Publications published in 2003

23/12/2003
Working paper no. 298: The lender of last resort: a 21st century approach
Published in: Journal of the European Economic Association, December 2004; 2(6): 1085-1115.
23/12/2003
Working paper no. 297: Measurement of contagion in banks' equity prices
Published in: Journal of International Money and Finance 23 (3), April 2004, pp. 405-459.
23/12/2003
Working paper no. 296: Monetary policy analysis in a small open economy using Bayesian cointegrated structural VARs
23/12/2003
Working paper no. 295: Optimal allotment policy in the Eurosystem's main refinancing operations
Published in: The European Journal of Finance, June 2009, 15 (4), pp. 405 - 420
23/12/2003
Manual on MFI interest rate statistics - Regulation ECB/2001/18 Press release:
18/12/2003
Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries Press release:
17/12/2003
Review of the international role of the euro Press release:
11/12/2003
Monthly Bulletin, December 2003
11/12/2003
Focus: Non-Japan Asia's role in the global economy
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Comparison with June 2003 projections
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Statement of the Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: New orders in euro area manufacturing industries
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: What is behind discrepancies between growth in GDP and gross value added?
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Residential property price developments in the euro area
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Recent developments in the market for index-linked bonds in the euro area
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 November 2003
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: New ECB statistics on MFI interest rates
Monthly Bulletin Issue 12, 2003
11/12/2003
Focus: Recent trends in merger and acquisition finance
Monthly Bulletin Issue 12, 2003
09/12/2003
Working paper no. 294: Does the yield spread predict recessions in the euro area?
Published in: International Finance, Summer 2005 - Vol. 8 Issue 2, pp. 263-301.
02/12/2003
Comments of the ECB on the third consultative document of the European Commission on regulatory capital review
01/12/2003
Statistics Pocket Book, December 2003
30/11/2003
Seasonal adjustment Press release:
29/11/2003
TARGET: the Trans-European Automated Real-Time Gross settlement Express Transfer system - update 2003, (brochure, 16 pages)
29/11/2003
TARGET2: the payment system of the €urosystem, (brochure, 12 pages)
28/11/2003
Structural analysis of the EU banking sector, Year 2002 Press release:
25/11/2003
Working paper no. 293: Committees and special interests
Published in: Journal of Public Economic Theory, Vol. 10 (2), 2008: pp 219-243.
20/11/2003
Working paper no. 292: Bank mergers, competition and liquidity
Published in: Journal of Money, Credit, and Banking, August 2007; 39(5): 1067-1105
19/11/2003
Working paper no. 291: Measuring the time-inconsistency of US monetary policy
Published in: Economica, Vol 75 (297), February 2008, pp 22-38.
19/11/2003
Working paper no. 290: Inflation persistence and robust monetary policy design
Published in: Journal of Economic Dynamics and Control, 31(1), 111-140, 2007.
19/11/2003
EU banking sector stability Press release:
18/11/2003
Background Studies for the ECB's Evaluation of its Monetary Policy Strategy
Editor: Otmar Issing, in co-operation with: Ignazio Angeloni, Vítor Gaspar, Hans-Joachim Klöckers, Klaus Masuch, Sergio Nicoletti-Altimari, Massimo Rostagno, Frank Smets
Press release:
13/11/2003
Monthly Bulletin, November 2003
13/11/2003
Focus: Developments in the nominal effective exchange rate of the US dollar: a regional perspective
Monthly Bulletin Issue 11, 2003
13/11/2003
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2003 Q4 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 11, 2003
13/11/2003
Focus: Recent developments in network industries
Monthly Bulletin Issue 11, 2003
13/11/2003
Focus: Recent developments in spreads between euro area government bond yields
Monthly Bulletin Issue 11, 2003
13/11/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 October 2003
Monthly Bulletin Issue 11, 2003
13/11/2003
Focus: The results of the October 2003 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2003
13/11/2003
Article: The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union
Monthly Bulletin Issue 11, 2003
13/11/2003
Article: Developments in the debt financing of the euro area private sector
Monthly Bulletin Issue 11, 2003
13/11/2003
Article: Crisis resolution in emerging market economies - challenges for the international community
Monthly Bulletin Issue 11, 2003
12/11/2003
Working paper no. 287: Consumer inflation expectations in Poland
11/11/2003
Working paper no. 289: Monetary and fiscal interactions in open economies
Published in: Journal of Marcoeconomics, 2004, 26, 319-348.
