ECB News: July 2011

 

Archive

 
29/07/2011
Euro area economic and financial developments by institutional sector, more
 
28/07/2011
USD11030 (OT,liquidity providing):0 mn USD alloted (fixed 1.06%, 0% allotment at margin), more
 
28/07/2011
20110082 (LTRO,liquidity providing):84977.19 mn EUR alloted ( % allotment at margin), more
 
28/07/2011
Press release Results of the July 2011 bank lending survey for the euro area, en
 
27/07/2011
Announcing 20110082 (LTRO,liquidity providing), for 91 days deadline 09:30, more
 
27/07/2011
20110081 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 1.16%, weighted average 1.09%, 38.1333% allotment at margin), more
 
27/07/2011
20110080 (MRO,liquidity providing):164200.2 mn EUR alloted (fixed 1.5%, 100% allotment at margin), more
 
27/07/2011
Interview Jean-Claude Trichet: Interview with Le Point, en
 
27/07/2011
Monetary developments in the euro area, more
 
27/07/2011
Occasional paper no. 126 Euro area cross-border financial flows and the global financial crisis , by Forster Katrin, Melina A. Vasardani and Michele Ca' Zorzi, download
 
26/07/2011
Announcing 20110080 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
26/07/2011
Longer-term refinancing operation, more
 
25/07/2011
Fine-tuning operation, more
 
22/07/2011
Interview Jean-Claude Trichet: Interview with Süddeutsche Zeitung, en
 
22/07/2011
Speech Jean-Claude Trichet: Statement on the decisions taken by the Euro Area Heads of State or Government at a press briefing on 21 July 2011 in Brussels, en
 
22/07/2011
Press release ECB’s Governing Council sets deadline for finalisation of the T2S Framework Agreement with CSDs, en
 
22/07/2011
Press release Review of the international role of the euro, en
 
22/07/2011
Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), en
 
22/07/2011
Publication The international role of the euro , download
 
21/07/2011
USD11029 (OT,liquidity providing):0 mn USD alloted (fixed 1.07%, 0% allotment at margin), more
 
21/07/2011
Euro area investment fund statistics, more
 
21/07/2011
Euro area balance of payments in May 2011 
and international investment position 
at the end of the first quarter of 2011, more
 
20/07/2011
20110079 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 1.4%, weighted average 1.31%, 21.3282% allotment at margin), more
 
20/07/2011
20110078 (MRO,liquidity providing):197070.3 mn EUR alloted (fixed 1.5%, 100% allotment at margin), more
 
20/07/2011
No. 1364: Capital flows, push versus pull factors and the global financial crisis, by Marcel Fratzscher, description, download
(JEL: F3, F21, G11) The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect on capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with a large part of this heterogeneity being explained by differences in the quality of domestic institutions, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common factors (“push” factors) were overall the main drivers of capital flows during the crisis, while country-specific determinants (“pull” factors) have been dominant in accounting for the dynamics of global capital flows in 2009 and 2010, in particular for emerging markets.
 
20/07/2011
No. 1362: Securitization and lending standards: evidence from the wholesale loan market, by Alper Kara, David Marqués-Ibáñez, Steven Ongena, description, download
(JEL: G21, G28) We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests that securitization activity lead to laxer credit standards. Macroeconomic factors also play a large role explaining the impact of securitization activity on bank lending standards: banks more active in the securitization markets loosened more aggressively their lending standards in the run up to the recent financial crisis but also tightened more strongly during the crisis period. As a continuum of this paper we are examining whether individual loans that are eventually securitized are priced more aggressively by using unique European data on individual loans from all major trustees.
 
20/07/2011
CON/2011/59 Opinion on cash recycling and the protection of national and foreign legal tender against counterfeiting, en
 
20/07/2011
CON/2011/60 Opinion on crisis intervention measures for financial institutions in difficulty, en
 
20/07/2011
No. 1363: Forecasting inflation with gradual regime shifts and exogenous information, by Andrés González, Kirstin Hubrich, Timo Teräsvirta, description, download
(JEL: C22, C52, C53, E31, E47) We propose a new method for medium-term forecasting using exogenous information. We first show how a shifting-mean autoregressive model can be used to describe characteristic features in inflation series. This implies that we decompose the inflation process into a slowly moving nonstationary component and dynamic short-run fluctuations around it. An important feature of our model is that it provides a way of combining the information in the sample and exogenous information about the quantity to be forecast. This makes it possible to form a single model-based inflation forecast that also incorporates the exogenous information. We demonstrate, both theoretically and by simulations, how this is done by using the penalised likelihood for estimating the model parameters. In forecasting inflation, the central bank inflation target, if it exists, is a natural example of such exogenous information. We illustrate the application of our method by an out-of-sample forecasting experiment for euro area and UK inflation. We find that for euro area inflation taking the exogenous information into account improves the forecasting accuracy compared to that of a number of relevant benchmark models but this is not so for the UK. Explanations to these outcomes are discussed.
 
