Publications published in 2005

27/12/2005
The Eurosystem, the union and beyond Press release:
22/12/2005
Working paper no. 569: Towards European monetary integration: the evolution of currency risk premium as a measure for monetary convergence prior to the implementation of currency unions
22/12/2005
Working paper no. 568: Exploring the international linkages of the euro area: a global VAR analysis
Published in: Journal of Applied Econometrics, Vol 22 (1), January-February 2007: pp 1-38
A technical supplement: en
22/12/2005
Working paper no. 567: Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation
Published in: Journal of Economic Integration, Vol 21 (4) , December 2006: pp 736-763.
22/12/2005
Working paper no. 566: Real versus financial frictions to capital investment
22/12/2005
Working paper no. 565: The timing of central bank communication
Published in: European Journal of Political Economy 23(1): 124-145, March 2007.
22/12/2005
Occasional paper no. 42: The New Basel Capital Framework and its implementation in the European Union
21/12/2005
Review of the international role of the euro Press release:
20/12/2005
Working paper no. 564: Forecasting the central bank's inflation objective is a good rule of thumb
19/12/2005
Occasional paper no. 41: Trends and patterns in working time across euro area countries 1970-2004: causes and consequences
14/12/2005
Working paper no. 563: Sticky prices in the euro area: a summary of new micro evidence
Published in: Journal of the European Economic Association, Vol 4, April-May 2006: pp 575-584
14/12/2005
Working paper no. 562: The price setting behaviour of Portuguese firms: evidence from survey data
14/12/2005
Working paper no. 561: Price setting in German manufacturing: new evidence from new survey data
14/12/2005
Working paper no. 560: The determinants of "domestic" original sin in emerging market economies
Published in: Journal of International Money and Finance, Vol 29(1), 2010: pp 1-18 as "Risky public domestic debt composition in emerging economies"
14/12/2005
Working paper no. 559: When did unsystematic monetary policy have an effect on inflation?
08/12/2005
Statistics Pocket Book, December 2005
08/12/2005
Monthly Bulletin, December 2005
08/12/2005
Focus: Entry of the Slovak koruna into the exchange rate mechanism II (ERM II)
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Technical assumptions
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Further progress on the Principal European Economic Indicators
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Improvements to euro area GDP and national accounts
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: The debt servicing burden of euro area households - some macroeconomic and microeconomic evidence
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Saving, financing and investment of euro area households and non-financial corporations in 2004
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: The term structure of implied interest rate volatilities
Monthly Bulletin Issue 12, 2005
08/12/2005
Focus: Liquidity conditions and monetary policy operations from 10 August to 8 November 2005
Monthly Bulletin Issue 12, 2005
08/12/2005
Financial stability review - December 2005 Press release:
02/12/2005
Occasional paper no. 40: What does European institutional integration tell us about trade integration?
01/12/2005
The European Commission’s Green Paper on mortgage credit in the EU. Eurosystem contribution to the public consultation
[online only]
01/12/2005
Eurosystem staff macroeconomic projections for the euro area
[online only]
30/11/2005
Working paper no. 554: Equilibrium and inefficiency in fixed rate tenders
Published in: Journal of Banking in Finance, 2011 as "Overbidding in fixed rate tenders: The role of exposure risk".
25/11/2005
Working paper no. 558: Ricardian fiscal regimes in the European Union
Published in: Empirica, July 2008, 35(3), 313-334
25/11/2005
Working paper no. 557: How should central banks communicate?
Published in: "Designing a Central Bank Communication Strategy", in: D. Mayes and G. Wood (eds.), Designing Central Banks, Routledge, 2009, pp. 170-192.
25/11/2005
Working paper no. 556: The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
25/11/2005
Working paper no. 555: Near-rational exuberance
25/11/2005
Large EU banks' exposures to hedge funds Press release:
25/11/2005
European Union balance of payments/international investment position statistical methods Press release:
17/11/2005
Green paper on the enhancement of the EU framework for investment funds. Eurosystem contribution to the Commission's public consultation
[online only]
11/11/2005
Working paper no. 553: Global bond portfolios and EMU
11/11/2005
Working paper no. 552: European Union enlargement and equity markets in accession countries
11/11/2005
Working paper no. 551: Technological diversification
11/11/2005
Working paper no. 550: Underwriter competition and gross spreads in the eurobond market
11/11/2005
Working paper no. 549: Eigenvalue filtering in VAR models with application to the Czech business cycle
11/11/2005
Working paper no. 548: The link between interest rates and exchange rates: do contractionary depreciations make a difference?
Published in: International Economic Journal, Vol 22 (1), 2008: pp 43-61.
11/11/2005
Working paper no. 547: Bank finance versus bond finance: what explains the differences between US and Europe?
