Deeper, wider and more competitive? Monetary integration, Eastern enlargement and competitiveness in the European Union (Working Paper No. 847), by Gianmarco Ottaviano, Daria Taglioni and Filippo di Mauro, 847 kb, en
28/12/2007
Fiscal forecasting: lessons from the literature and challenges (Working Paper No. 843), by Teresa Leal, Javier J. Pérez, Mika Tujula and Jean-Pierre Vidal, 900 kb, en Published in: Fiscal Studies, September 2008; 29(3): 347-386
20/12/2007
Information combination and forecast (st)ability evidence from vintages of time-series data (Working Paper No. 846), by Carlo Altavilla and Matteo Ciccarelli, 1580 kb, en
20/12/2007
Run-prone banking and asset markets (Working Paper No. 845), by Marie Hoerova, 811 kb, en
20/12/2007
Business cycle synchronization and insurance mechanisms in the EU (Working Paper No. 844), by António Afonso and Davide Furceri, 736 kb, en Published in: Journal of International Money and Finance, 2008, 27 (2), 169-187.
20/12/2007
Saving behaviour and global imbalances: the role of emerging market economies (Working Paper No. 842), by Gianluigi Ferrucci and Cesar Miralles, 777 kb, en
19/12/2007
Oil market structure, network effects and the choice of currency for oil invoicing (Occasional Paper No. 77), by Elitza Mileva and Nikolaus Siegfried, 1258 kb, en
18/12/2007
Prudential and oversight requirements for securities settlement (Occasional Paper No. 76), by Daniela Russo, Giacomo Caviglia, Chryssa Papathanassiou and Simonetta Rosati, 977 kb, en
17/12/2007
Should we take inside money seriously? (Working Paper No. 841), by Livio Stracca, 890 kb, en
17/12/2007
Downward wage rigidity for different workers and firms: an evaluation for Belgium using the IWFP procedure (Working Paper No. 840), by Philip Du Caju, Catherine Fuss and Ladislav Wintr, 1140 kb, en
17/12/2007
Are there oil currencies? The real exchange rate of oil exporting countries (Working Paper No. 839), by Maurizio Michael Habib and Margarita Manolova Kalamova, 820 kb, en
17/12/2007
Securitisation and the bank lending channel (Working Paper No. 838), by Yener Altunbas, Leonardo Gambacorta and David Marqués-Ibáñez, 899 kb, en Published in: European Economic Review (forthcoming)
17/12/2007
Monetary policy and core inflation (Working Paper No. 837), by Michele Lenza, 712 kb, en
17/12/2007
Reporting biases and survey results: evidence from European professional forecasters (Working Paper No. 836), by Juan Angel García and Andrés Manzanares, 1477 kb, en
Financial Stability Review, December 2007, 4357 kb, en
Press release: en
10/12/2007
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties, 1507 kb, da . de . el . en . es . fi . fr . it . nl . pl . pt . sl . sv
06/12/2007
Eurosystem staff macroeconomic projections for the euro area, 408 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv [online only]
30/11/2007
US shocks and global exchange rate configurations (Working Paper No. 835), by Marcel Fratzscher, 1093 kb, en Published in: Economic Policy (54), pp. 363-409, April 2008 (forthcoming)
30/11/2007
International frictions and optimal monetary policy cooperation: analytical solutions (Working Paper No. 834), by Matthieu Darracq Pariès, 869 kb, en
30/11/2007
Explaining and forecasting euro area exports: which competitiveness indicator performs best? (Working Paper No. 833), by Michele Ca' Zorzi and Bernd Schnatz, 642 kb, en
30/11/2007
The yield curve and macroeconomic dynamics (Working Paper No. 832), by Peter Hördahl, Oreste Tristani and David Vestin, 1089 kb, en Published in: Economic Journal, November 2008; 118(533): 1937-70
30/11/2007
Hierarchical Markov normal mixture models with applications to financial asset returns (Working Paper No. 831), by John Geweke and Gianni Amisano, 1977 kb, en Published in: Journal of Applied Econometrics (forthcoming)
30/11/2007
The term structure of euro area break-even inflation rates: the impact of seasonality (Working Paper No. 830), by Jacob Ejsing, Juan Angel García and Thomas Werner, 945 kb, en
30/11/2007
Modelling inflation in China - a regional perspective (Working Paper No. 829), by Aaron N. Mehrotra, Tuomas A. Peltonen and Alvaro Santos Rivera, 875 kb, en
30/11/2007
Potential output growth in several industrialised countries: a comparison (Working Paper No. 828), by Christophe Cahn and Arthur Saint-Guilhem, 1020 kb, en
30/11/2007
Review of the Lamfalussy framework - Eurosystem contribution, 493 kb, en [online only]
29/11/2007
How is real convergence driving nominal convergence in the new EU Member States? (Working Paper No. 827), by Sarah M. Lein-Rupprecht, Miguel A. León-Ledesma and Carolin Nerlich, 815 kb, en Published in: Journal of International Money and Finance, March 2008; 27(2): 227-48
