Publications published in 2006

28/12/2006
Working paper no. 706: What drives investors' behaviour in different FX market segments? A VAR-based return decomposition analysis
28/12/2006
Working paper no. 705: What does a technology shock do? A VAR analysis with model-based sign restrictions
Published in: Journal of Monetary Economics, March 2007; 54(2): 512-49
28/12/2006
Working paper no. 703: Comovements in volatility in the euro money market
Published in: Journal of International Money and Finance (2010), 29(3), pp. 525-39.
28/12/2006
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties
[online only]
22/12/2006
Working paper no. 704: Are money and consumption additively separable in the euro area? A non-parametric approach
22/12/2006
Payment and securities settlement systems in the European Union and in the acceding countries - addendum incorporating 2005 data (Blue Book, December 2006) Press release:
21/12/2006
Acceptance criteria for third-party rating tools within the Eurosystem credit assessment framework
21/12/2006
Extension of the transmission period laid down in the ECB Banknote Recycling Framework for six euro area countries
20/12/2006
Working paper no. 702: Comparing financial systems: a structural analysis
20/12/2006
Working paper no. 701: Is there a single frontier in a single European banking market?
20/12/2006
Working paper no. 700: Forecasting using a large number of predictors: Is Bayesian regression a valid alternative to principal components?
Published in: Journal of Econometrics, Vol 146 (2), October 2008: pp 318-28
20/12/2006
Working paper no. 699: The behaviour of producer prices: some evidence from the French PPI micro data
Published in: Empirical Economics, Vol 35, September 2008: pp 301-332
20/12/2006
Research Bulletin No. 5 Press release:
19/12/2006
Assessment of accounting standards from a financial stability perspective
[online only]
Press release:
18/12/2006
The European Central Bank - History, role and functions, Second revised edition
[online only]
ePub: en
14/12/2006
Statistics Pocket Book, December 2006
14/12/2006
Monthly Bulletin, December 2006
14/12/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Long-term fiscal sustainability in the euro area
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Recent labour force developments in the euro area
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Using national accounts data to gauge price pressures in the euro area
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Estimates of housing wealth for households in the euro area
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Recent trends in leveraged buyout transactions in the euro area
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: The recent flattening of the euro area yield curve: what role was played by risk premia?
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Liquidity conditions and monetary policy operations from 9 August 2006 to 7 November 2006
Monthly Bulletin Issue 12, 2006
14/12/2006
Focus: Household investment in insurance corporations and pension funds
Monthly Bulletin Issue 12, 2006
11/12/2006
Financial Stability Review, December 2006 Press release:
07/12/2006
Eurosystem staff macroeconomic projections for the euro area
[online only]
05/12/2006
Convergence Report December 2006
23/11/2006
Working paper no. 698: Optimal monetary policy rules with labor market frictions
Published in: Journal of Economic Dynamics and Control, May 2008, 32(5): pp. 1357-1720
20/11/2006
Third progress report on TARGET2
[online only]
Press release:
20/11/2006
The Eurosystem's view of a "SEPA for Cards"
[online only]
Press release:
17/11/2006
Working paper no. 697: How wages change: micro evidence from the International Wage Flexibility Project
Published in: Journal of Economic Perspectives, 21(2), Spring 2007, pp. 195-214.
17/11/2006
Working paper no. 696: What is global excess liquidity, and does it matter?
17/11/2006
Working paper no. 695: Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?
Published in: Journal of Macroeconomics Volume 33, Issue 3, September 2011, pp. 420-437, under the title "Geography, Skills or Both: What Explains Fed Watchers’ Forecast Accuracy of US Monetary Policy?".
17/11/2006
Working paper no. 694: Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar
17/11/2006
Working paper no. 693: Evaluating China’s integration in world trade with a gravity model based benchmark
Published in: Open Economies Review, Vol 20 (1), February 2009: pp 85-111.
17/11/2006
Working paper no. 692: Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3
17/11/2006
Working paper no. 691: The yield curve as a predictor and emerging economies
Published in: Open Economies Review (2009), 20(5), pp. 683-716.