11/11/2005
Working paper no. 546: The natural real interest rate and the output gap in the euro area: a joint estimation
11/11/2005
Working paper no. 545: Trade integration of Central and Eastern European countries: lessons from a gravity model
Published in: European Economic Integration and South East Europe – Challenges and Prospects, K. Liebscher, J. Christl, P. Mooslechner, D. Ritzberger-Grünwald (eds.), Edward Elgar Publishing, 2005 as "Trade integration of the new EU member states and selected South East European countries: lessons from a gravity model": pp 242-268. A shorter and revised version published in: Review of Development Economics, Vol 12 (3), 2008 as "EU Enlargement and Trade Integration: Lessons from a Gravity Model": pp 562-576.
11/11/2005
Working paper no. 544: Forecasting the yield curve in a data-rich environment: a no-arbitrage factor-augmented VAR approach
11/11/2005
Working paper no. 543: Lending booms in the new EU Member States: will euro adoption matter?
11/11/2005
Working paper no. 542: Liquidity and real equilibrium interest rates: a framework of analysis
Published in: Macroeconomic Dynamics, 10, 3, pp. 426-438.
11/11/2005
Working paper no. 541: Consumer price behaviour in Luxembourg: evidence from micro CPI data
Published in: Managerial and Decision Economics, Vol 31: pp 177-192 as "Consumer Price Behaviour: Evidence from Luxembourg Micro Data"
11/11/2005
Working paper no. 540: Optimal discretionary policy and uncertainty about inflation persistence
10/11/2005
Working paper no. 539: Inflation persistence and monetary policy design: an overview
10/11/2005
Statistics Pocket Book, November 2005
10/11/2005
Monthly Bulletin, November 2005
10/11/2005
Focus: Latest developments in investment by type of product
Monthly Bulletin Issue 11, 2005
10/11/2005
Focus: The current euro area recovery from a historical perspective
Monthly Bulletin Issue 11, 2005
10/11/2005
Focus: Private sector expectations for the euro area: results of the ECB Survey of Professional Forecasters for the fourth quarter of 2005
Monthly Bulletin Issue 11, 2005
10/11/2005
Focus: Diverse patterns in headline and underlying inflation
Monthly Bulletin Issue 11, 2005
10/11/2005
Focus: The results of the October 2005 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2005
10/11/2005
Focus: Macroeconomic implications of high oil prices for emerging market economies
Monthly Bulletin Issue 11, 2005
10/11/2005
Article: Price-setting behaviour in the euro area
Monthly Bulletin Issue 11, 2005
10/11/2005
Article: Economic and financial relations between the euro area and Russia
Monthly Bulletin Issue 11, 2005
10/11/2005
Article: Developments in corporate finance in the euro area
Monthly Bulletin Issue 11, 2005
31/10/2005
Working paper no. 538: The price setting behaviour of Spanish firms: evidence from survey data
31/10/2005
Working paper no. 537: Global inflation
Published in: Review of Economics and Statistics, Vol 92 (3), August 2010: pp 524–535.
28/10/2005
Occasional paper no. 39: Labour productivity in the Nordic EU countries: a comparative overview and explanatory factors 1980-2004
26/10/2005
Legal aspects of the European System of Central Banks Press release:
21/10/2005
Working paper no. 536: Heterogeneity in consumer price stickiness: a microeconometric investigation
21/10/2005
Working paper no. 535: The pricing behaviour of firms in the euro area: new survey evidence
Published in: International Journal of Central Banking, Vol 2 (3), 2006: pp 3 - 47 as "What Firms' Surveys Tell us About Price-Setting Behaviour in the Euro Area
21/10/2005
Working paper no. 534: Time-dependent or state-dependent price setting? Micro-evidence from German metal-working industries
21/10/2005
Second progress report on TARGET2
[online only]
Press release:
20/10/2005
Occasional paper no. 38: Economic reactions to public finance consolidation: a survey of the literature
17/10/2005
EU banking sector stability Press release:
16/10/2005
Working paper no. 533: Discretionary policy, multiple equilibria, and monetary instruments
16/10/2005
Working paper no. 532: Intra- and extra-euro area import demand for manufactures
Published in: Applied Economics Quarterly (2007), Vol. 53, pp. 221-241.
16/10/2005
Working paper no. 531: Market power, innovative activity and exchange rate pass-through in the euro area
13/10/2005
Statistics Pocket Book, October 2005
13/10/2005
Monthly Bulletin, October 2005
13/10/2005
Focus: Developments in euro area labour quality and their implications for labour productivity growth
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: Output growth differentials within the euro area: are they cyclical or trend-driven?
