Publications published in 2007

28/12/2007
Working paper no. 847: Deeper, wider and more competitive? Monetary integration, Eastern enlargement and competitiveness in the European Union
28/12/2007
Working paper no. 843: Fiscal forecasting: lessons from the literature and challenges
Published in: Fiscal Studies, September 2008; 29(3): 347-386
20/12/2007
Working paper no. 846: Information combination and forecast (st)ability evidence from vintages of time-series data
20/12/2007
Working paper no. 845: Run-prone banking and asset markets
20/12/2007
Working paper no. 844: Business cycle synchronization and insurance mechanisms in the EU
Published in: Journal of International Money and Finance, 2008, 27 (2), 169-187.
20/12/2007
Working paper no. 842: Saving behaviour and global imbalances: the role of emerging market economies
19/12/2007
Occasional paper no. 77: Oil market structure, network effects and the choice of currency for oil invoicing
18/12/2007
Occasional paper no. 76: Prudential and oversight requirements for securities settlement
17/12/2007
Working paper no. 841: Should we take inside money seriously?
Published in: Macroeconomic Dynamics (forthcoming)
17/12/2007
Working paper no. 840: Downward wage rigidity for different workers and firms: an evaluation for Belgium using the IWFP procedure
Published in: Brussels Economic Review, Vol 55 (1), Spring 2012: pp 5-32
17/12/2007
Working paper no. 839: Are there oil currencies? The real exchange rate of oil exporting countries
17/12/2007
Working paper no. 838: Securitisation and the bank lending channel
Published in: European Economic Review, Vol 53(8), 2009: pp 996-1009
17/12/2007
Working paper no. 837: Monetary policy and core inflation
17/12/2007
Working paper no. 836: Reporting biases and survey results: evidence from European professional forecasters
13/12/2007
Statistics Pocket Book, December 2007
13/12/2007
Monthly Bulletin, December 2007
13/12/2007
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Technical assumptions
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: The Treaty of Lisbon
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Political commitments and the Stability and Growth Pact
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Measures of longer-term inflation expectations from the ECB Survey of Professional Forecasters: a more detailed analysis of recent developments
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: The European Union's common agricultural policy against the background of globally rising food prices
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Euro area food prices: recent developments and outlook
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Evidence of the impact of recent financial market tensions, as revealed by bank lending surveys in major industrialised economies
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: Liquidity conditions and monetary policy operations in the period from 8 August to 13 November 2007
Monthly Bulletin Issue 12, 2007
13/12/2007
Focus: New estimates on holdings by sector for euro area M3
Monthly Bulletin Issue 12, 2007
12/12/2007
Financial Stability Review, December 2007 Press release:
10/12/2007
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties
06/12/2007
Eurosystem staff macroeconomic projections for the euro area
[online only]
30/11/2007
Working paper no. 835: US shocks and global exchange rate configurations
Published in: Economic Policy (54), pp. 363-409, April 2008 (forthcoming)
30/11/2007
Working paper no. 834: International frictions and optimal monetary policy cooperation: analytical solutions
30/11/2007
Working paper no. 833: Explaining and forecasting euro area exports: which competitiveness indicator performs best?
Published in: P. De Grauwe (ed.), The Many Dimensions of Competitiveness, MIT Press, Cambridge, September 2010.
30/11/2007
Working paper no. 832: The yield curve and macroeconomic dynamics
Published in: Economic Journal, November 2008; 118(533): 1937-70
30/11/2007
Working paper no. 831: Hierarchical Markov normal mixture models with applications to financial asset returns
Published in: Journal of Applied Econometrics, Vol 26, 2011: pp 1-29
30/11/2007
Working paper no. 830: The term structure of euro area break-even inflation rates: the impact of seasonality
30/11/2007
Working paper no. 829: Modelling inflation in China - a regional perspective
Published in: China Economic Review, Vol 21 (2), June 2010: pp 237-255.
30/11/2007
Working paper no. 828: Potential output growth in several industrialised countries: a comparison
30/11/2007
Review of the Lamfalussy framework - Eurosystem contribution
[online only]
29/11/2007
Working paper no. 827: How is real convergence driving nominal convergence in the new EU Member States?