19/11/2007
Euro Money Market Survey 2007, 717 kb, en [online only]
Press release: en
Article, Monthly Bulletin, November 2007, p.61-74, The stock market’s changing structure and its consolidation: implications for the efficiency of the financial system and monetary policy, 268 kb, en
15/11/2007
Article, Monthly Bulletin, November 2007, p.75-87, The introduction of quarterly sectoral accounts statistics for the euro area, 349 kb, en
14/11/2007
EU banking sector stability, 1652 kb, en [online only]
Press release: en
30/10/2007
Analysis of revisions to general economic statistics (Occasional Paper No. 74), by Mariagnese Branchi, Heinz Christian Dieden, Wim Haine, Csaba Horváth, Andrew Kanutin and Linda Kezbere, 1028 kb, en
29/10/2007
Risk sharing, finance and institutions in international portfolios (Working Paper No. 826), by Marcel Fratzscher and Jean Imbs, 812 kb, en Published in: Journal of Financial economics (forthcoming)
29/10/2007
What can probability forecasts tell us about inflation risks? (Working Paper No. 825), by Juan Angel García and Andrés Manzanares, 1194 kb, en
29/10/2007
Fifth progress report on TARGET2, 111 kb, en [online only]
Press release: en
29/10/2007
Fifth progress report on TARGET2, Annex 1: Information guide for TARGET2 users (version 1.1, Jan 2009), 691 kb, en [online only]
29/10/2007
Fifth progress report on TARGET2, Annex 2: User information guide to TARGET2 pricing, 290 kb, en [online only]
29/10/2007
Fifth progress report on TARGET2, Annex 3: TARGET2 compensation scheme - claim form, 55 kb, en [online only]
26/10/2007
TARGET2-Securities progress report, 411 kb, en [online only]
Press release: en
25/10/2007
Evolving U.S. monetary policy and the decline of inflation predictability (Working Paper No. 824), by Luca Benati and Paolo Surico, 1065 kb, en Published in: Journal of the European Economic Association, 6(2-3), Proceedings, April-May 2008, 634-646.
23/10/2007
Modelling Ireland’s exchange rates: from EMS to EMU (Working Paper No. 823), by Derek Bond, Michael J. Harrison and Edward J. O'Brien, 819 kb, en
23/10/2007
Exchange rate pass-through to trade prices: the role of non-linearities and asymmetries (Working Paper No. 822), by Matthieu Bussière, 779 kb, en
23/10/2007
Social value of public information: testing the limits to transparency (Working Paper No. 821), by Michael Ehrmann and Marcel Fratzscher, 714 kb, en
23/10/2007
What do we really know about fiscal sustainability in the EU? A panel data diagnostic (Working Paper No. 820), by António Afonso and Christophe Rault, 554 kb, en Published in: Review of World Economics (forthcoming)
23/10/2007
Proximity and linkages among coalition participants: a new voting power measure applied to the International Monetary Fund (Working Paper No. 819), by Julien Reynaud, Christian Thimann and Lukasz Gatarek, 1159 kb, en
23/10/2007
Is time ripe for price level path stability? (Working Paper No. 818), by Vítor Gaspar, Frank Smets and David Vestin, 634 kb, en
23/10/2007
The role of other financial intermediaries in monetary and credit developments in the euro area (Occasional Paper No. 75), by Philippe Moutot (Editor), Dieter Gerdesmeier, Adriana Lojschová and Julian von Landesberger, 2158 kb, en
18/10/2007
Convergence and anchoring of yield curves in the euro area (Working Paper No. 817), by Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak and Eric Swanson, 928 kb, en Published in: Review of Economics and Statistics (forthcoming)
Article, Monthly Bulletin, October 2007, p.69-84, Long-term developments in MFI loans to households in the euro area: main patterns and determinants, 412 kb, en
11/10/2007
Article, Monthly Bulletin, October 2007, p.85-100, The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem, 342 kb, en
11/10/2007
Article, Monthly Bulletin, October 2007, p.101-107, Circulation and supply of euro banknotes and preparations for the second series of banknotes, 220 kb, en
05/10/2007
EU banking structures, 1062 kb, en [online only]
Press release: en
28/09/2007
Choice of currency in bond issuance and the international role of currencies (Working Paper No. 814), by Nikolaus Siegfried, Emilia Simeonova and Cristina Vespro, 555 kb, en
28/09/2007
Inflation persistence: euro area and new EU Member States (Working Paper No. 810), by Michal Franta, Branislav Saxa and Kateřina Šmídková, 1228 kb, en
28/09/2007
Reserve accumulation: objective or by-product? (Occasional Paper No. 73), by Johannes Onno de Beaufort Wijnholds and Lars Søndergaard, 953 kb, en
27/09/2007
The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US (Working Paper No. 816), by Sylvia Kaufmann and Maria Teresa Valderrama, 1005 kb, en
27/09/2007