11/11/2003
Working paper no. 288: Implementing optimal control in cointegrated I(1) structural VAR models
11/11/2003
Working paper no. 286: Country and sector-specific spillover effects in the euro area, the United States and Japan
07/11/2003
Money Market Study 2002 Press release:
03/11/2003
European Union balance of payments/ international investment position statistical methods Press release:
01/11/2003
Working paper no. 285: Government deficits, wealth effects and the price level in an optimizing model
Published in: Journal of Policy Modelling, January-February 2007, Volume 29, Issue 1, Pages 15-28.
01/11/2003
Working paper no. 284: The credibility of the monetary policy "free lunch"
Published in: Journal of Macroeconomics September 2005; 27(3): 434-451.
01/11/2003
Working paper no. 283: US, Japan and the euro area: comparing business-cycle features
Published in: International Review of Applied Economics 2007, 21, 1, 135-156.
01/11/2003
Statistics Pocket Book, November 2003
09/10/2003
Monthly Bulletin, October 2003
09/10/2003
Focus: Recent developments in the euro area inflation perceptions
Monthly Bulletin Issue 10, 2003
09/10/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 September 2003
Monthly Bulletin Issue 10, 2003
09/10/2003
Focus: The relationship between intermediated and debt securities financing of the non-financial corporations in the euro area
Monthly Bulletin Issue 10, 2003
09/10/2003
Focus: What could happen with the accumulated excess liquidity in the euro area?
Monthly Bulletin Issue 10, 2003
09/10/2003
Article: The integration of Europe’s financial markets
Monthly Bulletin Issue 10, 2003
09/10/2003
Article: Recent developments in financial structures of the euro area
Monthly Bulletin Issue 10, 2003
06/10/2003
Bond markets and long-term interest rates in European Union accession countries / 2003 edition Press release:
01/10/2003
Working paper no. 282: Optimal dynamic risk sharing when enforcement is a decision variable
01/10/2003
Working paper no. 281: Identifying fiscal shocks and policy regimes in OECD countries
01/10/2003
Working paper no. 280: Inflation, factor substitution and growth
Published in: Kredit und Kapital, Vol 38 (3), 2005: pp 325-49
01/10/2003
Working paper no. 279: Designing targeting rules for international monetary policy cooperation
01/10/2003
Statistics Pocket Book, October 2003
30/09/2003
Inflation differentials in the euro area: potential causes and policy implications Press release:
30/09/2003
Correspondent central banking model - procedures for Eurosystem counterparties
28/09/2003
Occasional paper no. 8: An introduction to the ECB's survey of professional forecasters
22/09/2003
Letter from the ECB President to the President of the Council of the European Union regarding the Opinion of the ECB of 19 September 2003 at the request of the Council of the European Union on the draft Treaty establishing a Constitution for Europe
11/09/2003
Monthly Bulletin, September 2003
11/09/2003
Focus: Progress and gaps in euro area short-term statistics
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Latest developments in investment by type of product
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Sources of short-term volatility in HICP inflation
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Deriving euro area inflation expectations from inflation-linked swaps
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Current euro area interest rates from a historical perspective
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 August 2003
Monthly Bulletin Issue 9, 2003
11/09/2003
Focus: Enhancement to euro area monetary statistics
Monthly Bulletin Issue 9, 2003
06/09/2003
Payment and securities settlement systems in the European Union Addendum incorporating 2001 figures (Blue Book, September 2003) Additional Information
04/09/2003
The New Basel Capital Accord: reply of the European Central Bank to the third consultative proposals (CP3)
01/09/2003
Working paper no. 278: Relevant economic issues concerning the optimal rate of inflation
Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 91-126, 2003.