Published in: Journal of International Money and Finance, March 2008; 27(2): 227-48
19/11/2007
Euro Money Market Survey 2007
[online only]
Press release:
15/11/2007
Statistics Pocket Book, November 2007
15/11/2007
Monthly Bulletin, November 2007
15/11/2007
Focus: Recent revisions to euro area unemployment statistics
Monthly Bulletin Issue 11, 2007
15/11/2007
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2007
Monthly Bulletin Issue 11, 2007
15/11/2007
Focus: Recent developments in consumers' inflation perceptions and expectations in the euro area
Monthly Bulletin Issue 11, 2007
15/11/2007
Focus: Impact of the credit market tensions on LBO activity
Monthly Bulletin Issue 11, 2007
15/11/2007
Focus: The impact of the financial market turmoil on monetary and credit developments
Monthly Bulletin Issue 11, 2007
15/11/2007
Focus: The short-term outlook for global growth: a PMI-based assessment
Monthly Bulletin Issue 11, 2007
15/11/2007
Article: The introduction of quarterly sectoral accounts statistics for the euro area
Monthly Bulletin Issue 11, 2007
15/11/2007
Article: The stock market’s changing structure and its consolidation: implications for the efficiency of the financial system and monetary policy
Monthly Bulletin Issue 11, 2007
14/11/2007
EU banking sector stability
[online only]
Press release:
30/10/2007
Occasional paper no. 74: Analysis of revisions to general economic statistics
29/10/2007
Working paper no. 826: Risk sharing, finance and institutions in international portfolios
Published in: Journal of Financial Economics (2009), vol. 94, pp. 428-447.
29/10/2007
Working paper no. 825: What can probability forecasts tell us about inflation risks?
29/10/2007
Fifth progress report on TARGET2, Annex 3: TARGET2 compensation scheme - claim form
[online only]
29/10/2007
Fifth progress report on TARGET2, Annex 2: User information guide to TARGET2 pricing
[online only]
29/10/2007
Fifth progress report on TARGET2, Annex 1: Information guide for TARGET2 users (version 1.1, Jan 2009)
[online only]
29/10/2007
Fifth progress report on TARGET2
[online only]
Press release:
26/10/2007
TARGET2-Securities progress report
[online only]
Press release:
25/10/2007
Working paper no. 824: Evolving U.S. monetary policy and the decline of inflation predictability
Published in: Journal of the European Economic Association, 6(2-3), Proceedings, April-May 2008, 634-646.
23/10/2007
Working paper no. 823: Modelling Ireland’s exchange rates: from EMS to EMU
Published in: Applied Economics, Vol. 43 (15), 2011: pp 1899-1911.
23/10/2007
Working paper no. 822: Exchange rate pass-through to trade prices: the role of non-linearities and asymmetries
Published in: Oxford Bulletin of Economics and Statistics (forthcoming).
23/10/2007
Working paper no. 821: Social value of public information: testing the limits to transparency
Published in: Public Choice, as “Dispersed communication by central bank committees and the predictability of monetary policy decisions” (forthcoming)
23/10/2007
Working paper no. 820: What do we really know about fiscal sustainability in the EU? A panel data diagnostic
Published in: Review of World Economics (2009), 145(4), pp. 731-755.
23/10/2007
Working paper no. 819: Proximity and linkages among coalition participants: a new voting power measure applied to the International Monetary Fund
Published in: Central European Journal of Economic Modelling and Econometrics, Vol 3(3), 2011: pp 111-132.
23/10/2007
Working paper no. 818: Is time ripe for price level path stability?
Published in: Chapter 2 in: P.L. Siklos, M.T. Bohl and M.E. Wohar (eds), Challenges in central banking: The current institutional environment and forces affecting monetary policy, 21-51, Cambridge University Press, 2010.
23/10/2007
Occasional paper no. 75: The role of other financial intermediaries in monetary and credit developments in the euro area
18/10/2007
Working paper no. 817: Convergence and anchoring of yield curves in the euro area
Published in: The Review of Economics and Statistics, Vol 93 (1), February 2011: pp 350-364
11/10/2007
Statistics Pocket Book, October 2007
11/10/2007
Monthly Bulletin, October 2007
11/10/2007
Focus: Sectoral patterns of total factor productivity growth in the euro area countries
Monthly Bulletin Issue 10, 2007
11/10/2007
Focus: Capacity utilisation in the euro area: measures and implications
Monthly Bulletin Issue 10, 2007
11/10/2007
Focus: Volatility and cross-country dispersion of corporate earnings in the euro area
Monthly Bulletin Issue 10, 2007
11/10/2007
Focus: The recent repricing of credit risk
Monthly Bulletin Issue 10, 2007
11/10/2007
Focus: The results of the October 2007 bank lending survey for the euro area
Monthly Bulletin Issue 10, 2007
11/10/2007
Focus: New euro area historical series on MFI loans to households and non-financial corporations
Monthly Bulletin Issue 10, 2007
11/10/2007
Article: Circulation and supply of euro banknotes and preparations for the second series of banknotes
Monthly Bulletin Issue 10, 2007
11/10/2007
Article: The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem
Monthly Bulletin Issue 10, 2007
11/10/2007
Article: Long-term developments in MFI loans to households in the euro area: main patterns and determinants
Monthly Bulletin Issue 10, 2007
05/10/2007
EU banking structures
[online only]
Press release:
28/09/2007
Working paper no. 814: Choice of currency in bond issuance and the international role of currencies
28/09/2007
Working paper no. 810: Inflation persistence: euro area and new EU Member States
28/09/2007
Occasional paper no. 73: Reserve accumulation: objective or by-product?
