cycle dynamic: A medium-run exploration using the continuous wavelet transform," International Review of Economics & Finance, Elsevier, volume 94, issue C, DOI: 10.1016/j.iref.2024.103380.
  2. William Gatt, 2024, "Loan‐to‐value limits as a macroprudential policy tool: Developments in theory and practice," Journal of Economic Surveys, Wiley Blackwell, volume 38, issue 1, pages 232-267, February, DOI: 10.1111/joes.12548.
  3. Gatt, William, 2024, "Wealth inequality and the distributional effects of maximum loan-to-value ratio policy," Journal of Economic Dynamics and Control, Elsevier, volume 164, issue C, DOI: 10.1016/j.jedc.2024.104873.
  4. Bosone, Costanza & Dautović, Ernest & Fidora, Michael & Stamato, Giovanni, 2024, "How geopolitics is changing trade," Economic Bulletin Boxes, European Central Bank, volume 2.

2023

  1. Andreani, Michele & Giri, Federico, 2023, "Not a short-run noise! The low-frequency volatility of energy inflation," Finance Research Letters, Elsevier, volume 51, issue C, DOI: 10.1016/j.frl.2022.103477.
  2. Beniamino Quintieri & Giovanni Stamato, 2023, "Are preferential agreements beneficial to EU trade? New evidence from the EU–South Korea treaty," The World Economy, Wiley Blackwell, volume 46, issue 12, pages 3511-3541, December, DOI: 10.1111/twec.13445.

2022

  1. Barbara Annicchiarico & Valentina Antonaroli & Alessandra Pelloni, 2022, "Optimal factor taxation in a scale free model of vertical innovation," Economic Inquiry, Western Economic Association International, volume 60, issue 2, pages 794-830, April, DOI: 10.1111/ecin.13033.
  2. Glenn Abela & Tiziana Gauci & Noel Rapa, 2022, "An Analysis of The Shadow Economy in Malta: A Currency Demand and MIMIC Model Approach," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, volume 12, issue 1, pages 41-50.

2021

  1. Aaron G. Grech & Reuben Ellul, 2021, "Are the European Commission’s Business and Consumer Survey Results Coincident Indicators for Maltese Economic Activity?," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), volume 17, issue 1, pages 91-108, April, DOI: 10.1007/s41549-020-00044-0.
  2. Beniamino Quintieri & Giovanni Stamato, 2021, "Qualità delle istituzioni e politiche di coesione nel Mezzogiorno," Regional Economy, , volume 5, issue Q3, pages 3-13.

2019

  1. Aaron George Grech & Noel Rapa, 2019, "A reassessment of external demand’s contribution to Malta’s economic growth," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), volume 8, issue 1, pages 1-13, December, DOI: 10.1186/s40008-019-0144-4.

2018

  1. Balamatsias, Pavlos, 2018, "Democracy and taxation," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, volume 12, pages 1-28, DOI: 10.5018/economics-ejournal.ja.2018-.
  2. Aaron George Grech, 2018, "What Makes Pension Reforms Sustainable?," Sustainability, MDPI, volume 10, issue 8, pages 1-12, August.

2017

  1. Aaron George Grech, 2017, "Did Malta’s Accession to the EU Raise its Potential Growth? A Focus on the Foreign Workforce," Journal of Economic Integration, Center for Economic Integration, Sejong University, volume 32, issue 4, pages 873-890.
  2. Aaron G. Grech, 2017, "The Impact of Pension Age Changes — The Case of Malta," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), volume 52, issue 1, pages 57-62, January, DOI: 10.1007/s10272-017-0644-0.
  3. Brian Micallef, 2017, "A Sectoral Supply-Side Model to Assess the Impact of Labour Market Reforms in Malta," International Journal of Economics and Finance, Canadian Center of Science and Education, volume 9, issue 4, pages 105-118, April.
  4. Brian Micallef, 2017, "Empirical Estimates of Okun¡¯s Law in Malta," Applied Economics and Finance, Redfame publishing, volume 4, issue 1, pages 138-148, January.

2016

  1. Brian Micallef, 2016, "The Adjustment of Maltese Firms to the Post-crisis Economic Environment: Evidence from a Firm-level Survey," International Business Research, Canadian Center of Science and Education, volume 9, issue 9, pages 122-133, September.
  2. Brian Micallef, 2016, "A Multivariate Filter to Estimate Potential Output and NAIRU for the Maltese Economy," International Journal of Economics and Finance, Canadian Center of Science and Education, volume 8, issue 5, pages 13-22, May.
  3. Brian MICALLEF & Noel RAPA & Tiziana GAUCI, 2016, "The Role of Asymmetries and Banking Sector Indicators in the Interest Rate Pass Through in Malta," Journal of Advanced Studies in Finance, ASERS Publishing, volume 7, issue 1, pages 5-13.

2015

  1. Aaron George Grech, 2015, "The Financial Crisis and Differences in State Pension Generosity across EU Countries," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, volume 13, issue 02, pages 36-41, August.
  2. Aaron G. Grech, 2015, "Convergence or divergence? How the financial crisis affected European pensioners," International Social Security Review, John Wiley & Sons, volume 68, issue 2, pages 43-62, April, DOI: 10.1111/issr.12065.

2014

  1. William Gatt & Joseph Falzon, 2014, "British tourism demand elasticities in Mediterranean countries," Applied Economics, Taylor & Francis Journals, volume 46, issue 29, pages 3548-3561, October, DOI: 10.1080/00036846.2014.934432.
  2. Aaron GRECH, 2014, "The Demand For Currency In Malta," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, volume 5, issue 1, pages 49-55.

Books

2018

  1. Aaron G. Grech & Brian Micallef & Sandra Zerafa & Tiziana M. Gauci (ed.), 2018, "The Central Bank of Malta’s First Fifty Years: A Solid Foundation for the Future," CBM Ebooks, Central Bank of Malta, number 01, edition 1, December.

2015

  1. Aaron G. Grech (ed.), 2015, "The evolution of the Maltese Economy since Independence," CBM Ebooks, Central Bank of Malta, number 02, edition 1, December.

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