Do international portfolio investors follow firms’ foreign investment decisions? (Working Paper No. 815), by Roberto A. De Santis and Paul Ehling, 769 kb, en
27/09/2007
The role of the exchange rate for adjustment in boom and bust episodes (Working Paper No. 813), by Reiner Martin, Ludger Schuknecht and Isabel Vansteenkiste, 1028 kb, en
27/09/2007
The uncovered return parity condition (Working Paper No. 812), by Lorenzo Cappiello and Roberto A. De Santis, 714 kb, en
26/09/2007
Instability and nonlinearity in the euro area Phillips curve (Working Paper No. 811), by Alberto Musso, Livio Stracca and Dick van Dijk, 1065 kb, en Published in: International Journal of Central Banking 5(2), pp. 181-212, June 2009
24/09/2007
The role of financial markets and innovation in productivity and growth in Europe (Occasional Paper No. 72), by Philipp Hartmann, Florian Heider, Elias Papaioannou and Marco Lo Duca, 1357 kb, en
20/09/2007
Is the New Keynesian Phillips curve flat? (Working Paper No. 809), by Keith Kuester, Gernot J. Müller and Sarah Stölting, 998 kb, en
20/09/2007
Model misspecification, the equilibrium natural interest rate and the equity premium (Working Paper No. 808), by Oreste Tristani, 1019 kb, en
19/09/2007
Cross-border lending contagion in multinational banks (Working Paper No. 807), by Alexis Derviz and Jiří Podpiera, 1004 kb, en
Statistics Pocket Book, September 2007, 447 kb, en
06/09/2007
ECB staff macroeconomic projections for the euro area, 218 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv [online only]
31/08/2007
Growth accounting for the euro area: a structural approach (Working Paper No. 804), by Tommaso Proietti and Alberto Musso, 885 kb, en
31/08/2007
Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities (Working Paper No. 801), by Arnaud Mehl and Lorenzo Cappiello, 730 kb, en Published in: Review of International Economics as "Uncovered interest parity at long horizons: evidence on emerging economies" (forthcoming)
24/08/2007
The search for Columbus’ egg - finding a new formula to determine quotas at the IMF (Occasional Paper No. 70), by Martin Skala, Christian Thimann and Regine Wölfinger, 1551 kb, en
24/08/2007
The securities custody industry (Occasional Paper No. 68), by Diana Chan, Florence Fontan, Simonetta Rosati and Daniela Russo, 1439 kb, en
22/08/2007
The pricing of risk in European credit and corporate bond markets (Working Paper No. 805), by Antje Berndt and Iulian Obreja, 1396 kb, en
22/08/2007
The transmission of US cyclical developments to the rest of the world (Working Paper No. 798), by Stéphane Dées and Isabel Vansteenkiste, 648 kb, en
22/08/2007
The economic impact of the Single Euro Payments Area (Occasional Paper No. 71), by Heiko Schmiedel, 1259 kb, en
21/08/2007
State-dependency and firm-level optimization: a contribution to Calvo price staggering (Working Paper No. 806), by Peter McAdam and Alpo Willman, 1385 kb, en Published in: Manchester School (forthcoming) as "Arrow-Calvo Price Staggering".
21/08/2007
Optimal monetary policy in an estimated DSGE for the euro area (Working Paper No. 803), by Stéphane Adjemian, Matthieu Darracq Pariès and Stéphane Moyen, 1812 kb, en
21/08/2007
Investigating time-variation in the marginal predictive power of the yield spread (Working Paper No. 802), by Luca Benati and Charles Goodhart, 1566 kb, en Published in: Journal of Economic Dynamics and Control, 32(4), 1236-1272.
21/08/2007
Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output (Working Paper No. 797), by Luca Benati and Giovanni Vitale, 1174 kb, en
21/08/2007
The impact of exchange rate shocks on sectoral activity and prices in the euro area (Working Paper No. 796), by Elke Hahn, 1239 kb, en
21/08/2007
Assessing the impact of a change in the composition of public spending: a DSGE approach (Working Paper No. 795), by Roland Straub and Ivan Tchakarov, 891 kb, en
21/08/2007
Fiscal policy in Mediterranean countries – Developments, structures and implications for monetary policy (Occasional Paper No. 69), by Michael Sturm and François Gurtner, 1359 kb, en
17/08/2007
Is the corporate bond market forward looking? (Working Paper No. 800), by Jens Hilscher, 2037 kb, en
17/08/2007
Monetary policy shocks in a two-sector open economy: an empirical study (Working Paper No. 799), by Ricardo Llaudes, 1582 kb, en
16/08/2007
(Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate (Working Paper No. 794), by Marco J. Lombardi and Silvia Sgherri, 922 kb, en
16/08/2007
Structural econometric approach to bidding in the main refinancing operations of the Eurosystem (Working Paper No. 793), by Nuno Cassola, Christian Ewerhart and Claudio Morana, 815 kb, en Published in: Journal of Financial Transformation. April 2007; 0(19): 81-90.