27/09/2007
Working paper no. 816: The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US
27/09/2007
Working paper no. 815: Do international portfolio investors follow firms' foreign investment decisions?
27/09/2007
Working paper no. 813: The role of the exchange rate for adjustment in boom and bust episodes
27/09/2007
Working paper no. 812: The uncovered return parity condition
26/09/2007
Working paper no. 811: Instability and nonlinearity in the euro area Phillips curve
Published in: International Journal of Central Banking 5(2), pp. 181-212, June 2009
24/09/2007
Occasional paper no. 72: The role of financial markets and innovation in productivity and growth in Europe
20/09/2007
Working paper no. 809: Is the New Keynesian Phillips curve flat?
20/09/2007
Working paper no. 808: Model misspecification, the equilibrium natural interest rate and the equity premium
Published in: Journal of Money, Credit, and Banking (2009), 41, pp. 1453-1479.
19/09/2007
Working paper no. 807: Cross-border lending contagion in multinational banks
13/09/2007
Statistics Pocket Book, September 2007
13/09/2007
Monthly Bulletin, September 2007
ENGLISH
OTHER LANGUAGES (1) +
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13/09/2007
Focus: Flat taxes in central and eastern Europe
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: Euro area employment in 2006: a more balanced growth
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: Recent food price developments in world markets and the euro area
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: Recent developments in non-financial corporations' leverage ratios
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: The relationship between listed companies' earnings growth and output growth in the economy as a whole
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: Seasonality in break-even inflation rates
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: The ECB's additional open market operations in the period from 8 August to 5 September 2007
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: Liquidity conditions and monetary policy operations from 15 May to 7 August 2007
Monthly Bulletin Issue 9, 2007
13/09/2007
Focus: House price developments in central and eastern European countries
Monthly Bulletin Issue 9, 2007
06/09/2007
ECB staff macroeconomic projections for the euro area
[online only]
31/08/2007
Working paper no. 804: Growth accounting for the euro area: a structural approach
Published in: Empirical Economics, Vol 43 (1), August 2012: pp 219-244.
31/08/2007
Working paper no. 801: Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities
Published in: Review of International Economics (2009), 17(5), pp. 1019-1037; published as "Uncovered interest parity at long horizons: evidence on emerging economies".
24/08/2007
Occasional paper no. 70: The search for Columbus' egg: finding a new formula to determine quotas at the IMF
24/08/2007
Occasional paper no. 68: The securities custody industry
22/08/2007
Working paper no. 805: The pricing of risk in European credit and corporate bond markets
22/08/2007
Working paper no. 798: The transmission of US cyclical developments to the rest of the world
22/08/2007
Occasional paper no. 71: The economic impact of the Single Euro Payments Area
21/08/2007
Working paper no. 806: State-dependency and firm-level optimization: a contribution to Calvo price staggering
Published in: Manchester School (forthcoming) as "Arrow-Calvo Price Staggering".
21/08/2007
Working paper no. 803: Optimal monetary policy in an estimated DSGE for the euro area
21/08/2007
Working paper no. 802: Investigating time-variation in the marginal predictive power of the yield spread
Published in: Journal of Economic Dynamics and Control, 32(4), 1236-1272.
21/08/2007
Working paper no. 797: Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output
21/08/2007
Working paper no. 796: The impact of exchange rate shocks on sectoral activity and prices in the euro area
21/08/2007
Working paper no. 795: Assessing the impact of a change in the composition of public spending: a DSGE approach
21/08/2007
Occasional paper no. 69: Fiscal policy in Mediterranean countries: developments, structures and implications for monetary policy
17/08/2007
Working paper no. 800: Is the corporate bond market forward looking?
17/08/2007
Working paper no. 799: Monetary policy shocks in a two-sector open economy: an empirical study
16/08/2007
Working paper no. 794: (Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate
16/08/2007
Working paper no. 793: Structural econometric approach to bidding in the main refinancing operations of the Eurosystem
Published in: Journal of Financial Transformation. April 2007; 0(19): 81-90.
14/08/2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 2: non-euro area countries Press release:
14/08/2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 1: euro area countries Press release:
10/08/2007
Working paper no. 792: Euro area market reactions to the monetary developments press release
09/08/2007
Working paper no. 791: Inquiries on dynamics of transition economy convergence in a two-country model
Published in: Journal of Economic Dynamics and Control (forthcoming).
