Publications published in 2004

22/12/2004
Working paper no. 424: An empirical study of liquidity and information effects of order flow on exchange rates
22/12/2004
Working paper no. 423: Price setting in France: new evidence from survey data
Published in: Revue d'Economie Politique, Vol 117, 2006: pp 541-554
20/12/2004
Working paper no. 422: What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances
Published in: Empirica (2007), vol. 34, pp. 1-14; published as “Budget Balances in OECD Countries: What Makes Them Change?”.
20/12/2004
Working paper no. 421: EU fiscal rules: issues and lessons from political economy
Published in: International Economics and Economic Policy (2005) 2: 65-89.
20/12/2004
Research network on capital markets and financial integration in Europe Press release:
17/12/2004
Review of the requirements in the field of general economic statistics Press release:
16/12/2004
Working paper no. 420: On prosperity and posterity: the need for fiscal discipline in a monetary union
15/12/2004
Financial Stability Review Press briefing on the “ECB Financial Stability Review“
09/12/2004
Statistics Pocket Book, December 2004
09/12/2004
Monthly Bulletin, December 2004
09/12/2004
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Comparison with the ECB staff macroeconomic projections of September 2004
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Good standards for compiling and reporting government finance statistics
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Possible impact of the removal of trade quotas for textiles and clothing
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Competition and price developments in the euro area electricity and gas markets
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Recent trends in implied bond market volatility
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Liquidity conditions and monetary policy operations from 11 August to 8 November 2004
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Financing conditions of non-financial corporations in the euro area
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Saving, financing and investment of euro area households and non-financial corporations in 2003
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Risk aversion and developments in monetary aggregates
Monthly Bulletin Issue 12, 2004
09/12/2004
Focus: Prediction of future oil prices
Monthly Bulletin Issue 12, 2004
03/12/2004
Publication of euro bond market study 2004 Press release:
02/12/2004
Towards a single euro payments area - third progress report Press release:
02/12/2004
Eurosystem staff macroeconomic projections for the euro area
01/12/2004
Working paper no. 419: The design of fiscal rules and forms of governance in European Union countries
30/11/2004
Working paper no. 418: Identifying the influences of nominal and real rigidities in aggregate price-setting behavior
Published in: Journal of Monetary Economics, Vol 54 (8), 2007: pp 2439-2466
30/11/2004
Working paper no. 413: An empirical analysis of price setting behaviour in the Netherlands in the period 1998-2003 using micro data
30/11/2004
Working paper no. 411: Fiscal discipline and the cost of public dept service: some estiames for OECD countries
30/11/2004
Working paper no. 408: The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think
29/11/2004
Letter from the ECB President to Mr Paolo Cirino Pomicino, Member of the Committee on Economic and Monetary Affairs
26/11/2004
Occasional paper no. 21: Governance of securities clearing and settlement systems
26/11/2004
Letter from the ECB President to the President of the European Parliament
24/11/2004
Working paper no. 417: Staggered price contracts and inflation persistence: some general results
24/11/2004
Working paper no. 416: Price setting behaviour in Spain: stylised facts using consumer price micro data
Published in: Economic Modelling, Vol 23 (4), July 2006: pp 699 as "Price setting behaviour in Spain: evidence from consumer price micro-data"
24/11/2004
Working paper no. 415: How persistent is disaggregate inflation? An analysis across EU 15 countries and HICP sub-indices
Published in: Applied Economics Letters, Vol 16(12), 2009: pp 1271-1275 as "Mean Reversion and Sales"
24/11/2004
Working paper no. 414: Inflation persistence in the European Union, the euro area, and the United States
24/11/2004
Working paper no. 407: Banking consolidation and small business lending
24/11/2004
Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countries Press release:
24/11/2004
Report on EU banking structure 2004 Press release:
24/11/2004
EU banking sector stability 2004 Press release:
19/11/2004
Working paper no. 412: The real effects of money growth in dynamic general equilibrium
19/11/2004
Working paper no. 410: Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?
19/11/2004
Working paper no. 409: Currency mismatch, uncertainty and debt maturity structure
Published in: B.E. Journals in Macroeconomics 6(1): Article 5.
