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ECB News: Last 30 days

 

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17/07/2015
Press release Results of the Q3 2015 ECB Survey of Professional Forecasters (SPF), en
 
17/07/2015
Press release Biannual information on euro banknote counterfeiting, en
 
17/07/2015
Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), en
 
16/07/2015
20150075 (OT,liquidity providing):658 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
16/07/2015
20150074 (MRO,liquidity providing):75536.8 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150073 (OT,liquidity providing):308 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
16/07/2015
20150072 (MRO,liquidity providing):74462.8 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150071 (OT,liquidity providing):155 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
16/07/2015
20150070 (MRO,liquidity providing):76411.7 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150068 (LTRO,liquidity providing):17269.16 mn EUR alloted ( % allotment at margin), more
 
16/07/2015
20150069 (OT,liquidity providing):115 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
16/07/2015
20150067 (MRO,liquidity providing):88233.5 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150065 (LTRO,liquidity providing):73789.17 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150066 (OT,liquidity providing):115 mn USD alloted (fixed 0.64%, 100% allotment at margin), more
 
16/07/2015
20150064 (MRO,liquidity providing):89657.5 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150063 (OT,liquidity providing):113 mn USD alloted (fixed 0.62%, 100% allotment at margin), more
 
16/07/2015
20150062 (MRO,liquidity providing):90393 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150061 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150060 (MRO,liquidity providing):92518.9 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150058 (LTRO,liquidity providing):40425.1 mn EUR alloted ( % allotment at margin), more
 
16/07/2015
20150059 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150057 (MRO,liquidity providing):100104 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150056 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150055 (MRO,liquidity providing):88397.7 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150054 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150053 (MRO,liquidity providing):90622.3 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150052 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150051 (MRO,liquidity providing):95233.3 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150049 (LTRO,liquidity providing):25322.24 mn EUR alloted ( % allotment at margin), more
 
16/07/2015
20150050 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150048 (MRO,liquidity providing):108484.9 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
20150047 (OT,liquidity providing):0 mn USD alloted ( 0% allotment at margin), more
 
16/07/2015
20150046 (MRO,liquidity providing):95736.7 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
16/07/2015
Announcing 20100084 (,), for days deadline , more
 
16/07/2015
Press release Monetary policy decisions, en
 
16/07/2015
Press conference Mario Draghi: Introductory statement to the press conference, en
 
16/07/2015
Indicative calendar of reserve maintenance periods in 2016, en
 
15/07/2015
20150074 (MRO,liquidity providing):75536.8 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
15/07/2015
No. 1833: The great collapse in value added trade, by Arne J. Nagengast, Robert Stehrer, description, download
(JEL: F1, F2, C67, R15) This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on gross trade has mainly focused on final expenditure, inventory adjustment and adverse credit supply conditions. The decline in international production sharing during the crisis may partially account for the observed decrease in global trade elasticities in recent years. Second, we find that the drop in the overall level of demand accounted for roughly a quarter of the decline in value added exports while just under one third was due to compositional changes in final demand. Finally, we demonstrate that the dichotomy between services and manufacturing sectors observed in gross exports during the great trade collapse is not apparent in value added trade data.
 
15/07/2015
No. 1832: Long-lasting consequences of the European crisis, by Juan F. Jimeno, description, download
(JEL: E20, E43, E52, E66) The Great Recession and the subsequent European crisis may have long-lasting effects on aggregate demand, aggregate supply, and, hence, on macroeconomic performance over the medium and long-run. Besides the fact that financial crisis last longer and are succeeded by slower recoveries, and apart from the hysteresis effects that may operate after episodes of long-term unemployment, the combination of high (public and private) debt and low population and productivity growth may create significant constraints for monetary and fiscal policies. In this paper I develop an OLG model, one earlier used by Eggertsson and Mehrotra (2014) to rationalize the "secular stagnation hypothesis", to show how high debt, and low population and productivity growth may condition the macroeconomic performance of some European countries over the medium and long-run.
 
