ECB News: March 2011

 

Archive

 
31/03/2011
USD11013 (OT,liquidity providing):0 mn USD alloted (fixed 1.13%, 0% allotment at margin), more
 
31/03/2011
20110035 (LTRO,liquidity providing):129457.93 mn EUR alloted ( % allotment at margin), more
 
31/03/2011
Press release ECB announces the suspension of the rating threshold for debt instruments of the Irish government, en
 
31/03/2011
Press release EC, ECB and IMF welcome the Irish authorities’ banking system announcements, en
 
31/03/2011
Press release ECB welcomes the Irish authorities’ decision to strengthen Irish banks, en
 
31/03/2011
MFI interest rate statistics, more
 
31/03/2011
ECB/2011/4 Decision of the ECB of 31 March 2011 on temporary measures relating to the eligibility of marketable debt instruments issued or guaranteed by the Irish Government , en
 
30/03/2011
Announcing 20110035 (LTRO,liquidity providing), for 91 days deadline 09:30, more
 
30/03/2011
20110034 (OT,liquidity absorbing):76500 mn EUR alloted (marginal 1%, weighted average 0.72%, 79.7457% allotment at margin), more
 
30/03/2011
20110033 (MRO,liquidity providing):100439.2 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
30/03/2011
Press release Eurosystem and Bank of Russia conclude cooperation programme on banking supervision and internal audit, en
 
30/03/2011
Speech Lorenzo Bini Smaghi: Banking supervision and corporate governance in the European architecture, en
 
30/03/2011
Publication Euro area balance of payments and international investment position statistics - 2010 quality report , download
 
30/03/2011
Publication Euro area monetary and financial statistics - 2010 quality report , download
 
29/03/2011
Announcing 20110033 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
28/03/2011
Fine-tuning operation, more
 
28/03/2011
Speech Lorenzo Bini Smaghi: Intervento alla presentazione del libro di Fabio Corsico e Paolo Messa: Da Frankenstein a principe azzurro. Le Fondazioni bancarie tra passato e futuro, it
 
28/03/2011
Speech Jean-Claude Trichet: La surveillance de la compétitivité dans une union monétaire, fr
 
25/03/2011
Monetary developments in the euro area, more
 
25/03/2011
CON/2011/28 Opinion on the abolition of the task of the Nationale Bank van België/Banque Nationale de Belgique of acting as central depositary of deeds of protest , en
 
24/03/2011
USD11012 (OT,liquidity providing):0 mn USD alloted (fixed 1.14%, 0% allotment at margin), more
 
24/03/2011
No. 1310: Is China climbing up the quality ladder? Estimating cross country differences in product quality using Eurostat's COMEXT trade database, by Gabor Pula, Daniel Santabárbara, description, download
(JEL: F1, F12, F14, F15, F23) There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China’s export structure is very similar to that of the advanced world, its export unit values are well below the level of developed economies. Building on the assumption that unit values reflect quality the prevailing view of the literature is that China exports low quality varieties of the same products than its advanced competitors. This paper challenges this view by relaxing the assumption that unit values reflect quality. We derive the quality of Chinese exports to the European Union by estimating disaggregated demand functions from a discrete choice model. The paper has two major findings. First, China’s share on the European Union market is larger than would be justified by its relatively low average prices, implying that the quality of Chinese export products is relatively high compared to many competitors. Second, China has gained quality relative to other competitors since 1995, indicating that China is climbing up the quality ladder. The relatively high and improving quality of China’s exports may be explained by the increasing role of global production networks in China.
 
24/03/2011
Speech José Manuel González-Páramo: The ECB’s Non-standard Measures during the Current Financial Crisis The ECB’s Non-standard Measures during the Current Financial Crisis, en
 
24/03/2011
No. 1313: News and policy foresight in a macro-finance model of the US, by Cristian Badarinza, Emil Margaritov, description, download
(JEL: E32, E43, E52) We study the effects of information shocks on macroeconomic and term structure dynamics in an estimated medium-scale DSGE model for the US economy. We consider news about total factor productivity and investment-specific technology, as well as foresight about monetary policy. Our empirical investigation confirms the findings of previous studies on the limited role played by productivity news in this class of models. In contrast, we uncover a non-trivial role for investment-specific news and anticipated monetary policy shocks not only in the historical and variance decomposition of real economic variables but also for the overall dynamic behavior of the term structure of interest rates. We also document substantial qualitative differences in the dynamic responses of the macroeconomy and the bond yield term structure to anticipated and surprise structural and policy innovations.
 
