Publications published in 2007

28 December 2007
Working paper no. 847: Deeper, wider and more competitive? Monetary integration, Eastern enlargement and competitiveness in the European Union
28 December 2007
Working paper no. 843: Fiscal forecasting: lessons from the literature and challenges
Published in: Fiscal Studies, September 2008; 29(3): 347-386
20 December 2007
Working paper no. 846: Information combination and forecast (st)ability evidence from vintages of time-series data
20 December 2007
Working paper no. 845: Run-prone banking and asset markets
20 December 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 December 2007
Working paper no. 842: Saving behaviour and global imbalances: the role of emerging market economies
19 December 2007
Occasional paper no. 77: Oil market structure, network effects and the choice of currency for oil invoicing
18 December 2007
Occasional paper no. 76: Prudential and oversight requirements for securities settlement
17 December 2007
Working paper no. 841: Should we take inside money seriously?
Published in: Macroeconomic Dynamics (forthcoming)
17 December 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 December 2007
Working paper no. 839: Are there oil currencies? The real exchange rate of oil exporting countries
17 December 2007
Working paper no. 838: Securitisation and the bank lending channel
Published in: European Economic Review, Vol 53(8), 2009: pp 996-1009
17 December 2007
Working paper no. 837: Monetary policy and core inflation
17 December 2007
Working paper no. 836: Reporting biases and survey results: evidence from European professional forecasters
13 December 2007
Focus: New estimates on holdings by sector for euro area M3Economic Bulletin Issue 12, 2007
13 December 2007
Focus: Liquidity conditions and monetary policy operations in the period from 8 August to 13 November 2007Economic Bulletin Issue 12, 2007
13 December 2007
Focus: Evidence of the impact of recent financial market tensions, as revealed by bank lending surveys in major industrialised economiesEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: Euro area food prices: recent developments and outlookEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: The European Union's common agricultural policy against the background of globally rising food pricesEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: Measures of longer-term inflation expectations from the ECB Survey of Professional Forecasters: a more detailed analysis of recent developmentsEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: Political commitments and the Stability and Growth PactEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: The Treaty of LisbonEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: Technical assumptionsEconomic Bulletin Issue 12, 2007
13 December 2007
Focus: Forecasts by other institutionsEconomic Bulletin Issue 12, 2007
12 December 2007
Financial Stability Review, December 2007
10 December 2007
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties
6 December 2007
Eurosystem staff macroeconomic projections for the euro area
30 November 2007
Working paper no. 835: US shocks and global exchange rate configurations
Published in: Economic Policy (54), pp. 363-409, April 2008 (forthcoming)
30 November 2007
Working paper no. 834: International frictions and optimal monetary policy cooperation: analytical solutions
30 November 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 November 2007
Working paper no. 832: The yield curve and macroeconomic dynamics
Published in: Economic Journal, November 2008; 118(533): 1937-70
30 November 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 November 2007
Working paper no. 830: The term structure of euro area break-even inflation rates: the impact of seasonality
30 November 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 November 2007
Working paper no. 828: Potential output growth in several industrialised countries: a comparison
30 November 2007
Review of the Lamfalussy framework - Eurosystem contribution
29 November 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 November 2007
Euro Money Market Survey 2007
15 November 2007
Article: The stock market’s changing structure and its consolidation: implications for the efficiency of the financial system and monetary policyEconomic Bulletin Issue 11, 2007
15 November 2007
Article: The introduction of quarterly sectoral accounts statistics for the euro areaEconomic Bulletin Issue 11, 2007
15 November 2007
Focus: The short-term outlook for global growth: a PMI-based assessmentEconomic Bulletin Issue 11, 2007
15 November 2007
Focus: The impact of the financial market turmoil on monetary and credit developmentsEconomic Bulletin Issue 11, 2007
15 November 2007
Focus: Impact of the credit market tensions on LBO activityEconomic Bulletin Issue 11, 2007
15 November 2007
Focus: Recent developments in consumers' inflation perceptions and expectations in the euro areaEconomic Bulletin Issue 11, 2007
15 November 2007
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2007Economic Bulletin Issue 11, 2007
15 November 2007
Focus: Recent revisions to euro area unemployment statisticsEconomic Bulletin Issue 11, 2007
14 November 2007
EU banking sector stability
30 October 2007
Occasional paper no. 74: Analysis of revisions to general economic statistics
29 October 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 October 2007
Working paper no. 825: What can probability forecasts tell us about inflation risks?
29 October 2007
Fifth progress report on TARGET2
29 October 2007
Fifth progress report on TARGET2, Annex 1: Information guide for TARGET2 users (version 1.1, Jan 2009)
29 October 2007
Fifth progress report on TARGET2, Annex 2: User information guide to TARGET2 pricing
29 October 2007
Fifth progress report on TARGET2, Annex 3: TARGET2 compensation scheme - claim form
26 October 2007
TARGET2-Securities progress report
25 October 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 October 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 October 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 October 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 October 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 October 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 October 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 October 2007
Occasional paper no. 75: The role of other financial intermediaries in monetary and credit developments in the euro area
18 October 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 October 2007
Article: Long-term developments in MFI loans to households in the euro area: main patterns and determinantsEconomic Bulletin Issue 10, 2007
11 October 2007
Article: The collateral frameworks of the Federal Reserve System, the Bank of Japan and the EurosystemEconomic Bulletin Issue 10, 2007
11 October 2007
Article: Circulation and supply of euro banknotes and preparations for the second series of banknotesEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: New euro area historical series on MFI loans to households and non-financial corporationsEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: The results of the October 2007 bank lending survey for the euro areaEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: The recent repricing of credit riskEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: Volatility and cross-country dispersion of corporate earnings in the euro areaEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: Capacity utilisation in the euro area: measures and implicationsEconomic Bulletin Issue 10, 2007
11 October 2007
Focus: Sectoral patterns of total factor productivity growth in the euro area countriesEconomic Bulletin Issue 10, 2007
5 October 2007
EU banking structures
28 September 2007
Working paper no. 814: Choice of currency in bond issuance and the international role of currencies
28 September 2007
Working paper no. 810: Inflation persistence: euro area and new EU Member States
28 September 2007
Occasional paper no. 73: Reserve accumulation: objective or by-product?
27 September 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 September 2007
Working paper no. 815: Do international portfolio investors follow firms' foreign investment decisions?
27 September 2007
Working paper no. 813: The role of the exchange rate for adjustment in boom and bust episodes
27 September 2007
Working paper no. 812: The uncovered return parity condition
26 September 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 September 2007
Occasional paper no. 72: The role of financial markets and innovation in productivity and growth in Europe
20 September 2007
Working paper no. 809: Is the New Keynesian Phillips curve flat?
20 September 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 September 2007
Working paper no. 807: Cross-border lending contagion in multinational banks
13 September 2007
Focus: House price developments in central and eastern European countriesEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: Liquidity conditions and monetary policy operations from 15 May to 7 August 2007Economic Bulletin Issue 9, 2007
13 September 2007
Focus: The ECB's additional open market operations in the period from 8 August to 5 September 2007Economic Bulletin Issue 9, 2007
13 September 2007
Focus: Seasonality in break-even inflation ratesEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: The relationship between listed companies' earnings growth and output growth in the economy as a wholeEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: Recent developments in non-financial corporations' leverage ratiosEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: Recent food price developments in world markets and the euro areaEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: Euro area employment in 2006: a more balanced growthEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: ECB staff macroeconomic projections for the euro areaEconomic Bulletin Issue 9, 2007
13 September 2007
Focus: Flat taxes in central and eastern EuropeEconomic Bulletin Issue 9, 2007
6 September 2007
ECB staff macroeconomic projections for the euro area
31 August 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 August 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 August 2007
Occasional paper no. 70: The search for Columbus' egg: finding a new formula to determine quotas at the IMF
24 August 2007
Occasional paper no. 68: The securities custody industry
22 August 2007
Working paper no. 805: The pricing of risk in European credit and corporate bond markets
22 August 2007
Working paper no. 798: The transmission of US cyclical developments to the rest of the world
22 August 2007
Occasional paper no. 71: The economic impact of the Single Euro Payments Area
21 August 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 August 2007
Working paper no. 803: Optimal monetary policy in an estimated DSGE for the euro area
21 August 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 August 2007
Working paper no. 797: Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output
21 August 2007
Working paper no. 796: The impact of exchange rate shocks on sectoral activity and prices in the euro area
21 August 2007
Working paper no. 795: Assessing the impact of a change in the composition of public spending: a DSGE approach
21 August 2007
Occasional paper no. 69: Fiscal policy in Mediterranean countries: developments, structures and implications for monetary policy
17 August 2007
Working paper no. 800: Is the corporate bond market forward looking?
17 August 2007
Working paper no. 799: Monetary policy shocks in a two-sector open economy: an empirical study
16 August 2007
Working paper no. 794: (Un)naturally low? Sequential Monte Carlo tracking of the US natural interest rate
16 August 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 August 2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 1: euro area countries
14 August 2007
Payment and securities settlement systems in the European Union, Blue Book, fourth edition, Volume 2: non-euro area countries
10 August 2007
Working paper no. 792: Euro area market reactions to the monetary developments press release
9 August 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).
9 August 2007
Article: Adjustment of global imbalances in a financially integrating worldEconomic Bulletin Issue 8, 2007
9 August 2007
Article: The financing of small and medium-sized enterprises in the euro areaEconomic Bulletin Issue 8, 2007
9 August 2007
Article: Leveraged buyouts and financial stabilityEconomic Bulletin Issue 8, 2007
9 August 2007
Focus: The results of the July 2007 bank lending survey for the euro areaEconomic Bulletin Issue 8, 2007
9 August 2007
Focus: Volatility of the overnight interest rate and its transmission along the euro area money market yield curveEconomic Bulletin Issue 8, 2007
9 August 2007
Focus: M&A activity and stock market developments in the euro areaEconomic Bulletin Issue 8, 2007
9 August 2007
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2007Economic Bulletin Issue 8, 2007
9 August 2007
Focus: Recent developments in consumer confidenceEconomic Bulletin Issue 8, 2007
9 August 2007
Focus: Introduction of the euro in Cyprus and Malta on 1 January 2008Economic Bulletin Issue 8, 2007
9 August 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
8 August 2007
Working paper no. 790: Asset prices, exchange rates and the current account
Published in: European Economic Review 54, 643–658, June 2010.
31 July 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 July 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 July 2007
Working paper no. 785: Aggregating Phillips curves
27 July 2007
Working paper no. 783: The cyclicality of effective wages within employer-employee matches: evidence from German panel data
27 July 2007
Working paper no. 782: Panel data estimates of the production function and product and labor market imperfections
27 July 2007
Working paper no. 780: Dynamics and monetary policy in a fair wage model of the business cycle
27 July 2007
Working paper no. 779: On-the-job search and the cyclical dynamics of the labor market
26 July 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 July 2007
Working paper no. 788: Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders
26 July 2007
Working paper no. 786: The economic impact of merger control: what is special about banking?
26 July 2007
Working paper no. 784: Understanding the dynamics of labor shares and inflation
26 July 2007
Occasional paper no. 67: Towards harmonised balance of payments and international investment position statistics - the experience of the European compilers
24 July 2007
Working paper no. 781: Wage inequality in Spain: recent developments
24 July 2007
Working paper no. 778: Employment protection legislation and wages
24 July 2007
Working paper no. 776: Insights gained from conversations with labor market decision makers
24 July 2007
The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions
23 July 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 July 2007
5th SEPA progress report
18 July 2007
Occasional paper no. 64: The use of portfolio credit risk models in central banks
12 July 2007
Article: Interpreting monetary developments since mid-2004Economic Bulletin Issue 7, 2007
12 July 2007
Article: Oil-exporting countries: key structural features, economic developments and oil revenue recyclingEconomic Bulletin Issue 7, 2007
12 July 2007
Focus: Developments in MFI gross external assets and liabilitiesEconomic Bulletin Issue 7, 2007
12 July 2007
Focus: Recent developments in the retail bank interest rate pass-through in the euro areaEconomic Bulletin Issue 7, 2007
12 July 2007
Focus: Current account balances across the euro area countries from a savings and investment perspectiveEconomic Bulletin Issue 7, 2007
11 July 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 July 2007
Working paper no. 774: Shocks, structures or monetary policies? The euro area and US after 2001
11 July 2007
Working paper no. 773: Exchange rate volatility and growth in small open economies at the EMU periphery
11 July 2007
Potential impact of solvency II on financial stability
10 July 2007
Occasional paper no. 65: The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations
10 July 2007
The role of central counterparties
6 July 2007
Occasional paper no. 66: Structural reforms in EMU and the role of monetary policy: a survey of the literature
3 July 2007
European legislation on financial markets
29 June 2007
Research Bulletin No. 6
28 June 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 June 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 June 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 June 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 June 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 June 2007
Occasional paper no. 63: Corporate finance in the euro area - including background material
26 June 2007
The euro bonds and derivates markets
25 June 2007
Review of the international role of the euro
22 June 2007
Fourth Progress Report on TARGET2
15 June 2007
Financial Stability Review, June 2007
15 June 2007
Monetary policy: A journey from theory to practice
14 June 2007
Focus: Actual versus perceived inflation developments in the countries that joined the EU in May 2004Economic Bulletin Issue 6, 2007
14 June 2007
Focus: Investments in mixed funds: nature and motivationsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Liquidity conditions and monetary policy operations in the period from 14 February 2007 to 14 May 2007Economic Bulletin Issue 6, 2007
14 June 2007
Focus: Financial statement information on listed non-financial corporationsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: What is behind the surge in private equity activity?Economic Bulletin Issue 6, 2007
14 June 2007
Focus: The cyclical pattern of loans to households and non-financial corporations in the euro areaEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Developments in euro area profitsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Assessing recent developments in inventoriesEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Recent developments in the household and corporate sectors: information from new quarterly euro area sector accountsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Government wage developments in the euro areaEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Technical assumptionsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Forecasts by other institutionsEconomic Bulletin Issue 6, 2007
14 June 2007
Focus: Is the downward impact of globalisation on import prices waning?Economic Bulletin Issue 6, 2007
13 June 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 June 2007
Working paper no. 766: How and when do markets tip? Lessons from the Battle of the Bund
13 June 2007
Working paper no. 765: Sequential optimization, front-loaded information, and U.S. consumption
13 June 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 June 2007
Working paper no. 763: Short- and long-run tax elasticities: the case of the Netherlands
Published in: Economics Bulletin (2009), 29(3).
13 June 2007
Working paper no. 762: Patterns of current account adjustment: insights from past experience
Published in: Open Economies Review, forthcoming.
13 June 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 June 2007
Working paper no. 760: Modelling intra- and extra-area trade substitution and exchange rate pass-through in the euro area
13 June 2007
Working paper no. 759: Linear-quadratic approximation, external habit and targeting rules
13 June 2007
Working paper no. 758: Red tape and delayed entry
Published in: Journal of the European Economic Association, 5(2-3), 444-458.
13 June 2007
Legal working paper no. 4: Privileges and immunities of the European Central Bank
11 June 2007
Structural issues report 2007 - Corporate finance in the euro area, May 2007
6 June 2007
Eurosystem staff macroeconomic projections for the euro area
4 June 2007
Occasional paper no. 62: Inflation-linked bonds from a Central Bank perspective
23 May 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 May 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 May 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 May 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 May 2007
Working paper no. 753: Trade credit defaults and liquidity provision by firms
23 May 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 May 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 May 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 May 2007
Working paper no. 749: Excess money growth and inflation dynamics
23 May 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 May 2007
Bond Markets and long-term interest rates in non-euro area Member States of the European Union - updated addendum incorporating 2005 figures
17 May 2007
Article: Share buybacks in the euro areaEconomic Bulletin Issue 5, 2007
17 May 2007
Article: Determinants of growth on the EU Member States of central and eastern EuropeEconomic Bulletin Issue 5, 2007
17 May 2007
Article: Competition in and economic performance of the euro area services sectorEconomic Bulletin Issue 5, 2007
17 May 2007
Article: Measured inflation and inflation perceptions in the euro areaEconomic Bulletin Issue 5, 2007
16 May 2007
Convergence Report May
14 May 2007
European Union Balance of Payments / International Investment Position statistical methods
11 May 2007
TARGET Annual Report 2006
1 May 2007
Focus: The results of the April 2007 bank lending survey for the euro areaEconomic Bulletin Issue 5, 2007
1 May 2007
Focus: The sectoral breakdown of the private sector securities held by monetary financial institutionsEconomic Bulletin Issue 5, 2007
1 May 2007
Focus: Demand for bonds by institutional investors and bond yield developments in the euro areaEconomic Bulletin Issue 5, 2007
1 May 2007
Focus: Measuring and assessing the impact of administered prices on HICP inflationEconomic Bulletin Issue 5, 2007
1 May 2007
Focus: Recent developments in euro area residential property pricesEconomic Bulletin Issue 5, 2007
1 May 2007
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2007Economic Bulletin Issue 5, 2007
24 April 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 April 2007
Working paper no. 746: U.S. evolving macroeconomic dynamics: a structural investigation
24 April 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 April 2007
Occasional paper no. 60: Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa
23 April 2007
Article, Annual Report, 2006, p.106-110, Banknotes and coins,
23 April 2007
Article, Annual Report, 2006, p. 132-133, The Slovenian cash changeover
19 April 2007
Article: Communicating monetary policy to financial marketsEconomic Bulletin Issue 4, 2007
19 April 2007
Article: Output growth differentials in the euro area: sources and implicationsEconomic Bulletin Issue 4, 2007
19 April 2007
Article: From government deficit to debt: bridging the gapEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Recent changes in the composition of growth in credit to euro area residentsEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Long-term debt securities issuance by MFIs since the early 1990sEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Long-term real and inflation risk premia in the euro area bond marketEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Gauging stock market uncertainty using option-implied distributionsEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: The 2007 update of the Integrated Policy Guidelines for the implementation of the Lisbon Strategy by the euro area member statesEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Sectoral employment developments in the euro areaEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Revaluation of the Slovak koruna within ERM IIEconomic Bulletin Issue 4, 2007
19 April 2007
Focus: Oil-bill recycling and extra-euro area exportsEconomic Bulletin Issue 4, 2007
18 April 2007
Occasional paper no. 61: Determinants of growth in the central and eastern European EU member states - a production function approach
18 April 2007
Large banks and private equity-sponsored leveraged buyouts in the EU
12 April 2007
How the euro became our money. A short history of the euro banknotes and coins
11 April 2007
Risk measurement and systemic risk. Fourth joint central bank research conference 8-9 November 2005
5 April 2007
Occasional paper no. 59: The ECB survey of professional forecasters (SPF) - A review after eight years' experience
30 March 2007
Working paper no. 744: International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation
30 March 2007
Working paper no. 743: Credit market and macroeconomic volatility
30 March 2007
Working paper no. 741: Sectoral money demand models for the euro area based on a common set of determinants
30 March 2007
Occasional paper no. 58: Long-term growth prospects for the Russian economy
29 March 2007
Monetary financial institutions and markets statistics sector manual
28 March 2007
Occasional paper no. 57: Understanding price developments and consumer price indices in south-eastern Europe
28 March 2007
Occasional paper no. 56: Assessing fiscal soundness: theory and practice
28 March 2007
Financial Integration in Europe
27 March 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 March 2007
Working paper no. 740: Transition economy convergence in a two-country model: implications for monetary integration
21 March 2007
Working paper no. 739: Exchange rate pass-through in emerging markets
21 March 2007
Working paper no. 736: Transaction costs and informational cascades in financial markets: Theory and experimental evidence.
21 March 2007
Working paper no. 735: Market based compensation, price informativeness and short-term trading
15 March 2007
Working paper no. 738: Commodity prices, money and inflation
Published in: Journal of Economics and Business (2010), 62, pp. 331-345
15 March 2007
Working paper no. 737: Structural balances and revenue windfalls: the role of asset prices revisited
15 March 2007
Focus: Liquidity conditions and monetary policy operations from 8 November 2006 to 13 February 2007Economic Bulletin Issue 3, 2007
15 March 2007
Focus: The development of international ages between government bond yield curves in the euro area and the United StatesEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: Changes in bank lending rates and new housing loans in the euro areaEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: A detailed look at HICP changes in January each year and a comparison with developments in other monthsEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: European Commission investment surveyEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: ECB staff macroeconomic projections for the euro areaEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: The fiscal policy requirements of the Treaty establishing the European Community and the Stability and Growth PactEconomic Bulletin Issue 3, 2007
15 March 2007
Focus: The effective exchange rates of the euro following the recent euro area and EU enlargementsEconomic Bulletin Issue 3, 2007
8 March 2007
TARGET2-Securities - The blueprint
8 March 2007
TARGET2-Securities - Technical feasiblity
8 March 2007
TARGET2-Securities - Operational feasibility
8 March 2007
TARGET2-Securities - Legal feasibility
8 March 2007
TARGET2-Securities - Economic feasibility
8 March 2007
ECB staff macroeconomic projections for the euro area
1 March 2007
Occasional paper no. 55: Globalisation and euro area trade - interactions and challenges
28 February 2007
Euro area balance of payments and international investment position statistics - Annual quality report
28 February 2007
List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves
23 February 2007
Working paper no. 734: Inflation risk premia in the term structure of interest rates
23 February 2007
Working paper no. 733: Mortgage interest rate dispersion in the euro area
23 February 2007
Working paper no. 732: Liquidity shocks and asset price boom/bust cycles
23 February 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 February 2007
Working paper no. 728: Price changes in Finland: some evidence from micro CPI data.
20 February 2007
Working paper no. 721: Are survey-based inflation expections in the euro area informative?
19 February 2007
Working paper no. 730: What drives business cycles and international trade in emerging market economies?
19 February 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 February 2007
Article: Challenges to fiscal sustainability in the euro areaEconomic Bulletin Issue 2, 2007
15 February 2007
Article: The EU arrangements for financial crisis managementEconomic Bulletin Issue 2, 2007
15 February 2007
Article: Migrant remittances to regions neighbouring the EUEconomic Bulletin Issue 2, 2007
15 February 2007
Focus: Implications of the entry of Slovenia into the euro area for monetary statisticsEconomic Bulletin Issue 2, 2007
15 February 2007
Focus: The results of the January 2007 bank lending survey for the euro areaEconomic Bulletin Issue 2, 2007
15 February 2007
Focus: Stock prices and earnings in the euro areaEconomic Bulletin Issue 2, 2007
15 February 2007
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2007Economic Bulletin Issue 2, 2007
15 February 2007
Focus: Recent developments in constructionEconomic Bulletin Issue 2, 2007
15 February 2007
Focus: The introduction of harmonised competitiveness indicators for euro area countriesEconomic Bulletin Issue 2, 2007
15 February 2007
Financial statistics for a global economy - Proceedings of the 3rd ECB conference on statistics
14 February 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 February 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 February 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 February 2007
Euro Money Market Study 2006
6 February 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
2 February 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
2 February 2007
Working paper no. 723: Asset allocation by penalized least squares
2 February 2007
Working paper no. 720: Real price and wage rigidities in a model with matching frictions
30 January 2007
Letter from the ECB President to Mr Jean-Marie Cavada, Chairman of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament
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30 January 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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25 January 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 January 2007
Article: The enlarged EU and euro area economyEconomic Bulletin Issue 1, 2007
18 January 2007
Article: Developments in the structural features of euro area labour markets over the last decadeEconomic Bulletin Issue 1, 2007
18 January 2007
Article: Putting China's economic expansion in perspectiveEconomic Bulletin Issue 1, 2007
18 January 2007
Focus: Developments in short-term debt securities within M3Economic Bulletin Issue 1, 2007
18 January 2007
Focus: Factors underlying the strong acceleration of loans to euro area non-financial corporationsEconomic Bulletin Issue 1, 2007
18 January 2007
Focus: The role of base effects in driving recent and prospective developments in HICP inflationEconomic Bulletin Issue 1, 2007
18 January 2007
Focus: Developments in survey data on limits to manufacturing productionEconomic Bulletin Issue 1, 2007
18 January 2007
Focus: Explaining changes in the net international investment position of the euro areaEconomic Bulletin Issue 1, 2007
16 January 2007
Working paper no. 718: Drift and breaks in labor productivity
Published in: Journal of Economic Dynamics and Control, 31, pp. 2847-2877
16 January 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 January 2007
Working paper no. 716: Adjusting to the euro
16 January 2007
Working paper no. 715: Emerging Asia's growth and integration: how autonomous are business cycles?
16 January 2007
Working paper no. 714: The dynamics of bank spreads and financial structure
16 January 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 January 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 January 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 January 2007
Working paper no. 710: Pricing of settlement link services and mergers of central securities depositories
16 January 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 January 2007
Working paper no. 708: Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting
12 January 2007
Working paper no. 707: Ramsey monetary policy with labour market frictions
Published in: Journal of Monetary Economics (2009), 56(4), pp. 570-81.