Publications published in 2018

09/08/2018
Economic Bulletin Issue 5, 2018
09/08/2018
Growth synchronisation in euro area countriesEconomic Bulletin Issue 5, 2018
09/08/2018
Cyclical developments in the euro area current accountEconomic Bulletin Issue 5, 2018
09/08/2018
Imbalances in China: is growth in peril from a housing market downturn?Economic Bulletin Issue 5, 2018
09/08/2018
The evolution of the ECB’s accountability practices during the crisisEconomic Bulletin Issue 5, 2018
09/08/2018
Developments in mortgage loan origination in the euro areaEconomic Bulletin Issue 5, 2018
08/08/2018
Private consumption and its drivers in the current economic expansionEconomic Bulletin Issue 5, 2018
07/08/2018
TIBER-EU Framework - Services Procurement Guidelines
07/08/2018
The role of wages in the pick-up of inflationEconomic Bulletin Issue 5, 2018
07/08/2018
Measuring fragmentation in the euro area unsecured overnight interbank money marketEconomic Bulletin Issue 5, 2018
06/08/2018
Country-specific recommendations for economic policies under the 2018 European SemesterEconomic Bulletin Issue 5, 2018
01/08/2018
Working paper no. 2174: Stochastic discounting and the transmission of money supply shocks
01/08/2018
Working paper no. 2173: Life below zero: bank lending under negative policy rates
27/07/2018
The ECB Survey of Professional Forecasters (SPF) – Third quarter of 2018
27/07/2018
Working paper no. 2172: International spillovers of quantitative easing
27/07/2018
Working paper no. 2171: A methodology for automised outlier detection in high-dimensional datasets: an application to euro area banks' supervisory data
26/07/2018
Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy
26/07/2018
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on the expanded asset purchase programme
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18/07/2018
Working paper no. 2170: Monetary policy and household inequality
17/07/2018
Occasional paper no. 212: Real convergence in central, eastern and south-eastern Europe
13/07/2018
Working paper no. 2169: Benefits and costs of liquidity regulation
11/07/2018
Research bulletin no. 48: Fiscal transfers without moral hazard?
11/07/2018
Working paper no. 2168: The natural rate of interest and the financial cycle
11/07/2018
Working paper no. 2167: Financial frictions, international capital flows and welfare
06/07/2018
Legal working paper no. 17: The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints
03/07/2018
Working paper no. 2166: Credit shocks, employment protection, and growth: firm-level evidence from Spain
29/06/2018
Euro area and national quarterly financial accounts - 2017 Quality report
29/06/2018
Euro area and national balance of payments and international investment position statistics - 2017 Quality report
28/06/2018
Economic Bulletin Issue 4, 2018
28/06/2018
Country-specific recommendations for fiscal policies under the 2018 European SemesterEconomic Bulletin Issue 4, 2018
28/06/2018
The recent slowdown in euro area output growth reflects both cyclical and temporary factorsEconomic Bulletin Issue 4, 2018
28/06/2018
Measuring and interpreting the cost of equity in the euro areaEconomic Bulletin Issue 4, 2018
28/06/2018
Liquidity conditions and monetary policy operations in the period from 31 January to 2 May 2018Economic Bulletin Issue 4, 2018
27/06/2018
The 2018 Ageing Report: population ageing poses tough fiscal challengesEconomic Bulletin Issue 4, 2018
27/06/2018
Monitoring the exchange rate pass-through to inflationEconomic Bulletin Issue 4, 2018
26/06/2018
Research bulletin no. 47: Designing QE in a fiscally sound monetary union
26/06/2018
Foreign direct investment and its drivers: a global and EU perspectiveEconomic Bulletin Issue 4, 2018
25/06/2018
Measures of underlying inflation for the euro areaEconomic Bulletin Issue 4, 2018
25/06/2018
Working paper no. 2165: Proposal on ELBE and LGD in-default: tackling capital requirements after the financial crisis
25/06/2018
Occasional paper no. 211: Macroeconomic imbalances in the euro area: where do we stand?
22/06/2018
Occasional paper no. 210: Structural policies in the euro area
21/06/2018
Working paper no. 2164: I will survive. Pricing strategies of financially distressed firms
21/06/2018
Working paper no. 2163: Missing the wealthy in the HFCS: micro problems with macro implications
20/06/2018
Working paper no. 2162: Foreign-law bonds: can they reduce sovereign borrowing costs?