14/08/2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 1: euro area countries, 4759 kb, en
Press release: en
14/08/2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 2: non-euro area countries, 4925 kb, en
Press release: en
10/08/2007
Euro area market reactions to the monetary developments press release (Working Paper No. 792), by Jerome Coffinet and Sylvain Gouteron, 1095 kb, en
09/08/2007
Inquiries on dynamics of transition economy convergence in a two-country model (Working Paper No. 791), by Jan Brůha and Jiří Podpiera, 1527 kb, en
Article, Monthly Bulletin, August 2007, p.61-73, Adjustment of global imbalances in a financially integrating world, 435 kb, en
09/08/2007
Article, Monthly Bulletin, August 2007, p.75-88, The financing of small and medium-sized enterprises in the euro area, 408 kb, en
09/08/2007
Article, Monthly Bulletin, August 2007, p.89-98, Leveraged buyouts and financial stability, 258 kb, en
09/08/2007
Letter from the ECB's President to the President of the Council of the European Union on the clarification of the institutional status of the ECB, 30 kb, en
08/08/2007
Asset prices, exchange rates and the current account (Working Paper No. 790), by Marcel Fratzscher, Luciana Juvenal and Lucio Sarno, 1091 kb, en
31/07/2007
Downward nominal wage rigidity in the OECD (Working Paper No. 777), by Steinar Holden and Fredrik Wulfsberg, 1541 kb, en Published in: B.E. Journal of Macroeconomics: Vol. 8: Iss. 1 (Advances), Article 15.
27/07/2007
Finance and growth: a macroeconomic assessment of the evidence from a European angle (Working Paper No. 787), by Elias Papaioannou, 933 kb, en Published in: Journal of the European Economic Association (Papers and Proceedings), April-May 2007, 5(2-3).
27/07/2007
Aggregating Phillips curves (Working Paper No. 785), by Jean Imbs, Eric Jondeau and Florian Pelgrin, 2242 kb, en
27/07/2007
The cyclicality of effective wages within employer-employee matches: evidence from German panel data (Working Paper No. 783), by Silke Anger, 783 kb, en
27/07/2007
Panel data estimates of the production function and product and labor market imperfections (Working Paper No. 782), by Sabien Dobbelaere and Jacques Mairesse, 1630 kb, en
27/07/2007
Dynamics and monetary policy in a fair wage model of the business cycle (Working Paper No. 780), by David de la Croix, Gregory de Walque and Raf Wouters, 924 kb, en
27/07/2007
On-the-job search and the cyclical dynamics of the labor market (Working Paper No. 779), by Michael U. Krause and Thomas A. Lubik, 980 kb, en
26/07/2007
Modeling the impact of external factors on the euro area’s HICP and real economy: a focus on pass-through and the trade balance (Working Paper No. 789), by Luigi Landolfo, 1517 kb, en
26/07/2007
Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders (Working Paper No. 788), by Rocco R. Huang, 1383 kb, en
26/07/2007
The economic impact of merger control: what is special about banking? (Working Paper No. 786), by Elena Carletti, Philipp Hartmann and Steven Ongena, 997 kb, en
26/07/2007
Understanding the dynamics of labor shares and inflation (Working Paper No. 784), by Martina Lawless and Karl Whelan, 899 kb, en
26/07/2007
Towards harmonised balance of payments and international investment position statistics – the experience of the European compilers (Occasional Paper No. 67), by Jean Marc Israël and Carlos Sánchez Muñoz, 1182 kb, en
24/07/2007
Wage inequality in Spain: recent developments (Working Paper No. 781), by Mario Izquierdo and Aitor Lacuesta, 1046 kb, en
24/07/2007
Employment protection legislation and wages (Working Paper No. 778), by Marco Leonardi and Giovanni Pica, 1003 kb, en
24/07/2007
Insights gained from conversations with labor market decision makers (Working Paper No. 776), by Truman F. Bewley, 677 kb, en
24/07/2007
The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions, 29 kb, en [online only]
More information on Eurosystem policy principles: en
23/07/2007
Legal and institutional aspects of the currency changeover following the restoration of the independence of the Baltic States (Legal Working Paper No. 5), by Kristīne Drēviņa, Kęstutis Laurinavičius and Andres Tupits, 1066 kb, en
Article, Monthly Bulletin, July 2007, p.51-74, Interpreting monetary developments since mid-2004, 492 kb, en
12/07/2007
Article, Monthly Bulletin, July 2007, p.75-86, Oil-exporting countries: key structural features, economic developments and oil revenue recycling, 349 kb, en
11/07/2007
The dynamic behaviour of budget components and output (Working Paper No. 775), by António Afonso and Peter Claeys, 872 kb, en Published in: Economic Modelling (2008), 25 (1), 93-117.