24/03/2011
No. 1312: A structural model of central bank operations and bank intermediation, by Ulrich Bindseil, Juliusz Jabłecki, description, download
(JEL: E43, E44, G21) The banking system is modeled in a closed system of financial accounts, whereby the equilibrium volume of bank intermediation between households and corporates reflects structural parameters such as household preferences, comparative cost structures of heterogeneous banks, loan demand of corporates, and the difference between the borrowing rate and the deposit facility rate of the central bank. The model also allows understanding the link between this difference (the width of the central bank standing facilities corridor) and the stance of monetary policy, and how this link changes during a financial crisis. It is shown how the narrowing of the standing facilities corridor can make more accommodating the stance of monetary policy in a financial crisis.
 
24/03/2011
No. 1311: Macro-financial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events, by Marco Lo Duca, Tuomas A. Peltonen, description, download
(JEL: E44, E58, F01, F37, G01) This paper develops a framework for assessing systemic risks and for predicting (out-of-sample) systemic events, i.e. periods of extreme financial instability with potential real costs. We test the ability of a wide range of “stand alone” and composite indicators in predicting systemic events and evaluate them by taking into account policy makers’ preferences between false alarms and missing signals. Our results highlight the importance of considering jointly various indicators in a multivariate framework. We find that taking into account jointly domestic and global macrofinancial vulnerabilities greatly improves the performance of discrete choice models in forecasting systemic events. Our framework shows a good out-of-sample performance in predicting the last financial crisis. Finally, our model would have issued an early warning signal for the United States in 2006 Q2, 5 quarters before the emergence of money markets tensions in August 2007.
 
23/03/2011
20110032 (OT,liquidity absorbing):77500 mn EUR alloted (marginal 0.7%, weighted average 0.64%, 36.0917% allotment at margin), more
 
23/03/2011
20110031 (MRO,liquidity providing):89417 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
23/03/2011
CON/2011/26 Opinion on amendments to the legislation on settlement finality and on financial collateral arrangements, en
 
23/03/2011
CON/2011/27 Opinion on legislation related to covered bonds, en
 
23/03/2011
Speech Jean-Claude Trichet: Taking stock on financial reform, en
 
22/03/2011
Announcing 20110031 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
21/03/2011
Speech Gertrude Tumpel-Gugerell: What lies behind the success of the euro?, de . en
 
21/03/2011
Speech Jean-Claude Trichet: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, en
 
21/03/2011
Fine-tuning operation, more
 
18/03/2011
CON/2011/25 Opinion on prevention of late payments, en
 
18/03/2011
ECB/2011/3 Guideline of the ECB of 18 March 2011 amending Guideline ECB/2004/18 on the procurement of euro banknotes , en
 
18/03/2011
Press release Statement of G7 Finance Ministers and Central Bank Governors, en
 
18/03/2011
Speech Jean-Claude Trichet: Reforming EMU: time for bold decisions, en
 
18/03/2011
Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
 
18/03/2011
Speech Gertrude Tumpel-Gugerell: Introductory statement at the press conference on the occasion of the signing of the protocol between the European Central Bank, the National Bank of Serbia and the Delegation of the European Union to the Republic of Ser, en
 
18/03/2011
Press release ECB announces EU-funded cooperation programme with the National Bank of Serbia, en
 
18/03/2011
Euro area balance of payments in January 2011, more
 
18/03/2011
Euro area investment fund statistics, more
 
18/03/2011
Occasional paper no. 124 Who has been affected, how and why? The spillover of the global financial crisis to Sub-Saharan Africa and ways to recovery , by Sophie Chauvin and André Geis, download
 
17/03/2011
USD11011 (OT,liquidity providing):0 mn USD alloted (fixed 1.14%, 0% allotment at margin), more
 
17/03/2011
ECB/2011/2 Guideline of the ECB of 17 March 2011 amending Guideline ECB/2007/2 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2), en
 
17/03/2011
CON/2011/24 Opinion on a draft European Council Decision amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the euro , en
 
16/03/2011
20110030 (OT,liquidity absorbing):77500 mn EUR alloted (marginal 0.69%, weighted average 0.66%, 73.8856% allotment at margin), more
 
16/03/2011
20110029 (MRO,liquidity providing):100543.4 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
16/03/2011
Press release ECB encourages comments on CPSS-IOSCO consultation on principles for financial market infrastructures, en
 
15/03/2011
Announcing 20110029 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
15/03/2011
Speech Gertrude Tumpel-Gugerell: Der einheitliche Euro-Zahlungsverkehrsraum (SEPA): Wo stehen wir und was bringt er uns?, de
 