20/06/2018
Working paper no. 2161: Are asset price data informative about news shocks? A DSGE perspective
19/06/2018
Working paper no. 2160: Cross-country linkages and spill-overs in early warning models for financial crises
19/06/2018
Working paper no. 2159: Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys
15/06/2018
Revised Eurosystem assessment methodology for payment systems, June 2018
15/06/2018
Letter from the ECB President to Mr Sander Loones, MEP, regarding the Harmonised Index of Consumer Prices
15/06/2018
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish adjustment programme
15/06/2018
Letter from the ECB President to Mr Paul Tang, Ms Neena Gill, Mr Jonás Fernández, MEPs, on recent initiatives on sustainable finance
15/06/2018
Letter from the ECB President to Mr Csaba Molnár, MEP, on the activities of the Hungarian National Bank
15/06/2018
Working paper no. 2158: Non-base wage components as a source of wage adaptability to shocks: evidence from European firms, 2010–2013
15/06/2018
Working paper no. 2157: Wealth effects in the euro area
14/06/2018
Eurosystem staff macroeconomic projections for the euro area, June 2018
05/06/2018
The international role of the euro, June 2018
05/06/2018
Working paper no. 2156: Designing QE in a fiscally sound monetary union
05/06/2018
Working paper no. 2155: Coordinating monetary and financial regulatory policies
04/06/2018
Survey on the Access to Finance of Enterprises in the euro area – October 2017 to March 2018
30/05/2018
Working paper no. 2154: Learning about fiscal multipliers during the European sovereign debt crisis: evidence from a quasi-natural experiment
30/05/2018
Disclosure Report - TARGET2 Summary of the self-assessment against the principles for financial market infrastructures
25/05/2018
Working paper no. 2153: What are the main obstacles to hiring after recessions in Europe?
25/05/2018
Working paper no. 2152: Sticky expectations and consumption dynamics
24/05/2018
A new financial stability risk index to predict the near-term risk of recessionFinancial Stability Review Issue 1, 2018
24/05/2018
Predicting the likelihood and severity of financial crises over the medium term with a cyclical systemic risk indicatorFinancial Stability Review Issue 1, 2018
24/05/2018
Financial Stability Review, May 2018
24/05/2018
The distribution of interest rate risk in the euro areaFinancial Stability Review Issue 1, 2018
23/05/2018
Convergence Report
23/05/2018
Statistics paper no. 28: Disentangling euro area portfolios: new evidence on cross-border securities holdings
22/05/2018
Working paper no. 2151: Exchange rate forecasting on a napkin
22/05/2018
Working paper no. 2150: Asset pricing and the propagation of financial shocks
16/05/2018
Research bulletin no. 46: Price convergence in the EU: What can we learn from the car market?
10/05/2018
Real convergence in central, eastern and south-eastern EuropeEconomic Bulletin Issue 3, 2018
10/05/2018
Risk sharing in the euro areaEconomic Bulletin Issue 3, 2018
10/05/2018
Factors driving the recent improvement in the euro area’s international investment positionEconomic Bulletin Issue 3, 2018
10/05/2018
Measures of slack in the euro areaEconomic Bulletin Issue 3, 2018
10/05/2018
Economic Bulletin Issue 3, 2018
08/05/2018
TARGET Annual Report 2017
08/05/2018
The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporationsEconomic Bulletin Issue 3, 2018
07/05/2018
Implications of rising trade tensions for the global economyEconomic Bulletin Issue 3, 2018
03/05/2018
Financial integration in Europe, May 2018
02/05/2018
TIBER-EU FRAMEWORK – How to implement the European framework for Threat Intelligence-based Ethical Red Teaming
02/05/2018
Working paper no. 2149: From carry trades to curvy trades
02/05/2018
Working paper no. 2148: Private and public risk sharing in the euro area
30/04/2018
Occasional paper no. 209: The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework Q2 2016 - Q4 2017
30/04/2018
Working paper no. 2147: The evolving impact of global, region-specific and country-specific uncertainty
30/04/2018
Macroprudential Bulletin - Interview with Vítor Constâncio
30/04/2018
Using large exposure data to gauge the systemic importance of SSM significant institutions
30/04/2018
How competition and regulation drive bank and investment fund risk profiles and their market shares
30/04/2018
Targeted review of the macroprudential framework
30/04/2018
Macroprudential policy measures
27/04/2018
Working paper no. 2146: Politics, banks, and sub-sovereign debt: unholy trinity or divine coincidence?