17/11/2006
Occasional paper no. 54: Quantitative quality indicators for statistics: an application to euro area balance of payment
13/11/2006
The Single Euro Payments Area (SEPA): An integrated retail payments market
13/11/2006
The ESCB’s governance structure as applied to ESCB statistics
09/11/2006
Statistics Pocket Book, November 2006
09/11/2006
Monthly Bulletin, November 2006
09/11/2006
Focus: Determinants of the services sector employment share in the euro area
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: Recent developments in euro area investment
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2006
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: Recent developments in oil and petrol prices
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: The outlook for corporate credit spreads in the euro area
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: Worldwide trends in monetary aggregates: some conceptual issues
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: The results of the October 2006 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2006
09/11/2006
Focus: Global imbalances: recent developments and policy requirements
Monthly Bulletin Issue 11, 2006
09/11/2006
Article: Monetary policy "activism"
Monthly Bulletin Issue 11, 2006
09/11/2006
Article: The Eurosystem's experience with fine-tuning operations at the end of the reserve maintenance period
Monthly Bulletin Issue 11, 2006
09/11/2006
Article: Financial development in central, eastern and south-eastern Europe
Monthly Bulletin Issue 11, 2006
07/11/2006
EU banking sector stability Press release:
30/10/2006
Working paper no. 690: Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework
30/10/2006
Working paper no. 689: The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe
30/10/2006
Working paper no. 688: Determinants of workers' remittances: evidence from the European Neighbouring Region
30/10/2006
Working paper no. 687: Credit growth in Central and Eastern Europe: new (over)shooting stars?
30/10/2006
Working paper no. 686: Stale information, shocks and volatility
27/10/2006
Working paper no. 685: Home bias in global bond and equity markets: the role of real exchange rate volatility
Published in: Journal of International Money and Finance 26: 631-55, June 2007.
27/10/2006
Working paper no. 684: Inflation dynamics and regime shifts
27/10/2006
Working paper no. 683: Financial integration of new EU Member States
26/10/2006
Occasional paper no. 52: Cross-border labour mobility within an enlarged EU
25/10/2006
EU banking structures Press release:
23/10/2006
Recent developments in supervisory structures in EU and acceding countries
[online only]
20/10/2006
Occasional paper no. 53: Labour productivity developments in the euro area
20/10/2006
Legal working paper no. 3: National central banks and community public sector procurement legislation: a critical overview
18/10/2006
TARGET2 - from TARGET to TARGET2 innovation and transformation, brochure
16/10/2006
SEPA, The Single Euro Payments Area - an introduction
13/10/2006
Working paper no. 682: Is reversion to PPP in euro exchange rates non-linear?
Published in: International Economics and Economic Policy, 4, 3, 281-297, November 2007.
13/10/2006
Working paper no. 681: Regional inflation dynamics within and across euro area countries and a comparison with the US
Published in: Economic Policy, January 2009, pp. 141-184
13/10/2006
Working paper no. 680: Comparing alternative predictors based on large-panel factor models
12/10/2006
Statistics Pocket Book, October 2006
12/10/2006
Monthly Bulletin, October 2006
12/10/2006
Focus: Recent developments in euro area wage drift
Monthly Bulletin Issue 10, 2006
12/10/2006
Focus: Developments in US bond yields and stock prices after peaks in the federal funds target rate
Monthly Bulletin Issue 10, 2006
12/10/2006
Article: Demographic change in the euro area: projections and consequences
Monthly Bulletin Issue 10, 2006
12/10/2006
Article: Integrated financial and non-financial accounts for the institutional sectors in the euro area
Monthly Bulletin Issue 10, 2006
29/09/2006
Working paper no. 679: Monetary policy in the media
Published in: Journal of Money, Credit and Banking, Vol. 43, No. 4 (June 2011), pp. 689-709.
29/09/2006
Working paper no. 678: The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks
Published in: International Journal of Central Banking, June 2010, 6 (2): 147-197
29/09/2006
Working paper no. 677: What drives EU banks' stock returns? Bank-level evidence using the dynamic dividend-discount model
29/09/2006
Working paper no. 676: The distribution of contract durations across firms: a unified framework for understanding and comparing dynamic wage and price setting models
29/09/2006
Indicators of financial integration in the euro area Press release:
21/09/2006
TARGET2-Securities brochure
20/09/2006
Differences in MFI interest rates across euro area countries Press release:
15/09/2006
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures Press release:
11/09/2006
Working paper no. 675: Expansionary fiscal consolidations in Europe: new evidence
Published in: Applied Economics Letters, 2010, 17 (2), 105-109.
