Publications published in 2004

22 December 2004
Working paper no. 424: An empirical study of liquidity and information effects of order flow on exchange rates
22 December 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 December 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 December 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 December 2004
Research network on capital markets and financial integration in Europe
17 December 2004
Review of the requirements in the field of general economic statistics
16 December 2004
Working paper no. 420: On prosperity and posterity: the need for fiscal discipline in a monetary union
15 December 2004
Financial Stability Review
9 December 2004
Focus: Prediction of future oil pricesEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Risk aversion and developments in monetary aggregatesEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Saving, financing and investment of euro area households and non-financial corporations in 2003Economic Bulletin Issue 12, 2004
9 December 2004
Focus: Financing conditions of non-financial corporations in the euro areaEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Liquidity conditions and monetary policy operations from 11 August to 8 November 2004Economic Bulletin Issue 12, 2004
9 December 2004
Focus: Recent trends in implied bond market volatilityEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Competition and price developments in the euro area electricity and gas marketsEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Possible impact of the removal of trade quotas for textiles and clothingEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Good standards for compiling and reporting government finance statisticsEconomic Bulletin Issue 12, 2004
9 December 2004
Focus: Comparison with the ECB staff macroeconomic projections of September 2004Economic Bulletin Issue 12, 2004
9 December 2004
Focus: Forecasts by other institutionsEconomic Bulletin Issue 12, 2004
3 December 2004
Publication of euro bond market study 2004
2 December 2004
Eurosystem staff macroeconomic projections for the euro area
2 December 2004
Towards a single euro payments area - third progress report
1 December 2004
Working paper no. 419: The design of fiscal rules and forms of governance in European Union countries
30 November 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 November 2004
Working paper no. 413: An empirical analysis of price setting behaviour in the Netherlands in the period 1998-2003 using micro data
30 November 2004
Working paper no. 411: Fiscal discipline and the cost of public dept service: some estiames for OECD countries
30 November 2004
Working paper no. 408: The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think
29 November 2004
Letter from the ECB President to Mr Paolo Cirino Pomicino, Member of the Committee on Economic and Monetary Affairs
26 November 2004
Occasional paper no. 21: Governance of securities clearing and settlement systems
26 November 2004
Letter from the ECB President to the President of the European Parliament
24 November 2004
Working paper no. 417: Staggered price contracts and inflation persistence: some general results
24 November 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 November 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 November 2004
Working paper no. 414: Inflation persistence in the European Union, the euro area, and the United States
24 November 2004
Working paper no. 407: Banking consolidation and small business lending
24 November 2004
EU banking sector stability 2004
24 November 2004
Report on EU banking structure 2004
24 November 2004
Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countries
19 November 2004
Working paper no. 412: The real effects of money growth in dynamic general equilibrium
19 November 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 November 2004
Working paper no. 409: Currency mismatch, uncertainty and debt maturity structure
Published in: B.E. Journals in Macroeconomics 6(1): Article 5.
11 November 2004
Article: Developments in the EU framework for financial regulation, supervision and stabilityEconomic Bulletin Issue 11, 2004
11 November 2004
Article: Oil prices and the euro area economyEconomic Bulletin Issue 11, 2004
11 November 2004
Article: Extracting information from financial asset pricesEconomic Bulletin Issue 11, 2004
11 November 2004
Focus: Features of mortgage contracts in the euro areaEconomic Bulletin Issue 11, 2004
11 November 2004
Focus: The results of the October 2004 bank lending survey for the euro areaEconomic Bulletin Issue 11, 2004
11 November 2004
Focus: Recent trends in implied stock market volatilityEconomic Bulletin Issue 11, 2004
11 November 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 indicatorsEconomic Bulletin Issue 11, 2004
11 November 2004
Focus: Latest developments in investment by type of productEconomic Bulletin Issue 11, 2004
10 November 2004
European Union balance of payments/international investment position statistical methods
7 November 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.
7 November 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.
5 November 2004
Working paper no. 404: An analysis of systemic risk in alternative securities settlement architectures
5 November 2004
Working paper no. 403: Financial market integration and loan competition: when is entry deregulation socially beneficial?
5 November 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.
1 November 2004
Research Bulletin No. 1
29 October 2004
Working paper no. 401: Foreign direct investment and international business cycle comovement
29 October 2004
Working paper no. 400: Cross-country differences in monetary policy transmission
29 October 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 October 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 October 2004
Working paper no. 397: Determinants of euro term structure of credit spreads
26 October 2004
Issues paper for the ECB Conference on 10 November 2004 'E-payments without frontiers'
25 October 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 October 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 October 2004
The European Central Bank – History, role and functions
ENGLISH
OTHER LANGUAGES (4) +
22 October 2004
Standards for securities clearing and settlement in the European Union
20 October 2004
Convergence Report
14 October 2004
Article: Economic integration in selected regions outside the European UnionEconomic Bulletin Issue 10, 2004
14 October 2004
Article: Monetary analysis in real timeEconomic Bulletin Issue 10, 2004
14 October 2004
Focus: Developments in total hours worked in the euro areaEconomic Bulletin Issue 10, 2004
14 October 2004
Focus: The geographical composition of euro area foreign demandEconomic Bulletin Issue 10, 2004
8 October 2004
Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure
30 September 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 September 2004
Working paper no. 393: The determinants of the overnight interest rate in the euro area
29 September 2004
Working paper no. 392: The role of central bank capital revisited
29 September 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 September 2004
Working paper no. 390: Financial markets' behavior around episodes of large changes in the fiscal stance
29 September 2004
TARGET - the current system, brochure (update 2004)
29 September 2004
TARGET2 - the future TARGET system, brochure (update 2004)
14 September 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 September 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
9 September 2004
Focus: The link between asset prices and monetary developmentsEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: Liquidity conditions and monetary policy operations from 12 May to 10 August 2004Economic Bulletin Issue 9, 2004
9 September 2004
Focus: Measuring real interest rates in the euro area countriesEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: How do stock markets react to changes in oil prices?Economic Bulletin Issue 9, 2004
9 September 2004
Focus: Recent trends in residential property prices in the euro area and across euro area countriesEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: Recent developments in unit labour costs and their implications for euro area inflationEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: Principal European Economic Indicators: progress up to September 2004Economic Bulletin Issue 9, 2004
9 September 2004
Focus: ECB staff macroeconomic projections for the euro areaEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: Track record of budgetary forecasts in stability and convergence programmesEconomic Bulletin Issue 9, 2004
9 September 2004
Focus: Update of the overall trade weights for the effective exchange rates of the euro and computation of a new set of euro indicatorsEconomic Bulletin Issue 9, 2004
7 September 2004
Working paper no. 388: Euro area inflation differentials
Published in: The B.E. Journal of Macroeconomics: Vol. 7 : Iss. 1 (Topics), Article 24
2 September 2004
ECB staff macroeconomic projections for the euro area
27 August 2004
Working paper no. 387: Horizontal and vertical integration and securities trading and settlement
27 August 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 August 2004
Working paper no. 385: Euro area sovereign yield dynamics: the role of order imbalance
27 August 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 August 2004
Working paper no. 383: Explicit inflation objectives and macroeconomic outcomes
12 August 2004
Article: Euro banknotes: first years of experienceEconomic Bulletin Issue 8, 2004
12 August 2004
Article: The European Constitution and the ECBEconomic Bulletin Issue 8, 2004
12 August 2004
Article: Properties and use of general government quarterly accountsEconomic Bulletin Issue 8, 2004
12 August 2004
Focus: The results of the July 2004 bank lending survey for the euro areaEconomic Bulletin Issue 8, 2004
12 August 2004
Focus: The information content of euro area long-term forward interest ratesEconomic Bulletin Issue 8, 2004
12 August 2004
Focus: Analysing MFI interest rates at the euro area levelEconomic Bulletin Issue 8, 2004
12 August 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 indicatorsEconomic Bulletin Issue 8, 2004
12 August 2004
Focus: Differences between industrial production and value added data in industry in the first quarter of 2004Economic Bulletin Issue 8, 2004
9 August 2004
Working paper no. 382: Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001
9 August 2004
Working paper no. 381: Fiscal rules and sustainability of public finances in an endogenous growth model
6 August 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".
6 August 2004
Occasional paper no. 20: The supervision of mixed financial services groups in Europe
31 July 2004
Occasional paper no. 19: Sectoral specialisation in the EU: a macroeconomic perspective
30 July 2004
Occasional paper no. 18: The international role of the euro: evidence from bonds issued by non-euro area residents
27 July 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 July 2004
Working paper no. 378: Liquidity, information, and the overnight rate
27 July 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 July 2004
Occasional paper no. 17: Corporate "excesses" and financial market dynamics
23 July 2004
Working paper no. 376: Raising rival's costs in the securities settlement industry
22 July 2004
Working paper no. 375: Guess what: it's the settlements!
22 July 2004
Working paper no. 374: To aggregate or not to aggregate? Euro area inflation forecasting
22 July 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.
8 July 2004
Article: Labour productivity developments in the euro area: aggregate trends and sectoral patternsEconomic Bulletin Issue 7, 2004
8 July 2004
Article: Accounting for the resilience of the EU banking sector since 2000Economic Bulletin Issue 7, 2004
8 July 2004
Focus: Recent trends in portfolio allocation between monetary and longer-term financial assetsEconomic Bulletin Issue 7, 2004
8 July 2004
Focus: The development of a high-yield bond market in the euro areaEconomic Bulletin Issue 7, 2004
8 July 2004
Focus: Recent oil price developments and their impact on euro area pricesEconomic Bulletin Issue 7, 2004
8 July 2004
Focus: Entry of the currencies of Estonia, Lithuania and Slovenia into the exchange rate mechanism II (ERM II)Economic Bulletin Issue 7, 2004
8 July 2004
Focus: Conventions and procedures for the exchange rate mechanism II (ERMII)Economic Bulletin Issue 7, 2004
8 July 2004
Focus: Recent developments in the extra-euro area trade volumes and pricesEconomic Bulletin Issue 7, 2004
8 July 2004
Accounting for the resilience of the EU banking sector since 2000
2 July 2004
The development of statistics for economic and monetary union, by Peter Bull
23 June 2004
Working paper no. 372: The operational target of monetary policy and the rise and fall of reserve position doctrine
22 June 2004
Working paper no. 371: Inflation persistence: facts or artefacts?
22 June 2004
Working paper no. 370: Inflation persistence during periods of structural change: an assessment using Greek data
22 June 2004
Working paper no. 369: Sovereign risk premia in the European government bond market
22 June 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 June 2004
Occasional paper no. 16: Market dynamics associated with credit ratings: a literature review
10 June 2004
Focus: Recent developments in loans to non-financial corporationsEconomic Bulletin Issue 6, 2004
10 June 2004
Focus: Recent developments in the net flows into euro area equity and bond fundsEconomic Bulletin Issue 6, 2004
10 June 2004
Focus: Liquidity conditions and monetary policy operations from 24 January 2004 to 11 May 2004Economic Bulletin Issue 6, 2004
10 June 2004
Focus: Using financial derivatives to assess market participants' short-term inflation expectations for the euro areaEconomic Bulletin Issue 6, 2004
10 June 2004
Focus: Seasonal patterns and volatility in the euro area HICPEconomic Bulletin Issue 6, 2004
10 June 2004
Focus: The impact of the number of working days on euro area GDP in 2004Economic Bulletin Issue 6, 2004
10 June 2004
Focus: Comparison with the December 2003 projectionsEconomic Bulletin Issue 6, 2004
10 June 2004
Focus: Forecasts by other institutionsEconomic Bulletin Issue 6, 2004
9 June 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.
9 June 2004
Comparison of household saving ratios, Euro area / United States / Japan
3 June 2004
Working paper no. 366: The informational content of over-the-counter currency options
3 June 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.
3 June 2004
Eurosystem staff macroeconomic projections for the euro area
28 May 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 May 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 May 2004
Risk Management for Central Bank Foreign Reserves
25 May 2004
Occasional paper no. 15: Quality adjustment of European price statistics and the role for hedonics
24 May 2004
Credit risk transfer by EU banks: activities, risks and risk management
21 May 2004
Assessment of euro large-value payment systems against the Core Principles
19 May 2004
Working paper no. 363: Communication and exchange rate policy
Published in: Journal of Macroeconomics, Vol 30 (4), December 2008: pp 1651-1672.
19 May 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 May 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 May 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 May 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 May 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 May 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 May 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.
13 May 2004
Article: The EU economy following the accession of the new Member StatesEconomic Bulletin Issue 5, 2004
13 May 2004
Article: The natural real interest rates in the euro areaEconomic Bulletin Issue 5, 2004
13 May 2004
Article: Risk mitigation methods in Eurosystem credit operationsEconomic Bulletin Issue 5, 2004
13 May 2004
Focus: The results of the April 2004 bank lending survey for the euro areaEconomic Bulletin Issue 5, 2004
13 May 2004
Focus: The impact of recent employment data releases in the United States on global bond marketsEconomic Bulletin Issue 5, 2004
13 May 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 indicatorsEconomic Bulletin Issue 5, 2004
13 May 2004
Focus: Latest developments in investment by type of productEconomic Bulletin Issue 5, 2004
13 May 2004
Focus: Real effective exchange rate developments from a euro area and from a country perspectiveEconomic Bulletin Issue 5, 2004
12 May 2004
TARGET Annual Report 2003
10 May 2004
The use of Central bank money for settling securities transactions
7 May 2004
Working paper no. 355: Production interdependence and welfare
6 May 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.
5 May 2004
Occasional paper no. 14: Measuring financial integration in the euro area
29 April 2004
Occasional paper no. 13: Fair value accounting and financial stability
28 April 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 April 2004
Working paper no. 352: Forecasting inflation with thick models and neural networks
Published in: Economic Modelling, 2005, 22, 5, 848-567
28 April 2004
Working paper no. 351: Interest rate determination in the interbank market
Published in: European Economic Review 52 (2008) 412-440;
28 April 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 April 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 April 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 April 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 April 2004
Working paper no. 346: Perpetual youth and endogenous labour supply: a problem and a possible solution
27 April 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 April 2004
Working paper no. 344: Ramsey monetary policy and international relative prices
27 April 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 April 2004
Working paper no. 341: Benefits and spillovers of greater competition in Europe: a macroeconomic assessment
27 April 2004
Working paper no. 340: Indeterminacy with inflation-forecast-based rules in a two-bloc model
27 April 2004
Working paper no. 339: Understanding the effects of government spending on consumption
27 April 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 April 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 April 2004
Working paper no. 336: The great inflation of the 1970s
27 April 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
27 April 2004
Article, Annual Report, 2003, p.92-96, Banknotes and coins
26 April 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 April 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 April 2004
Working paper no. 334: Is inflation persistence intrinsic in industrial economies?
22 April 2004
Working paper no. 333: The pricing behaviour of Italian firms: new survey evidence on price stickiness
22 April 2004
Working paper no. 332: Stylised features of price setting behaviour in Portugal: 1992-2001
22 April 2004
Working paper no. 331: How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI
22 April 2004
TARGET compensation claim form
21 April 2004
Working paper no. 330: The demand for euro area currencies: past, present and future
15 April 2004
Payment and securities settlement systems in the European Union - Addendum incorporating 2002 figures (Blue Book, April 2004)
15 April 2004
Payment and securities settlement systems in the accession countries - Addendum incorporating 2002 figures (Blue Book, April 2004)
14 April 2004
Foreign direct investment task force report
13 April 2004
Article: Fiscal policy influences on macroeconomic stability and pricesEconomic Bulletin Issue 4, 2004
13 April 2004
Article: Future developments in the TARGET systemEconomic Bulletin Issue 4, 2004
13 April 2004
Article: The Barcelona partner countries and their relations with the euro areaEconomic Bulletin Issue 4, 2004
13 April 2004
Focus: Publication of the benchmark allotment in the main refinancing operationsEconomic Bulletin Issue 4, 2004
13 April 2004
Focus: Stock market reactions to the terrorist attacks in Madrid on 11 March 2004Economic Bulletin Issue 4, 2004
13 April 2004
Focus: Recent developments in long-term inflation expectationsEconomic Bulletin Issue 4, 2004
13 April 2004
Focus: First estimates of retail trade turnover in the euro areaEconomic Bulletin Issue 4, 2004
7 April 2004
External evaluation of the economic research activities of the European Central Bank
6 April 2004
Working paper no. 329: On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework
6 April 2004
Working paper no. 328: Non-fundamental exchange rate volatility and welfare
6 April 2004
Working paper no. 327: Diversification in euro area stock markets: country versus industry
26 March 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 March 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 March 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 March 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 March 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 March 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 March 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 March 2004
Working paper no. 319: Risk sharing through financial markets with endogenous enforcement of trades
17 March 2004
Working paper no. 318: Gross job flows and institutions in Europe
Published in: Labour Economics, August 2004, 11(4): 469-485.
11 March 2004
Focus: What is the information content of stock market earnings expectations held by analysts?Economic Bulletin Issue 3, 2004
11 March 2004
Focus: Development in banks' loan-loss provisions over recent yearsEconomic Bulletin Issue 3, 2004
11 March 2004
Focus: Update of HICP weights and coverage of consumer expenditureEconomic Bulletin Issue 3, 2004
11 March 2004
Focus: Non-energy commodity price developments and their impact on euro are producer pricesEconomic Bulletin Issue 3, 2004
8 March 2004
Working paper no. 317: Fiscal policy and inflation volatility
4 March 2004
Working paper no. 316: Cooperation in international banking supervision
4 March 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.
3 March 2004
Working paper no. 314: Exchange rate risks and asset prices in a small open economy
29 February 2004
Occasional paper no. 11: Official dollarisation/euroisation: motives, features and policy implications of current cases
29 February 2004
Occasional paper no. 10: The acceding countries’ strategies towards ERM II and the adoption of the euro: an analytical review
28 February 2004
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves for 2003
27 February 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 February 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 February 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 February 2004
Working paper no. 310: International equity flows and returns: a quantative equilibrium approach
27 February 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 February 2004
Working paper no. 308: International risk-sharing and the transmission of productivity shocks
23 February 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 February 2004
Working paper no. 305: A structural common factor approach to core inflation estimation and forecasting
16 February 2004
Working paper no. 307: Budgetary forecasts in Europe - the track record of stability and convergence programmes
16 February 2004
Working paper no. 306: A markup model of inflation for the euro area
16 February 2004
Guidance notes on the MFI balance sheet statistics relating to EU enlargement as laid down in Regulation ECB/2003/10
13 February 2004
Occasional paper no. 9: Fiscal adjustment between 1991 and 2002: stylised facts and policy implications
12 February 2004
Article: The impact of fair value accounting on the European banking sector - a financial stability perspectiveEconomic Bulletin Issue 2, 2004
12 February 2004
Article: Developments in private sector balance sheets in the euro area and the United StatesEconomic Bulletin Issue 2, 2004
12 February 2004
Article: The acceding countries' economies on the threshold of the European UnionEconomic Bulletin Issue 2, 2004
12 February 2004
Focus: The result of the January 2004 bank lending survey for the euro areaEconomic Bulletin Issue 2, 2004
12 February 2004
Focus: Liquidity conditions and monetary policy operations from 24 November 2003 to 23 January 2004Economic Bulletin Issue 2, 2004
12 February 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 indicatorsEconomic Bulletin Issue 2, 2004
12 February 2004
Focus: The assessment of current and expected economic conditions according to European Commission surveysEconomic Bulletin Issue 2, 2004
11 February 2004
Working paper no. 304: Equilibrium unemployment, job flows and inflation dynamics
11 February 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 February 2004
Working paper no. 302: Deposit insurance, moral hazard and market monitoring
Published in: Review of Finance 8 (4), pp. 571-602, December 2004.
6 February 2004
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
30 January 2004
The monetary policy of the ECB (second edition)
28 January 2004
Assessment of accession countries' securities settlement systems against the standards for the use of EU securities settlement systems in Eurosystem credit operations
27 January 2004
Working paper no. 301: Inflation and relative price asymmetry
27 January 2004
Working paper no. 300: Developing statistical indicators of the integration of the euro area banking system
22 January 2004
Article: EMU and the conduct of fiscal policiesEconomic Bulletin Issue 1, 2004
22 January 2004
Article: Opinion surveys on activity, prices and labour market developments in the euro area: features and usesEconomic Bulletin Issue 1, 2004
22 January 2004
Article: Measuring and analysing profit developments in the euro areaEconomic Bulletin Issue 1, 2004
22 January 2004
Focus: Worldwide trends in monetary aggregates over recent yearsEconomic Bulletin Issue 1, 2004
22 January 2004
Focus: New ECB statistics on quoted share transactionsEconomic Bulletin Issue 1, 2004
22 January 2004
Focus: The impact of developments in indirect and administered prices on inflationEconomic Bulletin Issue 1, 2004
20 January 2004
Focus: Base effects and their impact on HICP inflation in early 2005Economic Bulletin Issue 1, 2005
16 January 2004
Money Market Study 2003
9 January 2004
Working paper no. 299: Import prices and pricing-to-market effects in the euro area