01/09/2003
Working paper no. 277: On the indeterminacy of determinacy and indeterminacy
Published in: American Economic Review, Vol 97 (1), 2007: pp 524-529 as: "Testing for Indeterminacy: an Application to US Monetary Policy-Comment"
01/09/2003
Working paper no. 276: Short-term estimates of euro area real GDP by means of monthly data
01/09/2003
Working paper no. 275: Identifying the monetary transmission mechanism using structural breaks
01/09/2003
Working paper no. 274: Interpreting implied risk-neutral densities: the role of risk premia
Published in: Review of Finance. 2005; 9(1): 97-137
01/09/2003
Working paper no. 273: Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations
01/09/2003
Working paper no. 272: Inflation targets and the liquidity trap
01/09/2003
Working paper no. 271: Indeterminacy and search theory
01/09/2003
Working paper no. 270: Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area
Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 127-138, 2003.
01/09/2003
Working paper no. 269: Zero lower bound: is it a problem in the euro area?
Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 139-155, 2003.
01/09/2003
Working paper no. 268: The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S.
Published in: Journal of Money Credit and Banking 35(6, Part 2), December 2003: 1265-1306.
01/09/2003
Working paper no. 267: Comparing economic dynamics in the EU and CEE accession countries
01/09/2003
Working paper no. 266: Finance and growth in the EU: new evidence from the liberalisation and harmonisation of the banking industry
01/09/2003
Working paper no. 265: New Keynesian Phillips Curves: a reassessment using euro-area data
Published in: Oxford Bulletin of Economics and Statistics, 2004, 66, 637-670.
01/09/2003
Working paper no. 264: A monthly monetary model with banking intermediation for the euro area
01/09/2003
Working paper no. 263: Measuring contagion with a Bayesian, time-varying coefficient model
Published in: Journal of Financial Econometrics, Spring 2007; 5(2): 285-320
01/09/2003
Working paper no. 262: Indeterminacy of rational expectations equilibria in sequential financial markets
Published in: Journal of Mathematical Economics, September 2003, 39 (7): pp. 743-62
01/09/2003
Working paper no. 261: Why has broad money demand been more stable in the euro area than in other economies? A literature review
01/09/2003
Working paper no. 260: Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous
Published in: Journal of Econometrics, Vol 136 (2), February 2007: pp 457-482 as "Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries"
01/09/2003
Working paper no. 259: Implicit tax co-ordination under repeated policy interactions
Published in: Louvain Economic Review 72(1) (2006) 5-17.
01/09/2003
Working paper no. 258: Interest rate reaction functions and the Taylor rule in the euro area
01/09/2003
Working paper no. 257: Macroeconomic modelling of monetary policy
01/09/2003
Working paper no. 256: Information acquisition and decision making in committees: a survey
Published in: European Journal of Political Economy. September 2005; 21(3): 563-97
01/09/2003
Working paper no. 255: Is the demand for euro area M3 stable?
01/09/2003
Working paper no. 254: Forecasting real GDP: what role for narrow money?
Published in: Review of Economics, Vol 55, 2004: pp 246-262
01/09/2003
Working paper no. 253: Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001
01/09/2003
Statistics Pocket Book, September 2003
01/09/2003
Catalogue of the Euro design exhibition
30/08/2003
The euro and the integration of financial services, (brochure, 16 pages, update of the 2000 edition)
27/08/2003
Portfolio investment income: task force report Press release:
07/08/2003
Monthly Bulletin, August 2003
07/08/2003
Focus: Recent developments in extra-euro area trade volumes and prices
Monthly Bulletin Issue 8, 2003
07/08/2003
Focus: Private sector expectations for inflation and economic activity in the euro area: the results of the 2003 Q3 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 8, 2003
07/08/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 July 2003
Monthly Bulletin Issue 8, 2003
07/08/2003
Focus: The result of the July 2003 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2003
07/08/2003
Article: Developments in the euro area's international cost and price competitiveness
Monthly Bulletin Issue 8, 2003
07/08/2003
Article: Changes to the Eurosystem's operational framework for monetary policy
Monthly Bulletin Issue 8, 2003
07/08/2003
Article: Recent developments in the euro area banking sector
Monthly Bulletin Issue 8, 2003
01/08/2003
Working paper no. 252: Interpolation and backdating with a large information set
Published in: Journal of Economic Dynamics & Control, 2006, 30(12), 2693-2724.