11/09/2006
Working paper no. 674: A quasi maximum likelihood approach for large approximate dynamic factor models
07/09/2006
Statistics Pocket Book, September 2006
07/09/2006
Monthly Bulletin, September 2006
07/09/2006
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2006
07/09/2006
Focus: Recent developments in total hours worked in the euro area
Monthly Bulletin Issue 9, 2006
07/09/2006
Focus: Assessing recent movements in consumers' inflation expectations
Monthly Bulletin Issue 9, 2006
07/09/2006
Focus: Why have listed non-financial corporations in the euro area increased their cash holdings over the last three years?
Monthly Bulletin Issue 9, 2006
07/09/2006
Focus: Liquidity conditions and monetary policy operations from 10 May 2006 to 8 August 2006
Monthly Bulletin Issue 9, 2006
07/09/2006
Focus: Sectoral money holdings and the information content of money with respect to inflation
Monthly Bulletin Issue 9, 2006
01/09/2006
Working paper no. 673: Optimal monetary policy in the generalized Taylor economy
01/09/2006
Working paper no. 672: Understanding inflation persistence: a comparison of different models
31/08/2006
ECB staff macroeconomic projections for the euro area
[online only]
28/08/2006
Working paper no. 671: Business cycle synchronisation in East Asia
Published in: Journal of Asian Economics, 2009, 20(1): 1-12
28/08/2006
Occasional paper no. 51: Macroeconomic implications of demographic developments in the euro area
23/08/2006
Working paper no. 670: The importance of being mature: the effect of demographic maturation on global per-capita GDP
18/08/2006
Working paper no. 669: Regular adjustment: theory and evidence
17/08/2006
Working paper no. 668: Declining valuations and equilibrium bidding in central bank refinancing operations
Published in: International Journal of Industrial Organisations, Vol 28 (1), 2010: pp 30-43
17/08/2006
Working paper no. 667: The behaviour of the real exchange rate: evidence from regression quantiles
17/08/2006
Working paper no. 666: Quantifying the impact of structural reforms
17/08/2006
Working paper no. 665: The euro as invoicing currency in international trade
11/08/2006
Occasional paper no. 50: Implications for liquidity from innovation and transparency in the European corporate bond market
10/08/2006
Statistics Pocket Book, August 2006
10/08/2006
Monthly Bulletin, August 2006
10/08/2006
Focus: Effects of the rising trade integration of low-cost countries on euro area import prices
Monthly Bulletin Issue 8, 2006
10/08/2006
Focus: Adoption of the euro by Slovenia as from 1 January 2007
Monthly Bulletin Issue 8, 2006
10/08/2006
Focus: Seasonal and calendar effects on euro area GDP
Monthly Bulletin Issue 8, 2006
10/08/2006
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2006
Monthly Bulletin Issue 8, 2006
10/08/2006
Focus: The results of the July 2006 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2006
10/08/2006
Focus: New euro area historical series on holdings of M3 deposits by sector
Monthly Bulletin Issue 8, 2006
10/08/2006
Article: The evolution of large-value payment systems in the euro area
Monthly Bulletin Issue 8, 2006
10/08/2006
Article: Sectoral money holding: determinants and recent developments
Monthly Bulletin Issue 8, 2006
07/08/2006
Implementation of banknote recycling framework
03/08/2006
Occasional paper no. 49: Credit risk mitigation in central bank operations and its effects on financial markets: the case of the Eurosystem
27/07/2006
Working paper no. 664: Fiscal convergence before entering the EMU
27/07/2006
Working paper no. 663: Monetary conservatism and fiscal policy
27/07/2006
Working paper no. 662: Cross-border bank contagion in Europe
Published in: International Journal of Central Banking, March 2009, 5(1), pp. 97-140
24/07/2006
Working paper no. 661: Fiscal policy in a monetary economy with capital and finite lifetime
24/07/2006
Communication on TARGET2
TARGET2 participation and pricing [online only]
Press release:
20/07/2006
Working paper no. 660: The Italian block of the ESCB multi-country model
20/07/2006
Working paper no. 659: Monetary policy rules in the pre-EMU era: Is there a common rule?