11/11/2004
Monthly Bulletin, November 2004
11/11/2004
Statistics Pocket Book, November 2004
11/11/2004
Focus: Latest developments in investment by type of product
Monthly Bulletin Issue 11, 2004
11/11/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q4 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 11, 2004
11/11/2004
Focus: Recent trends in implied stock market volatility
Monthly Bulletin Issue 11, 2004
11/11/2004
Focus: The results of the October 2004 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2004
11/11/2004
Focus: Features of mortgage contracts in the euro area
Monthly Bulletin Issue 11, 2004
11/11/2004
Article: Extracting information from financial asset prices
Monthly Bulletin Issue 11, 2004
11/11/2004
Article: Oil prices and the euro area economy
Monthly Bulletin Issue 11, 2004
11/11/2004
Article: Developments in the EU framework for financial regulation, supervision and stability
Monthly Bulletin Issue 11, 2004
10/11/2004
European Union balance of payments/international investment position statistical methods Press release:
07/11/2004
Working paper no. 406: Labour market reform and the sustainability of exchange rate pegs
Published in: Scottish Journal of Political Economy (2010), 57(1), pp. 85-102.
07/11/2004
Working paper no. 405: A joint econometric model of macroeconomic and term structure dynamics
Published in: Journal of Econometrics, March-April 2006; 131(1-2): 405-44.
Data and code: en
05/11/2004
Working paper no. 404: An analysis of systemic risk in alternative securities settlement architectures
05/11/2004
Working paper no. 403: Financial market integration and loan competition: when is entry deregulation socially beneficial?
05/11/2004
Working paper no. 402: Forecasting euro area inflation using dynamic factor measures of underlying inflation
Published in: Journal of Forecasting, November 2005, Vol. 24, pp. 491-503.
01/11/2004
Research Bulletin No. 1
29/10/2004
Working paper no. 401: Foreign direct investment and international business cycle comovement
29/10/2004
Working paper no. 400: Cross-country differences in monetary policy transmission
29/10/2004
Working paper no. 399: Sporadic manipulation in money markets with central bank standing facilities
Published in: International Journal of Central Banking, as "Manipulation in Money Markets", 3(1), special issue, March 2007, 113-148.
29/10/2004
Working paper no. 398: Mergers and acquisitions and bank performance in Europe: the role of strategic similarities
Published in: Journal of Economics and Business 60, 3, p. 179-290
29/10/2004
Working paper no. 397: Determinants of euro term structure of credit spreads
26/10/2004
Issues paper for the ECB Conference on 10 November 2004 'E-payments without frontiers' Press release:
25/10/2004
Working paper no. 396: The short-term impact of government budgets on prices: evidence from macroeconomic models
Published in: Journal of Policy Modeling 30 (2008) 123-143.
25/10/2004
Working paper no. 395: Fiscal sustainability and public debt in an endogenous growth model
Published in: Journal of Pension Economics and Finance, 2010, Vol. 9 (2),277-302.
25/10/2004
The European Central Bank – History, role and functions
ENGLISH
OTHER LANGUAGES (4) +
Press release:
22/10/2004
Standards for securities clearing and settlement in the European Union Press release:
20/10/2004
Convergence Report 2004
14/10/2004
Monthly Bulletin, October 2004
14/10/2004
Statistics Pocket Book, October 2004
14/10/2004
Focus: The geographical composition of euro area foreign demand
Monthly Bulletin Issue 10, 2004
14/10/2004
Focus: Developments in total hours worked in the euro area
Monthly Bulletin Issue 10, 2004
14/10/2004
Article: Monetary analysis in real time
Monthly Bulletin Issue 10, 2004
14/10/2004
Article: Economic integration in selected regions outside the European Union
Monthly Bulletin Issue 10, 2004
08/10/2004
Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure
30/09/2004
Working paper no. 394: Liquidity, money creation and destruction, and the returns to banking
Published in: International-Economic-Review. May 2005; 46(2): 675-706
30/09/2004
Working paper no. 393: The determinants of the overnight interest rate in the euro area
29/09/2004
Working paper no. 392: The role of central bank capital revisited
29/09/2004
Working paper no. 391: Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach
Published in: Journal of Applied Econometrics, 20(1), January 2005
29/09/2004
Working paper no. 390: Financial markets' behavior around episodes of large changes in the fiscal stance
29/09/2004
TARGET2 - the future TARGET system, brochure (update 2004)
29/09/2004
TARGET - the current system, brochure (update 2004)
14/09/2004
Working paper no. 389: Forecasting with a Bayesian DSGE model: an application to the euro area
Published in: Journal of Common Market Studies, 42(4),: 841-867
13/09/2004
Letter from the ECB President to the Chairman of International Accounting Standards Board of 6 September 2004: Exposure Draft of proposed amendments to IAS 39 - The fair value option
09/09/2004
Statistics Pocket Book, September 2004
09/09/2004
Monthly Bulletin, September 2004
09/09/2004
Focus: Update of the overall trade weights for the effective exchange rates of the euro and computation of a new set of euro indicators
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Track record of budgetary forecasts in stability and convergence programmes
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Principal European Economic Indicators: progress up to September 2004
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Recent developments in unit labour costs and their implications for euro area inflation
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Recent trends in residential property prices in the euro area and across euro area countries
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: How do stock markets react to changes in oil prices?