09/08/2007
Statistics Pocket Book, August 2007
09/08/2007
Monthly Bulletin, August 2007
ENGLISH
OTHER LANGUAGES (1) +
Select your language
09/08/2007
Focus: Introduction of the euro in Cyprus and Malta on 1 January 2008
Monthly Bulletin Issue 8, 2007
09/08/2007
Focus: Recent developments in consumer confidence
Monthly Bulletin Issue 8, 2007
09/08/2007
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2007
Monthly Bulletin Issue 8, 2007
09/08/2007
Focus: M&A activity and stock market developments in the euro area
Monthly Bulletin Issue 8, 2007
09/08/2007
Focus: Volatility of the overnight interest rate and its transmission along the euro area money market yield curve
Monthly Bulletin Issue 8, 2007
09/08/2007
Focus: The results of the July 2007 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2007
09/08/2007
Letter from the ECB's President to the President of the Council of the European Union on the clarification of the institutional status of the ECB
09/08/2007
Article: Leveraged buyouts and financial stability
Monthly Bulletin Issue 8, 2007
09/08/2007
Article: The financing of small and medium-sized enterprises in the euro area
Monthly Bulletin Issue 8, 2007
09/08/2007
Article: Adjustment of global imbalances in a financially integrating world
Monthly Bulletin Issue 8, 2007
08/08/2007
Working paper no. 790: Asset prices, exchange rates and the current account
Published in: European Economic Review 54, 643–658, June 2010.
31/07/2007
Working paper no. 777: Downward nominal wage rigidity in the OECD
Published in: B.E. Journal of Macroeconomics, Vol 8 (1), April 2008
27/07/2007
Working paper no. 787: Finance and growth: a macroeconomic assessment of the evidence from a European angle
Published in: Journal of the European Economic Association (Papers and Proceedings), April-May 2007, 5(2-3).
27/07/2007
Working paper no. 785: Aggregating Phillips curves
27/07/2007
Working paper no. 783: The cyclicality of effective wages within employer-employee matches: evidence from German panel data
27/07/2007
Working paper no. 782: Panel data estimates of the production function and product and labor market imperfections
27/07/2007
Working paper no. 780: Dynamics and monetary policy in a fair wage model of the business cycle
27/07/2007
Working paper no. 779: On-the-job search and the cyclical dynamics of the labor market
26/07/2007
Working paper no. 789: Modeling the impact of external factors on the euro area's HICP and real economy: a focus on pass-through and the trade balance
26/07/2007
Working paper no. 788: Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders
26/07/2007
Working paper no. 786: The economic impact of merger control: what is special about banking?
26/07/2007
Working paper no. 784: Understanding the dynamics of labor shares and inflation
26/07/2007
Occasional paper no. 67: Towards harmonised balance of payments and international investment position statistics - the experience of the European compilers
24/07/2007
Working paper no. 781: Wage inequality in Spain: recent developments
24/07/2007
Working paper no. 778: Employment protection legislation and wages
24/07/2007
Working paper no. 776: Insights gained from conversations with labor market decision makers
24/07/2007
The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions
[online only]
More information on Eurosystem policy principles
23/07/2007
Legal working paper no. 5: Legal and institutional aspects of the currency changeover following the restoration of the independence of the Baltic states
20/07/2007
5th SEPA progress report
[online only]
Press release:
18/07/2007
Occasional paper no. 64: The use of portfolio credit risk models in central banks
12/07/2007
Statistics Pocket Book, July 2007
12/07/2007
Monthly Bulletin, July 2007
12/07/2007
Focus: Current account balances across the euro area countries from a savings and investment perspective
Monthly Bulletin Issue 7, 2007
12/07/2007
Focus: Recent developments in the retail bank interest rate pass-through in the euro area
Monthly Bulletin Issue 7, 2007
12/07/2007
Focus: Developments in MFI gross external assets and liabilities
Monthly Bulletin Issue 7, 2007
12/07/2007
Article: Oil-exporting countries: key structural features, economic developments and oil revenue recycling
Monthly Bulletin Issue 7, 2007
12/07/2007
Article: Interpreting monetary developments since mid-2004
Monthly Bulletin Issue 7, 2007
11/07/2007
Working paper no. 775: The dynamic behaviour of budget components and output
Published in: Economic Modelling, Vol 25 (1), 2008: pp 93-117
11/07/2007
Working paper no. 774: Shocks, structures or monetary policies? The euro area and US after 2001
11/07/2007
Working paper no. 773: Exchange rate volatility and growth in small open economies at the EMU periphery
11/07/2007
Potential impact of solvency II on financial stability
[online only]
10/07/2007
Occasional paper no. 65: The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations
10/07/2007
The role of central counterparties
Issues related to central counterparty clearing. ECB-Fed Chicago conference, 3-4 April 2006
Conference page
06/07/2007
Occasional paper no. 66: Structural reforms in EMU and the role of monetary policy: a survey of the literature
03/07/2007
European legislation on financial markets
Settlement Finality Directive, Financial Collateral Directive, Winding-Up Directive for Credit Institutions
29/06/2007
Research Bulletin No. 6
28/06/2007
Working paper no. 772: Can adjustment costs explain the variability and counter-cyclicality of the labour share at the firm and aggregate level?