20/07/2006
Working paper no. 658: The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships
Published in: Review of Business and Economics, January-March 2008, vol. 53(1), pp. 5-34.
20/07/2006
Working paper no. 657: The impact of ECB monetary policy decisions and communication on the yield curve
Published in: Journal of the European Economic Association, Vol 8 (6), 2010: pp 1266-1298.
20/07/2006
Working paper no. 656: Public debt and long-term interest rates: the case of Germany, Italy and the USA
20/07/2006
Working paper no. 655: Fiscal and monetary policy in the enlarged European Union
18/07/2006
Working paper no. 654: The German block of the ESCB multi-country model
18/07/2006
Working paper no. 653: Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates
17/07/2006
Working paper no. 652: Consumer price adjustment under the microscope: Germany in a period of low inflation
17/07/2006
Working paper no. 651: On the determinants of external imbalances and net international portfolio flows: a global perspective
Published in: Journal of International Money and Finance, 2009, 28: 880-901. Published as: "On the determinants of net international portfolio flows: a global perspective"
13/07/2006
Statistics Pocket Book, July 2006
13/07/2006
Monthly Bulletin, July 2006
13/07/2006
Focus: Prices of industrial raw materials and producer price pressures in the euro area
Monthly Bulletin Issue 7, 2006
13/07/2006
Focus: Recent trends in merger and acquisition activity in the euro area
Monthly Bulletin Issue 7, 2006
13/07/2006
Focus: Estimation of constant-maturity index-linked bond yields and break-even inflation rates for the euro area
Monthly Bulletin Issue 7, 2006
13/07/2006
Focus: The Eurosystem's operational framework and the volatility of the overnight interest rate
Monthly Bulletin Issue 7, 2006
13/07/2006
Focus: Recent developments in MFI longer-term financial liabilities
Monthly Bulletin Issue 7, 2006
13/07/2006
Article: Competitiveness and the export performance of the euro area
Monthly Bulletin Issue 7, 2006
13/07/2006
Article: Measures of inflation expectations in the euro area
Monthly Bulletin Issue 7, 2006
04/07/2006
Occasional paper no. 48: Macroeconomic and financial stability challenges for acceding and candidate countries
30/06/2006
Working paper no. 650: A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility
30/06/2006
Working paper no. 638: Detecting and predicting forecast breakdowns
28/06/2006
Working paper no. 648: Firm-specific production factors in a DSGE model with Taylor price setting
Published in: International Journal of Central Banking, September 2006; 2(3): 107-54
28/06/2006
Occasional paper no. 47: The reform and implementation of the Stability and Growth Pact
27/06/2006
Working paper no. 649: Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
Published in: Journal of Economic Theory, May 2008; 140(1): 279-313
27/06/2006
Working paper no. 647: The economic effects of exogenous fiscal shocks in Spain: a SVAR approach
Published in: Journal of Macroeconomics, 30, September, pp. 1005-1028. doi: 10.1016/j-jmacro.2007.08.0009. Published as: “The Economic Effects of Fiscal Policy: the Case of Spain”.
27/06/2006
Working paper no. 645: Are internet prices sticky?
26/06/2006
Working paper no. 646: The Dutch block of the ESCB multi-country model
26/06/2006
Working paper no. 644: Adaptive learning, persistence, and optimal monetary policy
Published in: Journal of the European Economic Association, April-May 2006; 4(2-3): 376-85
26/06/2006
Working paper no. 643: Inflation forecast-based-rules and indeterminacy: a puzzle and a resolution
Published in: International Journal of Central Banking, 2007, 3, 4, 77-110.