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Measuring real interest rates in the euro area countries
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: Liquidity conditions and monetary policy operations from 12 May to 10 August 2004
Monthly Bulletin Issue 9, 2004
09/09/2004
Focus: The link between asset prices and monetary developments
Monthly Bulletin Issue 9, 2004
07/09/2004
Working paper no. 388: Euro area inflation differentials
Published in: The B.E. Journal of Macroeconomics: Vol. 7 : Iss. 1 (Topics), Article 24
02/09/2004
ECB staff macroeconomic projections for the euro area
27/08/2004
Working paper no. 387: Horizontal and vertical integration and securities trading and settlement
27/08/2004
Working paper no. 386: Intergenerational altruism and neoclassical growth models
Published in: chapter 15 of the Handbook of the Economics of Giving, Altruism and Reciprocity, Volume 2, Elsevier, (2006).
27/08/2004
Working paper no. 385: Euro area sovereign yield dynamics: the role of order imbalance
27/08/2004
Working paper no. 384: Price rigidity. Evidence from the French CPI micro-data
Published in: What do thirteen million price records have to say about consumer price rigidity?, L.Baudry, H.Le Bihan, P.Sevestre and S.Tarrieu, published in: Oxford Bulletin of Economics and Statistics, 2007, vol. 69, n°2, 2007, 139-183.
17/08/2004
Working paper no. 383: Explicit inflation objectives and macroeconomic outcomes
12/08/2004
Monthly Bulletin, August 2004
12/08/2004
Statistics Pocket Book, August 2004
12/08/2004
Focus: Differences between industrial production and value added data in industry in the first quarter of 2004
Monthly Bulletin Issue 8, 2004
12/08/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q3 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 8, 2004
12/08/2004
Focus: Analysing MFI interest rates at the euro area level
Monthly Bulletin Issue 8, 2004
12/08/2004
Focus: The information content of euro area long-term forward interest rates
Monthly Bulletin Issue 8, 2004
12/08/2004
Focus: The results of the July 2004 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2004
12/08/2004
Article: Properties and use of general government quarterly accounts
Monthly Bulletin Issue 8, 2004
12/08/2004
Article: The European Constitution and the ECB
Monthly Bulletin Issue 8, 2004
12/08/2004
Article: Euro banknotes: first years of experience
Monthly Bulletin Issue 8, 2004
09/08/2004
Working paper no. 382: Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001
09/08/2004
Working paper no. 381: Fiscal rules and sustainability of public finances in an endogenous growth model
06/08/2004
Working paper no. 380: Optimal monetary policy under discretion with a zero bound on nominal interest rates
Published in: Journal of Monetary Economics, April 2007; 54(3): 728-52 as "Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates".
06/08/2004
Occasional paper no. 20: The supervision of mixed financial services groups in Europe
31/07/2004
Occasional paper no. 19: Sectoral specialisation in the EU: a macroeconomic perspective
30/07/2004
Occasional paper no. 18: The international role of the euro: evidence from bonds issued by non-euro area residents
27/07/2004
Working paper no. 379: Do financial market variables show (symmetric) indicator properties relative to exchange rate returns?