27/04/2018
The ECB Survey of Professional Forecasters (SPF) – Second Quarter of 2018
26/04/2018
Letter from the ECB President to Mr Georgios Epitideios, MEP, on circulation of counterfeit banknotes in Europe
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26/04/2018
Letter from the ECB President to Mr Brian Hayes, MEP, on the Eurosystem Credit Assessment Framework
26/04/2018
Letter from the ECB President to Mr Stelios Kouloglou, MEP, on ECB’s institutional issues
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26/04/2018
Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on ECB’s institutional issues
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26/04/2018
Letter from the ECB President to Mr Joachim Starbatty, MEP, on the corporate sector purchase programme
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26/04/2018
Letter from the ECB President to Mr Paul Tang, MEP, on ECB’s interactions with external parties
26/04/2018
Letter from the ECB President to Ms Sofia in ’t Veld, Mr Frank Engel, Mr Josef Weidenholzer, MEPs, on the activities of the Hungarian National Bank
26/04/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, regarding financial conditions for euro area households
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26/04/2018
Letter from the ECB President to Mr Joachim Starbatty and Ms Ulrike Trebesius, MEPs, regarding the public sector purchase programme
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26/04/2018
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, regarding the ESRB High-Level Task Force on Safe Assets
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18/04/2018
Detailed opinion of the European Central Bank on the European Ombudsman’s Recommendations in Case 1697/2016/ANA
18/04/2018
Working paper no. 2145: Who benefits from the corporate QE? A regression discontinuity design approach
18/04/2018
Working paper no. 2144: Countercyclical capital regulation in a small open economy DSGE model
13/04/2018
AnaCredit Validation Checks – Selected validation checks performed in AnaCredit datasets – Version 1.1
13/04/2018
Research bulletin no. 45: The effective lower bound and the desirability of gradual interest rate adjustments
11/04/2018
Occasional paper no. 208: Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-subsidisation?
11/04/2018
Working paper no. 2143: The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains
10/04/2018
Working paper no. 2142: On the optimal labor income share
10/04/2018
Working paper no. 2141: Consumption volatility risk and the inversion of the yield curve
09/04/2018
Cover letter to the transmission letter of the Annual Report 2017
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09/04/2018
Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2016
09/04/2018
Annual Report 2017
06/04/2018
Working paper no. 2140: Euro area real-time density forecasting with financial or labor market frictions
06/04/2018
Working paper no. 2139: Monetary policy and cross-border interbank market fragmentation: lessons from the crisis
06/04/2018
The ESCB Integrated Reporting Framework (IReF) – An overview
28/03/2018
Working paper no. 2138: Detrending and financial cycle facts across G7 countries: mind a spurious medium term!
27/03/2018
Project Stella second report - leaflet
27/03/2018
Securities settlement systems: delivery-versus-payment in a distributed ledger environment – Stella project report phase 2
27/03/2018
Working paper no. 2137: A minimal moral hazard central stabilisation capacity for the EMU based on world trade
27/03/2018
Occasional paper no. 207: Strengthening the Global Financial Safety Net
26/03/2018
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
26/03/2018
CCBM information for counterparties - Summary of legal instruments used in the euro area
22/03/2018
The real effects of credit constraintsEconomic Bulletin Issue 2, 2018
22/03/2018
The reliability of the preliminary flash estimate of euro area GDPEconomic Bulletin Issue 2, 2018
22/03/2018
The role of seasonality and outliers in HICP inflation excluding food and energyEconomic Bulletin Issue 2, 2018
22/03/2018
Fiscal policy stance during past periods of expansionEconomic Bulletin Issue 2, 2018
22/03/2018
The European Commission’s 2018 assessment of macroeconomic imbalances and progress on reformsEconomic Bulletin Issue 2, 2018
22/03/2018
Economic Bulletin Issue 2, 2018
22/03/2018
Liquidity conditions and monetary policy operations in the period from 1 November 2017 to 30 January 2018Economic Bulletin Issue 2, 2018
22/03/2018
Recent developments in part-time employmentEconomic Bulletin Issue 2, 2018
21/03/2018
Are the recent oil price increases set to last?Economic Bulletin Issue 2, 2018
20/03/2018
The economic impact of population ageing and pension reformsEconomic Bulletin Issue 2, 2018
19/03/2018
Research bulletin no. 44: Do consumers respond symmetrically to positive and negative income shocks?