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: Trade liberalisation and its impact on the euro area textile and clothing sectors
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: Recent oil and petrol price developments
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: Excess reserves and the ECB's implementation of monetary policy
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: The development of private equity and venture capital in Europe
Monthly Bulletin Issue 10, 2005
13/10/2005
Focus: Recent developments in FDI in the new EU Member States in central Europe
Monthly Bulletin Issue 10, 2005
13/10/2005
Article: Assessing the performance of financial systems
Monthly Bulletin Issue 10, 2005
13/10/2005
Article: Money demand and uncertainty
Monthly Bulletin Issue 10, 2005
07/10/2005
EU banking structures Press release:
04/10/2005
Occasional paper no. 37: Financing conditions in the euro area
30/09/2005
Indicators of financial integration in the euro area, September 2005 Press release:
28/09/2005
Working paper no. 530: Cross-dynamics of volatility term structures implied by foreign exchange options
Published in: Journal of Economics and Business, Vol 61 (5), September 2009: pp 355-375.
28/09/2005
Working paper no. 529: Explaining exchange rate dynamics: the uncovered equity return parity condition
28/09/2005
Working paper no. 528: How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches
Published in: partly in The Economic Journal 118, 1-28, July 2008, and partly in Journal of International Money and Finance 25(1): 146-67
28/09/2005
Working paper no. 527: Banking system stability: a cross-Atlantic perspective
Published in: Risks of Financial Institutions, edited by M. Carey and R. Stulz, A National Bureau of Economic Research Conference Report. Chicago and London: University of Chicago Press, 2006; xi, 655 ; and M. Carey and R. Stulz (eds.), The Risks of Financial Institutions (Chicago, IL: Chicago University Press and National Bureau of Economic Research), 133-188.
28/09/2005
Working paper no. 526: On some fiscal effects on mortgage debt growth in the EU
Published in: European Journal of Housing Policy, Vol VI (2), 2006: pp 131-149 as "Determinants of Mortgage Debt Growth in the EU Countries"
28/09/2005
Working paper no. 525: Distilling co-movements from persistent macro and financial series
20/09/2005
Occasional paper no. 35: The institutional framework for financial market policy in the USA seen from an EU perspective
15/09/2005
Occasional paper no. 36: Economic and monetary integration of New Member States - helping to chart the route
14/09/2005
Working paper no. 524: Price setting in the euro area: some stylized facts from individual consumer price data
Published in: Journal of Business and Economics Statistics, Vol 25 (3), 2007: pp 247-264
Basic statistics on consumer price setting: en
14/09/2005
Working paper no. 523: How frequently do consumer prices change in Austria? Evidence from micro CPI data
14/09/2005
Working paper no. 522: Price setting behaviour in Spain: evidence from micro PPI data
14/09/2005
Working paper no. 521: Inflation persistence in structural macroeconomic models (RG10)
09/09/2005
Working paper no. 520: Delegated portfolio management: a survey of the theoretical literature
Published in: Journal of Economic Surveys, 20, 5, pp. 823-848.
09/09/2005
Working paper no. 519: Non-Keynesian effects of fiscal contraction in new member states
09/09/2005
Working paper no. 518: Term structure and the sluggishness of retail bank interest rates in euro area countries
08/09/2005
Statistics Pocket Book, September 2005
08/09/2005
Monthly Bulletin, September 2005
08/09/2005
Focus: The reform of the renminbi exchange rate regime
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: Construction developments in the euro area
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: What can explain the differences in wage growth between market and non-market services?
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: The cost of equity in the euro area and in the United States
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: Recent developments in government bond yield spreads in euro area countries
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: Liquidity conditions and monetary policy operations from 11 May to 9 August 2005
Monthly Bulletin Issue 9, 2005
08/09/2005
Focus: The impact of MFI loan securitisation on monetary analysis in the euro area
Monthly Bulletin Issue 9, 2005
01/09/2005
Research Bulletin No. 3
01/09/2005
ECB staff macroeconomic projections for the euro area
[online only]
29/08/2005
Result of oversight assessment of retail payment systems in euro
[online only]
26/08/2005
Working paper no. 517: Credit ratings and the standardised approach to credit risk in Basel II
26/08/2005
Occasional paper no. 34: Hedge funds and their implications for financial stability
24/08/2005
Working paper no. 516: The European Monetary Union as a commitment device for new EU member states
24/08/2005
Working paper no. 515: An international analysis of earnings, stock prices and bond yields
Published in: Journal of Business Finance and Accounting, April-May 2007; 34(3-4): 613-41
22/08/2005
Working paper no. 514: Gains from international monetary policy coordination: does it pay to be different?
22/08/2005
Working paper no. 513: Does government spending crowd in private consumption? Theory and empirical evidence for the euro area
Published in: International Finance, 8(3), 435-470, 2005.