Published in: Review of World Economics, 142 (1), pp. 165-180 as "Do Financial Market variables Show Indicator Properties Relative to Exchange Rate Returns?"
27/07/2004
Working paper no. 378: Liquidity, information, and the overnight rate
27/07/2004
Working paper no. 377: Optimal monetary policy under commitment with a zero bound on nominal interest rates
Published in: Journal of Money Credit and Banking, Vol. 38(7), pp. 1877-1906, 2006.
26/07/2004
Occasional paper no. 17: Corporate "excesses" and financial market dynamics
23/07/2004
Working paper no. 376: Raising rival's costs in the securities settlement industry
22/07/2004
Working paper no. 375: Guess what: it's the settlements!
22/07/2004
Working paper no. 374: To aggregate or not to aggregate? Euro area inflation forecasting
22/07/2004
Working paper no. 373: Technology shocks and robust sign restrictions in a euro area SVAR
Published in: International Economic Review, Vol 50 (3), 2009: pp 727–750.
08/07/2004
Monthly Bulletin, July 2004
08/07/2004
Statistics Pocket Book, July 2004
08/07/2004
Focus: Recent developments in the extra-euro area trade volumes and prices
Monthly Bulletin Issue 7, 2004
08/07/2004
Focus: Conventions and procedures for the exchange rate mechanism II (ERMII)
Monthly Bulletin Issue 7, 2004
08/07/2004
Focus: Entry of the currencies of Estonia, Lithuania and Slovenia into the exchange rate mechanism II (ERM II)
Monthly Bulletin Issue 7, 2004
08/07/2004
Focus: Recent oil price developments and their impact on euro area prices
Monthly Bulletin Issue 7, 2004
08/07/2004
Focus: The development of a high-yield bond market in the euro area
Monthly Bulletin Issue 7, 2004
08/07/2004
Focus: Recent trends in portfolio allocation between monetary and longer-term financial assets
Monthly Bulletin Issue 7, 2004
08/07/2004
Article: Accounting for the resilience of the EU banking sector since 2000
Monthly Bulletin Issue 7, 2004
08/07/2004
Article: Labour productivity developments in the euro area: aggregate trends and sectoral patterns
Monthly Bulletin Issue 7, 2004
08/07/2004
Accounting for the resilience of the EU banking sector since 2000
02/07/2004
The development of statistics for economic and monetary union, by Peter Bull
23/06/2004
Working paper no. 372: The operational target of monetary policy and the rise and fall of reserve position doctrine
22/06/2004
Working paper no. 371: Inflation persistence: facts or artefacts?
22/06/2004
Working paper no. 370: Inflation persistence during periods of structural change: an assessment using Greek data
22/06/2004
Working paper no. 369: Sovereign risk premia in the European government bond market
22/06/2004
Working paper no. 368: Capital quality improvement and the sources of growth in the euro area
Published in: Economic Policy April 2005; 0(42): 267-284.
22/06/2004
Occasional paper no. 16: Market dynamics associated with credit ratings: a literature review
10/06/2004
Statistics Pocket Book, June 2004
10/06/2004
Monthly Bulletin, June 2004
10/06/2004
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Comparison with the December 2003 projections
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: The impact of the number of working days on euro area GDP in 2004
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Seasonal patterns and volatility in the euro area HICP
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Using financial derivatives to assess market participants' short-term inflation expectations for the euro area
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Liquidity conditions and monetary policy operations from 24 January 2004 to 11 May 2004
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Recent developments in the net flows into euro area equity and bond funds
Monthly Bulletin Issue 6, 2004
10/06/2004
Focus: Recent developments in loans to non-financial corporations
Monthly Bulletin Issue 6, 2004
09/06/2004
Working paper no. 367: Factor substitution and factor augmenting technical progress in the US: a normalized supply-side system approach
Published in: Review of Economics and Statistics, 89, 1, 183-192.
09/06/2004
Comparison of household saving ratios, Euro area / United States / Japan Press release:
03/06/2004
Working paper no. 366: The informational content of over-the-counter currency options
03/06/2004
Working paper no. 365: Exchange rates and fundamentals: new evidence from real-time data
Published in: Journal of International Money and Finance, March 2005, 24(2): 317-341.
03/06/2004
Eurosystem staff macroeconomic projections for the euro area
28/05/2004
Working paper no. 364: Asset price booms and monetary policy
Published in: Macroeconomic Policies in the World Economy, Horst Siebert (ed.), Springer, Berlin, 2004.
28/05/2004
Working paper no. 343: Monetary discretion, pricing complementarity and dynamic multiple equilibria
Published in: Quarterly Journal of Economics, Vol 119 (4), November 2004: pp 1513-1553
26/05/2004
Risk Management for Central Bank Foreign Reserves Press release:
25/05/2004
Occasional paper no. 15: Quality adjustment of European price statistics and the role for hedonics
24/05/2004
Credit risk transfer by EU banks: activities, risks and risk management Press release:
21/05/2004
Assessment of euro large-value payment systems against the Core Principles
19/05/2004
Working paper no. 363: Communication and exchange rate policy
Published in: Journal of Macroeconomics, Vol 30 (4), December 2008: pp 1651-1672.
19/05/2004
Working paper no. 362: Oil price shocks and real GDP growth: empirical evidence for some OECD countries
Published in: Applied Economics, 37 (2), pp. 201-228.
18/05/2004
Working paper no. 361: Excess reserves and implementation of monetary policy of the ECB
Published in: Journal of Policy Modelling, Vol. 28, No. 5, pp. 491-510.
18/05/2004
Working paper no. 360: Optimal monetary policy rules for the euro area: an analysis using the area wide model
Published in: Journal of Common Market Studies, 2005, 43, 3, 507-537.
18/05/2004
Working paper no. 359: The longer term refinancing operations of the ECB
Published in: Journal of Banking and Finance 31: 1521-1543, 2007.
14/05/2004
Working paper no. 358: Did the pattern of aggregate employment growth change in the euro area in the late 1990s?
Published in: Applied Economics, August 2006, 38 (15), 1783–1807.
14/05/2004
Working paper no. 357: Seasonal adjustment and the detection of business cycle phases
Published in: Journal of Applied Econometrics (2008), 23(2), pp. 257-278.
14/05/2004
Working paper no. 356: Developing a euro area accounting matrix: issues and applications
Published in: Poverty, Inequality and Development, de Janvry, A. and R. Kanbur (eds.), Kluwer Academic Press 2006.
Table 1: Aggregate EAAM for 1999: en
13/05/2004
Monthly Bulletin, May 2004
13/05/2004
Statistics Pocket Book, May 2004
13/05/2004
Focus: Real effective exchange rate developments from a euro area and from a country perspective
Monthly Bulletin Issue 5, 2004
13/05/2004
Focus: Latest developments in investment by type of product
Monthly Bulletin Issue 5, 2004
13/05/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q2 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 5, 2004
13/05/2004
Focus: The impact of recent employment data releases in the United States on global bond markets
Monthly Bulletin Issue 5, 2004
13/05/2004
Focus: The results of the April 2004 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2004
13/05/2004
Article: Risk mitigation methods in Eurosystem credit operations
Monthly Bulletin Issue 5, 2004
13/05/2004
Article: The natural real interest rates in the euro area
Monthly Bulletin Issue 5, 2004
13/05/2004
Article: The EU economy following the accession of the new Member States
Monthly Bulletin Issue 5, 2004
12/05/2004
TARGET Annual Report 2003 Press release:
10/05/2004
The use of Central bank money for settling securities transactions
07/05/2004
Working paper no. 355: Production interdependence and welfare
06/05/2004
Working paper no. 354: Taking stock: monetary policy transmission to equity markets
Published in: Journal of Money, Credit and Banking 36(4), 2004, pp 719-737.
05/05/2004
Occasional paper no. 14: Measuring financial integration in the euro area
29/04/2004
Occasional paper no. 13: Fair value accounting and financial stability
28/04/2004
Working paper no. 353: Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective
Published in: Economic Systems, Vol 29 (2): pp 130-143 as "Pitfalls in estimating equilibrium exchange rates for transition economies". Also published in Journal of Comparative Economics, Vol 34 (3), September 2006: pp 499-517.
28/04/2004
Working paper no. 352: Forecasting inflation with thick models and neural networks
Published in: Economic Modelling, 2005, 22, 5, 848-567
28/04/2004
Working paper no. 351: Interest rate determination in the interbank market
Published in: European Economic Review 52 (2008) 412-440;
28/04/2004
Working paper no. 350: Exchange-rate policy and the zero bound on nominal interest rates
Published in: American Economic Review, Papers and Proceedings, 2004, 94(2): 80-84.
28/04/2004
Working paper no. 349: Estimating the rank of the spectral density matrix
Published in: Journal of Time Series Analysis, February 2005, Vol. 26, No 1, pp. 37-48.
28/04/2004
Working paper no. 348: Financial openness and growth: short-run gain, long-run pain?
Published in: Review of International Economics, 16(1), 69-95, 2008.
28/04/2004
Working paper no. 347: Firms' investment decisions in response to demand and price uncertainty
Published in: Applied Economics, Volume 40, August-September 2008
28/04/2004
Working paper no. 346: Perpetual youth and endogenous labour supply: a problem and a possible solution
27/04/2004
Working paper no. 345: Optimal monetary and fiscal policy: a linear-quadratic approach
Published in: M. Gertler and K. Rogoff, eds, NBER Macroeconomics Annual 2003, Vol 18: 271-333.
27/04/2004
Working paper no. 344: Ramsey monetary policy and international relative prices
27/04/2004
Working paper no. 342: Equal size, equal role? Interdependence between the euro area and the United States
Published in: The Economic Journal, Vol 115, October 2005: pp 930-50
27/04/2004
Working paper no. 341: Benefits and spillovers of greater competition in Europe: a macroeconomic assessment
27/04/2004
Working paper no. 340: Indeterminacy with inflation-forecast-based rules in a two-bloc model
27/04/2004
Working paper no. 339: Understanding the effects of government spending on consumption
27/04/2004
Working paper no. 338: The optimal degree of discretion in monetary policy
Published in: Econometrica, Vol 73 (5), September 2005: pp 1431-75
27/04/2004
Working paper no. 337: The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations
Published in: Journal of Economic Dynamics and Control, Vol 29 (11), November 2005: pp 1927-50
27/04/2004
Working paper no. 336: The great inflation of the 1970s
27/04/2004
Annual Report 2003
27/04/2004
Article, Annual Report, 2003, p.92-96, Banknotes and coins
27/04/2004
Letter from the ECB President to the President of the Council of the European Union: Negotiations on the draft Treaty establishing a Constitution for Europe
26/04/2004
Occasional paper no. 12: Understanding the impact of the external dimension on the euro area: trade, capital flows and other international macroeconomic linkages
22/04/2004
Working paper no. 335: Has euro-area inflation persistence changed over time?
Published in: Review of Economics and Statistics, Vol 87 (4), November 2005: pp 709-20
22/04/2004
Working paper no. 334: Is inflation persistence intrinsic in industrial economies?
22/04/2004
Working paper no. 333: The pricing behaviour of Italian firms: new survey evidence on price stickiness
22/04/2004
Working paper no. 332: Stylised features of price setting behaviour in Portugal: 1992-2001
22/04/2004
Working paper no. 331: How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI
22/04/2004
TARGET compensation claim form
21/04/2004
Working paper no. 330: The demand for euro area currencies: past, present and future
15/04/2004
Payment and securities settlement systems in the accession countries - Addendum incorporating 2002 figures (Blue Book, April 2004) Press release:
15/04/2004
Payment and securities settlement systems in the European Union - Addendum incorporating 2002 figures (Blue Book, April 2004) Press release:
14/04/2004
Foreign direct investment task force report Press release:
13/04/2004
Monthly Bulletin, April 2004
13/04/2004
Statistics Pocket Book, April 2004
13/04/2004
Focus: First estimates of retail trade turnover in the euro area
Monthly Bulletin Issue 4, 2004
13/04/2004
Focus: Recent developments in long-term inflation expectations
Monthly Bulletin Issue 4, 2004
13/04/2004
Focus: Stock market reactions to the terrorist attacks in Madrid on 11 March 2004
Monthly Bulletin Issue 4, 2004
13/04/2004
Focus: Publication of the benchmark allotment in the main refinancing operations
Monthly Bulletin Issue 4, 2004
13/04/2004
Article: The Barcelona partner countries and their relations with the euro area
Monthly Bulletin Issue 4, 2004
13/04/2004
Article: Future developments in the TARGET system
Monthly Bulletin Issue 4, 2004
13/04/2004
Article: Fiscal policy influences on macroeconomic stability and prices
Monthly Bulletin Issue 4, 2004
07/04/2004
External evaluation of the economic research activities of the European Central Bank Executive summary: en
Press release:
06/04/2004
Working paper no. 329: On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework
06/04/2004
Working paper no. 328: Non-fundamental exchange rate volatility and welfare
06/04/2004
Working paper no. 327: Diversification in euro area stock markets: country versus industry
26/03/2004
Working paper no. 326: The Great Depression and the Friedman-Schwartz hypothesis
Published in: Journal of Money, Credit and Banking 35(6, Part 2), December 2003: 1119-1197.
26/03/2004
Working paper no. 325: What are the spill-overs from fiscal shocks in Europe? An empirical analysis
Published in: What Are the Trade Spill-Overs from Fiscal Shocks in Europe? An Empirical Analysis, published in De Economist. June 2005; 153(2): 167-97
17/03/2004
Working paper no. 324: Fundamentals and joint currency crises
Published in: Journal of Empirical Finance (2010), 17(2), pp. 241-54, as “Heavy tails and currency crises”.
17/03/2004
Working paper no. 323: On the indeterminacy of new-Keynesian economics
Published in: Macroeconomic Dynamics (2008), 12(1), pp. 60-74; published as "What we don't know about the Monetary Transmission Mechanism and why we don't know it".
17/03/2004
Working paper no. 322: Modelling inflation in the euro area
Published in: Gunnar Bårdsen, Øyvind Eitrheim, Eilev S. Jansen and Ragnar Nymoen: The Econometrics of Macroeconomic Modelling, Oxford University Press (Advanced Texts in Econometrics), Oxford 2005 (Chapter 8).
17/03/2004
Working paper no. 321: Frequency domain principal components estimation of fractionally cointegrated processes
Published in: Applied Economics Letters. October 2004; 11(13): 837-42
17/03/2004
Working paper no. 320: Institutions and service employment: a panel study for OECD countries
Published in: Labour. June 2005; 19(2): 343-72
17/03/2004
Working paper no. 319: Risk sharing through financial markets with endogenous enforcement of trades
17/03/2004
Working paper no. 318: Gross job flows and institutions in Europe
Published in: Labour Economics, August 2004, 11(4): 469-485.
11/03/2004
Monthly Bulletin, March 2004
11/03/2004
Focus: Non-energy commodity price developments and their impact on euro are producer prices
Monthly Bulletin Issue 3, 2004
11/03/2004
Focus: Update of HICP weights and coverage of consumer expenditure
Monthly Bulletin Issue 3, 2004
11/03/2004
Focus: Development in banks' loan-loss provisions over recent years
Monthly Bulletin Issue 3, 2004
11/03/2004
Focus: What is the information content of stock market earnings expectations held by analysts?
Monthly Bulletin Issue 3, 2004
08/03/2004
Working paper no. 317: Fiscal policy and inflation volatility
04/03/2004
Working paper no. 316: Cooperation in international banking supervision
04/03/2004
Working paper no. 315: Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB
Published in: Journal of Economics and Business, Jan.-Feb. 2005; 57(1): 23-38.
03/03/2004
Working paper no. 314: Exchange rate risks and asset prices in a small open economy
01/03/2004
Statistics Pocket Book, March 2004
29/02/2004
Occasional paper no. 11: Official dollarisation/euroisation: motives, features and policy implications of current cases
29/02/2004
Occasional paper no. 10: The acceding countries’ strategies towards ERM II and the adoption of the euro: an analytical review
28/02/2004
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves for 2003
27/02/2004
Working paper no. 313: The high-yield segment of the corporate bond market: a diffusion modelling approach for the United States, the United Kingdom and the euro area
Published in: De Bondt G. and D. Marqués-Ibáñez (2005), High-yield bond diffusion in the United States, the United Kingdom and the euro area, Journal of Financial Services Research 27,2, 163-181.
27/02/2004
Working paper no. 312: Similarities and convergence in G-7 cycles
Published in: Journal of Monetary Economics, April 2007; 54(3): 850-78
27/02/2004
Working paper no. 311: Current accounts dynamics in OECD and EU acceding countries - an intertemporal approach
Published in: Journal of Economic Integration 21(3): 593-618.
27/02/2004
Working paper no. 310: International equity flows and returns: a quantative equilibrium approach
27/02/2004
Working paper no. 309: Monetary policy shocks in the euro area and global liquidity spillovers
Published in: International Journal of Finance & Economics, Vol 13 (3), July 2008: pp 205–218.
27/02/2004
Working paper no. 308: International risk-sharing and the transmission of productivity shocks
23/02/2004
Comments on the communication from the Commission to the Council and the European Parliament concerning a new legal framework for payments in the internal market (consultative document)
17/02/2004
Working paper no. 305: A structural common factor approach to core inflation estimation and forecasting
16/02/2004
Working paper no. 307: Budgetary forecasts in Europe - the track record of stability and convergence programmes
16/02/2004
Working paper no. 306: A markup model of inflation for the euro area
16/02/2004
Guidance notes on the MFI balance sheet statistics relating to EU enlargement as laid down in Regulation ECB/2003/10 Press release:
13/02/2004
Occasional paper no. 9: Fiscal adjustment between 1991 and 2002: stylised facts and policy implications
12/02/2004
Statistics Pocket Book, February 2004
12/02/2004
Monthly Bulletin, February 2004
12/02/2004
Focus: The assessment of current and expected economic conditions according to European Commission surveys
Monthly Bulletin Issue 2, 2004
12/02/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q1 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin Issue 2, 2004
12/02/2004
Focus: Liquidity conditions and monetary policy operations from 24 November 2003 to 23 January 2004
Monthly Bulletin Issue 2, 2004
12/02/2004
Focus: The result of the January 2004 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2004
12/02/2004
Article: The acceding countries' economies on the threshold of the European Union
Monthly Bulletin Issue 2, 2004
12/02/2004
Article: Developments in private sector balance sheets in the euro area and the United States
Monthly Bulletin Issue 2, 2004
12/02/2004
Article: The impact of fair value accounting on the European banking sector - a financial stability perspective
Monthly Bulletin Issue 2, 2004
11/02/2004
Working paper no. 304: Equilibrium unemployment, job flows and inflation dynamics
11/02/2004
Working paper no. 303: Fiscal policy events and interest rate swap spreads: evidence from the EU
Published in: Journal of International Financial Markets, Institutions & Money (2007). 17 (3): 261-276.
11/02/2004
Working paper no. 302: Deposit insurance, moral hazard and market monitoring
Published in: Review of Finance 8 (4), pp. 571-602, December 2004.
06/02/2004
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
(update of the April 2002 edition)
Press release:
30/01/2004
The monetary policy of the ECB (second edition) Press release:
28/01/2004
Assessment of accession countries' securities settlement systems against the standards for the use of EU securities settlement systems in Eurosystem credit operations Press release:
27/01/2004
Working paper no. 301: Inflation and relative price asymmetry
27/01/2004
Working paper no. 300: Developing statistical indicators of the integration of the euro area banking system
22/01/2004
Monthly Bulletin, January 2004
22/01/2004
Statistics Pocket Book, January 2004
22/01/2004
Focus: The impact of developments in indirect and administered prices on inflation
Monthly Bulletin Issue 1, 2004
22/01/2004
Focus: New ECB statistics on quoted share transactions
Monthly Bulletin Issue 1, 2004
22/01/2004
Focus: Worldwide trends in monetary aggregates over recent years
Monthly Bulletin Issue 1, 2004
22/01/2004
Article: Measuring and analysing profit developments in the euro area
Monthly Bulletin Issue 1, 2004
22/01/2004
Article: Opinion surveys on activity, prices and labour market developments in the euro area: features and uses
Monthly Bulletin Issue 1, 2004
22/01/2004
Article: EMU and the conduct of fiscal policies
Monthly Bulletin Issue 1, 2004
20/01/2004
Focus: Base effects and their impact on HICP inflation in early 2005
Monthly Bulletin Issue 1, 2005
16/01/2004
Money Market Study 2003 Press release:
09/01/2004
Working paper no. 299: Import prices and pricing-to-market effects in the euro area