19/03/2018
Euro area sovereign bond market liquidity since the start of the PSPPEconomic Bulletin Issue 2, 2018
14/03/2018
Letter from the ECB President to Ms Laura Agea, MEP, on aspects related to banknotes production
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08/03/2018
ECB staff macroeconomic projections for the euro area, March 2018
01/03/2018
Working paper no. 2136: Dealing with endogeneity in threshold models using copulas: an illustration to the foreign trade multiplier
28/02/2018
Working paper no. 2135: Sovereign defaults in court
28/02/2018
Working paper no. 2134: Spillovers in space and time: where spatial econometrics and Global VAR models meet
27/02/2018
Working paper no. 2133: Deconstructing monetary policy surprises: the role of information shocks
27/02/2018
Working paper no. 2132: Priors for the long run
26/02/2018
Working paper no. 2131: Predicting risk premia in short-term interest rates and exchange rates
26/02/2018
Working paper no. 2130: Cross-border banking in the EU since the crisis: what is driving the great retrenchment?
22/02/2018
Consolidated balance sheet of the Eurosystem as at 31 December 2017
22/02/2018
Annual Accounts 2017
19/02/2018
Feedback statement – Responses to the public consultation on the draft European Central Bank regulation on statistical reporting requirements for pension funds
13/02/2018
Research bulletin no. 43: Bank lending under negative policy rates
09/02/2018
Statistics paper no. 27: Yield curve modelling and a conceptual framework for estimating yield curves: evidence from the European Central Bank’s yield curves
08/02/2018
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on structural reforms in Spain
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08/02/2018
Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on the European Court of Auditor’s report on Greece
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08/02/2018
Letter from the ECB President to Ms Eva Kaili, MEP, on the corporate sector purchase programme
08/02/2018
Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the European financial sector
08/02/2018
Economic Bulletin Issue 1, 2018
08/02/2018
Recent house price increases and housing affordabilityEconomic Bulletin Issue 1, 2018
07/02/2018
Labour supply and employment growthEconomic Bulletin Issue 1, 2018
06/02/2018
Consumption of durable goods in the ongoing economic expansionEconomic Bulletin Issue 1, 2018
05/02/2018
The macroeconomic impact of the US tax reformEconomic Bulletin Issue 1, 2018
05/02/2018
Working paper no. 2129: Tight money - tight credit: coordination failure in the conduct of monetary and financial policies
05/02/2018
Working paper no. 2128: Time-consistent monetary policy, terms of trade manipulation and welfare in open economies
01/02/2018
Working paper no. 2127: Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: a structural model-based approach
01/02/2018
Working paper no. 2126: Credit constraints, firm investment and growth: evidence from survey data
31/01/2018
Working paper no. 2125: Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area
31/01/2018
Working paper no. 2124: Credit shocks and the European labour market
26/01/2018
Letter from the ECB President to several MEPs on ECB’s interactions with external parties
26/01/2018
Occasional paper no. 206: The transition of China to sustainable growth – implications for the global economy and the euro area
26/01/2018
The ECB Survey of Professional Forecasters (SPF) – First Quarter of 2018
24/01/2018
Letter from the ECB President to Mr David Coburn, MEP, on monetary policy
24/01/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on house auctions in Greece
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24/01/2018
Letter from the ECB President to Ms Laura Agea and Mr Marco Valli, MEPs, on the corporate sector purchase programme
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15/01/2018
Working paper no. 2123: Macroprudential regulation in the European Union in 1995-2014: introducing a new data set on policy actions of a macroprudential nature
11/01/2018
Research bulletin no. 42: Sub-sovereign bonds in banks’ portfolios: A role for political connections?
10/01/2018
Working paper no. 2122: How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe
10/01/2018
Working paper no. 2121: Agent-based model of system-wide implications of funding risk
09/01/2018
Occasional paper no. 205: Real and financial cycles in EU countries - Stylised facts and modelling implications