15/07/2015
Occasional paper no. 163: Compendium on the diagnostic toolkit for competitiveness, by CompNet Task Force, download
 
15/07/2015
Publication: Fourth report on card fraud, July 2015 , download
 
15/07/2015
CON/2015/24 Opinion on amendments to the law on the Hellenic Statistical System and the Hellenic Statistical Authority, en
 
14/07/2015
Announcing 20150074 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
14/07/2015
Speech Yves Mersch: Ways towards more dynamic growth, en
 
14/07/2015
Press release Results of the July 2015 euro area bank lending survey, en
 
14/07/2015
No. 1831: Credit ratings and cross-border bond market spillovers, Journal of International Money and Finance, Vol 53, May 2015: pp 115-136, by Benjamin Böninghausen, Michael Zabel, description, download
(JEL: G15, F36) This paper studies spillovers across sovereign debt markets in the wake of sovereign rating changes. We compile an extensive dataset covering all announcements by the three major agencies (Standard & Poor’s, Moody’s, Fitch) and daily sovereign bond market movements of up to 73 developed and emerging countries between 1994 and 2011. To cleanly identify the existence of spillover effects, we perform an explicit counterfactual analysis which pits bond market reactions to small revisions in ratings against reactions to all other, more major changes. We also control for the environment in which an announcement is made, such as the anticipation through watchlistings and the interaction of similar rating actions by different agencies. While there is strong evidence of negative spillover effects in response to downgrades, positive spillovers from upgrades are much more limited at best. Furthermore, negative spillover effects are more pronounced for countries within the same region. Strikingly, this cannot be explained by fundamental linkages and similarities between countries.
 
14/07/2015
No. 1830: Optimal capital requirements over the business and financial cycles, by Frederic Malherbe, description, download
(JEL: E44, G01, G21, G28) I study economies where banks do not fully internalize the social costs of default, which distorts their lending decisions. In all these economies, a common general equilibrium effect leads to aggregate over-investment. As a result, under laissez-faire, crises are too frequent and too costly from a social point of view. In response, the regulator sets a capital requirement to trade off expected output against financial stability. The capital requirement that ensures investment efficiency depends on the state of the economy. Because of the general equilibrium effect, the more aggregate banking capital the tighter the optimal requirement. A regulation that fails to take this effect into account exacerbates economic fluctuations and allows for excessive build-up of risk in the financial sector during booms. Government guarantees amplify this mechanism and, at the peak of a boom, even a small adverse shock can trigger a banking sector collapse, followed by an excessively severe credit crunch.
 
14/07/2015
Statistics paper no. 9: Quantifying the effects of online bullishness on international financial markets, by Huina Mao, Scott Counts, Johan Bollen, description, download
Computational methods to gauge investor sentiment from commonly used online data sources that rely on machine learning classifiers and lexicons have shown considerable promise, but suffer from measurement and classification errors. In our work, we develop a simple, direct and unambiguous indicator of online investor sentiment, which is based on Twitter updates and Google search queries. We examine the predictive power of this new investor bullishness indicator for international stock markets. Our results indicate several striking regularities. First, changes in Twitter bullishness predict changes in Google bullishness, indicating that Twitter information precedes Google queries. Second, Twitter and Google bullishness are positively correlated to investor sentiment and lead established investor sentiment surveys. The former, in particular, is a more powerful predictor of changes in sentiment in the stock market than the latter. Third, we observe that high Twitter bullishness predicts increases in stock returns, with these then returning to their fundamental values. We believe that our results may support the investor sentiment hypothesis in behavioural finance.
 
