Publications published in 2013

19/12/2013
Working paper no. 1626: Observation driven mixed-measurement dynamic factor models with an application to credit risk
19/12/2013
Working paper no. 1625: The pricing of sovereign risk and contagion during the European sovereign debt crisis Published in: Journal of International Money and Finance, Vol 34, 2013: pp 60-82
19/12/2013
Letter from the ECB President to Mr Mario Borghezio, MEP
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19/12/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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19/12/2013
Letter from the ECB President to Mr Claudio Morganti, MEP
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18/12/2013
Working paper no. 1624: Trade, productivity improvements and welfare: an endogenous market structure framework
16/12/2013
Working paper no. 1623: Market pricing of credit rating signals
16/12/2013
Working paper no. 1622: Dealing with a liquidity trap when government debt matters: optimal time-consistent monetary and fiscal policy
12/12/2013
Statistics Pocket Book, December 2013
12/12/2013
Monthly Bulletin, December 2013
12/12/2013
Focus: Fiscal consolidation in the euro area: past progress and plans for 2014 Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: The effect of the crisis on employment and wages in non-market services Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: Are sub-indices of the HICP measures of underlying inflation? Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: Sectoral contributions to rebalancing within the euro area Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: Liquidity conditions and monetary policy operations in the period from 7 August 2013 to 12 November 2013 Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 12, 2013
12/12/2013
Focus: Factors underlying China's growth performance and prospects Monthly Bulletin Issue 12, 2013
12/12/2013
Article: December 2013 Eurosystem staff macroeconomic projections for the euro area Monthly Bulletin Issue 12, 2013
11/12/2013
Working paper no. 1621: Conditional and joint credit risk
05/12/2013
Eurosystem staff macroeconomic projections for the euro area [online only]
04/12/2013
Working paper no. 1620: The rise of China and India: blessing or curse for the advanced countries?
02/12/2013
Statistics paper no. 4: Valuation of foreign direct investment positions - final report
27/11/2013
Working paper no. 1619: Micro and macro analysis on household income, wealth and saving in the euro area Published in: Journal of Economic and Social Policy, Vol 15, 2013, Iss. 2, Article 3,
27/11/2013
Working paper no. 1618: Growth, real exchange rates and trade protectionism since the financial crisis
27/11/2013
Financial Stability Review Press release:
25/11/2013
Letter from the ECB President to Mr Francisco Sosa Wagner, MEP
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25/11/2013
Letter from the ECB President to Mr Sven Giegold, MEP [online only]
22/11/2013
Working paper no. 1617: Crowding-out or co-existence? the competitive position of EU members and China in global merchandise trade
22/11/2013
Working paper no. 1616: Firms' export dynamics: experience vs. size
20/11/2013
Working paper no. 1615: Fragmentation, incomes and jobs: an analysis of European competitiveness
20/11/2013
Working paper no. 1614: On the measurement of foreign direct investment and its relationship to activities of multinational corporations
20/11/2013
Letter from the ECB President to Mr Mario Borghezio, MEP
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19/11/2013
Working paper no. 1613: House price cycles in Europe
19/11/2013
Working paper no. 1612: Non-price competitiveness of exports from emerging countries
19/11/2013
Letter from the ECB President to Ms Sharon Bowles, Chairwoman of the Committee on Economic and Monetary Affairs at the European Parliament
14/11/2013
Statistics Pocket Book, November 2013
14/11/2013
Monthly Bulletin, November 2013
14/11/2013
Working paper no. 1611: Bank reactions after capital shortfalls
14/11/2013
Focus: Recent developments in labour market participation in the euro area Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: What has driven the recent euro area current account improvement? Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2013 Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: Recent house price developments in the euro area Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: Integrated euro area accounts for the second quarter of 2013 Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: April to September 2013 Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: The results of the euro area bank lending survey for the third quarter of 2013 Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: Recent developments in MFI loans to non-financial corporations, broken down by economic sector Monthly Bulletin Issue 11, 2013
14/11/2013
Focus: How much progress has been achieved in household deleveraging in the United States? Monthly Bulletin Issue 11, 2013
14/11/2013
Article: Potential output, economic slack and nominal developments since the start of the crisis Monthly Bulletin Issue 11, 2013
14/11/2013
Survey on the access to finance of small and medium-sized enterprises in the euro area - April-September 2013 [online only] Press release:
11/11/2013
Working paper no. 1610: Central bank collateral, asset fire sales, regulation and liquidity
08/11/2013
Working paper no. 1609: Foreign investors and risk shocks: seeking a safe haven or running for the exit?
07/11/2013
Working paper no. 1608: Optimal control with heterogeneous agents in continuous time
07/11/2013
Working paper no. 1607: Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: evidence from a euro-area banking system
06/11/2013
Working paper no. 1606: Credit constraints and investment in human capital: training evidence from transition economies
06/11/2013
Working paper no. 1605: Is quantity theory still alive?
06/11/2013
Euro Money Market Survey 2013 [online only] Press release:
05/11/2013
Working paper no. 1604: Setting countercyclical capital buffers based on early warning models: would it work?
05/11/2013
Working paper no. 1603: Competition in the Portuguese economy: insights from a profit elasticity approach
04/11/2013
Working paper no. 1602: High frequency trading and price discovery
04/11/2013
Working paper no. 1601: How do firms in Argentina get financing to export?
04/11/2013
Banking structures report, November 2013 [online only] Press release:
24/10/2013
Second SEPA migration report, October 2013 [online only] Press release:
23/10/2013
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
18/10/2013
ELA procedures [online only] Governing Council decisions (18 Oct 2013)
16/10/2013
Working paper no. 1600: Granger-causal-priority and choice of variables in vector autoregressions Published in: Review of Economics and Statistics (forthcoming)
16/10/2013
Working paper no. 1599: Disentangling the bond-CDS nexus: a stress test model of the CDS market
15/10/2013
Working paper no. 1598: The performance impact of firm ownership transformation in China
15/10/2013
Working paper no. 1597: Predicting distress in European banks Published in: Journal of Banking & Finance (forthcoming)
15/10/2013
Working paper no. 1596: Managers' mobility, trade performance, and wages
11/10/2013
Occasional paper no. 152: A macro stress testing framework for assessing systemic risks in the banking sector
10/10/2013
Statistics Pocket Book, October 2013
10/10/2013
Monthly Bulletin, October 2013
10/10/2013
Focus: How has macroeconomic uncertainty in the euro area evolved recently? Monthly Bulletin Issue 10, 2013
10/10/2013
Focus: The anchoring of long-term inflation expectations in the euro area Monthly Bulletin Issue 10, 2013
10/10/2013
Focus: Review of the risk control framework Monthly Bulletin Issue 10, 2013
10/10/2013
Focus: Stylised facts of money and credit over the business cycle Monthly Bulletin Issue 10, 2013
10/10/2013
Article: Reference interest rates: role, challenges and outlook Monthly Bulletin Issue 10, 2013
10/10/2013
Article: Commodity prices and their role in assessing euro area growth and inflation Monthly Bulletin Issue 10, 2013
30/09/2013
Statistics paper no. 3: Quality measures in non-random sampling: MFI interest rate statistics Statistical tables: en
30/09/2013
Quality measures in non-random sampling: MFI interest rate statistics Statistical tables: en
30/09/2013
Letter from the ECB President to Ms Nessa Childers, MEP [online only]
27/09/2013
Working paper no. 1595: Price effects of sovereign debt auctions in the Euro-zone: the role of the crisis
27/09/2013
Working paper no. 1594: Is there a role for domestic demand pressure on export performance?
27/09/2013
Framework for the assessment of securities settlement systems and links to determine their eligibility for use in Eurosystem credit operations [online only] Press release:
24/09/2013
Working paper no. 1593: Monetary policy, bank capital and credit supply: a role for discouraged and informally rejected firms
24/09/2013
Working paper no. 1592: Bridging the banking sector with the real economy: a financial stability perspective
24/09/2013
Working paper no. 1591: Sudden stop of capital flows and the consequences for the banking sector and the real economy
18/09/2013
Working paper no. 1590: Interest rate swaps and corporate default
18/09/2013
Working paper no. 1589: Macroprudential policy instruments and economic imbalances in the euro area
12/09/2013
Statistics Pocket Book, September 2013
12/09/2013
ECB’s environmental statement 2013
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11/09/2013
Working paper no. 1588: The design of national fiscal frameworks and their budgetary impact Annex: en
10/09/2013
Working paper no. 1587: Assessing asset purchases within the ECB’s securities markets programme
10/09/2013
Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP
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10/09/2013
Letter from the ECB President to Ms Cristiana Muscardini, MEP
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10/09/2013
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
05/09/2013
ECB staff macroeconomic projections for the euro area
03/09/2013
Working paper no. 1586: What’s going on behind the euro area Beveridge curve(s)?
03/09/2013
Working paper no. 1585: On the fortunes of stock exchanges and their reversals: evidence from foreign listings
01/09/2013
Monthly Bulletin, September 2013
01/09/2013
Focus: Recent developments in the income account of selected euro area countries Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Recent developments in unprocessed food prices Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: ECB monetary policy during the financial crisis and asset price developments Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Reactivating the European ABS market: challenges and possible remedies Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Central bank balance sheet expansion and financial strength in crisis times: the case of the eurosystem Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Liquidity conditions and monetary policy operations in the period from 8 May to 6 August 2013 Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: China - short-term prospects and medium-term policy intentions Monthly Bulletin Issue 9, 2013
01/09/2013
Focus: Towards a global convergence of natural gas prices? Monthly Bulletin Issue 9, 2013
29/08/2013
Working paper no. 1584: Macroeconomic imbalances: a question of trust?
29/08/2013
Working paper no. 1583: The network structure of the CDS market and its determinants
26/08/2013
Working paper no. 1582: Risks to price stability, the zero lower bound and forward guidance: a real-time assessment
26/08/2013
Working paper no. 1581: Tobin LIVES: Integrating evolving credit market architecture into flow of funds based macro-models
26/08/2013
Working paper no. 1580: A predictability test for a small number of nested models Published in: Journal of Econometrics, Vol 182, Iss. 1, September 2014: pp 174-185
26/08/2013
Working paper no. 1579: Does the Greenspan era provide evidence on leadership in the FOMC? Published in: Journal of Macroeconomics, 2015, Elsevier, Vol. 43(C), pp 173-190
15/08/2013
Working paper no. 1578: Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets
15/08/2013
Working paper no. 1577: Firms’ financing constraints: do perceptions match the actual situation?
14/08/2013
Working paper no. 1576: Real exchange rate forecasting: a calibrated half-life PPP model can beat the random walk
14/08/2013
Working paper no. 1575: Asset returns under model uncertainty: evidence from the euro area, the U.S. and the U.K.
12/08/2013
Working paper no. 1574: A market-based approach to sector risk determinants and transmission in the euro area
12/08/2013
Working paper no. 1573: The global effects of the euro debt crisis
08/08/2013
Monthly Bulletin, August 2013
08/08/2013
Occasional paper no. 151: Corporate finance and economic activity in the euro area
08/08/2013
Focus: Labour market developments in the euro area and the United States since the beginning of the global financial crisis Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: Results of the ECB survey of professional forecasters for the third quarter of 2013 Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: Integrated euro area accounts for the first quarter of 2013 Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: Stock market developments in the light of the current low-yield environment Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: The results of the euro area bank lending survey for the second quarter of 2013 Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: The perceived external financing gap indicator for small and medium-sized enterprises in the euro area Monthly Bulletin Issue 8, 2013
08/08/2013
Focus: The introduction of the euro in Latvia on 1 January 2014 Monthly Bulletin Issue 8, 2013
08/08/2013
Article: A macro stress-testing framework for bank solvency analysis Monthly Bulletin Issue 8, 2013
08/08/2013
Article: Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation Monthly Bulletin Issue 8, 2013
05/08/2013
Working paper no. 1572: Retail payments and the real economy
05/08/2013
Working paper no. 1571: Professional forecasters and the real-time forecasting performance of an estimated new keynesian model for the euro area
02/08/2013
Working paper no. 1570: Measuring contagion potential among sovereigns and banks using a mixed-cross-section GVAR
02/08/2013
Working paper no. 1569: Regime-switching global vector autoregressive models
01/08/2013
Statistics Pocket Book, August 2013
01/08/2013
Letter from the ECB President to Ms Niki Tzavela, MEP
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01/08/2013
Letter from the ECB President to Ms Niki Tzavela, MEP
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01/08/2013
Letter from the ECB President to Ms Niki Tzavela, MEP
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01/08/2013
Letter from the ECB President to Mr Sven Giegold, MEP [online only]
01/08/2013
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
01/08/2013
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
22/07/2013
Working paper no. 1568: Bank lending and monetary transmission in the euro area Published in: Economic Policy, Vol 28, 2013: pp 423-457
22/07/2013
Working paper no. 1567: Determinants of banking system fragility: a regional perspective
19/07/2013
Letter from the ECB President to Ms Rodi Κratsa-Τsagaropoulou, MEP
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16/07/2013
Letter from the ECB President to Mr Francisco Sosa Wagner, MEP
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16/07/2013
Letter from the ECB President to Mr Marco Scurria, MEP
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16/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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16/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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16/07/2013
Second report on card fraud [online only] Press release:
15/07/2013
Collateral eligibility requirements - a comparative study across specific frameworks [online only] Press release:
11/07/2013
Monthly Bulletin, July 2013
11/07/2013
Focus: Introducing the ECB indicator on euro area industrial new orders Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Progress in the current account adjustment in the euro area in 2012 Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Dwelling stock in the euro area - new data from the eurosystem household finance and consumption survey Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Small and medium-sized enterprises in the euro area: economic importance and financing conditions Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: The information content of inflation options Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Early repayments of funds raised through three-year longer-term refinancing operations: developments since February 2013 Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Croatia joins the European Union Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: Bank funding and lending activity in central and Eastern Europe Monthly Bulletin Issue 7, 2013
11/07/2013
Focus: The governing council's forward guidance on the key ECB interest rates Monthly Bulletin Issue 7, 2013
11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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11/07/2013
Article: Is there a risk of a creeping rise in trade protectionism? Monthly Bulletin Issue 7, 2013
11/07/2013
Article: The Eurosystem collateral framework throughout the crisis Monthly Bulletin Issue 7, 2013
10/07/2013
Working paper no. 1566: Domestic credit growth and international capital flows
09/07/2013
Working paper no. 1565: Risk, uncertainty and monetary policy Published in: Journal of Monetary Economics, Vol 60 (7), October 2013: pp 771-788
09/07/2013
Working paper no. 1564: Now-casting and the real-time data flow Published in: Handbook of Economic Forecasting, Vol 2A, 2013
08/07/2013
Working paper no. 1563: A financial systemic stress index for Greece
08/07/2013
Working paper no. 1562: The effectiveness of the non-standard policy measures during the financial crises: the experiences of the federal reserve and the European Central Bank
05/07/2013
Working paper no. 1561: A twin crisis with multiple banks of issue: Spain in the 1860s
05/07/2013
Working paper no. 1560: Monetary policy, macroprudential policy and banking stability: evidence from the euro area Published in: International Journal of Central Banking, March 2013: pp 121-169
04/07/2013
Occasional paper no. 150: "Loose lips sinking markets?": the impact of political communication on sovereign bond spreads
02/07/2013
The international role of the euro [online only] ePub: en Press release:
01/07/2013
Statistics Pocket Book, July 2013
28/06/2013
Euro area monetary and financial statistics - 2012 quality report [online only]
27/06/2013
Occasional paper no. 146: Islamic finance in Europe
26/06/2013
Occasional paper no. 149: Introducing the ECB indicator on euro area industrial new orders
25/06/2013
Letter from the ECB President to Ms Nessa Childers, MEP [online only]
25/06/2013
Letter from the ECB President to Mr David Campbell Bannerman, MEP [online only]
25/06/2013
Letter from the ECB President to Mr Nikolaos Chountis, MEP
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20/06/2013
Working paper no. 1559: Fishing in the same pool? export strengths and competitiveness of China and CESEE in the EU-15 Market
20/06/2013
Working paper no. 1558: The dynamics of spillover effects during the European sovereign debt crisis
20/06/2013
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
19/06/2013
Working paper no. 1557: On the international spillovers of US quantitative easing
19/06/2013
Occasional paper no. 148: The use of credit claims as collateral for Eurosystem credit operations
19/06/2013
Competitiveness Research Network: First year results [online only]
18/06/2013
Working paper no. 1556: Measuring institutional competitiveness in Europe
18/06/2013
Occasional paper no. 147: Convergence in European retail payments
13/06/2013
Statistics Pocket Book, June 2013
13/06/2013
Monthly Bulletin, June 2013
13/06/2013
Focus: Forecasts by other institutions Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: The fiscal implications of financial sector support Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Three indicators to complement the standard definition of employment and unemployment Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Trends in export market shares in the euro area Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Recent developments in hours worked per employee Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Recent developments in spreads on corporate bonds issued by euro area non-financial corporations Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Liquidity conditions and monetary policy operations in the period from 13 February 2013 to 7 May 2013 Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 6, 2013
13/06/2013
Focus: The role of central and eastern Europe in pan-European and global value chains Monthly Bulletin Issue 6, 2013
12/06/2013
Working paper no. 1555: Hidden gems and borrowers with dirty little secrets: investment in soft information, borrower self-selection and competition
12/06/2013
Working paper no. 1554: Business groups as hierarchies of firms: determinants of vertical integration and performance
12/06/2013
Working paper no. 1553: How important is tourism for the international transmission of cyclical fluctuations? Evidence from the Mediterranean
10/06/2013
Working paper no. 1552: GDP-Inflation cyclical similarities in the CEE countries and the euro area
10/06/2013
Working paper no. 1551: Bubbles, bank credit and macroprudential policies
06/06/2013
Eurosystem staff macroeconomic projections for the euro area [online only]
05/06/2013
Convergence Report 2013
29/05/2013
Financial Stability Review Press release:
24/05/2013
TARGET Annual Report 2012 [online only] Press release:
22/05/2013
Working paper no. 1550: Forecasting fiscal time series using mixed frequency data
14/05/2013
Working paper no. 1549: Optimal CSD reshaping towards T2S Published in: Journal of Financial Market Infrastructures, Vol 2 (2): pp 3-51 as "Optimal central securities depository reshaping toward TARGET 2-Securities"
14/05/2013
Working paper no. 1548: Large global volatility shocks, equity markets and globalisation: 1885-2011
13/05/2013
Working paper no. 1547: Current account reversals in industrial countries: does the exchange rate regime matter?
13/05/2013
Working paper no. 1546: How useful is the marginal expected shortfall for the measurement of systemic exposure? A practical assessment
13/05/2013
Letter from the ECB Vice-President to Mr Mario Borghezio, MEP
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13/05/2013
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
13/05/2013
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
13/05/2013
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP
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13/05/2013
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP
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13/05/2013
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
10/05/2013
Working paper no. 1545: Catching falling knives: speculating on market overreaction
10/05/2013
Working paper no. 1544: House prices, home equity and entrepreneurships
09/05/2013
Statistics Pocket Book, May 2013
09/05/2013
Monthly Bulletin, May 2013
09/05/2013
Focus: Uncovering the dynamics of residential investment Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: The 2013 macroeconomic imbalance procedure Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: Results of the ECB survey of professional forecasters for the second quarter of 2013 Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: Recent house price developments in the euro area Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: Integrated euro area accounts for the fourth quarter of 2012 Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2012 to March 2013 Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: The results of the euro area bank lending survey for the first quarter of 2013 Monthly Bulletin Issue 5, 2013
09/05/2013
Focus: How have global value chains affected world trade patterns? Monthly Bulletin Issue 5, 2013
09/05/2013
Article: Target balances and monetary policy operations Monthly Bulletin Issue 5, 2013
09/05/2013
Article: Country adjustment in the euro area: where do we stand? Monthly Bulletin Issue 5, 2013
09/05/2013
Article: An assessment of Eurosystem staff macroeconomic projections Monthly Bulletin Issue 5, 2013
07/05/2013
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties [online only]
03/05/2013
Working paper no. 1543: Financial imbalances and household welfare: empirical evidence from the EU
03/05/2013
Working paper no. 1542: Central bank liquidity provision, risk-taking and economic efficiency
02/05/2013
Working paper no. 1541: Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?
29/04/2013
Research Bulletin No. 18 [online only]
26/04/2013
Working paper no. 1540: Can macroeconomists forecast risk? Event-based evidence from the euro area SPF
26/04/2013
Survey on the access to finance of small and medium-sized enterprises in the euro area - October 2012 to March 2013 Press release:
25/04/2013
Occasional paper no. 145: Statistics and indicators for financial stability analysis and policy
25/04/2013
Financial integration in Europe ePub: en Press release:
24/04/2013
Annual Report 2012
24/04/2013
Working paper no. 1539: Competition in bank-provided payment services
24/04/2013
Working paper no. 1538: Retained interests in securitisations and implications for bank solvency
23/04/2013
Working paper no. 1537: Prediction using several macroeconomic models
23/04/2013
Working paper no. 1536: Predictive likelihood comparisons with DSGE and DSGE-VAR models
16/04/2013
Working paper no. 1535: Trade adjustment in the European Union - a structural estimation approach
16/04/2013
Working paper no. 1534: Spatial considerations on the PPP debate
15/04/2013
Working paper no. 1533: Optimal asset structure of a bank - bank reactions to stressful market conditions
15/04/2013
Working paper no. 1532: The euro exchange rate during the European sovereign debt crisis - dancing to its own tune?
11/04/2013
Statistics Pocket Book, April 2013
11/04/2013
Monthly Bulletin, April 2013
11/04/2013
Focus: The "two-pack" regulations to strengthen economic governance in the euro area Monthly Bulletin Issue 4, 2013
11/04/2013
Focus: Estimates of slack in the labour market Monthly Bulletin Issue 4, 2013
11/04/2013
Focus: Update of the index and weight reference year to 2010 for short-term business statistics Monthly Bulletin Issue 4, 2013
11/04/2013
Focus: Industrial producer prices for sales in domestic and non-domestic markets Monthly Bulletin Issue 4, 2013
11/04/2013
Focus: Net foreign liabilities in selected euro area countries Monthly Bulletin Issue 4, 2013
11/04/2013
Focus: Recent developments in US fiscal policy and their likely impact on economic activity Monthly Bulletin Issue 4, 2013
11/04/2013
Article: Liquidity regulation and monetary policy implementation Monthly Bulletin Issue 4, 2013
11/04/2013
Article: The Eurosystem Household Finance and Consumption Survey: description and main results of the first wave Monthly Bulletin Issue 4, 2013
10/04/2013
Working paper no. 1531: Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland
10/04/2013
Working paper no. 1530: Innocent bystanders: how foreign uncertainty shocks harm exporters
09/04/2013
The Eurosystem Household Finance and Consumption Survey: Results from the first wave Statistical table: y Press release
09/04/2013
The Eurosystem Household Finance and Consumption Survey: Methodological report for the first wave Press release:
08/04/2013
Statistics paper no. 2: The Eurosystem Household Finance and Consumption Survey - Results from the first wave Statistical tables: en
08/04/2013
Working paper no. 1529: Fiscal regimes in the EU
08/04/2013
Working paper no. 1528: The ECB's non-standard monetary policy measures: the role of institutional factors and financial structure Published in: Oxford Review of Economic Policy, Vol 28, 2012: pp 765-803
08/04/2013
Statistics paper no. 1: The Eurosystem Household Finance and Consumption Survey - Methodological report
08/04/2013
Eighth survey on correspondent banking in euro Press release:
04/04/2013
Letter from the ECB President to Mr Francesco Enrico Speroni, MEP [online only]
04/04/2013
Letter from the ECB President to Mr Nuno Melo, MEP
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25/03/2013
Working paper no. 1527: Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area Published in: Economic policy, Vol 28, 2013: pp 459-512
21/03/2013
SEPA migration report, March 2013 [online only] Press release:
15/03/2013
Letter from the ECB President to Mr Liêm Hoang Ngoc, MEP
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[online only]
14/03/2013
Statistics Pocket Book, March 2013
14/03/2013
Monthly Bulletin, March 2013
14/03/2013
Focus: Growth effects of high government debt Monthly Bulletin Issue 3, 2013
14/03/2013
Focus: ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 3, 2013
14/03/2013
Focus: Stockbuilding developments since 2008 Monthly Bulletin Issue 3, 2013
14/03/2013
Focus: The role of profits in shaping domestic price pressures in the euro area Monthly Bulletin Issue 3, 2013
14/03/2013
Focus: Liquidity conditions and monetary policy operations in the period from 14 November 2012 to 12 February 2013 Monthly Bulletin Issue 3, 2013
14/03/2013
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 3, 2013
13/03/2013
Working paper no. 1526: A dynamic limit order market with fast and slow traders
07/03/2013
Working paper no. 1525: Liquidity constraints, risk premia, and themacroeconomic effects of liquidity shocks
07/03/2013
Working paper no. 1524: Bank leverage cycles
07/03/2013
ECB staff macroeconomic projections for the euro area [online only]
06/03/2013
Working paper no. 1523: Estimating GVAR weight matrices
06/03/2013
Working paper no. 1522: What does a financial shock do? First international evidence Published in: Economic Policy, Vol 27 (71), July 2012: pp 407-445
05/03/2013
Working paper no. 1521: Financial frictions in the euro area: a Bayesian assessment
05/03/2013
Working paper no. 1520: The pricing of G7 sovereign bond spreads: the times, they are a-changin
04/03/2013
Working paper no. 1519: Adverse selection, market access and inter-market competition
04/03/2013
Working paper no. 1518: Fiscal composition and long-term growth Published in: Applied Economics, Vol 46 (3), 2014: pp 349-358
26/02/2013
Working paper no. 1517: Employment duration and shifts into retirement in the EU
25/02/2013
Occasional paper no. 144: The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?
25/02/2013
Occasional paper no. 143: Financial shocks and the macroeconomy: heterogeneity and non-linearities
15/02/2013
Working paper no. 1516: Bank-firm relationships and the survival of non-financial firms during the financial crisis 2008-2009
15/02/2013
Working paper no. 1515: Non-performing loans: what matters in addition to the economic cycle?
15/02/2013
Working paper no. 1514: Booms and systemic banking crises
15/02/2013
Working paper no. 1513: Fiscal stimulus in times of high debt: reconsidering multipliers and twin deficits
14/02/2013
Statistics Pocket Book, February 2013
14/02/2013
Monthly Bulletin, February 2013
14/02/2013
Focus: Unemployment developments in the euro area Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: Changes in the allocation of gross value added in the euro area: a sectoral perspective Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2013 Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: Base effects and their impact on HICP inflation in 2013 Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: Integrated euro area accounts for the third quarter of 2012 Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: Early repayment of funds raised through three-year longer-term refinancing operations: economic rationale and impact on the money market Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: The results of the euro area bank lending survey for the fourth quarter of 2012 Monthly Bulletin Issue 2, 2013
14/02/2013
Focus: The implications of the resurgence in fossil energy production Monthly Bulletin Issue 2, 2013
14/02/2013
Article: Enhancing the monitoring of shadow banking Monthly Bulletin Issue 2, 2013
14/02/2013
Article: The importance and effectiveness of national fiscal frameworks in the EU Monthly Bulletin Issue 2, 2013
13/02/2013
Working paper no. 1512: Learning about wage and price mark-ups in euro area countries
11/02/2013
Working paper no. 1511: Fiscal consolidations and bank balance sheets
11/02/2013
Eurosystem's response to IOSCO's consultation report on financial benchmarks [online only]
11/02/2013
Eurosystem's response to the EBA and ESMA's public consultation on the principles for benchmark-setting processes in the EU [online only]
06/02/2013
Working paper no. 1510: Macro-networks: an application to the euro area financial accounts
04/02/2013
Occasional paper no. 142: China's economic growth and rebalancing
01/02/2013
Working paper no. 1509: On policymakers' loss function and the evaluation of early warning systems Published in: Economics Letters, Vol 119 (1): pp 1-7.
31/01/2013
Occasional paper no. 141: External competitiveness of EU candidate countries
31/01/2013
Recommendations for the security of internet payments. Final version after public consultation [online only] Press release:
31/01/2013
Recommendations for the security of internet payments: outcome of the public consultation [online only] Press release:
31/01/2013
Recommendations for "payment account access" services. Draft document for public consultation [online only] Press release:
28/01/2013
Bank structural reform - Position of the Eurosystem on the Commission's consultation document [online only]
24/01/2013
Working paper no. 1508: A non-standard monetary policy shock: the ECB's 3-year LTROs and the shift in credit supply
24/01/2013
Working paper no. 1507: Panel vector autoregressive models: a survey
24/01/2013
Working paper no. 1506: Assessing interbank contagion using simulated networks Published in: Computational Management Science, Vol 10 (2), 2013: pp 157-186
22/01/2013
Working paper no. 1505: Interest rate volatility: a consol rate-based measure
17/01/2013
Statistics Pocket Book, January 2013
17/01/2013
Monthly Bulletin, January 2013
17/01/2013
Focus: How income payments, current transfers and the oil balance hamper current account adjustment Monthly Bulletin Issue 1, 2013
17/01/2013
Focus: Recent developments in the wage drift in the euro area Monthly Bulletin Issue 1, 2013
17/01/2013
Focus: China's growth outlook Monthly Bulletin Issue 1, 2013
17/01/2013
Article: Intra-euro area trade linkages and external adjustment Monthly Bulletin Issue 1, 2013
17/01/2013
Article: Confidence indicators and economic developments Monthly Bulletin Issue 1, 2013
15/01/2013
Occasional paper no. 140: Financial stability analysis: insights gained from consolidated banking data for the EU
11/01/2013
Legal working paper no. 14: Central Bank involvement in macro-prudential oversight
09/01/2013
Letter from the ECB President to Mr Sven Giegold, MEP [online only]
09/01/2013
Letter from the ECB President to Mr Crescenzio Rivellini, MEP
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[online only]
08/01/2013
Working paper no. 1504: International R&D Spillovers: Technology Transfer vs. R&D Synergies