15/03/2011
No. 1309: Skills and wage inequality in Greece: evidence from matched employer-employee data, 1995-2002, by Rebekka Christopoulou, Theodora Kosma, description, download
(JEL: J31) This paper examines changes in the Greek wage distribution over 1995-2002 and the role of skills in these changes using a matched employer-employee data set. This data set enables us to account for firm heterogeneity and obtain a more refined picture of the impact of skills. The methodology adopted is the Machado-Mata decomposition technique, which separates the part of wage changes that is due to changes in the job/employer and employee characteristics from the part due to changes in the returns to these characteristics. Our results indicate that the role of skills has been decisive. The skill return effects in combination with the composition effects of tenure, which are arguably responsive to economic developments and market conditions, have had an important contribution to the changes in the Greek wage distribution. On the other hand, the impact of predetermined demographic changes, as those captured by the age and education composition effects, has been relatively milder.
 
14/03/2011
Press release ECB charity initiative, de . el . en . es . et . fi . fr . it . mt . nl . pt . sk . sl . sv
 
14/03/2011
Fine-tuning operation, more
 
11/03/2011
CON/2011/22 Opinion on a recommendation for a Council Decision on the arrangements for the negotiation of a Monetary Agreement with the French Republic, acting for the benefit of the French overseas collectivity of Saint-Barthélemy, en
 
11/03/2011
CON/2011/22 Opinion on a recommendation for a Council Decision on the arrangements for the negotiation of a Monetary Agreement with the French Republic, acting for the benefit of the French overseas collectivity of Saint-Barthélemy, en
 
11/03/2011
Press release Joint press statement by the 
European Commission and the European Central Bank on the 
Measures announced by the Portuguese government, en
 
11/03/2011
Speech Lorenzo Bini Smaghi: Whither Europe after the crisis?, en . it
 
11/03/2011
Speech Jean-Claude Trichet: Decision on a memorial commemorating the deportation of Jewish citizens from the Grossmarkthalle in Frankfurt am Main, de . en
 
11/03/2011
Publication Research Bulletin No. 12 , download
 
10/03/2011
USD11010 (OT,liquidity providing):0 mn USD alloted (fixed 1.15%, 0% allotment at margin), more
 
10/03/2011
Press release ECB publishes the findings of an independent external evaluation of the activities of its Directorate General Research, en
 
10/03/2011
Speech José Manuel González-Páramo: Speech on the occasion of the inauguration of the Euro Exhibition at Banca Naţională a României, en . ro
 
10/03/2011
Euro area securities issues statistics, more
 
10/03/2011
Monthly Bulletin Monthly Bulletin, March 2011, download
 
10/03/2011
Statistics Pocket Book Statistics Pocket Book, March 2011, download
 
10/03/2011
Publication Article, Monthly Bulletin, March 2011, pp 99-119, The reform of economic governance in the euro area - essential elements , download
 
10/03/2011
Publication External evaluation of the Directorate General Research of the European Central Bank , download
 
09/03/2011
20110028 (OT,liquidity absorbing):95811.7 mn EUR alloted (marginal 0.8%, weighted average 0.79%, 100% allotment at margin), more
 
09/03/2011
20110027 (OT,liquidity absorbing):77500 mn EUR alloted (marginal 0.9%, weighted average 0.83%, 63.3839% allotment at margin), more
 
09/03/2011
20110026 (LTRO,liquidity providing):82499.99 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
09/03/2011
20110025 (MRO,liquidity providing):111331.3 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
09/03/2011
No. 1308: Myopic governments and welfare-enhancing debt limits, by Malte Rieth, description, download
(JEL: H3, H63, E6) This paper studies welfare consequences of a soft borrowing constraint on sovereign debt which is modeled as a proportional fine per unit of debt exceeding some reference value. Debt is the result of myopic fiscal policy where the government is assumed to have a smaller discount factor than the private sector. Due to the absence of lump-sum taxation, debt reduces welfare. The paper shows that the imposition of a soft borrowing constraint, which resembles features of the Stability and Growth Pact and which is taken into account by the policy maker when setting its instruments, prevents excessive borrowing. The constraint can be implemented such as to (i) control the long run level of debt, (ii) prevent debt accumulation, and (iii) induce debt consolidation. In all three cases the constraint enhances welfare and in a welfare ranking these gains outweigh the short run welfare losses of increasing the costs of using debt to smooth taxes over the business cycle.
 