28/06/2007
Working paper no. 771: Policy rate decisions and unbiased parameter estimation in typical monetary policy rules
Published in: Economic Modelling, 2008 as "The Role of Ad Hoc Factors in Policy Rate Settings" and Economics Letters, Vol 100 (2), 2008: pp 238-240 as "Policy Rate Inertia Reconsidered: Evidence from Endogenous Interest Rate Trajectory"
28/06/2007
Working paper no. 770: Welfare implications of Calvo vs. Rotemberg pricing assumptions
Published in: Economics Letters, Vol 100 (2), August 2008: pp 275-79
28/06/2007
Working paper no. 769: The "Great Moderation" in the United Kingdom
Published in: Journal of Money, Credit, and Banking, Vol 39 (1): pp 121-147
28/06/2007
Working paper no. 768: A new approach to measuring competition in the loan markets of the euro area
Published in: Applied Economics, Vol 43 (23), 2011: pp 3155-67
28/06/2007
Occasional paper no. 63: Corporate finance in the euro area - including background material
26/06/2007
The euro bonds and derivates markets
[online only]
Press release:
25/06/2007
Review of the international role of the euro Press release:
22/06/2007
Fourth Progress Report on TARGET2
[online only]
General Functional Specifications: en
Press release:
15/06/2007
Monetary policy: A journey from theory to practice
15/06/2007
Financial Stability Review, June 2007 Press release:
14/06/2007
Statistics Pocket Book, June 2007
14/06/2007
Monthly Bulletin, June 2007
14/06/2007
Focus: Is the downward impact of globalisation on import prices waning?
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Technical assumptions
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Government wage developments in the euro area
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Recent developments in the household and corporate sectors: information from new quarterly euro area sector accounts
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Assessing recent developments in inventories
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Developments in euro area profits
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: The cyclical pattern of loans to households and non-financial corporations in the euro area
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: What is behind the surge in private equity activity?
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Financial statement information on listed non-financial corporations
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Liquidity conditions and monetary policy operations in the period from 14 February 2007 to 14 May 2007
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Investments in mixed funds: nature and motivations
Monthly Bulletin Issue 6, 2007
14/06/2007
Focus: Actual versus perceived inflation developments in the countries that joined the EU in May 2004
Monthly Bulletin Issue 6, 2007
13/06/2007
Working paper no. 767: Explaining monetary policy in press conferences
Published in: International Journal of Central Banking, Vol 5 (2), 2009: pp 41-84
13/06/2007
Working paper no. 766: How and when do markets tip? Lessons from the Battle of the Bund
13/06/2007
Working paper no. 765: Sequential optimization, front-loaded information, and U.S. consumption
13/06/2007
Working paper no. 764: Robust monetary policy with imperfect knowledge
Published in: Journal of Monetary Economics, Vol 54 (5), July 2007: pp 1406-35
13/06/2007
Working paper no. 763: Short- and long-run tax elasticities: the case of the Netherlands
Published in: Economics Bulletin (2009), 29(3).
13/06/2007
Working paper no. 762: Patterns of current account adjustment: insights from past experience
Published in: Open Economies Review, forthcoming.
13/06/2007
Working paper no. 761: External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment
Published in: Review of International Economics, 17(5), 2009: pp 927-941.
13/06/2007
Working paper no. 760: Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area
13/06/2007
Working paper no. 759: Linear-quadratic approximation, external habit and targeting rules
13/06/2007
Working paper no. 758: Red tape and delayed entry
Published in: Journal of the European Economic Association, 5(2-3), 444-458.
13/06/2007
Legal working paper no. 4: Privileges and immunities of the European Central Bank
11/06/2007
Structural issues report 2007 - Corporate finance in the euro area, May 2007 Press release:
06/06/2007
Eurosystem staff macroeconomic projections for the euro area
[online only]
04/06/2007
Occasional paper no. 62: Inflation-linked bonds from a Central Bank perspective
23/05/2007
Working paper no. 757: The cyclicality of consumption, wages and employment of the public sector in the euro area
Published in: Applied Economics, Vol 45, 2013: pp 1551–1569.
23/05/2007
Working paper no. 756: Maintaining low inflation: money, interest rates, and policy stance
Published in: Journal of Monetary Economics, July 2007, vol. 54(5), pp. 1441-1471.
23/05/2007
Working paper no. 755: Durable goods and their effect on household saving ratios in the euro area
Published in: Review of Income and Wealth, Series 55, Number 1, pp. 43-56, March 2009.
23/05/2007
Working paper no. 754: Euro area inflation persistence in an estimated nonlinear DSGE model
Published in: Journal of Economic Dynamics and Control (forthcoming)
23/05/2007
Working paper no. 753: Trade credit defaults and liquidity provision by firms
23/05/2007
Working paper no. 752: Econometric analyses with backdated data: unified Germany and the euro area
Published in: Economic Modelling, Vol 28, 2011: pp 1405-1414.
23/05/2007
Working paper no. 751: A look into the factor model black box: publication lags and the role of hard and soft data in forecasting GDP
Published in: International Journal of Forecasting, Vol 27 No 2, 2011: pp 333-346.
23/05/2007
Working paper no. 750: Long run macroeconomic relations in the global economy
Published in: Economics: The Open-Access, Open-Assessment E-Journal, Vol 1 (3), 2007: pp 1-20
23/05/2007
Working paper no. 749: Excess money growth and inflation dynamics
23/05/2007
Working paper no. 748: Financial dollarization: the role of banks and interest rates
Published in: Journal of Banking & Finance, Vol 35, 2011: pp 794-806
21/05/2007
Bond Markets and long-term interest rates in non-euro area Member States of the European Union - updated addendum incorporating 2005 figures
[online only]
Press release:
17/05/2007
Article: Measured inflation and inflation perceptions in the euro area
Monthly Bulletin Issue 5, 2007
17/05/2007
Article: Competition in and economic performance of the euro area services sector
Monthly Bulletin Issue 5, 2007
17/05/2007
Article: Determinants of growth on the EU Member States of central and eastern Europe
Monthly Bulletin Issue 5, 2007
17/05/2007
Article: Share buybacks in the euro area
Monthly Bulletin Issue 5, 2007
16/05/2007
Convergence Report May 2007
14/05/2007
European Union Balance of Payments / International Investment Position statistical methods
[online only]
Press release:
11/05/2007
TARGET Annual Report 2006
[online only]
01/05/2007
Statistics Pocket Book, May 2007
01/05/2007
Monthly Bulletin, May 2007
01/05/2007
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2007
Monthly Bulletin Issue 5, 2007
01/05/2007
Focus: Recent developments in euro area residential property prices
Monthly Bulletin Issue 5, 2007
01/05/2007
Focus: Measuring and assessing the impact of administered prices on HICP inflation
Monthly Bulletin Issue 5, 2007
01/05/2007
Focus: Demand for bonds by institutional investors and bond yield developments in the euro area
Monthly Bulletin Issue 5, 2007
01/05/2007
Focus: The sectoral breakdown of the private sector securities held by monetary financial institutions
Monthly Bulletin Issue 5, 2007
01/05/2007
Focus: The results of the April 2007 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2007
24/04/2007
Working paper no. 747: Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model
Published in: Journal of Economic Dynamics and Control, 32(8), 2543-2583, 2008.
24/04/2007
Working paper no. 746: U.S. evolving macroeconomic dynamics: a structural investigation
24/04/2007
Working paper no. 745: Market discipline, financial integration and fiscal rules: what drives spreads in the euro area government bond market?
Published in: Economic Policy, 2009, 48: 191-240, published as: What Drives Spreads in the Euro Area Government Bond Market?
23/04/2007
Occasional paper no. 60: Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa
23/04/2007
Annual Report 2006
23/04/2007
Article, Annual Report, 2006, p. 132-133, The Slovenian cash changeover
23/04/2007
Article, Annual Report, 2006, p.106-110, Banknotes and coins,
19/04/2007
Statistics Pocket Book, April 2007
19/04/2007
Monthly Bulletin, April 2007
19/04/2007
Focus: Oil-bill recycling and extra-euro area exports
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Revaluation of the Slovak koruna within ERM II
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Sectoral employment developments in the euro area
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: The 2007 update of the Integrated Policy Guidelines for the implementation of the Lisbon Strategy by the euro area member states
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Gauging stock market uncertainty using option-implied distributions
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Long-term real and inflation risk premia in the euro area bond market
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Long-term debt securities issuance by MFIs since the early 1990s
Monthly Bulletin Issue 4, 2007
19/04/2007
Focus: Recent changes in the composition of growth in credit to euro area residents
Monthly Bulletin Issue 4, 2007
19/04/2007
Article: From government deficit to debt: bridging the gap
Monthly Bulletin Issue 4, 2007
19/04/2007
Article: Output growth differentials in the euro area: sources and implications
Monthly Bulletin Issue 4, 2007
19/04/2007
Article: Communicating monetary policy to financial markets
Monthly Bulletin Issue 4, 2007
18/04/2007
Occasional paper no. 61: Determinants of growth in the central and eastern European EU member states - a production function approach
18/04/2007
Large banks and private equity-sponsored leveraged buyouts in the EU
12/04/2007
How the euro became our money. A short history of the euro banknotes and coins
11/04/2007
Risk measurement and systemic risk. Fourth joint central bank research conference 8-9 November 2005
In co-operation with the Committee on the Global Financial System
Fourth joint central bank research conference page
05/04/2007
Occasional paper no. 59: The ECB survey of professional forecasters (SPF) - A review after eight years' experience
30/03/2007
Working paper no. 744: International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation
30/03/2007
Working paper no. 743: Credit market and macroeconomic volatility
30/03/2007
Working paper no. 741: Sectoral money demand models for the euro area based on a common set of determinants
30/03/2007
Occasional paper no. 58: Long-term growth prospects for the Russian economy
29/03/2007
Monetary financial institutions and markets statistics sector manual
28/03/2007
Occasional paper no. 57: Understanding price developments and consumer price indices in south-eastern Europe
28/03/2007
Occasional paper no. 56: Assessing fiscal soundness: theory and practice
28/03/2007
Financial Integration in Europe
27/03/2007
Working paper no. 742: The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences
Published in: Journal of Money, Credit, and Banking. October 2007; 39(7): 1785-1819.
27/03/2007
Working paper no. 740: Transition economy convergence in a two-country model: implications for monetary integration
21/03/2007
Working paper no. 739: Exchange rate pass-through in emerging markets
21/03/2007
Working paper no. 736: Transaction costs and informational cascades in financial markets: Theory and experimental evidence.
21/03/2007
Working paper no. 735: Market based compensation, price informativeness and short-term trading
15/03/2007
Working paper no. 738: Commodity prices, money and inflation
Published in: Journal of Economics and Business (2010), 62, pp. 331-345
15/03/2007
Working paper no. 737: Structural balances and revenue windfalls: the role of asset prices revisited
15/03/2007
Statistics Pocket Book, March 2007
15/03/2007
Monthly Bulletin, March 2007
15/03/2007
Focus: The effective exchange rates of the euro following the recent euro area and EU enlargements
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: The fiscal policy requirements of the Treaty establishing the European Community and the Stability and Growth Pact
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: European Commission investment survey
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: A detailed look at HICP changes in January each year and a comparison with developments in other months
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: Changes in bank lending rates and new housing loans in the euro area
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: The development of international ages between government bond yield curves in the euro area and the United States
Monthly Bulletin Issue 3, 2007
15/03/2007
Focus: Liquidity conditions and monetary policy operations from 8 November 2006 to 13 February 2007
Monthly Bulletin Issue 3, 2007
08/03/2007
ECB staff macroeconomic projections for the euro area
[online only]
08/03/2007
TARGET2-Securities - Economic feasibility
[online only]
Press release:
08/03/2007
TARGET2-Securities - Legal feasibility
[online only]
Press release:
08/03/2007
TARGET2-Securities - Operational feasibility
[online only]
Press release:
08/03/2007
TARGET2-Securities - Technical feasiblity
[online only]
Press release:
08/03/2007
TARGET2-Securities - The blueprint
[online only]
Press release:
01/03/2007
Occasional paper no. 55: Globalisation and euro area trade - interactions and challenges
28/02/2007
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves
[online only]
28/02/2007
Euro area balance of payments and international investment position statistics - Annual quality report
23/02/2007
Working paper no. 734: Inflation risk premia in the term structure of interest rates
23/02/2007
Working paper no. 733: Mortgage interest rate dispersion in the euro area
23/02/2007
Working paper no. 732: Liquidity shocks and asset price boom/bust cycles
23/02/2007
Working paper no. 731: International trade, technological shocks and spillovers in the labour market: A GVAR analysis of the US manufacturing sector
Published in: Applied Economics (2010), Volume 42, Issue 24, pp. 3045-3066.
20/02/2007
Working paper no. 728: Price changes in Finland: some evidence from micro CPI data.
20/02/2007
Working paper no. 721: Are survey-based inflation expections in the euro area informative?
19/02/2007
Working paper no. 730: What drives business cycles and international trade in emerging market economies?
19/02/2007
Working paper no. 729: Fast micro and slow macro: can aggregation explain the persistence of inflation?
Published in: Journal of Monetary Economics (forthcoming)
15/02/2007
Statistics Pocket Book, February 2007
15/02/2007
Monthly Bulletin, February 2007
15/02/2007
Focus: The introduction of harmonised competitiveness indicators for euro area countries
Monthly Bulletin Issue 2, 2007
15/02/2007
Focus: Recent developments in construction
Monthly Bulletin Issue 2, 2007
15/02/2007
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2007
Monthly Bulletin Issue 2, 2007
15/02/2007
Focus: Stock prices and earnings in the euro area
Monthly Bulletin Issue 2, 2007
15/02/2007
Focus: The results of the January 2007 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2007
15/02/2007
Focus: Implications of the entry of Slovenia into the euro area for monetary statistics
Monthly Bulletin Issue 2, 2007
15/02/2007
Article: Migrant remittances to regions neighbouring the EU
Monthly Bulletin Issue 2, 2007
15/02/2007
Article: The EU arrangements for financial crisis management
Monthly Bulletin Issue 2, 2007
15/02/2007
Article: Challenges to fiscal sustainability in the euro area
Monthly Bulletin Issue 2, 2007
15/02/2007
Financial statistics for a global economy - Proceedings of the 3rd ECB conference on statistics
14/02/2007
Working paper no. 727: Price setting in the euro area: some stylised facts from individual producer price data
Published in: Journal of Money, Credit and Banking, Vol 44 (8), December 2012: pp 1631-1650
14/02/2007
Working paper no. 726: Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions
Published in: Forthcoming in International Journal of Central Banking
13/02/2007
Working paper no. 725: Inflation Forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area
Published in: Economic Modelling (forthcoming)
13/02/2007
Euro Money Market Study 2006 Indexed data for the euro money market survey 2006: en
Press release:
06/02/2007
Working paper no. 722: Shocks and frictions in US business cycles: a Bayesian DSGE approach
Published in: American Economic Review, June 2007; 97(3): 586-606
02/02/2007
Working paper no. 724: The transmission of emerging market shocks to global equity markets
Published in: Journal of Empirical Finance, vol. 16 (2009), p. 2-19
02/02/2007
Working paper no. 723: Asset allocation by penalized least squares
02/02/2007
Working paper no. 720: Real price and wage rigidities in a model with matching frictions
30/01/2007
Letter from the ECB President to Ms Pervenche Berès Chairwoman of the Committee on Economic and Monetary Affairs, European Parliament
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30/01/2007
Letter from the ECB President to Mr Jean-Marie Cavada, Chairman of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament
ENGLISH
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Select your language
25/01/2007
Working paper no. 719: US imbalances: the role of technology and policy
Published in: Journal of International Money and Finance. June 2007; 26(4): 523-45
18/01/2007
Statistics Pocket Book, January 2007
18/01/2007
Monthly Bulletin, January 2007
18/01/2007
Focus: Explaining changes in the net international investment position of the euro area
Monthly Bulletin Issue 1, 2007
18/01/2007
Focus: Developments in survey data on limits to manufacturing production
Monthly Bulletin Issue 1, 2007
18/01/2007
Focus: The role of base effects in driving recent and prospective developments in HICP inflation
Monthly Bulletin Issue 1, 2007
18/01/2007
Focus: Factors underlying the strong acceleration of loans to euro area non-financial corporations
Monthly Bulletin Issue 1, 2007
18/01/2007
Focus: Developments in short-term debt securities within M3
Monthly Bulletin Issue 1, 2007
18/01/2007
Article: Putting China's economic expansion in perspective
Monthly Bulletin Issue 1, 2007
18/01/2007
Article: Developments in the structural features of euro area labour markets over the last decade
Monthly Bulletin Issue 1, 2007
18/01/2007
Article: The enlarged EU and euro area economy
Monthly Bulletin Issue 1, 2007
16/01/2007
Working paper no. 718: Drift and breaks in labor productivity
Published in: Journal of Economic Dynamics and Control, 31, pp. 2847-2877
16/01/2007
Working paper no. 717: Discretion rather than rules? When is discretionary policy-making better than the timeless perspective?
Published in: “Discretion Rather Than Rules? When Is Discretionary Policymaking Better Than the Timeless Perspective?”, International Journal of Central Banking (2010), Vol. 6, No 2, pp. 1-29.
16/01/2007
Working paper no. 716: Adjusting to the euro
16/01/2007
Working paper no. 715: Emerging Asia's growth and integration: how autonomous are business cycles?
16/01/2007
Working paper no. 714: The dynamics of bank spreads and financial structure
16/01/2007
Working paper no. 713: Balance of payment crises in emerging markets: how early were the “early” warning signals?
Published in: Applied Economics (forthcoming)
16/01/2007
Working paper no. 712: Opening the black box: structural factor models with large cross-sections
Published in: Econometric Theory (2009), 25(05), pp. 1319-1347.
16/01/2007
Working paper no. 711: What “hides” behind sovereign debt ratings?
Published in: International Journal of Finance and Economics, Vol 16 (1), January 2011 as "Short and Long-run Determinants of Sovereign Debt Credit Ratings": pp 1–15.
16/01/2007
Working paper no. 710: Pricing of settlement link services and mergers of central securities depositories
16/01/2007
Working paper no. 709: Quantifying and sustaining welfare gains from monetary commitment
Published in: Journal of Monetary Economics, 55(7), 1253-1278, November 2008.
12/01/2007
Working paper no. 708: Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting
12/01/2007
Working paper no. 707: Ramsey monetary policy with labour market frictions
Published in: Journal of Monetary Economics (2009), 56(4), pp. 570-81.