14/07/2015
Publication: Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on money supply , download
 
14/07/2015
Publication: Letter from the ECB President to Mr Marco Zanni and Mr Marco Valli, MEPs, on speech delivered by a member of the ECB Executive Board on 18 May 2015 , download
 
14/07/2015
Publication: Letter from the ECB President to Mr Janusz Korwin-Mikke, MEP, on the expanded asset purchase programme , download
 
14/07/2015
Publication: Letter from the ECB President to Mr Sven Giegold, MEP, on the Cypriot banking sector , download
 
14/07/2015
Publication: Letter from the ECB President to Ms Eva Kaili, MEP, on monetary policy , download
 
13/07/2015
Euro area households and non-financial corporations (Early release), more
 
13/07/2015
No. 1829: Creditor protection, judicial enforcement and credit access, by Annalisa Ferrando, Daniela Maresch, Andrea Moro, description, download
(JEL: G21, G28, K41) We investigate the role of the judicial system on whether or not the firms obtain the credit they applied for, by looking at the strength of the creditor protection, the strength of property rights, the time for resolving a dispute, its costs and the number of procedures the plaintiff faces. We use data about 48,590 firms from eleven countries collected via the Survey on the Access to Finance of Enterprises (European Central Bank) and data from the World Bank, the Heritage Foundation and Eurostat. The results suggest that the better the judicial enforcement system is (reduced costs, reduced time, and limited number of procedures) and the higher the creditor protection is (high overall strength of the legal system, high property rights protection), the lower the probability that the firms are credit constrained. Our results are robust to selection bias (Heckman selection) as well as different controls and different estimation techniques. More importantly, we find that these variables have considerable economic impact: the probability to obtain credit is up to 40% higher in countries with a better legal system.
 
13/07/2015
No. 1828: Network linkages to predict bank distress, by Tuomas A. Peltonen, Anamaria Piloiu, Peter Sarlin, description, download
(JEL: G21, G33, C54, D85) Building on the literature on systemic risk and financial contagion, the paper introduces estimated network linkages into an early-warning model to predict bank distress among European banks. We use multivariate extreme value theory to estimate equity-based tail-dependence networks, whose links proxy for the markets' view of bank interconnectedness in case of elevated financial stress. The paper finds that early warning models including estimated tail dependencies consistently outperform bank-specific benchmark models with- out networks. The results are robust to variation in model specification and also hold in relation to simpler benchmarks of contagion. Generally, this paper gives direct support for measures of interconnectedness in early-warning models, and moves toward a unified representation of cyclical and cross-sectional dimensions of systemic risk.
 
13/07/2015
Legal framework for Banking Supervision, Volume II (July 2015), download
 
13/07/2015
Letter from Danièle Nouy, Chair of the Supervisory Board, to several Members of the European Parliament, on deferred tax assets, download
 
10/07/2015
Euro area securities issues statistics, May 2015, more
 
09/07/2015
20150073 (OT,liquidity providing):308 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
09/07/2015
Euro area quarterly balance of payments and international investment position (first quarter of 2015), more
 
09/07/2015
No. 1827: Capital regulation in a macroeconomic model with three layers of default, by Alexis Derviz, Caterina Mendicino, Stéphane Moyen, Kalin Nikolov, Livio Stracca, Laurent Clerk, Javier Suarez, Alexandros P. Vardoulakis, description, download
(JEL: E3, E44, G01, G21) We develop a dynamic general equilibrium model for the positive and normative analysis of macroprudential policies. Optimizing financial intermediaries allocate their scarce net worth together with funds raised from saving households across two lending activities, mortgage and corporate lending. For all borrowers (households, firms, and banks) external financing takes the form of debt which is subject to default risk. This “3D model” shows the interplay between three interconnected net worth channels that cause financial amplification and the distortions due to deposit insurance. We apply it to the analysis of capital regulation.
 
09/07/2015
No. 1826: Virtual proximity and audiovisual services trade, European Economic Review, Vol. 77, pp. 82-101, by Martin Schmitz, Christian Hellmanzik, description, download
(JEL: F12, F15, Z10) Audiovisual services such as music and movies in digital formats have gained substantial importance over the last decade. This paper analyses audiovisual services in a gravity model framework. In particular, we explore the role of virtual proximity - a new proxy for cultural proximity based on bilateral hyperlinks and bilateral website visits between countries - and find that ‘virtually-proximate’ countries trade significantly larger amounts of audiovisual services. Our results show that virtual proximity also has a larger impact on trade in audiovisual services than on total services trade. Moreover, in line with Hanson and Xiang (2011), our analysis indicates that in the audiovisual services sector, global fixed export costs dominate bilateral fixed export costs for most countries in our sample.
 
08/07/2015
20150072 (MRO,liquidity providing):74462.8 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
08/07/2015
Press release Diverging monetary policy cycles impact international use of the euro, en
 
08/07/2015
Publication The international role of the euro, July 2015 , download
 
07/07/2015
Announcing 20150072 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
07/07/2015
No. 1823: Financial constraints and productivity: evidence from euro area companies, by Annalisa Ferrando, Alessandro Ruggieri, description, download
(JEL: D24, G32, O16) In this paper we consider the relation between firms’ financial structure, access to external finance and labor productivity using a large dataset of firm-level data for Euro-area countries during the period 1995-2011. Our empirical strategy is twofold. First we develop an indicator of financial constraints at firm level using a classification based on specific firm characteristics and various measures of financial pressure and liquidity. Second we apply this indicator to a firm-level production equation to assess the direct impact of access to finance to firm-level productivity. We estimate the impact of financial constraints on a measure of labor productivity and we find significant and negative effects in the majority of sectors across countries. The impact appears to be significantly higher in sectors like Energy, Gas and Water Supply and R&D, Communication and Information, for small and micro firms, while it is slightly smaller for firms with positive investment rates. From a cross-country perspective, while Germany and Netherlands are the least one, Italy, France, Spain and Portugal are the most affected by financial constraints, with an estimated loss of around 10% of their average real value added due to limited access to finance.
 
07/07/2015
No. 1822: Gender bias and credit access, by Steven Ongena, Alexander Popov, description, download
(JEL: G21, J16, N32, Z13) This paper studies the causal effect of gender bias on access to bank credit. We extract an exogenous measure of gender bias from survey responses by descendants of US immigrants on questions about the role of women in society. We then use data on 6,000 small business firms from 17 countries and find that in countries with higher gender bias, female-owned firms are more frequently discouraged from applying for bank credit and more likely to rely on informal finance. At the same time, loan rejection rates and terms on granted loans do not vary between male and female firm owners. These results are not driven by credit risk differences between female- and male-owned firms or by any idiosyncrasies in the set of countries in our sample. Overall, the evidence suggests that in high-gender bias countries, female entrepreneurs are more likely to opt out of the loan application process, even though banks do not appear to discriminate against females that apply for credit.
 
07/07/2015
Working paper no. 1825 Uncertainty shocks, banking frictions and economic activity , by Dario Bonciani and Björn van Roye, download
 
07/07/2015
Working paper no. 1824 Shoe-leather costs in the euro area and the foreign demand for euro banknotes , by Alessandro Calza and Andrea Zaghini, download
 
07/07/2015
Publication Financial Risk Management of Eurosystem Monetary Policy Operations, July 2015 , download
 
07/07/2015
CON/2015/23 Opinion on a new legal framework for savings banks, en
 
06/07/2015
Press release ELA to Greek banks maintained, en
 
03/07/2015
Press release Results of the June 2015 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD), en
 
03/07/2015
Speech Vítor Constâncio: Strengthening macroprudential policy in Europe, en
 
03/07/2015
MFI interest rate statistics, more
 
03/07/2015
Letter from Danièle Nouy, Chair of the Supervisory Board, to Mr Borghezio, Member of the European Parliament, on the competences of the ECB in the area of terrorist financing, download
 
02/07/2015
20150071 (OT,liquidity providing):155 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
02/07/2015
Speech Yves Mersch: Translating a shared vision into a winning story, en
 
02/07/2015
Speech Mario Draghi: Opening remarks at the T2S launch celebration, en
 
02/07/2015
Monetary policy accounts Account of the monetary policy meeting, en
 
02/07/2015
Euro area insurance corporation and pension fund statistics (Q1/2015) , more
 
02/07/2015
ECB/2015/24 Guideline of ECB of 2 July 2015 amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the European System of Central Banks, en
 
02/07/2015
ECB/2015/25 Decision of ECB of 2 July 2015 amending Decision (EU) 2015/298 on the interim distribution of the income of the ECB , en
 
02/07/2015
ECB/2015/26 Decision of the ECB of 2 July 2015 amending Decision ECB/2010/21 on the annual accounts of the ECB, en
 
01/07/2015
20150070 (MRO,liquidity providing):76411.7 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
01/07/2015
Press release EU structural financial indicators: 2014, en
 
01/07/2015
Publication Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme , download
 
01/07/2015
Publication Letter from the ECB President to Mr Matt Carthy, MEP, on the Irish adjustment programme , download
 
01/07/2015
Publication Letter from the ECB President to Mr Notis Marias, MEP, on the Greek adjustment programme , download
 
01/07/2015
CON/2015/22 Opinion on recovery and resolution in the financial market, en
 
01/07/2015
CON/2015/21 Opinion on consumer protection in the financial markets, en
 
30/06/2015
Announcing 20150070 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
30/06/2015
Speech Peter Praet: The APP impact on the economy and bond markets, en
 
30/06/2015
Statistics paper no. 8: New and timely statistical indicators on government debt securities, by Dagmar Hartwig Lojsch, Jorge Diz Dias, Asier Cornejo Pérez, description, download
New monthly statistical indicators on government debt securities for euro area countries have now been developed on the basis of the information contained in the Centralised Securities Database (CSDB), an internal database available to the European System of Central Banks (ESCB). The CSDB is jointly operated by the ESCB and contains timely and high-quality security-by-security reference data on debt securities, equities and investment funds. The new indicators on government debt securities provide an indication of the expected disbursements made for the servicing of issued debt securities together with the associated interest rate (nominal yield), broken down by country, original and remaining maturity, currency and type of coupon rate. This paper describes in detail the newly compiled statistical information and thus contributes to further describing the euro area government bond markets. The new indicators on euro area government debt securities are also highly relevant for policy-making and monetary and fiscal analyses. They indicate that, as at December 2014, the debt service scheduled for such securities in 2015 stood at approximately 15.9% of GDP (€1.6 trillion). This is associated with an average nominal yield on outstanding government debt securities for the euro area as a whole of 3.1% per annum. Both of these indicators have followed a decreasing path in recent periods. The new indicators also reveal some heterogeneity within the euro area: Italy shows the highest debt service and Luxembourg the lowest, while the debt securities issued by Germany have the lowest average nominal yield and Lithuanian ones the highest.
 
29/06/2015
Interview Benoît Cœuré: Entretien avec Les Echos, fr
 
29/06/2015
Interview Benoît Cœuré: Interview with Les Echos, en
 
28/06/2015
Press release ELA to Greek banks maintained at its current level, en
 
26/06/2015
Monetary developments in the euro area, more
 
26/06/2015
No. 1821: Financing constraints, employment, and labor compensation: evidence from the subprime mortgage crisis, by Alexander Popov, Jörg Rocholl, description, download
(JEL: D92, G01, G21, J23, J31) This paper identifies the effect of financing constraints on firms’ labor demand. We exploit exogenous funding shocks to German savings banks during the US mortgage crisis that are unrelated to local conditions. We find that firms with credit relationships with affected banks experienced a significant decline in employment and in labor compensation relative to firms whose credit relationships were with healthy banks. We also find that the employment effect increases, and the wage effect decreases with firm size. The decline in employment at firms attached to affected banks appears to be more long-lasting than the decline in labor compensation.
 
26/06/2015
No. 1820: Sovereign stress, unconventional monetary policy, and SME access to finance, by Annalisa Ferrando, Alexander Popov, Gregory F. Udell, description, download
(JEL: D22, E58, G21, H63) We investigate the effect of sovereign stress and of unconventional monetary policy on small firms’ financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the price dimension, and to increase their use of debt securities. We also find evidence that the announcement of the ECB’s Outright Monetary Transactions Program was followed by an immediate decline in the share of credit rationed firms and of firms discouraged from applying. In addition, firms reduced their use of debt securities, trade credit, and government-subsidized loans. Firms with improved outlook and credit history were particularly likely to benefit from easier credit access.
 
26/06/2015
No. 1819: Euro area business cycles in turbulent times: convergence or decoupling?, by Benjamin Klaus, Filippo Ferroni, description, download
(JEL: C51, E32, O52) We study the business cycle properties of the four largest euro area economies in the wake of the recent recession episodes. The analysis is based on the factors estimated from a multi-country and multi-sector data-rich environment. We measure alikeness of business cycles by studying the synchronization of up and down phases, the convergence properties of country fluctuations towards the euro area cycles and the contribution of the euro area factor to national GDP volatilities. While the economic fluctuations of the four euro area member states were similar before the global financial turmoil, we gather compelling evidence of an asymmetric behaviour of Spanish fluctuations relative to the euro area one.
 
25/06/2015
20150068 (LTRO,liquidity providing):17269.16 mn EUR alloted ( % allotment at margin), more
 
25/06/2015
20150069 (OT,liquidity providing):115 mn USD alloted (fixed 0.63%, 100% allotment at margin), more
 
25/06/2015
Speech Yves Mersch: On European Unity: Economic and Institutional Challenges Facing Europe, en
 
25/06/2015
No. 1818: An alternative view of exchange market pressure episodes in emerging Europe: an analysis using Extreme Value Theory (EVT), by Frigyes Ferdinand Heinz, Desislava Rusinova, description, download
(JEL: C10, E44, F37, F32, G01) Using extreme value theory tools, we demonstrate that the distributions of the exchange market pressure (EMP) series for most of twelve emerging Europe countries have heavy tails, and disregarding their tail properties may lead to substantial underestimation of the probability of tail events. Using an extreme-value-based EMP crisis definition leads to a different set of crisis determinants compared to a definition based on standard errors. The probability of extreme EMP periods in our sample is affected by global risk aversion, regional contagion, the level of international reserves, foreign direct investment, history of past crises and accumulated domestic credit and real exchange rate related imbalances.
 
25/06/2015
No. 1817: Wealth effects on consumption across the wealth distribution: empirical evidence, by Luc Arrondel, Pierre Lamarche, Frédérique Savignac, description, download
(JEL: D12, E21, C21) This paper studies the heterogeneity of the marginal propensity to consume out of wealth using French household surveys. We find decreasing marginal propensity to consume out of wealth across the wealth distribution for all net wealth components. The marginal propensity to consume out of financial assets tends to be higher compared with the effect of housing assets, except in the top of the wealth distribution. Consumption is less sensitive to the value of the main residence than to other housing assets. We also investigate the heterogeneity arising from indebtedness and from the role of housing assets as collateral.
 
24/06/2015
Announcing 20150068 (LTRO,liquidity providing), for 98 days deadline 09:30, more
 
24/06/2015
20150067 (MRO,liquidity providing):88233.5 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more
 
24/06/2015
Speech Vítor Constâncio: Remarks at the Symposium on Debt - Economic, Political and Moral Consequences, en
 
23/06/2015
Announcing 20150067 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
23/06/2015
Press release Prime Minister of France visits the ECB, en
 
22/06/2015
Press release ECB publishes indicative calendar for the reserve maintenance periods in 2016, en
 
22/06/2015
Press release Roadmap for the future of the Economic and Monetary Union, en
 
22/06/2015
Press release TARGET2-Securities successfully launched today, en
 
22/06/2015
Press release ECB publishes indicative calendar for the Eurosystem’s regular tender operations in 2016, en
 
22/06/2015
Euro area investment fund statistics, more
 
22/06/2015
Completing Europe's Economic and Monetary Union, download
 
19/06/2015
20150065 (LTRO,liquidity providing):73789.17 mn EUR alloted (fixed 0.05%, 100% allotment at margin), more