01/08/2003
Working paper no. 251: Consumption, habit persistence, imperfect information and the lifetime budget constraint
01/08/2003
Working paper no. 250: Persistence, the transmission mechanism and robust monetary policy
Published in: Scottish Journal of Political Economy, November, 2003, 50(5), pp. 527-549.
01/08/2003
Working paper no. 249: Trade advantages and specialisation dynamics in acceding countries
Published in: Economics of Transition, 2005 Vol. 13, No. 4, pp. 629-658.
01/08/2003
Working paper no. 248: Exchange rates and fundamentals
Published in: Journal of Political Economy, Vol 113 (3), June 2005: 485-517
01/08/2003
Working paper no. 247: Forecasting euro area inflation: Does aggregating forecasts by HICP component improve forecast accuracy?
Published in: International Journal of Forecasting, 21(1), January-March 2005, 119-136.
01/08/2003
Statistics Pocket Book, August 2003
17/07/2003
Monthly Bulletin, July 2003
17/07/2003
Focus: The Broad Economic Policy Guidelines 2003
Monthly Bulletin Issue 7, 2003
17/07/2003
Focus: Labour hoarding in the euro area
Monthly Bulletin Issue 7, 2003
17/07/2003
Focus: New base year for euro area short-term indicators
Monthly Bulletin Issue 7, 2003
17/07/2003
Focus: Gauging contagion in euro area stock markets with implied volatility measures
Monthly Bulletin Issue 7, 2003
17/07/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 June 2003
Monthly Bulletin Issue 7, 2003
17/07/2003
Article: Trends in euro area gross fixed capital formation
Monthly Bulletin Issue 7, 2003
17/07/2003
Article: Early experience of the management of Euro banknote printing and issuance
Monthly Bulletin Issue 7, 2003
09/07/2003
Information Guide for credit institutions using TARGET Press release:
02/07/2003
Amendments to the risk control framework for tier one and tier two eligible assets Press release:
01/07/2003
Working paper no. 246: Public finances and long-term growth in Europe - evidence from a panel data analysis
01/07/2003
Working paper no. 245: Money and payments: a modern perspective
01/07/2003
Working paper no. 244: How does the ECB allot liquidity in its weekly main refinancing operations? A look at the empirical evidence
Published in: Journal of International Money and Finance (forthcoming).
01/07/2003
Working paper no. 243: Pass-through of external shocks to euro area inflation
01/07/2003
Working paper no. 242: Public sector efficiency: an international comparison
Published in: Public Choice, Vol 123, 2005: pp 321-347
01/07/2003
Working paper no. 241: Maintaining price stability under free-floating: a fearless way out of the corner?
01/07/2003
Working paper no. 240: Monetary policy transmission in the euro area: any changes after EMU?
Published in: Economic Policy, Vol 37, 2003: pp 470-492 as "Monetary Transmission in the Euro Area: Early Evidence"
26/06/2003
Oversight standards for euro retail payment systems Press release:
26/06/2003
Towards a Single Euro Payments Area - progress report Press release:
18/06/2003
Developments in national supervisory structures
12/06/2003
Monthly Bulletin, June 2003
12/06/2003
Focus: Euro effective exchange rate developments from a historical perspective
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: Comparison with December 2002 Projections
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: Sounds fiscal policies for stability and growth in the euro area
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: The excessive deficit procedure
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: The contribution of inventory changes for business cycle fluctuations
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: New flash estimates of quarterly real GDP for the euro area
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: A comparison of the available labour cost indicators in the euro area: conceptual differences and their behaviour in the period 1999-2002
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 May 2003
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: The impact of financial factors of corporate investment in the euro area
Monthly Bulletin Issue 6, 2003
12/06/2003
Focus: Monetary presentation of the euro area balance of payments
Monthly Bulletin Issue 6, 2003
12/06/2003
Article: The outcome of the ECB’s evaluation of its monetary policy strategy
Monthly Bulletin Issue 6, 2003
05/06/2003
Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty
ENGLISH
OTHER LANGUAGES (1) +
Select your language
Annex: en  . fr
02/06/2003
The transformation of the European financial system, Second ECB Central Banking Conference October 2002, Frankfurt am Main Press release:
01/06/2003
Working paper no. 239: Temporary shocks and unavoidable transitions to a high-unemployment regime
01/06/2003
Working paper no. 238: The impact of monetary union on trade prices
Published in: Journal of Financial Transformation (2007) Volume 19, April 2007.
01/06/2003
Working paper no. 237: Growth expectations, capital flows and international risk sharing
01/06/2003
Working paper no. 236: Swiss monetary policy targeting 1974-1996: the role of internal policy analysis
01/06/2003
Working paper no. 235: Volatility of interest rates in the euro area: evidence from high frequency data
Published in: The European Journal of Finance, Sep-Oct 2006, vol. 12, no. 6-7.
23/05/2003
Electronic money system security objectives according to the common criteria methodology Press release:
15/05/2003
Monthly Bulletin, May 2003
15/05/2003
Focus: Using currency options-based indicators to assess sentiment in the foreign exchange markets
Monthly Bulletin Issue 5, 2003
15/05/2003
Focus: Private sector expectations for inflation and economic activity in the euro area: the results of the 2003 Q2 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 5, 2003
15/05/2003
Focus: Factors underlying the low levels of long-term bond yields in the United States and the euro area
Monthly Bulletin Issue 5, 2003
15/05/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 April 2003
Monthly Bulletin Issue 5, 2003
15/05/2003
Focus: First results of the bank lending survey for the euro area
Monthly Bulletin Issue 5, 2003
15/05/2003
Focus: Estimating the size of portfolio shifts from equity to money
Monthly Bulletin Issue 5, 2003
15/05/2003
Article: The adjustment of voting modalities in the Governing Council
Monthly Bulletin Issue 5, 2003
15/05/2003
Article: Electronification of payments in Europe
Monthly Bulletin Issue 5, 2003
15/05/2003
Article: Recent trends in residential property prices in the euro area
Monthly Bulletin Issue 5, 2003
12/05/2003
Accession countries: balance of payments/international investment position statistical methods Press release:
08/05/2003
Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty
ENGLISH
OTHER LANGUAGES (1) +
Select your language
Annex: en  . da  . de  . el  . es  . fi  . fr  . it  . nl  . pt  . sv
05/05/2003
Money, Banking and Financial Market Statistics in the Accession Countries, volume II Press release:
05/05/2003
Money, Banking and Financial Market Statistics in the Accession Countries, volume I Press release:
01/05/2003
Working paper no. 234: Unemployment, hysteresis and transition
Published in: Scottish Journal of Political Economy, 2004, 51 (3): pp.377-401.
01/05/2003
Working paper no. 233: The natural real rate of interest in the euro area
01/05/2003
Working paper no. 232: Describing the Fed's conduct with Taylor rules: is interest rate smoothing important?
01/05/2003
Working paper no. 231: Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Published in: Berkeley Electronic Press, Advances in Macroeconomics, 2004, 4 (1): 1-23.
01/05/2003
Working paper no. 230: The euro area financial system: structure, integration and policy initiatives
Published in: Oxford Review of Economic Policy, Spring 2003, 19 (1), pp 180-213.
01/05/2003
Working paper no. 229: How does the ECB target inflation?
Published in: Oxford Review of Economic Policy, 2003, Vol 19 (1), pp 44-57 with the title 'Asymmetric Reaction Function for the Euro Area'
01/05/2003
Working paper no. 228: Monetary policy shocks - a nonfundamental look at the data
28/04/2003
Supplementary guidance notes concerning statistics on the holders of money market fund shares/units Press release:
20/04/2003
TARGET Annual Report 2002 Press release:
15/04/2003
Terms and conditions governing the use of the EPM
10/04/2003
Monthly Bulletin, April 2003
10/04/2003
Focus: Broad versus narrow indices for the effective exchange rate of the euro
Monthly Bulletin Issue 4, 2003
10/04/2003
Focus: Revisions of consumer expenditure weights in the HICP
Monthly Bulletin Issue 4, 2003
10/04/2003
Focus: The dispersion of inflation across the euro area countries and the US metropolitan areas
Monthly Bulletin Issue 4, 2003
10/04/2003
Focus: Recent movements in corporate bond spreads and stock prices
Monthly Bulletin Issue 4, 2003
10/04/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 March 2003
Monthly Bulletin Issue 4, 2003
10/04/2003
Article: A bank lending survey for the euro area
Monthly Bulletin Issue 4, 2003
10/04/2003
Article: Developments in general economic statistics for the euro area
Monthly Bulletin Issue 4, 2003
10/04/2003
Article, Annual Report 2002, p.129-136, Production and issue of banknotes
09/04/2003
Article: The need for comprehensive reforms to cope with population ageing
Monthly Bulletin Issue 4, 2003
01/04/2003
Working paper no. 227: Monetary policy in a low pass-through environment
Published in: Journal of Money, Credit and Banking, December 2005; 37(6): 1047-1066.
01/04/2003
Working paper no. 226: The central bank as a risk manager: quantifying and forecasting inflation risks
Published in: Journal of Money, Credit, and Banking, 2008, 40: 1103-1129
01/04/2003
Working paper no. 225: Productivity and the ('synthetic') euro-dollar exchange rate
Published in: Weltwirtschaftliches Archiv (Review of World Economics), 2004, 140(1): 1-30.
01/04/2003
Working paper no. 224: The rise of the yen vis-a-vis the "synthetic" euro: is it supported by economic fundamentals?
01/04/2003
Working paper no. 223: Optimal monetary policy with imperfect common knowledge
Published in: Journal of Monetary Economics, March 2007; 54(2): 267-301
01/04/2003
Working paper no. 222: Inflation dynamics and subjective expectations in the United States
01/04/2003
Working paper no. 221: Estimating risk premia in money market rates
01/04/2003
Working paper no. 220: The allocation of competencies in an international union: a positive analysis
01/04/2003
Annual Report 2002
28/03/2003
Structural issues report 2003 - Structural factors in the EU housing markets
22/03/2003
Memorandum of Understanding on the exchange of information among credit registers for the benefit of reporting institutions
Annexes updated: January 2009 [online only]
16/03/2003
Memorandum of Understanding on Economic and Financial Statistics between the Directorate General Statistics of the European Central Bank and the Statistical Office of the European Communities (Eurostat) Annex 1: Share of responsibilities in the field of: en
13/03/2003
Monthly Bulletin, March 2003
13/03/2003
Focus: Code of best practice on the compilation and reporting of data in the context of the excessive deficit procedure
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: The information content of data on total hours worked in industry
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Factors behind the weakness in investment by type of product
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Developments in compensation per employee and unit labour costs in the main euro area sectors
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Direct impact of changes in administered prices and indirect taxes on euro area HICP developments
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 February 2003
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Recent trends in equity issuance in the euro area
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Financing and financial investment of insurance corporations and pension funds in the euro area
Monthly Bulletin Issue 3, 2003
13/03/2003
Focus: Financial investment of the non-financial sectors in the euro area up to the third quarter of 2002
Monthly Bulletin Issue 3, 2003
06/03/2003
Review of the foreign exchange market structure Press release:
01/03/2003
Working paper no. 219: Extra-euro area manufacturing import prices and exchange rate pass-through
01/03/2003
Working paper no. 218: The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan
Published in: Journal of Monetary Economics, Vol 50 (5), July 2003: pp 1071-1101
01/03/2003
Working paper no. 217: The role of product market regulations in the process of structural change
13/02/2003
Monthly Bulletin, February 2003
13/02/2003
Focus: Private sector expectations for inflation and economic activity in the euro area: the results of the 2003 Q1 Survey of Professional Forecasters and other available indicators
Monthly Bulletin Issue 2, 2003
13/02/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 January 2003
Monthly Bulletin Issue 2, 2003
13/02/2003
Article: The relationship between monetary policy and fiscal policies in the euro area
Monthly Bulletin Issue 2, 2003
13/02/2003
Article: Exchange rate regimes for emerging market economies
Monthly Bulletin Issue 2, 2003
12/02/2003
EU banking sector stability Press release:
01/02/2003
Working paper no. 216: The admission of accession countries to an enlarged monetary union: a tentative assessment
Published in: Economics Letters, Vol 85 (1), 2004: pp 23-27 as "Currency Unions and the Real Exchange Rate". Also published in Prospects for Monetary Union after the Euro, De Grauwe, P. and Mélitz, J. (eds.), Cambridge, The MIT Press: 2005 as "The Eastward Enlargement of the of the European Monetary Union"
01/02/2003
Working paper no. 215: Budget institutions and fiscal performance in Central and Eastern European countries
01/02/2003
Working paper no. 214: On the selection of forecasting models
Published in: Journal of Econometrics, February 2006; 130(2): 273-306.
01/02/2003
Working paper no. 213: Aggregation and euro area Phillips curves
Published in: "Institutions and Wage Formation in the New Europe" by G Fagan, F Mongelli and J Morgan (eds), December 2003
31/01/2003
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves for 2002
23/01/2003
Monthly Bulletin, January 2003
23/01/2003
Focus: New ECB statistics on euro area investment funds
Monthly Bulletin Issue 1, 2003
23/01/2003
Focus: Recent improvements in securities issues statistics
Monthly Bulletin Issue 1, 2003
23/01/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 December 2002
Monthly Bulletin Issue 1, 2003
23/01/2003
Article: CLS - purpose, concept and implications
Monthly Bulletin Issue 1, 2003
23/01/2003
Article: The demand for currency in the euro area and the impact of the euro cash changeover
Monthly Bulletin Issue 1, 2003
01/01/2003
Working paper no. 212: Modelling the implied probability of stock market movements
Published in: Economic and Financial Modelling. Winter 2003; 10(4): 153-97
01/01/2003
Working paper no. 211: Self-control and savings
01/01/2003
Working paper no. 210: Anticipated Ramsey reforms and the uniform taxation principle: the role of international financial markets
01/01/2003
Working paper no. 209: A framework for collateral risk control determination
01/01/2003
Working paper no. 208: Do demographic changes affect risk premiums? Evidence from international data
Published in: Journal of Business. January 2005; 78(1): 341-79
01/01/2003
Working paper no. 207: A comprehensive model on the euro overnight rate
01/01/2003
Working paper no. 206: Empirical estimates of reaction functions for the euro area
Published in: Swiss Journal of Economics and Statistics, March 2004, 140(1): 37-66.
01/01/2003
Working paper no. 205: Real exchange rate in an inter-temporal n-country-model with incomplete markets
01/01/2003
Working paper no. 204: Asymmetric dynamics in the correlations of global equity and bond returns
Published in: Journal of Financial Econometrics, Fall 2006; 4(4): 537-72
01/01/2003
Working paper no. 203: Myopic loss aversion, disappointment aversion, and the equity premium puzzle
Published in: Journal of Economic Behaviour and Organization, Vol 64 (2): 2007: pp 250-268.
01/01/2003
Working paper no. 202: Aggregate loans to the euro area private sector
Published in: The Quarterly Review of Economics and Finance (2006), vol. 46, pp. 211-26.