26/06/2006
Working paper no. 642: Financing constraints and firms' cash policy in the euro area
26/06/2006
Working paper no. 641: A factor risk model with reference returns for the US dollar and Japanese yen bond markets
26/06/2006
Working paper no. 640: Employment stickiness in small manufacturing firms
26/06/2006
Working paper no. 639: Optimal monetary policy with uncertainty about financial frictions
26/06/2006
Working paper no. 637: Transparency, expectations, and forecasts
Published in: Federal Reserve Bank of Atlanta Economic Review,1st Quarter, 2006; 91(1): 1-25
26/06/2006
Working paper no. 636: Exchange rate stabilization in developed and underdeveloped capital markets
15/06/2006
Statistics Pocket Book, June 2006
15/06/2006
Monthly Bulletin, June 2006
15/06/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Fiscal sustainability in stability programmes: assessment in ECOFIN Council opinions
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: The reliability of estimates of euro area GDP growth and its components
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Recent trends in residential property prices in the euro area
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Nature and developments in write-offs/write-downs of household loans in the euro area
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Profitability and leverage developments of listed non-financial corporations in the euro area
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Developments in the composition of euro area and US stock market indices
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Liquidity conditions and monetary policy operations from 8 February 2006 to 9 May 2006
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Inflation forecasts derived from monetary indicators
Monthly Bulletin Issue 6, 2006
15/06/2006
Focus: Measuring world growth: do weights matter?
Monthly Bulletin Issue 6, 2006
09/06/2006
Working paper no. 635: Identifying the role of labor markets for monetary policy in an estimated DSGE model
09/06/2006
Business continuity oversight expectations for systemically important payment systems (SIPS)
[online only]
Press release:
08/06/2006
Eurosystem staff macroeconomic projections for the euro area
[online only]
01/06/2006
Occasional paper no. 46: Inflation persistence and price-setting behaviour in the euro area: a summary of the IPN evidence
01/06/2006
Financial Stability Review Press release:
26/05/2006
Working paper no. 634: Expenditure reform in industrialised countries: a case study approach
Published in: Fiscal Studies (2007), vol. 28, no. 3, pp. 293–342.
26/05/2006
Working paper no. 633: Nowcasting GDP and inflation: the real-time informational content of macroeconomic data releases
Published in: Journal of Monetary Economics, Vol. 55, No. 4, May 2008, Pages 665-676.
26/05/2006
Working paper no. 632: Does information help recovering structural shocks from past observations?
Published in: Journal of the European Economic Association, Volume 4, No. 2-3, April-May 2006, pp. 455-465; published as: When does more information help in recovering the structural shocks?
26/05/2006
Working paper no. 631: Which news moves the euro area bond market?
Published in: German Economic Review (2009), 10(2), pp. 1-31.
26/05/2006
Working paper no. 630: Implications of monetary union for catching-up member states
Published in: Journal of Policy Modeling, Vol 29 (1), December 2006 partly as "Monetary stabilisation in a currency union: The role of catching up member states": pp 29-40. Also partly published in: Open Economies Review, Vol 19 (3), 2008: pp 371-390.
26/05/2006
Working paper no. 629: A market microstructure analysis of foreign exchange intervention
26/05/2006
Working paper no. 628: Long-run money demand in the new EU Member States with exchange rate effects
26/05/2006
Working paper no. 627: Euro area banking sector integration: using hierarchical cluster analysis techniques
26/05/2006
Working paper no. 626: Financial integration, international portfolio choice and the European Monetary Union
Published in: European Economic Review, 2009, 53: 1010-1027. Published as: "International portfolio reallocation: Diversification benefits and European Monetary Union"
26/05/2006
Working paper no. 625: Sectoral explanations of employment in Europe: the role of services
26/05/2006
Working paper no. 624: Foreign reserves management subject to a policy objective
22/05/2006
Occasional paper no. 45: Output growth differentials across the euro area countries: some stylised facts
19/05/2006
TARGET Annual Report 2005 Press release:
16/05/2006
Convergence Report May 2006
12/05/2006
Working paper no. 623: Human capital, the structure of production, and growth
12/05/2006
Working paper no. 622: Short-term forecasts of euro area real GDP growth: an assessment of real-time performance based on vintage data
12/05/2006
Working paper no. 621: Assessing predetermined expectations in the standard sticky-price model: a Bayesian approach
12/05/2006
Working paper no. 620: Does fiscal policy matter for the trade account? A panel cointegration study
11/05/2006
Statistics Pocket Book, May 2006
11/05/2006
Monthly Bulletin, May 2006
11/05/2006
Focus: The usefulness of business tendency survey indicators for conjunctural analysis
Monthly Bulletin Issue 5, 2006
11/05/2006
Focus: Estimates of the euro area capital stock
Monthly Bulletin Issue 5, 2006
11/05/2006
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2006
Monthly Bulletin Issue 5, 2006
11/05/2006
Focus: The results of the April 2006 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2006
11/05/2006
Focus: Longer-term developments in loans to the private sector
Monthly Bulletin Issue 5, 2006
11/05/2006
Article: Equity issuance in the euro area
Monthly Bulletin Issue 5, 2006
11/05/2006
Article: The single list in the collateral framework of the Eurosystem
Monthly Bulletin Issue 5, 2006
11/05/2006
Article: The contribution of the ECB and the Eurosystem to European financial integration
Monthly Bulletin Issue 5, 2006
05/05/2006
Working paper no. 619: Cyclical inflation divergence and different labor market institutions in the EMU
Published in: Journal of Economic Dynamics and Control, forthcoming.