22/08/2005
Working paper no. 512: Counterfeiting and inflation
22/08/2005
Working paper no. 511: Time or state dependent price setting rules? Evidence from Portuguese micro data
Published in: European Economic Review, Vol 51 (7), 2007: pp 1589-1613
22/08/2005
Working paper no. 510: Factor analysis in a New-Keynesian model
Published in: Journal of Econometrics (2008), 11(2), pp. 271-286; published as: "Factor Analysis in a Model with Rational Expectations".
22/08/2005
TARGET2 – Innovation and Transformation, brochure (update 2005)
22/08/2005
TARGET - the current system, brochure (update 2005)
19/08/2005
Central banks’ provision of retail payment services in euro to credit institutions - policy statement
[online only]
18/08/2005
ECB statistics: a brief overview
15/08/2005
The euro area at a glance
12/08/2005
Working paper no. 509: Productivity shocks, budget deficits and the current account
Published in: Journal of International Money and Finance 29(8): 1562-1579, July 2010.
11/08/2005
Statistics Pocket Book, August 2005
11/08/2005
Monthly Bulletin, August 2005
11/08/2005
Focus: The integrated guidelines for growth and jobs 2005-2008
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: A longer-term perspective on structural unemployment in the euro area
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the third quarter of 2005
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: Long-term and short-term nominal interest rates in the largest euro area countries from a historical perspective
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: The transmission of overnight interest rate volatility to longer-term interest rates in the euro area money market
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: Seasonal adjustment of securities issues statistics
Monthly Bulletin Issue 8, 2005
11/08/2005
Focus: The results of the July 2005 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2005
11/08/2005
Article: The reform of the Stability and Growth Pact
Monthly Bulletin Issue 8, 2005
11/08/2005
Article: The role of "emerging Asia" in the global economy
Monthly Bulletin Issue 8, 2005
11/08/2005
Article: The euro banknotes: developments and future challenges
Monthly Bulletin Issue 8, 2005
02/08/2005
Payment and securities settlement systems in the European Union - Addendum incorporating 2003 figures (Blue Book, August 2005), (data for the period 1999-2003) Press release:
01/08/2005
Eurosystem contribution to the public consultation by the European Commission on the Green Paper on Financial Services Policy (2005-2010)
[online only]
26/07/2005
Working paper no. 508: Systemic risk in alternative payment system designs
26/07/2005
Working paper no. 507: Incorporating a "public good factor" into the pricing of large-value payment systems
26/07/2005
Working paper no. 506: Settlement finality as a public good in large-value payment systems
26/07/2005
Working paper no. 505: Public good issues in TARGET: natural monopoly, scale economies, network effects and cost allocation
21/07/2005
Working paper no. 504: Monetary policy predictability in the euro area: an international comparison
21/07/2005
Working paper no. 503: World trade and global integration in production processes: a re-assessment of import demand equations
21/07/2005
Working paper no. 502: Fiscal and monetary rules for a currency union
21/07/2005
Working paper no. 501: Measuring comovements by regression quantiles
20/07/2005
Reply of the ECB to the public consultation by the CEBS on the consolidated financial reporting framework for credit institutions
[online only]
14/07/2005
Statistics Pocket Book, July 2005
14/07/2005
Monthly Bulletin, July 2005
14/07/2005
Focus: Trends in euro area potential output growth
Monthly Bulletin Issue 7, 2005
14/07/2005
Focus: New series of hourly labour costs in the euro area
Monthly Bulletin Issue 7, 2005
14/07/2005
Focus: Tools for calculating and interpreting real interest rate developments in the euro area
Monthly Bulletin Issue 7, 2005
14/07/2005
Focus: Recent developments in MFI net external assets
Monthly Bulletin Issue 7, 2005
14/07/2005
Focus: Oil-bill recycling and its impact
Monthly Bulletin Issue 7, 2005
14/07/2005
Article: The Harmonised Index of Consumer Prices: concept, properties and experience to date
Monthly Bulletin Issue 7, 2005
14/07/2005
Article: The Lisbon strategy: five years on
Monthly Bulletin Issue 7, 2005
14/07/2005
Article: The use of harmonised MFI interest rate statistics
Monthly Bulletin Issue 7, 2005
12/07/2005
Statistical classification of financial markets instruments Press release:
07/07/2005
Working paper no. 500: Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions
Published in: Journal of Money, Credit and Banking, December 2006; 38(8): 2099-2133
07/07/2005
Working paper no. 499: A trend-cycle(-season) filter The TCS filter in Eviews, Excel, and Matlab: en
07/07/2005
Occasional paper no. 33: Integration of securities market infrastructure in the euro area
01/07/2005
Occasional paper no. 32: Managing financial crises in emerging market economies - experience with the involvement of private sector creditors
30/06/2005
Occasional paper no. 31: Regional monetary integration in the member states of the Gulf Cooperation Council
24/06/2005
Working paper no. 498: Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets
22/06/2005
Occasional paper no. 29: Wealth and asset price effects on economic activity
21/06/2005
Working paper no. 497: Early-warning tools to forecast general government deficit in the euro area: the role of intra-annual fiscal indicators
Published in: International Journal of Forecasting, Vol 23 (2), April 2007: pp 259-275 as "Leading Indicators for Euro Area Government deficits"
21/06/2005
Working paper no. 496: Estimates of the open economy New Keynesian Phillips curve for euro area countries
Published in: Open Economies Review (2007) 18(4), 427-451.
