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Publications published in 2014

19/12/2014
Working paper no. 1756: The coevolution of money markets and monetary policy, 1815-2008
19/12/2014
Working paper no. 1755: Fragmentation in the euro overnight unsecured money market Published in: Economics Letters, Vol 125, 2014, Iss. 2, pp 298-302
19/12/2014
Letter from Jean-Claude Trichet, President of the ECB, and Mr. Fernandez-Ordonez to Mr. Zapatero, Prime Minister of Spain, on 5 August 2011
19/12/2014
Reply from Mr. Zapatero, Prime Minister of Spain to Jean-Claude Trichet, President of the ECB, on 6 August 2011
18/12/2014
Working paper no. 1754: New evidence on elementary index bias
18/12/2014
Working paper no. 1753: MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period
18/12/2014
Legal framework for Banking Supervision, Volume 1 (December 2014) ePub: en
17/12/2014
Working paper no. 1752: How do exporters react to changes in cost competitiveness?
17/12/2014
Working paper no. 1751: Competition in the Portuguese economy: estimated price-cost margins under imperfect labour markets
17/12/2014
Letter from the ECB President to Mr Fabio De Masi, MEP, on the ABSPP
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17/12/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on adjustment programmes
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17/12/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the ABSPP and CBPP3
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[online only]
16/12/2014
Working paper no. 1750: How do financial institutions forecast sovereign spreads?
16/12/2014
Working paper no. 1749: Linking distress of financial institutions to macrofinancial shocks
15/12/2014
Working paper no. 1748: Enterprise productivity: a three-speed Europe
15/12/2014
Working paper no. 1747: Disaggregating Okun's law: decomposing the impact of the expenditure components of GDP on euro area unemployment
11/12/2014
Focus: The review of draft budgetary plans for 2015 Monthly Bulletin Issue 12, 2014
11/12/2014
Focus: New statistical indicators on government debt securities and their use in fiscal analysis and surveillance Monthly Bulletin Issue 12, 2014
11/12/2014
Focus: The current weakness in euro area investment compared with past crisis episodes Monthly Bulletin Issue 12, 2014
11/12/2014
Focus: Indirect effects of oil price developments on euro area inflation Monthly Bulletin Issue 12, 2014
11/12/2014
Focus: Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2014 Monthly Bulletin Issue 12, 2014
11/12/2014
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 12, 2014
11/12/2014
Article: December 2014 Eurosystem staff macroeconomic projections for the euro area Monthly Bulletin Issue 12, 2014
10/12/2014
Letter from the ECB President to Mr Miguel Viegas, MEP, on the comprehensive assessment
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10/12/2014
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on aspects related to banknotes production
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09/12/2014
Statistics paper no. 6: Modelling industrial new orders for the euro area Data file for charts and tables: en
09/12/2014
2014 update of the ECB’s environmental statement
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[online only]
04/12/2014
Working paper no. 1746: Financial indicators signalling correlation changes in sovereign bond markets
04/12/2014
Eurosystem staff macroeconomic projections for the euro area [online only]
02/12/2014
Working paper no. 1745: Model of the United States economy with learning MUSEL
02/12/2014
Working paper no. 1744: Retail market structure and consumer prices in the euro area
28/11/2014
Working paper no. 1743: Measuring financial conditions in major non-euro area economies
28/11/2014
Working paper no. 1742: Within- and cross-country price dispersion in the euro area
27/11/2014
Financial Stability Review [online only] Press release:
26/11/2014
Letter from the ECB President to Mr Mario Borghezio, MEP, on the ABS purchase programme
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26/11/2014
Letter from the ECB President to Mr Bernard Monot, MEP, on the ABS purchase programme and the ‘funding’ of the Eurosystem’s lending operations
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26/11/2014
Letter from the ECB President to Mr Fabio de Masi, MEP, on temporary labour at the ECB [online only]
19/11/2014
Occasional paper no. 157: The identification of fiscal and macroeconomic imbalances - unexploited synergies under the strengthened EU governance framework
18/11/2014
Guide for the assessment of direct debit schemes against the oversight standards [online only]
18/11/2014
Guide for the assessment of credit transfer schemes against the oversight standards [online only]
13/11/2014
Monthly Bulletin, November 2014
13/11/2014
Focus: A closer look at the recovery in euro area services Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: The impact of the European System of Accounts 2010 on euro area macroeconomic Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Recent revisions to projections of euro area HICP inflation Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2014 Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Integrated euro area accounts for the second quarter of 2014 Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Survey on the access to finance of enterprises in the euro area: April to September 2014 Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: The results of the euro area bank lending survey for the third quarter of 2014 Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Understanding the recent decline in oil prices Monthly Bulletin Issue 11, 2014
13/11/2014
Focus: Cyclical improvements in the labour markets of non-euro area EU countries Monthly Bulletin Issue 11, 2014
13/11/2014
Article: Early warning indicators for fiscal stress in European budgetary surveillance Monthly Bulletin Issue 11, 2014
13/11/2014
Article: The financial vulnerability of euro area households - evidence from the Eurosystem's Household Finance and Consumption Survey Monthly Bulletin Issue 11, 2014
12/11/2014
Survey on the access to finance of small and medium-sized enterprises in the euro area - April 2014 to September 2014 [online only] Press release
11/11/2014
Working paper no. 1741: Financial reputation, market interventions and debt issuance by banks: a truncated two-part model approach
11/11/2014
Working paper no. 1740: Exports and capacity constraints - a smooth transition regression model for six euro area countries
03/11/2014
Occasional paper no. 156: Potential output from a euro area perspective
03/11/2014
Letter from the ECB President to Ms Paloma Lopez Bermejo, MEP, on unconventional measures and fiscal policies
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03/11/2014
Letter from the ECB President to Brian Hayes, MEP, on participation of Irish banks in the TLTRO [online only]
03/11/2014
Letter from the ECB President to Mr Miguel Viegas, MEP, on Novo Banco
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03/11/2014
Letter from the ECB President to Mr Bernd Lucke, MEP, on ECB measures
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03/11/2014
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on unconventional measures
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03/11/2014
Letter from the ECB President to Ms Sophie Montel, MEP, on ECB measures
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[online only]
03/11/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek programme
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[online only]
03/11/2014
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on the comprehensive assessment
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[online only]
03/11/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on Greek banks
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03/11/2014
Letter from the ECB President to Mr Nicola Caputo, MEP, on various issues
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[online only]
03/11/2014
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on Greek banks
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[online only]
26/10/2014
Aggregate report on the comprehensive assessment Press release:
26/10/2014
Summary of the aggregate report on the comprehensive assessment [online only] Press release:
24/10/2014
Working paper no. 1739: Global value chains: surveying drivers and measures
22/10/2014
Working paper no. 1738: Optimal monetary policy, asset purchases, and credit market frictions
22/10/2014
Working paper no. 1737: Financial fragility of euro area households
20/10/2014
Mandate of the European Forum on the Security of Retail Payments [online only] Press release
17/10/2014
Letter from the ECB President to Mr Valli and Mr Zanni, MEPs
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17/10/2014
Contribution of the Eurosystem to the public consultation of the European Commission on the mid-term review of the “Europe 2020 strategy” [online only]
17/10/2014
Euro Money Market Survey 2014 [online only] Press release
16/10/2014
ECB statistics: a brief overview
16/10/2014
Bridging tables between the accounting balance sheet items of the NCBS and the ECB and the items to be reported for statistical purposes [online only]
13/10/2014
The case for a better functioning securitisation market in the European Union: synthesis of responses [online only]
13/10/2014
The case for a better functioning securitisation market in the European Union: A discussion paper - Responses [online only]
13/10/2014
Banking structures report, October 2014 [online only] Press release
10/10/2014
Progress through crisis? Proceedings of the conference for the 20th anniversary of the establishment of the European Monetary Institute [online only] ePub: en
09/10/2014
Monthly Bulletin, October 2014
09/10/2014
Focus: What lies behind the recent decline in economic sentiment? Monthly Bulletin Issue 10, 2014
09/10/2014
Focus: Developments in consumer gas prices in the euro area Monthly Bulletin Issue 10, 2014
09/10/2014
Focus: The targeted longer-term refinancing operation of September 2014 Monthly Bulletin Issue 10, 2014
09/10/2014
Article: The assessment of fiscal effort Monthly Bulletin Issue 10, 2014
09/10/2014
Article: The impact of the economic crisis on euro area labour markets Monthly Bulletin Issue 10, 2014
01/10/2014
Letter from the ECB President to Mr Balz, MEP [online only]
01/10/2014
Letter from the ECB President to Mr Hayes, MEP [online only]
01/10/2014
Letter from the ECB President to Mr Hayes, MEP [online only]
29/09/2014
Working paper no. 1736: Measuring the effectiveness of cost and price competitiveness in external rebalancing of euro area countries: What do alternative HCIs tell us?
24/09/2014
Letter from the ECB President to Isabella Adinolfi, Marco Affronte, Laura Agea and 14 other Members of the European Parliament
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18/09/2014
Working paper no. 1735: Forecasting the Brent oil price: addressing time-variation in forecast performance
18/09/2014
Working paper no. 1734: Pensions and fertility: back to the roots - The introduction of Bismarck's pension scheme and the European fertility decline
17/09/2014
Occasional paper no. 155: The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis
12/09/2014
Working paper no. 1733: Conditional forecasts and scenario analysis with vector autoregressions for large cross-sections
12/09/2014
Working paper no. 1732: One currency, one price? Euro changeover-related inflation in Estonia
10/09/2014
Working paper no. 1731: Do federal reserve bank presidents have a regional bias? Published in: European Journal of Political Economy, Vol 40, Part A, December 2015: pp 173–183
10/09/2014
Working paper no. 1730: Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic
08/09/2014
Statistics paper no. 5: Social media sentiment and consumer confidence
04/09/2014
ECB staff macroeconomic projections for the euro area [online only]
01/09/2014
Statistics Pocket Book, September 2014
01/09/2014
Monthly Bulletin, September 2014
01/09/2014
Working paper no. 1729: Flight to liquidity and the Great Recession
01/09/2014
Working paper no. 1728: Financial stress and economic dynamics: the transmission of crises Published in: Journal of Monetary Economics, Vol 70, March 2015: pp. 100-115
01/09/2014
Focus: Country-specific recommendations for fiscal policies under the 2014 European Semester Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: The structural balance as an indicator of the underlying fiscal position Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: The responsiveness of HICP items to changes in economic slack Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: Liquidity conditions and monetary policy operations in the period from 14 May to 12 August 2014 Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: Estimating expected liquidity conditions in the euro area Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 9, 2014
01/09/2014
Focus: Recent economic developments in Japan Monthly Bulletin Issue 9, 2014
01/09/2014
Article: September 2014 ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 9, 2014
01/09/2014
Government Finance Statistics Guide [online only]
25/08/2014
Working paper no. 1727: The effects of government spending in a small open economy within a monetary union
22/08/2014
Working paper no. 1726: Banks, shadow banking, and fragility
22/08/2014
Working paper no. 1725: Fiscal devaluation in the euro area: a model-based analysis
21/08/2014
Working paper no. 1724: Analysing and forecasting price dynamics across euro area countries and sectors: a panel VAR approach
21/08/2014
Working paper no. 1723: Identifying excessive credit growth and leverage
20/08/2014
Working paper no. 1722: How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey
20/08/2014
Working paper no. 1721: Capital flows and macroprudential policies - A multilateral assessment of effectiveness and externalities
19/08/2014
Working paper no. 1720: Export dynamics and sales at home
18/08/2014
Working paper no. 1719: Intra-industry trade between CESEE countries and the EU15
18/08/2014
Working paper no. 1718: The impact of housing non-cash income on the unconditional distribution of household income in Austria
15/08/2014
Working paper no. 1717: Short-term determinants of the idiosyncratic sovereign risk premium: a regime-dependent analysis for european credit default swaps Published in: Journal of Empirical Finance (forthcoming)
15/08/2014
Working paper no. 1716: Collateral amplification under complete markets
14/08/2014
Monthly Bulletin, August 2014
14/08/2014
Focus: A new indicator on euro area capacity utilisation in services Monthly Bulletin Issue 8, 2014
14/08/2014
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2014 Monthly Bulletin Issue 8, 2014
14/08/2014
Focus: House prices and the rent component of the HICP in the euro area Monthly Bulletin Issue 8, 2014
14/08/2014
Focus: Integrated euro area accounts for the first quarter of 2014 Monthly Bulletin Issue 8, 2014
14/08/2014
Focus: The results of the euro area bank lending survey for the second quarter of 2014 Monthly Bulletin Issue 8, 2014
14/08/2014
Focus: The introduction of the euro in Lithuania on 1 January 2015 Monthly Bulletin Issue 8, 2014
14/08/2014
Article: New international standards in statistics - enhancements to methodology and data availability Monthly Bulletin Issue 8, 2014
14/08/2014
Article: Experience with foreign currency liquidity-providing central bank swaps Monthly Bulletin Issue 8, 2014
13/08/2014
Working paper no. 1715: Stability or upheaval? The currency composition of international reserves in the long run
13/08/2014
Working paper no. 1714: Credit supply dynamics and economic activity in euro area countries: a time-varying parameter VAR analysis Published in: Journal of International Money and Finance, Vol. 54, June 2015: pp 93-115
12/08/2014
Working paper no. 1713: Employment, hours and optimal monetary policy
12/08/2014
Working paper no. 1712: Signalling fiscal stress in the euro area - a country-specific early warning system
11/08/2014
Working paper no. 1711: Understanding bank-run contagion
11/08/2014
Working paper no. 1710: Market perception of sovereign credit risk in the euro area during the financial crisis
08/08/2014
Comprehensive assessment stress test manual [online only] Press release
07/08/2014
Letter from the ECB President to Mr De Masi, MEP [online only]
06/08/2014
Working paper no. 1709: Wealth and income in the euro area: Heterogeneity in households' behaviours?
06/08/2014
Working paper no. 1708: Optimal mechanisms for the control of fiscal deficits
05/08/2014
Working paper no. 1707: The financial and macroeconomic effects of OMT announcements
05/08/2014
Working paper no. 1706: A consistent set of multilateral productivity approach-based indicators of price competitiveness Published in: Journal of International Money and Finance (forthcoming)
04/08/2014
Working paper no. 1705: Household heterogeneity in the euro area since the onset of the great recession
04/08/2014
Working paper no. 1704: Are foreign-owned firms different? Comparison of employment volatility and elasticity of labour demand
01/08/2014
Statistics Pocket Book, August 2014
01/08/2014
Working paper no. 1703: Alternatives for issuer-paid credit rating agencies
01/08/2014
Working paper no. 1702: Bank lines of credit as contingent liquidity: A study of covenant violations and their implications
31/07/2014
Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2014 update [online only] ePub version: en
28/07/2014
Working paper no. 1701: European competitiveness - A semiparametric stochastic metafrontier analysis at the firm level
28/07/2014
Working paper no. 1700: Contagious herding and endogenous network formation in financial networks
28/07/2014
Occasional paper no. 154: The impact of regulating occupational pensions in Europe on investment and financial stability
25/07/2014
Working paper no. 1699: Intermediate inputs, external rebalancing and relative price adjustment Published in: Journal of International Economics, Vol 94, 2014, Iss. 2, pp 248-262
25/07/2014
Working paper no. 1698: Margin regulation and volatility
24/07/2014
Working paper no. 1697: The growth impact of discretionary fiscal policy measures
22/07/2014
Working paper no. 1696: A theory of pruning
22/07/2014
Working paper no. 1695: Collateral imbalances in intra-european trade? Accounting for the difference between gross and value added trade balances
16/07/2014
The international role of the euro [online only] ePub: en Press release:
15/07/2014
Working paper no. 1694: Term premia implications of macroeconomic regime changes Published in: Macroeconomic Dynamics (forthcoming)
15/07/2014
Working paper no. 1693: Logit price dynamics
14/07/2014
Working paper no. 1692: How fat is the top tail of the wealth distribution?
14/07/2014
Working paper no. 1691: Crisis-proof services: Why trade in services did not suffer during the 2008-2009 collapse
11/07/2014
Working paper no. 1690: Household wealth in the euro area: the importance of intergenerational transfers, homeownership and house price dynamics
11/07/2014
Working paper no. 1689: Oil prices, exchange rates and asset prices
10/07/2014
Statistics Pocket Book, July 2014
10/07/2014
Monthly Bulletin, July 2014
10/07/2014
Working paper no. 1688: Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
10/07/2014
Working paper no. 1687: Banks' financial distress, lending supply and consumption expenditure
10/07/2014
Focus: The macroeconomic effects of structural reforms Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Predicting the strength of recoveries Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Recent developments in inflation forecasts and shorter and longer-term inflation expectations in the euro area Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Inflation risk premia in market-based measures of inflation expectations Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Real interest rates in the euro area: a longer-term perspective Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Commodity price developments and their implications for global inflation Monthly Bulletin Issue 7, 2014
10/07/2014
Focus: Understanding global trade elasticities: what has changed? Monthly Bulletin Issue 7, 2014
10/07/2014
Article: The Phillips curve relationship in the euro area Monthly Bulletin Issue 7, 2014
10/07/2014
Article: SME access to finance in the euro area: barriers and potential policy remedies Monthly Bulletin Issue 7, 2014
10/07/2014
Article: Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policy Monthly Bulletin Issue 7, 2014
07/07/2014
Euro repo market: improvements for collateral and liquidity management [online only]
07/07/2014
Improvements to commercial bank money (COBM) settlement arrangements for collateral operations [online only]
07/07/2014
Collateral eligibility and availability: Follow-up to the report on "Collateral eligibility requirements - a comparative study across specific frameworks" [online only]
02/07/2014
Working paper no. 1686: Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate
23/06/2014
Report on the macro-prudential research network (MaRs) [online only]
12/06/2014
Statistics Pocket Book, June 2014
12/06/2014
Monthly Bulletin, June 2014
12/06/2014
Focus: Fiscal councils in EU countries Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Survey evidence on investment developments across SMEs and large firms Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Recent trends in household real disposable income Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Risk of deflation? Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: The role of global factors in recent developments in euro area inflation Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Liquidity conditions and monetary policy operations in the period from 12 February 2014 to 13 May Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 6, 2014
12/06/2014
Focus: Recent developments in MFI loans to non-financial corporations, broken down by economic sector Monthly Bulletin Issue 6, 2014
12/06/2014
Article: June 2014 Eurosystem staff macroeconomic projections for the euro area Monthly Bulletin Issue 6, 2014
06/06/2014
Research Bulletin No. 21 [online only]
05/06/2014
Working paper no. 1685: Consumer cash usage: a cross-country comparison with payment diary survey data
05/06/2014
Working paper no. 1684: This is what's in your wallet... and how you use it
05/06/2014
Working paper no. 1683: Migrants' choice of remittance channel: Do general payment habits play a role? Published in: World Development (forthcoming)
05/06/2014
Working paper no. 1682: Paying for payments: free payments and optimal interchange fees
05/06/2014
Eurosystem staff macroeconomic projections for the euro area [online only]
30/05/2014
Working paper no. 1681: Euro area external imbalances and the burden of adjustment
30/05/2014
The case for a better functioning securitisation market in the European Union: A discussion paper Joint paper by the ECB and the Bank of England
28/05/2014
Financial Stability Review [online only] ePub version: en Press release:
28/05/2014
MFI balance sheet and interest rate statistics, securities holdings and implementing technical standards on supervisory reporting [online only]
27/05/2014
Occasional paper no. 153: Why accounting matters: a central bank perspective
26/05/2014
Letter from the ECB President to Mr Nuno Melo, MEP
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26/05/2014
Letter from the ECB President to Mr Zijlstra, MEP [online only]
26/05/2014
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
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[online only]
23/05/2014
Working paper no. 1680: Verti-zontal differentiation in export markets
23/05/2014
Working paper no. 1679: Density characteristics and density forecast performance: a panel analysis Published in: Empirical Economics (forthcoming)
22/05/2014
TARGET Annual Report 2013 [online only] Press release:
21/05/2014
Working paper no. 1678: Competition and bank risk: the effect of securitization and bank capital
21/05/2014
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
20/05/2014
Working paper no. 1677: Mapping global value chains
20/05/2014
Working paper no. 1676: Does a leverage ratio requirement increase bank stability? Published in: Journal of Banking and Finance, Vol 39, February 2014: pp 240-254
15/05/2014
Statistics Pocket Book, May 2014
15/05/2014
Monthly Bulletin, May 2014
15/05/2014
Focus: Recent developments in the consumption of durable goods in the euro area Monthly Bulletin Issue 5, 2014
15/05/2014
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2014 Monthly Bulletin Issue 5, 2014
15/05/2014
Focus: Calendar effects in recent inflation developments Monthly Bulletin Issue 5, 2014
15/05/2014
Focus: Integrated euro area accounts for the fourth quarter of 2013 Monthly Bulletin Issue 5, 2014
15/05/2014
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2013 to March 2014 Monthly Bulletin Issue 5, 2014
15/05/2014
Focus: The results of the euro area bank lending survey for the first quarter of 2014 Monthly Bulletin Issue 5, 2014
15/05/2014
Article: The determinants of euro area sovereign bond yield spreads during the crisis Monthly Bulletin Issue 5, 2014
15/05/2014
Article: Euro area sectoral activity since 2008 Monthly Bulletin Issue 5, 2014
14/05/2014
Working paper no. 1675: The VIX, the variance premium and stock market volatility
13/05/2014
Working paper no. 1674: ECB monetary policy surprises: identification through cojumps in interest rates
13/05/2014
Working paper no. 1673: Micro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in Austria
12/05/2014
Final recommendations for the security of payment account access services following the public consultation [online only]
07/05/2014
Working paper no. 1672: Wealth differences across borders and the effect of real estate price dynamics: evidence from two household surveys
07/05/2014
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
30/04/2014
Survey on the access to finance of small and medium-sized enterprises in the euro area - October 2013 to March 2014 [online only] Press release:
29/04/2014
Card payments in Europe – a renewed focus on SEPA for cards [online only] Press release:
28/04/2014
Working paper no. 1671: Economic surprises and inflation expectations: Has anchoring of expectations survived the crisis?
28/04/2014
Working paper no. 1670: Identifying hubs and spokes in global supply chains using redirected trade in value added
28/04/2014
Financial Integration in Europe [online only] ePUB version: en Press release:
25/04/2014
Euro area quarterly financial accounts - 2013 quality report [online only]
14/04/2014
Working paper no. 1669: The international dimension of confidence shocks
11/04/2014
The impaired EU securitisation market: causes, roadblocks and how to deal with them Joint paper by the ECB and the Bank of England
10/04/2014
Statistics Pocket Book, April 2014
10/04/2014
Monthly Bulletin, April 2014
10/04/2014
Focus: Euro area sectoral value added growth and the Purchasing Managers' Index Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Factors behind the fall and recovery in business investment Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Slack in the euro area economy Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Potential measurement issues in consumer price indices Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Eurosystem Credit Assessment Framework for monetary policy operations Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Recent developments in debt securities issued by non-financial corporations in the euro area Monthly Bulletin Issue 4, 2014
10/04/2014
Focus: Is the unemployment rate a sound gauge of labour market developments in the United States? Monthly Bulletin Issue 4, 2014
10/04/2014
Article: Fiscal multipliers and the timing of consolidation Monthly Bulletin Issue 4, 2014
10/04/2014
Article: The ECB's forward guidance Monthly Bulletin Issue 4, 2014
07/04/2014
Annual Report 2013
04/04/2014
Working paper no. 1668: The effect of G20 summits on global financial markets
03/04/2014
Working paper no. 1667: Rollover risk, liquidity, and macro-prudential regulation
03/04/2014
Working paper no. 1666: Measuring bilateral spillover and testing contagion on sovereign bond markets in Europe Published in: Journal of Banking and Finance, Vol 46, 2014, pp 151-165
02/04/2014
Working paper no. 1665: Optimal level of government debt - matching wealth inequality and the fiscal sector
02/04/2014
Working paper no. 1664: Tax deferral and mutual fund inflows - evidence from a quasi-natural experiment
02/04/2014
Euro area balance of payments and international investment position statistics - 2013 quality report [online only]
01/04/2014
Working paper no. 1663: Net wealth across the euro area - why household structure matters and how to control for it Annex: en
01/04/2014
Working paper no. 1662: Wealth shocks, credit-supply shocks, and asset allocation: evidence from household and firm portfolios
31/03/2014
Working paper no. 1661: Cross-border commuting and consuming: an empirical investigation
27/03/2014
Working paper no. 1660: U.S. consumer demand for cash in the era of low interest rates and electronic payments
27/03/2014
Working paper no. 1659: Wishful thinking or effective threat? tightening bank resolution regimes and bank risk-taking
26/03/2014
Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull ePUB version: en
18/03/2014
Public note on security of payment account access services [online only] Responses
18/03/2014
Letter from the Chair of the Supervisory Board to Ms Sharon Bowles, Chairwoman of the Committee on Economic and Monetary Affairs at the European Parliament [online only]
17/03/2014
Working paper no. 1658: Commonality in hedge fund returns: driving factors and implications Published in: Journal of Banking and Finance, Vol. 54, May 2015: pp. 266-280
17/03/2014
Working paper no. 1657: The costs and beliefs impliedby direct stock ownership
14/03/2014
Working paper no. 1656: Consumption inequality and family labor supply
14/03/2014
Working paper no. 1655: The distribution of wealth and the marginal propensity to consume
13/03/2014
Statistics Pocket Book, March 2014
13/03/2014
Monthly Bulletin, March 2014
13/03/2014
Working paper no. 1654: Sovereign credit ratings, market volatility, and financial gains Published in: Computational Statistics and Data Analysis (forthcoming)
13/03/2014
Working paper no. 1653: Fiscal activism and the zero nominal interest rate bound
13/03/2014
Focus: Key challenges for the surveillance of economic and fiscal policies under the 2014 European Semester Monthly Bulletin Issue 3, 2014
13/03/2014
Focus: Impact of services and non-energy industrial goods prices on the recent decline in HICP inflation Monthly Bulletin Issue 3, 2014
13/03/2014
Focus: Debt of non-financial corporations: consolidated and non-consolidated measures Monthly Bulletin Issue 3, 2014
13/03/2014
Focus: Liquidity conditions and monetary policy operations in the period from 13 November 2013 to 11 February 2014 Monthly Bulletin Issue 3, 2014
13/03/2014
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 3, 2014
13/03/2014
Focus: Repercussions of the recent financial market tensions in emerging market economies Monthly Bulletin Issue 3, 2014
13/03/2014
Article: March 2014 ECB Staff macroeconomic projections for the euro area Monthly Bulletin Issue 3, 2014
12/03/2014
Working paper no. 1652: Macroeconomic experiences and risk taking of euro area households
12/03/2014
Working paper no. 1651: Network effects, homogeneous goods and international currency choice: new evidence on oil markets from an older era
11/03/2014
Working paper no. 1650: The euro plus pact: cost competitiveness and external capital flows in the EU countries
11/03/2014
Working paper no. 1649: Global corporate bond issuance: what role for US quantitative easing?
10/03/2014
Working paper no. 1648: The Distribution of wealth and the MPC: implications of new European data
10/03/2014
Working paper no. 1647: External and macroeconomic adjustment in the larger euro area countries
07/03/2014
Working paper no. 1646: Modeling emergence of the interbank networks
07/03/2014
Working paper no. 1645: Forward-looking reaction to bank regulation
06/03/2014
Working paper no. 1644: Financial conditions index and credit supply shocks for the euro area
06/03/2014
Working paper no. 1643: Has US household deleveraging ended? a model-based estimate of equilibrium debt Published in: The B.E. Journal of Macroeconomics, Vol 15, January 2015, Iss. 1: pp 255-307
06/03/2014
ECB staff macroeconomic projections for the euro area [online only]
28/02/2014
Working paper no. 1642: A high frequency assessment of the ECB securities markets programme
27/02/2014
Decision of the European Central Bank of 31 January 2014 on the close cooperation with the national competent authorities of participating Member States whose currency is not the euro (ECB/2014/5) [online only]
25/02/2014
Third report on card fraud [online only] Press release:
21/02/2014
Working paper no. 1641: Rational blinders: strategic selection of risk models and bank capital regulation
21/02/2014
Working paper no. 1640: What drives the market share changes? price versus non-price factors
21/02/2014
ELA procedures [online only] Governing Council decisions (21 Feb 2014)
20/02/2014
Working paper no. 1639: The distribution of debt across euro area countries: the role of individual characteristics, institutions and credit conditions
20/02/2014
Working paper no. 1638: Central clearing and collateral demand
19/02/2014
Working paper no. 1637: Characterizing very high uncertainty episodes
19/02/2014
Working paper no. 1636: The impact of monetary policy and exchange rate shocks in Poland: evidence from a time-varying VAR
19/02/2014
Letter from the ECB President to Mr Crescenzio Rivellini, MEP
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[online only]
19/02/2014
Letter from the ECB President to Ms Martina Anderson, MEP [online only]
19/02/2014
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
18/02/2014
Working paper no. 1635: Does the federal reserve staff still beat private forecasters? Published in: International Journal of Forecasting, Vol 32, 2016: pp 313 - 323 as “Revisiting the relative forecast performances of Fed staff and private forecasters: A dynamic approach” (forthcoming)
18/02/2014
Working paper no. 1634: Micro-based evidence of EU competitiveness: the CompNet database
13/02/2014
Statistics Pocket Book, February 2014
13/02/2014
Monthly Bulletin, February 2014
13/02/2014
Focus: Developments in youth unemployment in euro area countries since the onset of the crisis Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2014 Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Experimental indicators of commercial property prices Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Base effects from the volatile components of the HICP and their impact on HICP inflation in 2014 Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Integrated euro area accounts for the third quarter of 2013 Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: The results of the euro area bank lending survey for the fourth quarter of 2013 Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: The Latvian MFI sector and its impact on monetary statistics for the euro area Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Current account adjustment in the EU Member States of central and eastern Europe Monthly Bulletin Issue 2, 2014
13/02/2014
Focus: Drivers of recent global inflation developments Monthly Bulletin Issue 2, 2014
13/02/2014
Article: Deleveraging patterns in the euro area corporate sector Monthly Bulletin Issue 2, 2014
13/02/2014
Article: Extensions to the models for assessing money and credit Monthly Bulletin Issue 2, 2014
12/02/2014
Research Bulletin No 20 [online only]
06/02/2014
Decision of the European Central Bank of 4 February 2014 identifying the credit institutions that are subject to the comprehensive assessment Revised version published on 7 February 2014 showing corrected allocation of institutions to Member States
05/02/2014
Working paper no. 1633: Buffer-stock saving in a Krusell-Smith world
05/02/2014
Working paper no. 1632: Anchoring the yield curve using survey expectations
04/02/2014
Assessment guide for the security of internet payments [online only] Press release:
29/01/2014
Working paper no. 1631: Household risk management and actual mortgage choice in the euro area
29/01/2014
Working paper no. 1630: Financial flexibility across the euro area and the UK
28/01/2014
Working paper no. 1629: The impact of news and the SMP on realized (co)variances in the eurozone sovereign debt market
28/01/2014
Working paper no. 1628: Cross-border production chains and business cycle co-movement between Central and Eastern European countries and euro area member states
28/01/2014
Letter from the ECB President to Mr Andreas Pitsillides, MEP [online only]
28/01/2014
Letter from the ECB President to Mr Peter van Dalen, MEP
[online only]
28/01/2014
Letter from the ECB President to Mr Sven Giegold, MEP [online only]
28/01/2014
Letter from the ECB President to Mr Nikolaos Chountis, MEP
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[online only]
28/01/2014
Handbook of National Accounting: Financial Production, Flows and Stocks in the System of National Accounts [online only] Press release:
27/01/2014
Working paper no. 1627: Spatial dependence in commercial property prices: micro evidence from the Netherlands
16/01/2014
Statistics Pocket Book, January 2014
16/01/2014
Article: Medium-term prospects for China’s economy and the internationalisation of the renminbi Monthly Bulletin Issue 1, 2014
16/01/2014
Article: Recent developments in excess liquidity and money market rates Monthly Bulletin Issue 1, 2014
16/01/2014
Article: Fifteen years of the ECB Survey of Professional Forecasters Monthly Bulletin Issue 1, 2014
14/01/2014
Letter from the ECB President to Ms Sharon Bowles, Chairwoman of the Committee on Economic and Monetary Affairs at the European Parliament [online only]
13/01/2014
Letter from the ECB President to Mr Raül Romeva i Rueda, MEP
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[online only]
13/01/2014
Letter from the ECB President to Mr Auke Zijlstra, MEP [online only]
13/01/2014
Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP [online only]
10/01/2014
ECB response to the questionnaire of the European Parliament on the troika [online only]
06/01/2014
Framework for the assessment of securities settlement systems and links to determine their eligibility for use in Eurosystem credit operations [online only]
01/01/2014
Monthly Bulletin, January 2014
01/01/2014
Focus: To what extent has the current account adjustment in the stressed euro area countries been cyclical or structural? Monthly Bulletin Issue 1, 2014
01/01/2014
Focus: Business investment – signs of a modest recovery ahead Monthly Bulletin Issue 1, 2014
01/01/2014
Focus: Developments in the international investment position of the euro area since the outbreak of the financial crisis Monthly Bulletin Issue 3, 2014
01/01/2014
Focus: Latvia adopts the euro Monthly Bulletin Issue 1, 2014
01/01/2014
Focus: Is weak credit holding back the economic recovery in the United States and the United Kingdom? Monthly Bulletin Issue 1, 2014