05/05/2006
Working paper no. 618: The patterns and determinants of price setting in the Belgian industry
Published in: Scandinavian Journal of Economics, Vol 110 (3), September 2008: pp 489-518 as "Some Evidence on the Adjustment of Producer Prices"
02/05/2006
Working paper no. 617: New survey evidence on the pricing behaviour of Luxembourg firms
Published in: Pricing Decisions in the Euro Area: How Firms Set Prices and Why, S. Fabiani, C. Loupias, F. Martins and R. Sabbatini (eds.), Oxford Univ. Press, 2007: pp 124-139; as "A Survey of Price Setting Practices of Luxembourg Firms with"
01/05/2006
The European Central Bank, the Eurosystem, the European System of Central Banks
28/04/2006
Working paper no. 616: Global financial transmission of monetary policy shocks
Published in: Oxford Bulletin of Economics and Statistics, Vol 71 (6), 2009: pp 739-759
28/04/2006
Working paper no. 615: Quantitative goals for monetary policy
Published in: Journal of Money, Credit and Banking, August 2007; 39(5): 1163-76
28/04/2006
Working paper no. 614: Expenditure switching vs. real exchange rate stabilization: competing objectives for exchange rate policy
28/04/2006
Working paper no. 613: Welfare-based monetary policy rules in an estimated DSGE model of the US economy
28/04/2006
Working paper no. 612: Optimal fiscal and monetary policy in a medium-scale macroeconomic model
28/04/2006
Working paper no. 611: Monetary policy, determinacy, and learnability in the open economy
28/04/2006
Working paper no. 610: Real-time model uncertainty in the United States: the Fed from 1996-2003
28/04/2006
Working paper no. 609: The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation
28/04/2006
Working paper no. 608: How does information affect the comovement between interest rates and exchange rates?
Published in: Rivista Internazionale di Scienze Sociali, Vol 4, 2008: pp 547-562
25/04/2006
Annual Report 2005
25/04/2006
Article, Annual Report, 2005, p.100-104, Banknotes and coins
20/04/2006
Working paper no. 607: Price setting behaviour in the Netherlands: results of a survey
20/04/2006
Working paper no. 606: Measuring the importance of the uniform nonsynchronization hypothesis
20/04/2006
Working paper no. 605: (Un)Predictability and macroeconomic stability
20/04/2006
Working paper no. 604: A dynamic model of settlement
20/04/2006
Working paper no. 603: Estimating multi-country VAR models
Published in: International Economic Review (2009), 50(3), pp. 929-959.
20/04/2006
Working paper no. 602: Job flow dynamics and firing restrictions: evidence from Europe
20/04/2006
Working paper no. 601: Excess burden and the cost of inefficiency in public services provision
Published in: Public Choice, (2007), 132 (3-4): 485-502.
20/04/2006
Working paper no. 600: A speed limit monetary policy rule for the euro area
Published in: International Finance, Spring 2007; 10(1): 21-41
12/04/2006
Statistics Pocket Book, April 2006
12/04/2006
Monthly Bulletin, April 2006
12/04/2006
Focus: How close are the co-movements of main currencies?
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: A comparison of employment developments in the euro area and the United States since 1995
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: Cross-border labour mobility within the enlarged EU
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: Labour productivity and price developments in the euro area services sector: the role of competition
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: Latest developments in sectoral wages and labour costs in the euro area
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: How is news about macroeconomic fundamentals incorporated into the euro area bond market?