19/07/2011
Announcing 20110078 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
19/07/2011
Interview Jean-Claude Trichet: Interview with Postimees, Hospodárske noviny and Delo, en
 
18/07/2011
Fine-tuning operation, more
 
18/07/2011
Press release Biannual information on euro banknote counterfeiting, en
 
18/07/2011
Interview Jean-Claude Trichet: Interview with Financial Times Deutschland, en
 
15/07/2011
Press release ECB welcomes the publication of the EU-wide stress test, en
 
14/07/2011
USD11028 (OT,liquidity providing):0 mn USD alloted (fixed 1.08%, 0% allotment at margin), more
 
14/07/2011
Press release Statement by the EC, ECB, and IMF 
on the Review Mission to Ireland, en
 
14/07/2011
Monthly Bulletin Monthly Bulletin, July 2011, download
 
14/07/2011
Statistics Pocket Book Statistics Pocket Book, July 2011, download
 
14/07/2011
Publication Article, Monthly Bulletin, July 2011, pp 55-69, The ECB’s non-standard measures – impact and phasing-out , download
 
14/07/2011
Publication Article, Monthly Bulletin, July 2011, pp 71-84, The European stability mechanism , download
 
14/07/2011
Publication Article, Monthly Bulletin, July 2011, pp 85-94, The new EU framework for financial crisis management and resolution , download
 
13/07/2011
20110077 (OT,liquidity absorbing):74814 mn EUR alloted (marginal 1.05%, weighted average 1.03%, 100% allotment at margin), more
 
13/07/2011
20110076 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 1.46%, weighted average 1.39%, 30.759% allotment at margin), more
 
13/07/2011
20110075 (LTRO,liquidity providing):67747.88 mn EUR alloted (fixed 1.5%, 100% allotment at margin), more
 
13/07/2011
20110074 (MRO,liquidity providing):153596.8 mn EUR alloted (fixed 1.5%, 100% allotment at margin), more
 
13/07/2011
Euro area insurance corporations and pension funds, more
 
12/07/2011
Announcing 20110075 (LTRO,liquidity providing), for 28 days deadline 09:30, more
 
12/07/2011
Announcing 20110074 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
12/07/2011
Euro area securities issues statistics, more
 
12/07/2011
No. 1361: Identifying the effects of government spending shocks with and without expected reversal: an approach based on U.S. real-time data, by Jacopo Cimadomo, Sebastian Hauptmeier, Sergio Sola, description, download
(JEL: E62, E65, H20) This paper investigates how expectations about future government spending affect the transmission of fiscal policy shocks. We study the effects of two different types of government spending shocks in the United States: (i) spending shocks that are accompanied by an expected reversal of public spending growth below trend; (ii) spending shocks that are accompanied by expectations of future spending growth above trend. We use the Ramey (2011)’s time series of military build-ups to measure exogenous spending shocks, and deviations of forecasts of public spending with respect to past trends, evaluated in real-time, to distinguish shocks into these two categories. Based on a structural VAR analysis, our results suggest that shocks associated with an expected spending reversal exert expansionary effects on the economy and accelerate the correction of the initial increase in public debt. Shocks associated with expected spending growth above trend, instead, are characterized by a contraction in aggregate demand and a more persistent increase in public debt. The main channel of transmission seems to run through agents’ perception of the future macroeconomic environment.
 
12/07/2011
No. 1360: How flexible are real wages in EU countries? A panel investigation, by Frigyes Ferdinand Heinz, Desislava Rusinova, description, download
(JEL: J31, J38, P5) In this paper we estimate the degree of real wage flexibility in 19 EU countries in a wage Phillips curve panel framework. We find evidence for a reaction of wage growth to unemployment and productivity growth. However, due to unemployment persistence, over time the real wage response weakens substantially. Our results suggest that the degree of real wage flexibility tends to be larger in the central and eastern European (CEE) countries than in the euro area; weaker in downturns than during upswings. Moreover, there exists an inflation threshold, below which real wage flexibility seems to decrease. Finally, we find that part of the heterogeneity in real wage flexibility and unemployment might be related to differences in the wage bargaining institutions and more specifically the extent of labour market regulation in different country groups within the EU.
 
12/07/2011
No. 1359: Does bargaining matter in the small firm's matching model?, by Olivier l’Haridon, Franck Malherbet, Sébastien Pérez-Duarte, description, download
(JEL: C71, C78, J20, J60) In this article, we use a stylized model of the labor market to investigate the effects of three alternative and well-known bargaining solutions. We apply the Nash, the Egalitarian and the Kalai-Smorodinsky bargaining solutions in the small firm's matching model of unemployment. To the best of our knowledge, this is the first attempt to implement and systematically compare these solutions in search-matching economies. Our results are twofold. First from the theoretical and methodological viewpoint, we extend a somewhat flexible search-matching economy to alternative bargaining solutions. In particular, we prove that the Egalitarian and the Kalai-Smorodinsky solutions are easily implementable within search-matching economies. Second, our results show that even though the traditional results of bargaining theory apply in this context, they are generally qualitatively different from the standard results, and the differences are quantitatively weaker than expected. This is of particular relevance in comparison with the results established in the earlier literature.
 
11/07/2011
Fine-tuning operation, more
 
11/07/2011
Speech Lorenzo Bini Smaghi: Where is the economy heading? The challenges ahead (presentation slides), en
 
08/07/2011
Speech Lorenzo Bini Smaghi: European democracies and decision-making in times of crisis, en
 
07/07/2011
USD11027 (OT,liquidity providing):0 mn USD alloted (fixed 1.09%, 0% allotment at margin), more
 
07/07/2011
Press release ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government, en
 
07/07/2011
Press conference Jean-Claude Trichet: Introductory statement to the press conference, en
 
07/07/2011
Press release Monetary policy decisions, en
 
07/07/2011
ECB/2011/10 Decision of the ECB of 7 July 2011 on temporary measures relating to the eligibility of marketable debt instruments issued or guaranteed by the Portuguese Government , en
 
06/07/2011
20110073 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 0.9%, weighted average 0.75%, 92.0848% allotment at margin), more
 
06/07/2011
20110072 (MRO,liquidity providing):120024.1 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
06/07/2011
MFI interest rate statistics, more
 
05/07/2011
Announcing 20110072 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
05/07/2011
Publication Eurosystem oversight policy framework , download
 
05/07/2011
Publication Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, relating to monetary policy and questions on inflation , download
 
05/07/2011
CON/2011/58 Opinion on a proposal for a directive of the European Parliament and of the Council on credit agreements relating to residential property, en
 
05/07/2011
CON/2011/57 Opinion on the conversion of foreign credit institutions’ branches into subsidiaries, en
 
05/07/2011
CON/2011/58 Opinion on a proposal for a directive of the European Parliament and of the Council on credit agreements relating to residential property, en
 
04/07/2011
Fine-tuning operation, more
 
04/07/2011
CON/2011/56 Opinion on a proposal for a Council Decision on the signature and conclusion of the Monetary Agreement between the European Union and the French Republic on keeping the euro in Saint-Barthélemy following the amendment of its status with regard, en
 
04/07/2011
CON/2011/56 Opinion on a proposal for a Council Decision on the signature and conclusion of the Monetary Agreement between the European Union and the French Republic on keeping the euro in Saint-Barthélemy following the amendment of its status with regard, en
 
01/07/2011
20110067 (MRO,liquidity providing):186942.1 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11024 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110066 (OT,liquidity absorbing):29617.6 mn EUR alloted (marginal 1.05%, weighted average 1.04%, 100% allotment at margin), more
 
01/07/2011
20110065 (OT,liquidity absorbing):75000 mn EUR alloted (marginal 1.25%, weighted average 1.2%, 91.8151% allotment at margin), more
 
01/07/2011
20110064 (LTRO,liquidity providing):69402.65 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
20110063 (MRO,liquidity providing):135585.1 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11023 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110062 (OT,liquidity absorbing):75000 mn EUR alloted (marginal 1.03%, weighted average 0.9%, 39.8% allotment at margin), more
 
01/07/2011
20110061 (MRO,liquidity providing):102442.3 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11022 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110060 (OT,liquidity absorbing):75000 mn EUR alloted (marginal 0.89%, weighted average 0.81%, 41.3859% allotment at margin), more
 
01/07/2011
20110059 (MRO,liquidity providing):110761.7 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11021 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110058 (LTRO,liquidity providing):48131.18 mn EUR alloted ( % allotment at margin), more
 
01/07/2011
20110056 (OT,liquidity absorbing):75000 mn EUR alloted (marginal 1.25%, weighted average 1.14%, 38.139% allotment at margin), more
 
01/07/2011
20110055 (MRO,liquidity providing):116101.7 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11020 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110054 (OT,liquidity absorbing):76000 mn EUR alloted (marginal 1.16%, weighted average 1.08%, 23.1714% allotment at margin), more
 
01/07/2011
20110053 (MRO,liquidity providing):119397.9 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11026 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110071 (LTRO,liquidity providing):132218.69 mn EUR alloted ( % allotment at margin), more
 
01/07/2011
20110070 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 1.25%, weighted average 1.17%, 88.7521% allotment at margin), more
 
01/07/2011
20110069 (MRO,liquidity providing):141460.5 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
01/07/2011
USD11025 (OT,liquidity providing):0 mn USD alloted (fixed 1.1%, 0% allotment at margin), more
 
01/07/2011
20110068 (OT,liquidity absorbing):74000 mn EUR alloted (marginal 1.24%, weighted average 1.15%, 1.7328% allotment at margin), more