09/03/2011
CON/2011/21 Opinion on the strengthening of the financial system , en
 
08/03/2011
Announcing 20110026 (LTRO,liquidity providing), for 35 days deadline 09:30, more
 
08/03/2011
Announcing 20110025 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
08/03/2011
Fine-tuning operation, more
 
08/03/2011
CON/2011/20 Opinion on the Central Corporate Credit Register, en
 
07/03/2011
Fine-Tuning Operation, more
 
07/03/2011
CON/2011/19 Opinion on the recirculation of euro banknotes , en
 
04/03/2011
CON/2011/18 Opinion on a proposal for a Council regulation on denominations and technical specifications of euro coins intended for circulation (codification) , en
 
04/03/2011
Speech José Manuel González-Páramo: Rethinking risk management: from lessons learned to taking action, en
 
04/03/2011
Speech Lorenzo Bini Smaghi: The challenges of surveillance and coordination, en
 
04/03/2011
Publication Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, concerning questions on transfers to the European Central Bank , download
 
03/03/2011
USD11009 (OT,liquidity providing):0 mn USD alloted (fixed 1.16%, 0% allotment at margin), more
 
03/03/2011
CON/2011/17 Opinion on a proposal for a Regulation of the European Parliament and of the Council on short selling and certain aspects of credit default swaps, en
 
03/03/2011
Press release ECB announces details of refinancing operations with settlement from 13 April to 12 July 2011, en
 
03/03/2011
Press release Annual Accounts of the European Central Bank for the year ending 31 December 2010, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
 
03/03/2011
Press conference Jean-Claude Trichet: Introductory statement to the press conference, en
 
03/03/2011
Press release Monetary policy decisions, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
 
03/03/2011
Press release Opinion of the ECB’s Governing Council on the appointment of a new ECB Executive Board member, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
 
03/03/2011
MFI interest rate statistics, more
 
03/03/2011
No. 1307: The response of labour taxation to changes in government debt, by Fédéric Holm-Hadulla, Nadine Leiner-Killinger, Michal Slavík, description, download
(JEL: H2, H24, H63, J22) This paper investigates the relationship between government debt and labour taxation for a panel of 18 EU countries over the period 1979-2008. The econometric estimates point to a statistically significant and economically relevant positive response of labour taxation to changes in the general government debt and interest expenditure-to-GDP ratios. The results are robust across a range of econometric specifications and labour tax indicators.
 
03/03/2011
Publication ECB staff macroeconomic projections for the euro area , download
 
03/03/2011
CON/2011/16 Opinion on a Council recommendation on the appointment of a member of the Executive Board of the ECB, en
 
03/03/2011
CON/2011/16 Opinion on a Council recommendation on the appointment of a member of the Executive Board of the ECB, en
 
02/03/2011
20110024 (OT,liquidity absorbing):77500 mn EUR alloted (marginal 0.65%, weighted average 0.56%, 18.7349% allotment at margin), more
 
02/03/2011
20110023 (MRO,liquidity providing):124441.85 mn EUR alloted (fixed 1%, 100% allotment at margin), more
 
01/03/2011
Announcing 20110023 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
01/03/2011
No. 1306: Why are some prices stickier than others? Firm-data evidence on price adjustment lags, by Daniel Dias, Carlos Robalo Marques, Fernando Martins, João M. C. Santos Silva, description, download
(JEL: C41, D40, E31) Infrequent price changes at the firm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments to different types of shocks. We find that adjustment lags to cost and demand shocks vary with firm characteristics, namely the firm’s cost structure, the type of pricing policy, and the type of good. We also document that firms react asymmetrically to demand and cost shocks, as well as to positive and negative shocks, and that the degree and direction of the asymmetry varies across firms.
 
01/03/2011
No. 1305: Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies, by Daniel Dias, Carlos Robalo Marques, Fernando Martins, description, download
(JEL: C41, D40, E31) Thanks to recent findings based on survey data, it is now well known that firms differ from each other with respect to their price-reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price revisions in response to changes in economic conditions. In order to explain this fact, some theories have been suggested in the literature. However, empirical evidence on the relative importance of the factors determining firms’ different strategies is virtually nonexistent. This paper contributes to filling this gap by investigating the factors that explain why firms follow time-, state- or time- and state-dependent price-reviewing rules. We find that firms’ strategies vary with firm characteristics that have a bearing on the importance of information costs, the variability of the optimal price and the sensitivity of profits to non-optimal prices. Menu costs, however, do not seem to play a significant role.