Monthly Bulletin Issue 4, 2006
12/04/2006
Focus: Factors explaining the robust growth of M1
Monthly Bulletin Issue 4, 2006
12/04/2006
Article: Monetary and exchange rate arrangements of the euro area with selected third countries and territories
Monthly Bulletin Issue 4, 2006
12/04/2006
Article: Portfolio management at the ECB
Monthly Bulletin Issue 4, 2006
12/04/2006
Article: The importance of public expenditure reform for economic growth and stability
Monthly Bulletin Issue 4, 2006
10/04/2006
Occasional paper no. 44: Competition, productivity and prices in the euro area services sector
07/04/2006
ECB Statistics: An overview
Update of 'Statistical information collected and compiled by the ESCB' (May 2000)
Press release:
01/04/2006
Research Bulletin No. 4
23/03/2006
Working paper no. 599: What effects is EMU having on the euro area and its member countries? An overview
23/03/2006
Working paper no. 598: The impact of the euro on financial markets
23/03/2006
Working paper no. 597: Price setting and inflation persistence: did EMU matter?
Published in: Economic Policy, Vol 21 (46), April 2006: pp 353-387
23/03/2006
Working paper no. 596: The effects of EMU on structural reforms in labour and product markets
23/03/2006
Working paper no. 595: Trends and cycles in the euro area: how much heterogeneity and should we worry about it?
23/03/2006
Working paper no. 594: The euro's trade effects
10/03/2006
Legal working paper no. 2: The application of multilingualism in the European Union context
09/03/2006
Monthly Bulletin, March 2006
09/03/2006
Focus: Projections on the impact of ageing on public expenditure
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: New compilation and publication practices for the euro area HICP
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: Development and nature of non-MFI loans to households
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: The factors behind the recent decoupling of euro area stock prices from those in the United States
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: Liquidity conditions and monetary policy operations from 9 November 2005 to 7 February 2006
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: The resumption of the unwinding of portfolio shifts in the fourth quarter of 2005
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: China's national account revisions
Monthly Bulletin Issue 3, 2006
09/03/2006
Focus: Recent inflation developments in the new EU Member States and the impact of EU accession
Monthly Bulletin Issue 3, 2006
08/03/2006
Occasional paper no. 43: The accumulation of foreign reserves
06/03/2006
Payment and securities settlement systems in the European Union and in the acceding countries - addendum incorporating 2004 data (Blue Book)
corrected version 31 March
Press release:
02/03/2006
ECB staff macroeconomic projections for the euro area
[online only]
01/03/2006
Statistics Pocket Book, March 2006
28/02/2006
List of Monetary Financial Instistutions (MFI) and Institutions subject to minimum reserves
28/02/2006
National implementation of regulation ECB/2001/13
[online only]
28/02/2006
Methodological notes for the compilation of the revaluation adjustment February 2006
[online only]
28/02/2006
Handbook for the compilation of flows statistics on the MFI balance sheet February 2006
[online only]
24/02/2006
Working paper no. 593: Robustifying learnability
24/02/2006
Working paper no. 592: Non-linear dynamics in the euro area demand for M1
Published in: Macroeconomic Dynamics (2009), 13(1), pp. 1-19.
24/02/2006
Working paper no. 591: Cointegration in panel data with breaks and cross-section dependence
24/02/2006
Working paper no. 590: The pecking order of cross-border investment
Published in: Journal of International Economics 74(1), 94-119, January 2008.
24/02/2006
Legal working paper no. 1: The developing EU legal framework for clearing and settlement of financial instruments
22/02/2006
Working paper no. 589: Forecasting economic aggregates by disaggregates
22/02/2006
Working paper no. 588: Rational inattention, inflation developments and perceptions after the euro cash changeover
Published in: German Economic Review, Vol 12 (1), February 2011 as "Inflation developments and perceptions after the euro cash changeover": pp 33–58.
22/02/2006
Working paper no. 587: Determinants of business cycle synchronisation across euro area countries
17/02/2006
Euro area balance of payments and international investment position statistics. Annual quality report, February 2006 Press release:
17/02/2006
Towards a single euro payments area - fourth progress report
[with the exception of the English version, online only]
Press release:
09/02/2006
Working paper no. 586: A method to generate structural impulse-responses for measuring the effects of shocks in structural macro models
09/02/2006
Statistics Pocket Book, February 2006
09/02/2006
Monthly Bulletin, February 2006
09/02/2006
Focus: Private sector expectations for the euro area: results of the ECB survey of professional forecasters for the first quarter of 2006
Monthly Bulletin Issue 2, 2006
09/02/2006
Focus: The pass-through of global energy prices to the euro area HICP energy components
Monthly Bulletin Issue 2, 2006
09/02/2006
Focus: Does the flattening of the US yield curve signal lower growth ahead?
Monthly Bulletin Issue 2, 2006
09/02/2006
Focus: The results of the January 2006 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2006
09/02/2006
Article: Fiscal policies and financial markets
Monthly Bulletin Issue 2, 2006
09/02/2006
Article: Assessing house price developments in the euro area
Monthly Bulletin Issue 2, 2006
07/02/2006
Working paper no. 585: Are specific skills an obstacle to labor market adjustment? Theory and an application to the EU enlargement
Published in: Labour Economics, Vol 18 (2), 2006: pp 240-256.
31/01/2006
Working paper no. 584: A new theory of forecasting
Published in: Journal of Business & Economic Statistics, Vol. 27 (2009), No. 4, 553-563 under the title "Forecasting with Judgement"
31/01/2006
Working paper no. 583: Back to square one: identification issues in DSGE models
31/01/2006
Working paper no. 582: What accounts for the changes in U.S. fiscal policy transmission?
31/01/2006
Working paper no. 581: Public sector efficiency: evidence for new EU member states and emerging markets
Published in: Applied Economics (2010), 42 (17), 2147-2164.
20/01/2006
Euro Money Market Survey 2005 Press release:
19/01/2006
Statistics Pocket Book, January 2006
19/01/2006
Monthly Bulletin, January 2006
19/01/2006
Focus: Some country-specific factors behind recent euro area employment developments
Monthly Bulletin Issue 1, 2006
19/01/2006
Focus: The 2005-2008 Lisbon National Reform Programmes of the euro area countries
Monthly Bulletin Issue 1, 2006
19/01/2006
Focus: Assessing the reliability of Eurostat's euro area HICP flash estimate
Monthly Bulletin Issue 1, 2006
19/01/2006
Focus: Stock options, share buy-backs and their effects on equity markets: evidence from the United States
Monthly Bulletin Issue 1, 2006
19/01/2006
Focus: Factors accounting for the rise in oil prices
Monthly Bulletin Issue 1, 2006
19/01/2006
Article: The predictability of the ECB's monetary policy
Monthly Bulletin Issue 1, 2006
19/01/2006
Article: Hedge funds: developments and policy implications
Monthly Bulletin Issue 1, 2006
16/01/2006
Working paper no. 580: Bank interest rate pass-through in the euro area: a cross country comparison
16/01/2006
Working paper no. 579: A disaggregated framework for the analysis of structural developments in public finances
16/01/2006
Working paper no. 578: Forecasting ECB monetary policy: accuracy is (still) a matter of geography
Published in: European Economic Review (2009), vol. 53, pp. 1028-1041, as "Forecasting ECB Monetary Policy: Accuracy is a matter of Geography".
16/01/2006
Working paper no. 577: Distortionary taxation, debt, and the price level
Published in: Journal of Money, Credit and Banking (2009), 41(1), pp. 159-188.
16/01/2006
Working paper no. 576: Debt stabilizing fiscal rules
Published in: Journal of Public Economic Theory, 2010, Vol.12 (5), 923-941.
13/01/2006
Working paper no. 575: Growth in euro area labour quality
Published in: Review of Income and Wealth, 53(4), December 2007
13/01/2006
Working paper no. 574: Inflation convergence and divergence within the European Monetary Union
13/01/2006
Working paper no. 573: Credit chains and the propagation of financial distress
13/01/2006
Working paper no. 572: Information, habits, and consumption behavior: evidence from micro data
13/01/2006
Working paper no. 571: Are emerging market currency crises predictable? A test
13/01/2006
Data collection from credit institutions and other professional cash handlers under the Framework for banknote recycling [online only]
10/01/2006
Working paper no. 570: Household debt sustainability: what explains household non-performing loans? An empirical analysis
02/01/2006
Bond markets and long-term interest rates in non-euro area Member States of the European Union and in acceding countries - Addendum incorporating 2004 figures
[online only]
Press release: