Publications published in 2016

25/05/2016
Working paper no. 1910: Waking up from the American dream: on the experience of young Americans during the housing boom of the 2000s
25/05/2016
Working paper no. 1909: On domestic demand and export performance in the euro area countries: does export concentration matter?
24/05/2016
Working paper no. 1908: Unemployment risk and over-indebtedness
24/05/2016
Working paper no. 1907: Estimating the top tail of the wealth distribution
24/05/2016
Financial Stability Review Press release:
23/05/2016
Recent trends in euro are banks' business models and implications for banking sector stability
20/05/2016
Occasional paper no. 173: Safeguarding the euro as a currency beyond the state
20/05/2016
Letter from the ECB President to Mr Sven Giegold, MEP, on AnaCredit
18/05/2016
Letter from the ECB President to Mr Nuno Melo, MEP, on the Portuguese adjustment programme
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18/05/2016
Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme
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18/05/2016
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the public sector purchase programme
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17/05/2016
Working paper no. 1906: The collateral channel of open market operations
13/05/2016
Working paper no. 1905: Exchange rate forecasting with DSGE models
13/05/2016
Working paper no. 1904: The housing market, household portfolios and the German consumer
12/05/2016
TARGET Annual Report 2015
10/05/2016
Working paper no. 1903: Bank leverage and monetary policy's risk-taking channel: evidence from the United States
05/05/2016
Economic Bulletin Issue 3, 2016 Web version PDF version ePub version
05/05/2016
Focus: The second series of targeted longer-term refinancing operations (TLTRO II)
Economic Bulletin Issue 3, 2016
05/05/2016
Focus: Recent wage trends in the euro area
Economic Bulletin Issue 3, 2016
05/05/2016
Focus: Harmonised Index of Consumer Prices - Easter effects and improved seasonal adjustment
Economic Bulletin Issue 3, 2016
04/05/2016
Article: Government debt reduction strategies in the euro area
Economic Bulletin Issue 3, 2016
03/05/2016
Working paper no. 1902: Export characteristics and output volatility: comparative firm-level evidence for CEE countries
03/05/2016
Letter from the ECB President to Mr Fabio De Masi, MEP, on deposit guarantees schemes
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03/05/2016
Letter from the ECB President to Mr Steeve Briois and Mr Bernard Monot, MEPs, on the ECB’s monetary policy
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03/05/2016
Letter from the ECB President to Mr Brian Hayes, MEP, on macro prudential measures
03/05/2016
Letter from the ECB President to Mr Notis Marias, MEP, on non-performing loans
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03/05/2016
Article: The slowdown in emerging market economies and its implications for the global economy
Economic Bulletin Issue 3, 2016
02/05/2016
Working paper no. 1901: Price drift before U.S. macroeconomic news: private information about public announcements?
02/05/2016
Working paper no. 1900: Toward robust early-warning models: a horse race, ensembles and model uncertainty
02/05/2016
Focus: Rebalancing in euro area portfolio investment flows
Economic Bulletin Issue 3, 2016
27/04/2016
Working paper no. 1899: Monetary policy according to HANK
27/04/2016
Working paper no. 1898: Credit risk spillover between financials and sovereigns in the euro area during 2007-2015
26/04/2016
Working paper no. 1897: Restoring rational choice: The challenge of consumer financial regulation
26/04/2016
Working paper no. 1896: Dynamic balance sheet model with liquidity risk
25/04/2016
Working paper no. 1895: Credit, asset prices and business cycles at the global level
25/04/2016
Working paper no. 1894: Sovereign risk and bank risk-taking
25/04/2016
Financial integration in Europe, 2016
22/04/2016
Occasional paper no. 172: Distributed ledger technologies in securities post-trading - Revolution or evolution?
22/04/2016
Letter from the ECB President to Mr Csaba Molnár, MEP, on Hungarian legislation and the monetary policy of the Hungarian National Bank
22/04/2016
Letter from the ECB President to Mr Jonás Fernández, MEP, on the ECB’s proceeds from sanctions
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22/04/2016
Letter from the ECB President to Mr Jonás Fernández, MEP, on low interest rates
22/04/2016
Letter from the ECB President to Mr Fabio De Masi, MEP, on high-denomination banknotes
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21/04/2016
Letter from the ECB President to Fabio De Masi, MEP, on monetary policy
20/04/2016
Working paper no. 1893: On the design of data sets for forecasting with dynamic factor models
20/04/2016
Working paper no. 1892: A lost generation? Education decisions and employment outcomes during the U.S. housing boom-bust cycle of the 2000s
20/04/2016
Working paper no. 1891: Parsing financial fragmentation in the euro area: a multi-country DSGE perspective
20/04/2016
Working paper no. 1890: Does slack influence public and private labor market interactions?
18/04/2016
Euro area quarterly financial accounts - 2015 quality report
18/04/2016
Euro area balance of payments and international investment position statistics - 2015 quality report
15/04/2016
Occasional paper no. 171: Basel III and recourse to Eurosystem monetary policy operations
08/04/2016
Occasional paper no. 170: Strengthening the role of local currencies in EU candidate and potential candidate countries
08/04/2016
Statistics paper no. 13: Modelling metadata in central banks
07/04/2016
Annual Report 2015
07/04/2016
Cover letter to the transmission letter of the Annual Report 2015
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07/04/2016
Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report 2014
06/04/2016
Letter from the ECB President to Mr Notis Marias, MEP, on the Eurosystem’s operational framework for monetary policy implementation
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06/04/2016
Letter from the ECB President to Fabio De Masi, MEP, on the eligibility criteria and other aspects of the APP
06/04/2016
Letter from the ECB President to Mr Notis Marias, MEP, on the eligibility criteria of the APP
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05/04/2016
Occasional paper no. 169: Profit distribution and loss coverage rules for central banks
05/04/2016
Letter from the ECB President to Mr Jonás Fernández, MEP
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05/04/2016
Letter from the ECB President to Mr Bernard Monot, MEP, on commodities markets
05/04/2016
Letter from the ECB President to Mr Mario Borghezio, MEP, on gold reserves
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30/03/2016
Working paper no. 1889: Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
24/03/2016
Economic Bulletin Issue 2, 2016 Web version PDF version ePub version
24/03/2016
Focus: The slowdown in US labour productivity growth - stylised facts and economic implications
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: Current oil price trends
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: Liquidity conditions and monetary policy operations in the period from 28 October 2015 to 26 January 2016
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: Factors behind the comparatively strong actvity in euro area services
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: The impact of the oil price decline on the current account surplus of the euro area
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: The relationship between HICP inflation and HICP inflation excluding energy and food
Economic Bulletin Issue 2, 2016
24/03/2016
Focus: The 2016 macroeconomic imbalance procedure and the implementation of the 2015 country-specific recommendations
Economic Bulletin Issue 2, 2016
23/03/2016
Macroprudential Bulletin, Issue 1 / 2016
23/03/2016
Article: Transmission of output shocks - the role of cross-border production chains
Economic Bulletin Issue 2, 2016
22/03/2016
Focus: Oil prices and euro area consumer energy prices
Economic Bulletin Issue 2, 2016
21/03/2016
Article: Public investment in Europe
Economic Bulletin Issue 2, 2016
15/03/2016
Letter from the ECB President to Ms Laura Ferrara, Mr Marco Valli, Mr Marco Zanni, MEPs, on total seigniorage income earned by the ECB and on the NCBs’ shares in the capital of the ECB
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15/03/2016
Letter from the ECB President to Mr Fabio De Masi, MEP, on the Agreement on Net Financial Assets
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15/03/2016
Letter from the ECB President to Mr Alfred Sant, MEP, on the ECB’s human resource policies
15/03/2016
Letter from the ECB President to Ms Eva Kaili, MEP, on the Greek adjustment programme
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10/03/2016
ECB staff macroeconomic projections for the euro area - March 2016
08/03/2016
Working paper no. 1888: The impact of bank capital on economic activity - evidence from a mixed-cross-section GVAR model
03/03/2016
Working paper no. 1887: Network Dependence in the Euro Area Money Market
01/03/2016
Letter by the ECB President to Mr Richard Sulík on Slovakian legislation
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01/03/2016
Letter from the ECB President to Mr Fabio De Masi, Mr Nikolaus Chountis, Ms Sofia Sakorafa and Mr Miguel Urbán Crespo on the Greek adjustment programme
01/03/2016
Letter from the ECB President to Mr Dennis de Jong on members of the ECB’s decision-making bodies participating to international discussion fora
01/03/2016
Letter from the ECB President to Mr Jonas Fernández on monetary policy
19/02/2016
Working paper no. 1886: Lending-of-last-resort is as lending-of-last-resort does: central bank liquidity provision and interbank market functioning in the euro area
Published in: Journal of Financial Intermediation (forthcoming)
19/02/2016
Revised oversight framework for retail payment systems
18/02/2016
Working paper no. 1885: Advances in multivariate back-testing for credit risk underestimation
18/02/2016
Working paper no. 1884: Lenders on the storm of wholesale funding shocks: Saved by the central bank?
18/02/2016
Consolidated balance sheet of the Eurosystem as at 31 December 2015
18/02/2016
Letter from the ECB President to ENF members, EP, on the financing situation of small and medium-sized enterprises in the euro area
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18/02/2016
Letter from the ECB President to Mr Annemans, MEP, on monetary policy
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18/02/2016
Letter from the ECB President to Mr Kouloglou, MEP, on the Greek adjustment programme
18/02/2016
Letter from the ECB President to Mr Marias, MEP, on the expanded asset purchase programme
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18/02/2016
Letter from the ECB President to Mr Borghezio, MEP, on the application of resolution tools
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18/02/2016
Letter from the ECB President to Mr Balz, MEP, on the Agreement on Net Financial Assets
08/02/2016
Working paper no. 1883: Is fiscal consolidation self-defeating? A Panel-VAR analysis for the Euro area countries
05/02/2016
Working paper no. 1882: Is the intrinsic value of macroeconomic news announcements related to their asset price impact?
05/02/2016
Working paper no. 1881: Assessing the efficacy of borrower-based macroprudential policy using an integrated micro-macro model for European households
04/02/2016
Occasional paper no. 168: What's so special about specialization in the euro area?
04/02/2016
Eurosystem contribution to the European Commission's call for evidence on the EU regulatory framework for financial services
04/02/2016
Letter from the ECB President to Mr De Masi, MEP, on international economic development
04/02/2016
Letter from the ECB President to Mr Papadimoulis, MEP, on monetary policy
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04/02/2016
Letter from the ECB President to Mr Papadimoulis, MEP, on principles for external communication by members of the Executive Board and by ECB staff
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04/02/2016
Letter from the ECB President to ECR Members (EP) on the ECB’s communication policy in relation to the provision of emergency liquidity assistance (ELA)
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04/02/2016
Letter from the ECB President to Mr De Masi, MEP, on principles for external communication by members of the Executive Board
04/02/2016
Economic Bulletin Issue 1, 2016 Web version PDF version ePub version
04/02/2016
Focus: What is driving Brazil's economic downturn?
Economic Bulletin Issue 1, 2016
04/02/2016
Focus: A closer look at differences between industrial gross value added and industrial production
Economic Bulletin Issue 1, 2016
01/02/2016
Focus: Eurosystem publishes more detailed criteria for accepting rating agencies
Economic Bulletin Issue 1, 2016
29/01/2016
Covered bonds in the European Union – ECB contribution to the European Commission’s public consultation
28/01/2016
Occasional paper no. 167: Savings and investment behaviour in the euro area
26/01/2016
Letter from the ECB President to Ms Elisa Ferreira, MEP, on issues related to the Banking Union
25/01/2016
Working paper no. 1880: Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment
25/01/2016
Working paper no. 1879: Taking gravity online: the role of virtual proximity in international finance
25/01/2016
CCBM procedures for Eurosystem counterparties
25/01/2016
CCBM information for counterparties – summary of legal instruments used in the euro area
18/01/2016
Working paper no. 1878: Sovereign to corporate risk spillovers
15/01/2016
Letter from Sabine Lautenschläger, Member of the Executive Board and Vice-Chair of the Supervisory Board, to Mr Pieper, MEP, on AnaCredit
14/01/2016
Working paper no. 1877: Credit subsidies
14/01/2016
Working paper no. 1876: Bank networks from text: interrelations, centrality and determinants
13/01/2016
Working paper no. 1875: The information in systemic risk rankings
13/01/2016
Working paper no. 1874: Cash management and payment choices: a simulation model with international comparisons
13/01/2016
Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on the Money Market Contact Group
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13/01/2016
Letter from the ECB President to Mr Zanni, MEP, and Mr Valli, MEP, on targeted longer-term refinancing operations
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13/01/2016
Letter from the ECB President to Mr Papadimoulis, MEP, and Mr Kouloglou, MEP, on several aspects of the Greek adjustment programme
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12/01/2016
Research Bulletin No. 23