11/07/2007
Shocks, structures or monetary policies? The euro area and US after 2001 (Working Paper No. 774), by Lawrence Christiano, Roberto Motto and Massimo Rostagno, 1047 kb, en
11/07/2007
Exchange rate volatility and growth in small open economies at the EMU periphery (Working Paper No. 773), by Gunther Schnabl, 960 kb, en
11/07/2007
Potential impact of solvency II on financial stability, 1226 kb, en [online only]
10/07/2007
The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations (Occasional Paper No. 65), by François Coppens, Fernando González and Gerhard Winkler, 1428 kb, en
10/07/2007
The role of central counterparties, 1181 kb, en Issues related to central counterparty clearing. ECB-Fed Chicago conference, 3-4 April 2006
Conference page: en
06/07/2007
Structural reforms in EMU and the role of monetary policy – a survey of the literature (Occasional Paper No. 66), by Nadine Leiner-Killinger, Víctor López Pérez, Roger Stiegert and Giovanni Vitale, 1218 kb, en
03/07/2007
European legislation on financial markets, 1115 kb, en Settlement Finality Directive, Financial Collateral Directive, Winding-Up Directive for Credit Institutions
Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level? (Working Paper No. 772), by Philip Vermeulen, 792 kb, en
28/06/2007
Policy rate decisions and unbiased parameter estimation in typical monetary policy rules (Working Paper No. 771), by Jiří Podpiera, 840 kb, en Published in: “The Role of Ad Hoc Factors in Policy Rate Settings”, Economic Modelling, 2008, doi:10.1016/j.econmod.2008.01.005; “Policy Rate Inertia Reconsidered: Evidence from Endogenous Interest Rate Trajectory”, Economics Letters, 2008, Vol.100, Issue 2, p. 238-240 (August 2008).
28/06/2007
Welfare implications of Calvo vs. Rotemberg pricing assumptions (Working Paper No. 770), by Giovanni Lombardo and David Vestin, 611 kb, en Published in: Economics Letters, August 2008; 100(2): 275-79
28/06/2007
The ‘Great Moderation’ in the United Kingdom (Working Paper No. 769), by Luca Benati, 2069 kb, en Published in: Journal of Money, Credit, and Banking, 39(1), 121-147.
28/06/2007
A new approach to measuring competition in the loan markets of the euro area (Working Paper No. 768), by Michiel van Leuvensteijn, Jacob A. Bikker, Adrian Van Rixtel and Christoffer Kok Sørensen, 842 kb, en
28/06/2007
Corporate finance in the euro area – including background material (Occasional Paper No. 63), 2094 kb, en
26/06/2007
The euro bonds and derivates markets, 1256 kb, en [online only]
Press release: en
25/06/2007
Review of the international role of the euro, 1212 kb, en
Press release: en Supplementary data: Currency breakdown of exports and imports of selected EU countries: en
22/06/2007
Fourth Progress Report on TARGET2, 138 kb, en [online only]
General Functional Specifications: en
Press release: en
15/06/2007
Financial Stability Review, June 2007, 4056 kb, en
Press release: en
15/06/2007
Monetary policy: A journey from theory to practice, 1987 kb, en
Explaining monetary policy in press conferences (Working Paper No. 767), by Michael Ehrmann and Marcel Fratzscher, 678 kb, en Published in: in the International Journal of Central Banking (forthcoming)
13/06/2007
How and when do markets tip? Lessons from the Battle of the Bund (Working Paper No. 766), by Estelle Cantillon and Pai-Ling Yin, 778 kb, en
13/06/2007
Sequential optimization, front-loaded information, and U.S. consumption (Working Paper No. 765), by Alpo Willman, 838 kb, en
13/06/2007
Robust monetary policy with imperfect knowledge (Working Paper No. 764), by Athanasios Orphanides and John C. Williams, 747 kb, en Published in: Journal of Monetary Economics. July 2007; 54(5): 1406-35.
13/06/2007
Short- and long-run tax elasticities: the case of the Netherlands (Working Paper No. 763), by Guido Wolswijk, 678 kb, en
13/06/2007
Patterns of current account adjustment: insights from past experience (Working Paper No. 762), by Bernardina Algieri and Thierry Bracke, 1772 kb, en
13/06/2007
External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment (Working Paper No. 761), by Philipp Engler, Michael Fidora and Christian Thimann, 995 kb, en Published in: Review of International Economics (forthcoming)
13/06/2007
Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area (Working Paper No. 760), by Alistair Dieppe and Thomas Warmedinger, 1210 kb, en
13/06/2007
Linear-quadratic approximation, external habit and targeting rules (Working Paper No. 759), by Paul Levine, Joseph G. Pearlman and Richard Pierse, 843 kb, en
13/06/2007
Red tape and delayed entry (Working Paper No. 758), by Antonio Ciccone and Elias Papaioannou, 735 kb, en Published in: Journal of the European Economic Association, 5(2-3), 444-458.
13/06/2007
Privileges and immunities of the European Central Bank (Legal Working Paper No. 4), by Georg Gruber and Martin Benisch, 1190 kb, en
11/06/2007
Structural issues report 2007 - Corporate finance in the euro area, May 2007, 1899 kb, en
Press release: en
06/06/2007
Eurosystem staff macroeconomic projections for the euro area, 210 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv [online only]
04/06/2007
Inflation-linked bonds from a Central Bank perspective (Occasional Paper No. 62), by Juan Angel García and Adrian Van Rixtel, 1184 kb, en
23/05/2007
The cyclicality of consumption, wages and employment of the public sector in the euro area (Working Paper No. 757), by Ana Lamo, Javier J. Pérez and Ludger Schuknecht, 734 kb, en
23/05/2007
Maintaining low inflation: money, interest rates, and policy stance (Working Paper No. 756), by Samuel Reynard, 1087 kb, en Published in: Journal of Monetary Economics, July 2007, vol. 54(5), pp. 1441-1471.
23/05/2007
Durable goods and their effect on household saving ratios in the euro area (Working Paper No. 755), by Jukka Jalava and Ilja Kristian Kavonius, 758 kb, en Published in: Review of Income and Wealth, Series 55, Number 1, pp. 43-56, March 2009.
23/05/2007
Euro area inflation persistence in an estimated nonlinear DSGE model (Working Paper No. 754), by Gianni Amisano and Oreste Tristani, 1021 kb, en Published in: Journal of Economic Dynamics and Control (forthcoming)
23/05/2007
Trade credit defaults and liquidity provision by firms (Working Paper No. 753), by Frédéric Boissay and Reint Gropp, 680 kb, en
23/05/2007
Econometric analyses with backdated data: unified Germany and the euro area (Working Paper No. 752), by Elena Angelini and Massimiliano Marcellino, 785 kb, en
23/05/2007
A look into the factor model black box: publication lags and the role of hard and soft data in forecasting GDP (Working Paper No. 751), by Marta Bańbura and Gerhard Rünstler, 962 kb, en
23/05/2007
Long run macroeconomic relations in the global economy (Working Paper No. 750), by Stéphane Dées, Sean Holly, Hashem Pesaran and Vanessa Smith, 1377 kb, en Published in: Economics: The Open-Access, Open-Assessment E-Journal, Vol. 1, 2007-3.
23/05/2007
Excess money growth and inflation dynamics (Working Paper No. 749), by Barbara Roffia and Andrea Zaghini, 652 kb, en
23/05/2007
Financial dollarization: the role of banks and interest rates (Working Paper No. 748), by Henrique S. Basso, Oscar Calvo-Gonzalez and Marius Jurgilas, 1078 kb, en
21/05/2007
Bond Markets and long-term interest rates in non-euro area Member States of the European Union - updated addendum incorporating 2005 figures, 645 kb, en [online only]
Press release: en
17/05/2007
Article, Monthly Bulletin, May 2007, p.103-111, Share buybacks in the euro area, 234 kb, en
17/05/2007
Article, Monthly Bulletin, May 2007, p.89-101, Determinants of growth on the EU Member States of central and eastern Europe, 435 kb, en
17/05/2007
Article, Monthly Bulletin, May 2007, p.73-87, Competition in and economic performance of the euro area services sector, 367 kb, en
17/05/2007
Article, Monthly Bulletin, May 2007, p.63-72, Measured inflation and inflation perceptions in the euro area, 390 kb, en
Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model (Working Paper No. 747), by Günter Coenen, Peter McAdam and Roland Straub, 889 kb, en Published in: Journal of Economic Dynamics and Control, 32(8), 2543-2583, 2008.
24/04/2007
U.S. evolving macroeconomic dynamics: a structural investigation (Working Paper No. 746), by Luca Benati and Haroon Mumtaz, 2498 kb, en
24/04/2007
Market discipline, financial integration and fiscal rules: what drives spreads in the euro area government bond market? (Working Paper No. 745), by Simone Manganelli and Guido Wolswijk, 708 kb, en Published in: Economic Policy, 2009, 48: 191-240, published as: What Drives Spreads in the Euro Area Government Bond Market?
23/04/2007
Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa (Occasional Paper No. 60), by Uwe Böwer, André Geis and Adalbert Winkler, 1996 kb, en
Article, Monthly Bulletin, April 2007, p.61-71, Communicating monetary policy to financial markets, 323 kb, en
19/04/2007
Article, Monthly Bulletin, April 2007, p.73-86, Output growth differentials in the euro area: sources and implications, 385 kb, en
19/04/2007
Article, Monthly Bulletin, April 2007, p.87-93, From government deficit to debt: bridging the gap, 319 kb, en
18/04/2007
Determinants of growth in the central and eastern European EU member states - a production function approach (Occasional Paper No. 61), by Olga Arratibel, Frigyes Ferdinand Heinz, Reiner Martin, Marcin Przybyla, Lukasz Rawdanowicz, Roberta Serafini and Tina Zumer, 1932 kb, en
18/04/2007
Large banks and private equity-sponsored leveraged buyouts in the EU, 1456 kb, en
12/04/2007
How the euro became our money. A short history of the euro banknotes and coins, 4839 kb, bg . cs . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
11/04/2007
Risk measurement and systemic risk. Fourth joint central bank research conference 8-9 November 2005, 4905 kb, en In co-operation with the Committee on the Global Financial System
Fourth joint central bank research conference page: en
05/04/2007
The ECB survey of professional forecasters (SPF) – A review after eight years’ experience (Occasional Paper No. 59), by Carlos Bowles, Roberta Friz, Véronique Genre, Geoff Kenny, Aidan Meyler and Tuomas Rautanen, 1186 kb, en
30/03/2007
International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation (Working Paper No. 744), by Francisco Ramon-Ballester and Torsten Wezel, 1184 kb, en
30/03/2007
Credit market and macroeconomic volatility (Working Paper No. 743), by Caterina Mendicino, 1430 kb, en
30/03/2007
Sectoral money demand models for the euro area based on a common set of determinants (Working Paper No. 741), by Julian von Landesberger, 1015 kb, en
30/03/2007
Long-term growth prospects for the Russian economy (Occasional Paper No. 58), by Roland Beck, Annette Kamps and Elitza Mileva, 930 kb, en
29/03/2007
Monetary financial institutions and markets statistics sector manual, 1747 kb, en
28/03/2007
Understanding price developments and consumer price indices in south-eastern Europe (Occasional Paper No. 57), by Sabine Herrmann and Éva Katalin Polgár, 1105 kb, en
28/03/2007
Assessing fiscal soundness: theory and practice (Occasional Paper No. 56), by Nicola Giammarioli, Christiane Nickel, Philipp Rother and Jean-Pierre Vidal, 1438 kb, en
The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences (Working Paper No. 742), by Dieter Gerdesmeier, Francesco Paolo Mongelli and Barbara Roffia, 923 kb, en Published in: Journal of Money, Credit, and Banking. October 2007; 39(7): 1785-1819.
27/03/2007
Transition economy convergence in a two-country model: implications for monetary integration (Working Paper No. 740), by Jan Brůha and Jiří Podpiera, 1125 kb, en
21/03/2007
Exchange rate pass-through in emerging markets (Working Paper No. 739), by Michele Ca' Zorzi, Elke Hahn and Marcelo Sánchez, 852 kb, en
21/03/2007
Transaction costs and informational cascades in financial markets; Theory and experimental evidence. (Working Paper No. 736), by Marco Cipriani and Antonio Guarino, 1097 kb, en
21/03/2007
Market based compensation, price informativeness and short-term trading (Working Paper No. 735), by Riccardo Calcagno and Florian Heider, 1304 kb, en
15/03/2007
Commodity prices, money and inflation (Working Paper No. 738), by Frank Browne and David Cronin, 929 kb, en
15/03/2007
Structural balances and revenue windfalls: the role of asset prices revisited (Working Paper No. 737), by Richard Morris and Ludger Schuknecht, 908 kb, en
TARGET2-Securities - The blueprint, 283 kb, en [online only]
Press release: en
08/03/2007
TARGET2-Securities - Technical feasiblity, 151 kb, en [online only]
Press release: en
08/03/2007
TARGET2-Securities - Operational feasibility, 589 kb, en [online only]
Press release: en
08/03/2007
TARGET2-Securities - Legal feasibility, 86 kb, en [online only]
Press release: en
08/03/2007
TARGET2-Securities - Economic feasibility, 229 kb, en [online only]
Press release: en
08/03/2007
ECB staff macroeconomic projections for the euro area, 245 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv [online only]
01/03/2007
Globalisation and euro area trade - Interactions and challenges (Occasional Paper No. 55), by Ursel Baumann and Filippo di Mauro, 1159 kb, en
28/02/2007
Euro area balance of payments and international investment position statistics - Annual quality report, 1198 kb, en
28/02/2007
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves, 2492 kb, en [online only]
23/02/2007
Inflation risk premia in the term structure of interest rates (Working Paper No. 734), by Peter Hördahl and Oreste Tristani, 1655 kb, en
23/02/2007
Mortgage interest rate dispersion in the euro area (Working Paper No. 733), by Christoffer Kok Sørensen and Jung-Duk Lichtenberger, 1239 kb, en
23/02/2007
Liquidity shocks and asset price boom/bust cycles (Working Paper No. 732), by Ramón Adalid and Carsten Detken, 1299 kb, en
23/02/2007
International trade, technological shocks and spillovers in the labour market; A GVAR analysis of the US manufacturing sector (Working Paper No. 731), by Paul Hiebert and Isabel Vansteenkiste, 1173 kb, en Published in: Applied Economics (forthcoming)
20/02/2007
Price changes in Finland: some evidence from micro CPI data. (Working Paper No. 728), by Samu Kurri, 1137 kb, en
20/02/2007
Are survey-based inflation expections in the euro area informative? (Working Paper No. 721), by Ricardo Mestre, 1173 kb, en
19/02/2007
What drives business cycles and international trade in emerging market economies? (Working Paper No. 730), by Marcelo Sánchez, 3655 kb, en
19/02/2007
Fast micro and slow macro: can aggregation explain the persistence of inflation? (Working Paper No. 729), by Benoît Mojon, Filippo Altissimo and Paolo Zaffaroni, 1495 kb, en Published in: Journal of Monetary Economics (forthcoming)
Financial statistics for a global economy - Proceedings of the 3rd ECB conference on statistics, 2135 kb, en
15/02/2007
Article, Monthly Bulletin, February 2007, p.59-72, Challenges to fiscal sustainability in the euro area, 401 kb, en
15/02/2007
Article, Monthly Bulletin, February 2007, p.73-84, The EU arrangements for financial crisis management, 254 kb, en
15/02/2007
Article, Monthly Bulletin, February 2007, p.85-94, Migrant remittances to regions neighbouring the EU, 319 kb, en
14/02/2007
Price setting in the euro area: some stylised facts from individual producer price data (Working Paper No. 727), by Philip Vermeulen, Daniel Dias, Maarten Dossche, Erwan Gautier, Ignacio Hernando, Roberto Sabbatini and Harald Stahl, 1728 kb, en
14/02/2007
Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions (Working Paper No. 726), by Magnus Andersson, 1484 kb, en Published in: Forthcoming in International Journal of Central Banking
13/02/2007
Inflation Forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area (Working Paper No. 725), by Carlo Altavilla and Matteo Ciccarelli, 1531 kb, en Published in: Economic Modelling (forthcoming)
13/02/2007
Euro Money Market Study 2006, 1530 kb, en
Indexed data for the euro money market survey 2006: en
Press release: en
06/02/2007
Shocks and frictions in US business cycles: a Bayesian DSGE approach (Working Paper No. 722), by Frank Smets and Raf Wouters, 1233 kb, en Published in: American Economic Review, June 2007; 97(3): 586-606
02/02/2007
The transmission of emerging market shocks to global equity markets (Working Paper No. 724), by Lucía Cuadro Sáez, Marcel Fratzscher and Christian Thimann, 991 kb, en Published in: Journal of Empirical Finance, vol. 16 (2009), p. 2-19
02/02/2007
Asset allocation by penalized least squares (Working Paper No. 723), by Simone Manganelli, 914 kb, en
02/02/2007
Real price and wage rigidities in a model with matching frictions (Working Paper No. 720), by Keith Kuester, 1266 kb, en
30/01/2007
Letter from the ECB President to Mr Jean-Marie Cavada, Chairman of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament, 1669 kb, en . fr
30/01/2007
Letter from the ECB President to Ms Pervenche Berès Chairwoman of the Committee on Economic and Monetary Affairs, European Parliament, 1677 kb, en . fr
25/01/2007
US imbalances: the role of technology and policy (Working Paper No. 719), by Rudolfs Bems, Luca Dedola and Frank Smets, 928 kb, en Published in: Journal of International Money and Finance. June 2007; 26(4): 523-45
Article, Monthly Bulletin, January 2007, p.55-62, The enlarged EU and euro area economy, 288 kb, en
18/01/2007
Article, Monthly Bulletin, January 2007, p.63-76, Developments in the structural features of euro area labour markets over the last decade, 332 kb, en
18/01/2007
Article, Monthly Bulletin, January 2007, p.77-87, Putting China's economic expansion in perspective, 244 kb, en
16/01/2007
Drift and breaks in labor productivity (Working Paper No. 718), by Luca Benati, 940 kb, en Published in: Journal of Economic Dynamics and Control, 31, pp. 2847-2877
16/01/2007
Discretion rather than rules? When is discretionary policy-making better than the timeless perspective? (Working Paper No. 717), by Stephan Sauer, 1355 kb, en
16/01/2007
Adjusting to the euro (Working Paper No. 716), by Gabriel Fagan and Vítor Gaspar, 1091 kb, en
16/01/2007
Emerging Asia’s growth and integration: how autonomous are business cycles? (Working Paper No. 715), by Rasmus Rüffer, Marcelo Sánchez and Jian-Guang Shen, 908 kb, en
16/01/2007
The dynamics of bank spreads and financial structure (Working Paper No. 714), by Reint Gropp, Christoffer Kok Sørensen and Jung-Duk Lichtenberger, 857 kb, en
16/01/2007
Balance of payment crises in emerging markets: how early were the “early” warning signals? (Working Paper No. 713), by Matthieu Bussière, 750 kb, en
16/01/2007
Opening the black box: structural factor models with large cross-sections (Working Paper No. 712), by Mario Forni, Domenico Giannone, Marco Lippi and Lucrezia Reichlin, 620 kb, en Published in: Econometric Theory (forthcoming)
16/01/2007
What “hides” behind sovereign debt ratings? (Working Paper No. 711), by António Afonso, Pedro Gomes and Philipp Rother, 887 kb, en Published in: International Journal of Finance and Economics (forthcoming), as "Short and Long-run Determinants of Sovereign Debt Credit Ratings".
16/01/2007
Pricing of settlement link services and mergers of central securities depositories (Working Paper No. 710), by Jens Tapking, 668 kb, en
16/01/2007
Quantifying and sustaining welfare gains from monetary commitment (Working Paper No. 709), by Paul Levine, Peter McAdam and Joseph G. Pearlman, 893 kb, en Published in: Journal of Monetary Economics, 55(7), 1253-1278, November 2008.
12/01/2007
Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting (Working Paper No. 708), by Isabel Vansteenkiste, 797 kb, en
12/01/2007
Ramsey monetary policy with labour market frictions (Working Paper No. 707), by Ester Faia, 677 kb, en Published in: Journal of Monetary Economics (forthcoming)