21/06/2005
Working paper no. 495: Measuring inflation persistence: a structural time series approach
21/06/2005
Working paper no. 494: Cross-country efficiency of secondary education provision: a semi-parametric analysis with non-discretionary inputs
Published in: Economic Modelling (2006), 23 (3): 476-491.
21/06/2005
Working paper no. 493: Optimal research in financial markets with heterogeneous private information: a rational expectations model
21/06/2005
Working paper no. 492: Experimental evidence on the persistence of output and inflation
Published in: Economic Journal (2004), 117(520), pp. 603-36.
21/06/2005
Assessment of SORBNET-EURO and BIREL against the Core Principles
Connection of SORBNET-EURO to TARGET via the Banca d'Italia and its national RTGS system BIREL [online only]
21/06/2005
Information guide for credit institutions using TARGET
[online only]
13/06/2005
Letter from the ECB President to Mr Nikolaos Vakalis, Member of the European Parliament
[online only]
13/06/2005
Guide to consultation of the European Central Bank by national authorities regarding draft legislative provisions
[BG & RO online only]
09/06/2005
Occasional paper no. 30: Competitiveness and the export performance of the euro area
09/06/2005
Statistics Pocket Book, June 2005
09/06/2005
Monthly Bulletin, June 2005
09/06/2005
Focus: Indicators of euro area cost and price competitiveness: similarities and differences
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Comparison with the ECB staff macroeconomic projections of March 2005
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Assessing the recent impulse from the external sector to euro area activity
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Major changes in euro area and Member States' national accounts
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Developments in consumer goods producer prices
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: The recovery in the growth of short-term MFI loans to non-financial corporations in recent quarters
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Recent increase in corporate bond spreads
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: Liquidity conditions and monetary policy operations from 8 February to 10 May 2005
Monthly Bulletin Issue 6, 2005
09/06/2005
Focus: The intermediation role of insurance corporations and pension funds and its impact on monetary developments
Monthly Bulletin Issue 6, 2005
02/06/2005
Eurosystem staff macroeconomic projections for the euro area
[online only]
01/06/2005
Working paper no. 491: On the fit and forecasting performance of New-Keynesian models
01/06/2005
Working paper no. 490: Unions, wage setting and monetary policy uncertainty
Published in: Berkeley Electronic Journals of Macroeconomics: Topics in Macroeconomics, 2009.
31/05/2005
Financial stability review - June 2005
30/05/2005
The New EU Member States: Convergence and Stability Press release:
27/05/2005
Working paper no. 489: Persistence and nominal inertia in a generalized Taylor economy: how longer contracts dominate shorter contracts
25/05/2005
Regional economic integration in a global framework
Proceedings of the G20 Workshop held in Beijing, 22-23 September 2004
Press release:
25/05/2005
TARGET Annual Report 2004 Press release:
23/05/2005
Working paper no. 488: Communication and decision-making by central bank committees: different strategies, same effectiveness?
Published in: Journal of Money, Credit and Banking 39(2–3): 509-41, March-April 2007.
23/05/2005
Working paper no. 487: Computing second-order-accurate solutions for rational expectation models using linear solution methods
Published in: Journal of Economic Dynamics and Control, February 2007; 31(2): 515-30
23/05/2005
Working paper no. 486: What drives productivity growth in the new EU member states? The case of Poland
Published in: Economics of Transition, Vol 16 (3), 2008: pp 467-501.
23/05/2005
Working paper no. 485: Corporate investment and cash flow sensitivity: what drives the relationship?
17/05/2005
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties
Revised version: August 2006 [online only]
12/05/2005
Statistics Pocket Book, May 2005
12/05/2005
Monthly Bulletin, May 2005
12/05/2005
Focus: Developments in the international investment position of the euro area in 2003
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Entry of the currencies of Cyprus, Latvia and Malta into the Exchange Rate Mechanism II (ERM II)
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Latest developments in investment by type of product
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Recent developments in output growth divergence across euro area countries
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the second quarter of 2005
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Recent trends in residential property prices in the euro area
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Change to the index-linked bond used for the calculation of long-term break-even inflation rates
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: The results of the April 2005 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2005
12/05/2005
Focus: Recent developments in oil prices
Monthly Bulletin Issue 5, 2005
12/05/2005
Article: Consolidation and diversification in the euro area banking sector
Monthly Bulletin Issue 5, 2005
12/05/2005
Article: The evolving framework for corporate governance
Monthly Bulletin Issue 5, 2005
11/05/2005
Working paper no. 484: Fiscal federalism and public inputs provision: vertical externalities matter
11/05/2005
Working paper no. 483: Money supply and the implementation of interest rate targets
11/05/2005
Working paper no. 482: Forecasting macroeconomic variables for the new member states of the European Union
11/05/2005
Article: Monetary policy and inflation differentials in a heterogeneous currency area
Monthly Bulletin Issue 5, 2005
03/05/2005
Euro Money Market Study 2004 Press release:
28/04/2005
Occasional paper no. 26: Analysing banking sector conditions - How to use macro-prudential indicators
27/04/2005
Working paper no. 481: Output and inflation responses to credit shocks: are there threshold effects in the euro area?
Published in: Studies in Nonlinear Dynamics and Econometrics, 2006, 10(2): 1-21
27/04/2005
Working paper no. 480: Insurance policies for monetary policy in the euro area
27/04/2005
Working paper no. 479: The performance and robustness of interest-rate rules in models of the euro area
Published in: International Journal of Central Banking, Vol 1 (1), May 2005: pp 95-132
27/04/2005
Working paper no. 478: The conquest of U.S. inflation: learning and robustness to model uncertainty
Published in: Review of Economic Dynamics, Vol 8 (2), April 2005: pp 528-63
27/04/2005
Working paper no. 477: Parameter misspecification and robust monetary policy rules
27/04/2005
Working paper no. 476: Monetary policy with judgment: forecast targeting
27/04/2005
Working paper no. 475: Monetary policy analysis with potentially misspecified models
26/04/2005
Annual Report 2004
26/04/2005
Article, Annual Report, 2004, p.94-98, Banknotes and coins
25/04/2005
Working paper no. 474: Calvo pricing and imperfect common knowledge: a forward looking model of rational inflation inertia
25/04/2005
Working paper no. 473: Fiscal consolidations in the Central and Eastern European countries
Published in: Review of World Economics (2006), 142 (2): 402-421.
25/04/2005
Working paper no. 472: Yield curve prediction for the strategic investor
25/04/2005
Working paper no. 471: Real wages and local unemployment in the euro area
Published in: Economics Letters, Vol 92 (1), July 2006: pp 93-98 as "The Euro Area Wage Curve"
25/04/2005
Working paper no. 470: Structural filters for monetary analysis: the inflationary movements of money in the euro area
25/04/2005
Working paper no. 469: Money and prices in models of bounded rationality in high inflation economies
Published in: Review of Economic Dynamics. April 2005; 8(2): 452-79
14/04/2005
Monthly Bulletin, April 2005
14/04/2005
Statistics Pocket Book, April 2005
14/04/2005
Focus: Recent developments in extra-euro area trade volumes and prices
Monthly Bulletin Issue 4, 2005
14/04/2005
Focus: Consumers' inflation perceptions: still at odds with official statistics?
Monthly Bulletin Issue 4, 2005
14/04/2005
Focus: Recent developments in long-term real interest rates
Monthly Bulletin Issue 4, 2005
14/04/2005
Focus: Recent trends in sovereign spreads and economic fundamentals in emerging markets
Monthly Bulletin Issue 4, 2005
14/04/2005
Article: The ESCB-CESR standards for securities clearing and settlement in the European Union
Monthly Bulletin Issue 4, 2005
14/04/2005
Article: Comparability of statistics for the euro area, the United States and Japan
Monthly Bulletin Issue 4, 2005
14/04/2005
Article: Asset price bubbles and monetary policy
Monthly Bulletin Issue 4, 2005
14/04/2005
Letter from the ECB President to the Chairman of the International Accounting Standards Board of 13 April 2005: In support of the current proposal to amendments to IAS 39 - The fair value option
[online only]
11/04/2005
Occasional paper no. 28: Regulatory reforms in selected EU network industries
08/04/2005
Working paper no. 466: Regulated and services' prices and inflation persistence
Published in: Managerial and Decision Economics, Vol 31: pp 193-208 as "Rigidities and inflation persistence of services and regulated prices"
07/04/2005
Working paper no. 468: Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?
07/04/2005
Working paper no. 467: Socio-economic development and fiscal policy: lessons from the cohesion countries for the new member states
01/04/2005
Occasional paper no. 27: The EU budget - how much scope for institutional reform?
01/04/2005
Research Bulletin No. 2
30/03/2005
Working paper no. 465: Determinants and consequences of the unification of dual-class shares
30/03/2005
Working paper no. 464: The price-setting behavior of Austrian firms: some survey evidence
30/03/2005
Working paper no. 463: Break in the mean and persistence of inflation: a sectoral analysis of French CPI
30/03/2005
Working paper no. 462: Time-dependent versus state-dependent pricing: a panel data approach to the determinants of Belgian consumer price changes
30/03/2005
Working paper no. 461: Do decreasing hazard functions for price changes make any sense?
30/03/2005
Working paper no. 460: Part-time work in EU countries: labour market mobility, entry and exit
30/03/2005
Working paper no. 459: Capital flows and the US "New Economy": consumption smoothing and risk exposure
Published in: International Journal of Finance and Economics, No 12, 2007: pp 89-105 as "Irrational Exuberance and Capital Flows for the US Economy: A simple global Model"
30/03/2005
Working paper no. 458: Money demand and macroeconomic stability revisited
30/03/2005
Working paper no. 457: Transparency, disclosure and the federal reserve
Published in: International Journal of Central Banking 3(1): 179-225, March 2007.
30/03/2005
Working paper no. 456: The French block of the ESCB multi-country model
16/03/2005
Working paper no. 455: Central bank transparency and private information in a dynamic macroeconomic model
16/03/2005
Working paper no. 454: European women: Why do(n't) they work?
Published in: Applied Economics, Volume 42:12, 1499-1514.
16/03/2005
Working paper no. 453: Does product market competition reduce inflation? Evidence from EU countries and sectors
16/03/2005
Working paper no. 452: Stocks, bonds, money markets and exchange rates: measuring international financial transmission
Published in: Journal of Applied Econometrics, Vol 26 (6), September/October 2011: pp 948–974.
16/03/2005
Working paper no. 451: Breaks in the mean of inflation: how they happen and what to do with them
16/03/2005
Working paper no. 450: Using mean reversion as a measure of persistence
16/03/2005
Working paper no. 449: Consumer price behaviour in Italy: evidence from micro CPI data
16/03/2005
Working paper no. 448: Price-setting behaviour in Belgium: what can be learned from an ad hoc survey?
11/03/2005
Statistics and their use for monetary and economic policy-making Press release:
10/03/2005
Statistics Pocket Book, March 2005
10/03/2005
Monthly Bulletin, March 2005
10/03/2005
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: Developments in euro area labour productivity
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: The carry-over effect on annual average real GDP growth in 2005
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: PMI survey data on producer input and output prices
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: Trends in household debt and non-performing loans in the euro area
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: The pass-through of market interest rates to MFI lending rates since the start of Stage Three of EMU
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: A measure of the real cost of external financing of euro area non-financial corporations
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: Liquidity conditions and monetary policy operations from 9 November 2004 to 7 February 2005
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: The volatility of the overnight interest rate from a medium-term perspective
Monthly Bulletin Issue 3, 2005
10/03/2005
Focus: Inflation forecasts derived from monetary indicators
Monthly Bulletin Issue 3, 2005
03/03/2005
ECB staff macroeconomic projections for the euro area
[online only]
01/03/2005
Occasional paper no. 25: Government debt management in the euro area - recent theoretical developments and changes in practices
28/02/2005
Working paper no. 447: Foreign exchange option and returns based correlation forecasts: evaluation and two applications
28/02/2005
Working paper no. 446: Trade effects of the euro: evidence from sectoral data
28/02/2005
Working paper no. 445: Welfare implications of joining a common currency
Published in: The German Economic Review, as "The minimum economic dividend for joining a currency union", Vol 13 (2), 2012: pp 127–141.
28/02/2005
Working paper no. 444: Keeping up with the Joneses, reference dependence, and equilibrium indeterminacy
28/02/2005
Working paper no. 443: Explaining cross-border large-value payment flows: evidence from TARGET and EURO 1 data
Published in: Journal of Banking and Finance (2006), Vol 30, pp 1753-1782
28/02/2005
Working paper no. 442: Why do financial systems differ? History matters
Published in: Journal of Monetary Economics, May 2007; 54(4): 1002-17
28/02/2005
List of Monetary Financial Institutions (MFI) and institutions subject to minimum reserves for 2004
28/02/2005
Payment and securities settlement systems in the accession countries - Addendum incorporating 2003 figures Press release:
25/02/2005
Working paper no. 441: The Phillips curve and long-term unemployment
25/02/2005
Working paper no. 440: Estimating and analysing currency options implied risk-neutral density functions for the largest new EU member states
25/02/2005
Working paper no. 439: A look at intraday frictions in the euro area overnight deposit market
25/02/2005
Working paper no. 438: Quality of public finances and growth
Published in: Economics Letters, Vol 92 (1), July 2006: pp 93-98 as "The Euro Area Wage Curve"
25/02/2005
Working paper no. 437: What drives international bank flows? Politics, institutions and other determinants
25/02/2005
Working paper no. 436: Measuring market and inflation risk premia in France and in Germany
25/02/2005
Working paper no. 435: Reforming public expenditure in industrialised countries: are there trade-offs?
Published in: Fiscal Policy Surveillance in Europe, P. Wierts, S. Deroose, E. Flores and A. Torrini (eds.), Palgrave Macmillan, September 2006.
25/02/2005
Occasional paper no. 24: Wage diversity in the euro area - an overview of labour cost differentials across industries
22/02/2005
Review of the application of the Lamfalussy framework to EU securities markets legislation
[online only]
21/02/2005
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures Press release:
11/02/2005
Occasional paper no. 23: The bank lending survey for the euro area
10/02/2005
Monthly Bulletin, February 2005
10/02/2005
Statistics Pocket Book, February 2005
10/02/2005
Focus: The (un)reliability of output gap estimates in real time
Monthly Bulletin Issue 2, 2005
10/02/2005
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the Survey of Professional Forecasters for the first quarter of 2005 and other available indicators
Monthly Bulletin Issue 2, 2005
10/02/2005
Focus: Fixed rate and variable rate long-term debt securities issued by euro area residents
Monthly Bulletin Issue 2, 2005
10/02/2005
Focus: External capital flows and domestic monetary dynamics in the euro area
Monthly Bulletin Issue 2, 2005
10/02/2005
Focus: The results of the January 2005 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2005
10/02/2005
Article: Bank market discipline
Monthly Bulletin Issue 2, 2005
10/02/2005
Article: Initial experience with the changes to the Eurosystem's operational framework for monetary policy implementation
Monthly Bulletin Issue 2, 2005
10/02/2005
Article: Euro area balance of payments and international investment position vis-à-vis main counterparts
Monthly Bulletin Issue 2, 2005
08/02/2005
Progress Report on Target2 [online only] Press release:
31/01/2005
Working paper no. 434: Interest rates and output in the long-run
31/01/2005
Working paper no. 433: Implementing the stability and growth pact: enforcement and procedural flexibility
31/01/2005
Working paper no. 432: Trading European sovereign bonds: the microstructure of the MTS trading platforms
31/01/2005
Working paper no. 431: Regulation of multinational banks: a theoretical inquiry
31/01/2005
Working paper no. 430: Public policy and the creation of active venture capital markets
Published in: Journal of Public Economics, Vol 90 (8-9), September 2006: pp 1699-1723
31/01/2005
Working paper no. 429: Cross-border diversification in bank asset portfolios
31/01/2005
Working paper no. 428: Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings
31/01/2005
Banking structures in the new EU Member States Press release:
28/01/2005
Occasional paper no. 22: Assessing potential output growth in the euro area - a growth accounting perspective, January 2005
25/01/2005
Working paper no. 427: Interlinking securities settlement systems: a strategic commitment?
25/01/2005
Working paper no. 426: Security fungibility and the cost of capital: evidence from global bonds
Published in: Journal of Financial and Quantitative Analysis, Vol 40 (4), December 2005: pp 849-72
25/01/2005
Working paper no. 425: Geographic versus industry diversification: constraints matter
Published in: Journal of Empirical Finance, Vol 13, 2006: pp 396-416
20/01/2005
Monthly Bulletin, January 2005
20/01/2005
Statistics Pocket Book, January 2005
20/01/2005
Focus: Using information from the weekly Oil Bulletin to monitor short-term energy price developments
Monthly Bulletin Issue 1, 2005
20/01/2005
Focus: Determinants of the fall of corporate bond spreads in recent years
Monthly Bulletin Issue 1, 2005
20/01/2005
Focus: Approaches to identifying and estimating portfolio shifts into and out of M3
Monthly Bulletin Issue 1, 2005
20/01/2005
Article: Financial flows to emerging market economies: Changing patterns and recent developments
Monthly Bulletin Issue 1, 2005
20/01/2005
Article: The new Basel capital accord: main features and implications
Monthly Bulletin Issue 1, 2005
14/01/2005
Euro area balance of payments and international investment position statistics, Annual quality report Press release:
07/01/2005
Review of the international role of the euro Press release:
06/01/2005
Recycling of euro banknotes : framework for the detection of counterfeits and fitness sorting by credit institutions and other professional cash handlers
[online only]
Press release: