Publications published in 2008

30/12/2008
Working paper no. 986: The topology of the federal funds market
30/12/2008
Working paper no. 985: Portuguese banks in the euro area market for daily funds
30/12/2008
Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties [online only]
23/12/2008
Working paper no. 988: The interday and intraday patterns of the overnight market: evidence from an electronic platform
23/12/2008
Working paper no. 987: Probability of informed trading on the euro overnight market rate: an update
23/12/2008
Working paper no. 984: The daily and policy-relevant liquidity effects
23/12/2008
Working paper no. 983: What explains the spread between the euro overnight rate and the ECB's policy rate?
23/12/2008
Working paper no. 982: Modelling short-term interest rate spreads in the euro money market
Published in: International Journal of Central Banking, Vol 4 (4), December 2008: pp 1-37
23/12/2008
Working paper no. 981: Why the effective price for money exceeds the policy rate in the ECB tenders?
23/12/2008
Working paper no. 980: Extracting market expectations from yield curves augmented by money market interest rates: the case of Japan
23/12/2008
Working paper no. 979: Futures contract rates as monetary policy forecasts
23/12/2008
Working paper no. 978: Measuring monetary policy expectations from financial market instruments
23/12/2008
Working paper no. 977: Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates
23/12/2008
Working paper no. 976: The term structure of interest rates across frequencies
19/12/2008
The incentive structure of the ‘originate and distribute’ model
[online only]
19/12/2008
Recommendations of the Governing Council of the European Central Bank on the pricing of recapitalisations
19/12/2008
Recommendations of the Governing Council of the European Central Bank on government guarantees for bank debt
19/12/2008
Commercial property markets - financial stability risks, recent developments and EU banks' exposures
[online only]
17/12/2008
Covered bonds in the EU financial system
[online only]
15/12/2008
Financial Stability Review Summary: en
Press release:
11/12/2008
Statistics Pocket Book, December 2008
11/12/2008
Monthly Bulletin, December 2008
11/12/2008
Focus: New euro area industrial import price and industrial producer export price indices
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Structural policies in times of crisis
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Developments in potential output in the light of changes in oil prices and credit risk premia
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Accounting for recent and prospective movements in HICP inflation: the role of base effects
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: The implications of the money market tensions for the pass-through of MFI interest rates
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Computing long-term interest rate assumptions from the euro area yield curve
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2008
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Recent developments in the balance sheets of euro area credit institutions
Monthly Bulletin Issue 12, 2008
11/12/2008
Focus: Euro area non-energy commodity price indices compiled by the ECB
Monthly Bulletin Issue 12, 2008
11/12/2008
Government finance statistics guide
[online only]
10/12/2008
Working paper no. 975: Early estimates of euro area real GDP growth: a bottom up approach from the production side
04/12/2008
Eurosystem staff macroeconomic projections for the euro area
[online only]
02/12/2008
Working paper no. 974: Institutional features of wage bargaining in 23 European countries, the US and Japan
Published in: Ekonomia, Vol 12 (2), Winter 2009: pp 57-108
02/12/2008
Working paper no. 973: Do China and oil exporters influence major currency configurations?
Published in: Journal of Comparative Economics 37, 335–358, September 2009.
30/11/2008
Working paper no. 970: Responses to monetary policy shocks in the east and the west of Europe: a comparison
Published in: Journal of Applied Econometrics , 2010, Volume 25 Issue 5, pp. 833-868.
28/11/2008
EU banks' liquidity stress testing and contingency funding plans
[online only]
26/11/2008
Working paper no. 972: Monetary policy and housing prices in an estimated DSGE for the US and the euro area
26/11/2008
Working paper no. 971: Interactions between private and public sector wages
Published in: Journal of Macroeconomics, Vol 39, 2014: pp 97-112
26/11/2008
Working paper no. 969: Comparing and evaluating Bayesian predictive distributions of assets returns
Published in: International Journal of Forecasting, Vol 26, 2010: pp 216-230.
26/11/2008
Working paper no. 959: What drives U.S. current account fluctuations?
24/11/2008
6th SEPA progress report
[online only]
Press release:
20/11/2008
The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of “legally and operationally located in the euro area”
[online only]
17/11/2008
Working paper no. 968: A value at risk analysis of cedit default swaps
17/11/2008
Working paper no. 967: Central Bank misperceptions and the role of money in interest rate rules
14/11/2008
Working paper no. 966: Large Bayesian VARs
Published in: Journal of Applied Econometric (forthcoming).
14/11/2008
Working paper no. 965: IMF lending and geopolitics
Published in: forthcoming in the Journal of Development Economics
13/11/2008
Working paper no. 963: Public and private sector wages: co-movement and causality
Published in: The Scandinavian Journal of Economics as "Public or private sector wage leadership? An international perspective" (forthcoming) and Journal of Policy Models as "Are government wages decoupled from private sector wages" (forthcoming)
13/11/2008
Working paper no. 962: Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations
13/11/2008
Working paper no. 958: Oil exporters: in search of an external anchor
13/11/2008
Statistics Pocket Book, November 2008
13/11/2008
Monthly Bulletin, November 2008
13/11/2008
Focus: The reliability of survey data during periods of financial turmoil
Monthly Bulletin Issue 11, 2008
13/11/2008
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2008
Monthly Bulletin Issue 11, 2008
13/11/2008
Focus: Abnormal volatility in global stock markets
Monthly Bulletin Issue 11, 2008
13/11/2008
Focus: Recent increases in real yields and their implications for the analysis of inflation expectations
Monthly Bulletin Issue 11, 2008
13/11/2008
Focus: Recent widening in euro area sovereign bond yield spreads
Monthly Bulletin Issue 11, 2008
13/11/2008
Focus: The results of the October 2008 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2008
13/11/2008
Article: Ten years of TARGET and the launch of TARGET2
Monthly Bulletin Issue 11, 2008
13/11/2008
Article: Valuing stock markets and the equity risk premium
Monthly Bulletin Issue 11, 2008
13/11/2008
Article: Monitoring labour cost developments across euro area countries
Monthly Bulletin Issue 11, 2008
12/11/2008
Working paper no. 964: Do firms provide wage insurance against shocks? Evidence from Hungary
12/11/2008
Working paper no. 961: Budgetary and external imbalances relationship: a panel data diagnostic
Published in: Journal of Quantitative Economics, Vol 11 (1-2), 2013: pp 45-71
12/11/2008
Working paper no. 960: On implications of micro price data for macro models
Published in: Jeff Fuhner et al (eds.), "Understanding inflation and implications for monetary policy: A Philipps curve retrospectrive", MIT Press, Cambridge, 2009.
12/11/2008
Working paper no. 957: Modeling autoregressive conditional skewness and kurtosis with multi-quantile CAViaR
Published in: Volatility and Time Series Econometrics: Essays in Honour of Robert F. Engle, ed. by M. Watson, T. Bollerslev and J. Russell (2008)
12/11/2008
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
[DE, EN, ES, FR and IT will be available as hard copies in due course]
Press release:
07/11/2008
Occasional paper no. 99: The ECB and IMF indicators for the macro-prudential analysis of the banking sector: a comparison of the two approaches
06/11/2008
Working paper no. 956: The political economy under monetary union: has the euro made a difference?
Published in: Economic Policy (2009), 58, pp. 307-48.
05/11/2008
A strategic vision for statistics: challenges for the next 10 years
Fourth ECB Conference on Statistics 24 and 25 April 2008
31/10/2008
Working paper no. 955: Monetary policy and stock market boom-bust cycles
28/10/2008
Working paper no. 954: Fiscal policy responsiveness, persistence and discretion
Published in: Public Choice, Vol 145 (3-4), 2010: pp 503-530.
28/10/2008
Working paper no. 953: Estimating and forecasting the euro area monthly national accounts from a dynamic factor model
Published in: JBCMA Vol 2010 No.1, pp. 1-22
28/10/2008
Working paper no. 950: Is forecasting with large models informative? Assessing the role of judgement in macroeconomic forecasts
Published in: Journal of Forecasting, Vol 30 (3), 2011: pp 303-324
28/10/2008
Working paper no. 949: Short-term forecasts of euro area GDP growth
Published in: Econometrics Journal, Vol 14, 2011: pp C25-C44.
28/10/2008
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament
[online only]
28/10/2008
Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament
[online only]
16/10/2008
Working paper no. 952: How successful is the G7 in managing exchange rates?
Published in: Journal of International Economics (2006), 79(1), pp. 78-88.
16/10/2008
Working paper no. 951: Exchange rate pass-through in the global economy: the role of emerging market economies
14/10/2008
Working paper no. 948: Clustering techniques applied to outlier detection of financial market series using a moving window filtering algorithm
14/10/2008
Working paper no. 947: Foreign-currency bonds: currency choice and the role of uncovered and covered interest parity
13/10/2008
Working paper no. 946: Macroeconomic adjustment to monetary union
13/10/2008
Working paper no. 945: Wage and price dynamics in Portugal
13/10/2008
Working paper no. 944: The new area-wide model of the euro area: a micro-founded open-economy model for forecasting and policy analysis YADA Bayesian estimation software of DSGE model: en
13/10/2008
EU banking structures
[online only]
Press release:
09/10/2008
Monthly Bulletin, October 2008
09/10/2008
Statistics Pocket Book, October 2008
09/10/2008
Focus: Recent changes in the geographical composition of euro area foreign demand
Monthly Bulletin Issue 10, 2008
09/10/2008
Focus: Trends in non-energy industrial goods prices
Monthly Bulletin Issue 10, 2008
09/10/2008
Focus: The informational content of real M1 growth for real GDP growth in the euro area
Monthly Bulletin Issue 10, 2008
09/10/2008
Article: Cross-border bank mergers & aquisitions and institutional investors
Monthly Bulletin Issue 10, 2008
09/10/2008
Article: Ten years of the stability and growth pact
Monthly Bulletin Issue 10, 2008
07/10/2008
Occasional paper no. 98: Will oil prices decline over the long run?
30/09/2008
Occasional paper no. 96: The monetary presentation of the euro area balance of payments
30/09/2008
Working paper no. 938: Channels of international risk-sharing: capital gains versus income flows
30/09/2008
Working paper no. 936: Sparse and stable Markowitz portfolios
Published in: Proceedings of the National Academy of Science (forthcoming)
30/09/2008
Working paper no. 932: How does competition affect efficiency and soundness in banking? New empirical evidence
30/09/2008
Working paper no. 931: International stock return comovements
26/09/2008
Euro Money Market Survey 2008
[online only]
Press release:
25/09/2008
Commission's draft directive/regulation on credit rating agencies
Eurosystem contribution to the public consultation [online only]
23/09/2008
Working paper no. 930: Sticky information Phillips curves: European evidence
Published in: Journal of Money, Credit, and Banking. October 2008; 40(7): 1513-19
22/09/2008
Working paper no. 943: The impact of financial position on investment: an anlysis for non-financial corporations in the euro area
22/09/2008
Working paper no. 939: An application of index numbers theory to interest rates
19/09/2008
Occasional paper no. 97: Globalisation and the competitiveness of the euro area
19/09/2008
Working paper no. 942: Towards a monetary policy evaluation framework
19/09/2008
Working paper no. 941: Euro's influence upon trade: Rose effect versus border effect
18/09/2008
Working paper no. 940: The effect of durable goods and ICT on euro area productivity growth?
18/09/2008
Working paper no. 935: Fiscal policies, the current account and Ricardian equivalence
18/09/2008
Working paper no. 934: Bank mergers and lending relationships
18/09/2008
Working paper no. 933: Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through
18/09/2008
Working paper no. 929: Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
11/09/2008
Statistics Pocket Book, September 2008
11/09/2008
Monthly Bulletin, September 2008
11/09/2008
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Youth unemployment in the euro area
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Developments in total hours worked in the euro area: a long-term perspective
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Non-oil energy price developments
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Developments in listed non-financial corporations' internal funds
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Recent developments in the term structure of break-even inflation rates in the euro area
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Liquidity conditions and monetary policy operations in the period from 14 May 2008 to 12 August 2008
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Impact of transactions and valuation effects on the value of euro area investment funds
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: The impact of traditional true-sale securitisation on recent MFI loan developments
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Financial activity in the oil markets
Monthly Bulletin Issue 9, 2008
11/09/2008
Focus: Food price developments in the central and eastern European EU countries outside the euro area
Monthly Bulletin Issue 9, 2008
10/09/2008
Working paper no. 937: Should quarterly government finance statistics be used for fiscal surveillane in Europe?
Published in: International Journal of Forecasting, Vol 26, October 2010: pp 794-804
08/09/2008
Occasional paper no. 95: Financial stability challenges in candidate countries managing the transition to deeper and more market-oriented financial systems
08/09/2008
Occasional paper no. 94: The changing role of the exchange rate in a globalised economy
04/09/2008
New procedure for constructing ECB staff projection ranges
04/09/2008
ECB staff macroeconomic projections for the euro area
[online only]
04/09/2008
Information brochure: A single currency - an integrated market infrastructure (T2, T2S, CCBM2, SEPA)
[update of the 2007 edition]
02/09/2008
Simulating financial instability. Conference on stress testing and financial crisis simulation exercises, 12-13 July 2007 Conferences & seminars
28/08/2008
Working paper no. 917: Modelling and Forecasting the Yield Curve under Model uncertainty
26/08/2008
Working paper no. 923: Resuscitating the wage channel in models with unemployment fluctuations
Published in: Journal of Monetary Economics, Vol 55 (5), 2008
21/08/2008
Working paper no. 928: Corporate tax competition and the decline of public investment
21/08/2008
Working paper no. 926: Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
Published in: Journal of International Money and Finance, 32, 2013: pp 377-404.
14/08/2008
Working paper no. 927: Monetary stabilisation in a currency union of small open economies
14/08/2008
Working paper no. 925: Flow of conjunctural information and forecast of euro area economic activity
Published in: Journal of Forecasting, Vol 30 (3), April 2011: pp 336-354
14/08/2008
Working paper no. 924: Government spending volatility and the size of nations
14/08/2008
Statistics Pocket Book, August 2008
14/08/2008
Monthly Bulletin, August 2008
14/08/2008
Focus: The impact of the financial turmoil on euro area cross-border financial flows
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: The introduction of the euro in Slovakia on 1 January 2009
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2008
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: Profit developments in the euro area
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: Recent developments in M&A activity by euro area non-financial corporations
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: The results of the July 2008 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2008
14/08/2008
Focus: Linkages between developments in MFI net external assets and other counterparts of M3
Monthly Bulletin Issue 8, 2008
14/08/2008
Article: The role of banks in the monetary policy transmission mechanism
Monthly Bulletin Issue 8, 2008
14/08/2008
Article: The external dimension of monetary analysis
Monthly Bulletin Issue 8, 2008
07/08/2008
Occasional paper no. 93: Russia, EU enlargement and the euro
31/07/2008
Working paper no. 922: A review of nonfundamentalness and identification in structural VAR models
Published in: International Statistical Review, Vol 79 (1), 2011 as "Nonfundamentalness in Structural Econometric Models: A Review".
31/07/2008
Working paper no. 921: Foreign direct investment and environmental taxes
Published in: The German Economic Review, January 2009, 10(1): 115-135
31/07/2008
Working paper no. 920: An investigation on the effect of real exchange rate movements on OECD bilateral exports
31/07/2008
Working paper no. 919: Fiscal policy in real time
Published in: The Scandinavian Journal of Economics, Vol 114 (2), 2012: pp 440–465
31/07/2008
Working paper no. 918: Imports and profitability in the euro area manufacturing sector: the role of emerging market economies
31/07/2008
Working paper no. 916: Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies
Published in: Journal of International Money and Finance 30 (2011), pp. 1107–1127.
30/07/2008
Legal working paper no. 7: Electronic money institutions - current trends, regulatory issues and future prospects
23/07/2008
Occasional paper no. 92: The Gulf Cooperation Council countries: economic structures, recent developments and role in the global economy
17/07/2008
CCBM2 User Requirements 4.1
[online only]
16/07/2008
Legal framework of the Eurosystem and the ESCB. ECB legal acts and instruments
15/07/2008
Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament
[online only]
15/07/2008
Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament
[online only]
11/07/2008
Payment systems and market infrastructure oversight report
[online only]
Press release:
10/07/2008
Statistics Pocket Book, July 2008
10/07/2008
Monthly Bulletin, July 2008
10/07/2008
Focus: Oil-bill recycling and its impact on extra-euro area exports
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: Labour supply and employment in the euro area: developments and challenges
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: Recent developments in private consumption and the impact of price increases
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: Recent housing market developments in the euro area
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: Recent developments in consumer oil energy prices
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: Recent developments in the cost of equity for euro area firms
Monthly Bulletin Issue 7, 2008
10/07/2008
Focus: A comparison of MFI loans as a source of household financing in the euro area, the United Kingdom and the United States
Monthly Bulletin Issue 7, 2008
10/07/2008
Article: The Eurosystem as a provider of technical assistance to EU neighbouring regions
Monthly Bulletin Issue 7, 2008
10/07/2008
Article: Euro area trade in services: some key stylised facts
Monthly Bulletin Issue 7, 2008
10/07/2008
Article: One monetary policy and many fiscal policies: ensuring a smooth functioning of EMU
Monthly Bulletin Issue 7, 2008
09/07/2008
The international role of the euro
[online only]
Press release:
04/07/2008
Occasional paper no. 90: Wage growth dispersion across the euro area countries: some stylised facts
02/07/2008
Occasional paper no. 91: The impact of sovereign wealth funds on global financial markets
30/06/2008
Working paper no. 915: Medium run redux: technical change, factor shares and frictions in the euro area
Published in: Macroeconomic Dynamics, Vol 17 (4), 2013: pp 695-727
30/06/2008
Working paper no. 914: Evolution and sources of manufacturing productivity growth: evidence from a panel of European countries
30/06/2008
Working paper no. 913: Country and industry equity risk premia in the euro area: an intertemporal approach
30/06/2008
Working paper no. 912: Labour cost and employment across euro area countries and sectors
30/06/2008
Working paper no. 911: Global liquidity glut or global savings glut? A structural VAR approach
Published in: The North American Journal of Economics and Finance, Elsevier, Vol 23(2), pp 185-202, as: "The macro-financial factors behind the crisis: Global liquidity glut or global savings glut?"
30/06/2008
Working paper no. 910: How has CDO market pricing changed during the turmoil? Evidence from CDS index tranches
30/06/2008
Occasional paper no. 89: An analysis of youth unemployment in the euro area
26/06/2008
Legal working paper no. 6: The legal implications of the prudential supervisory assessment of bank mergers and acquisitions under EU law
25/06/2008
Occasional paper no. 87: Labour supply and employment in the euro area countries: developments and challenges
25/06/2008
Occasional paper no. 85: Benchmarking the Lisbon Strategy
25/06/2008
Structural issues report 2008 - Labour supply and employment in the euro area countries: developments and challenges
23/06/2008
Working paper no. 909: Repo markets, counterparty risk and the 2007/2008 liquidity crisis
23/06/2008
Working paper no. 908: 3-step analysis of public finances sustainability: the case of the European Union
23/06/2008
Working paper no. 907: Globalisation and the euro area: simulation based analysis using the New Area Wide Model
23/06/2008
Working paper no. 906: The impact of the euro on equity markets: a country and sector decomposition
Published in: Journal of Financial and Quantitative Analysis (forthcoming)
23/06/2008
Working paper no. 905: A persistence-weighted measure of core inflation in the euro area
Published in: Economic Modelling, Vol 24: pp 1032-1047.
23/06/2008
Working paper no. 904: Does money matter in the IS curve? The case of the UK
Published in: The Manchester School, Supplement 2008: pp 58-84.
20/06/2008
Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU on Cross-Border Financial Stability
[online only]
20/06/2008
Research Bulletin No:7
17/06/2008
Occasional paper no. 88: Real convergence, financial markets and the current account - emerging Europe versus emerging Asia
12/06/2008
Occasional paper no. 86: Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach
12/06/2008
Statistics Pocket Book, June 2008
09/06/2008
Financial Stability Review, June 2008 Press release:
05/06/2008
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/06/2008
Working paper no. 900: Forecasting inflation and tracking monetary policy in the euro area: does national information help?
03/06/2008
Price stability: why is it important for you?
(booklet, 78 p., update of the 2007 edition)
01/06/2008
Monthly Bulletin, June 2008
01/06/2008
Focus: Revaluation of the Slovak koruna within ERM II
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Technical assumptions
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Discretionary fiscal policies, automatic stabilisation and economic uncertainty
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Recent trends in labour productivity growth in the euro area and the United States
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Recent developments in sectoral wage and labour costs in the euro area
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: A comparison of spreads on corporate debt financing in the euro area and the United States
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Recent developments in the earnings of euro area firms
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Liquidity conditions and monetary policy operations in the period from 13 February 2008 to 13 May 2008
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: Recent shifts between different categories of financial asset held by households
Monthly Bulletin Issue 6, 2008
01/06/2008
Focus: What accounts for the surge in global food prices?
Monthly Bulletin Issue 6, 2008
29/05/2008
Article: Euro banknotes – A tangible symbol of integration
Monthly Bulletin Issue 5, 2008
29/05/2008
Monthly Bulletin - 10th anniversary of the ECB Press release:
20/05/2008
Working paper no. 903: A robust criterion for determining the number of static factors in approximate factor models.
Published in: "Improved penalization for determining the number of factors in approximate factor models", Statistics and Probability Letters, 2010, Vol. 80, Issues 23-24, Pages 1806-1813.
19/05/2008
Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks
16/05/2008
Working paper no. 895: On the empirical evidence of the intertemporal current account model for the euro area countries
Published in: Review of Development Economics, Vol 16 (1), 2012: pp 95-106.
16/05/2008
Working paper no. 894: The role of country-specific trade and survey data in forecasting euro area manufacturing production: perspective from large panel factor models
Published in: OECD Journal of Business cycle Measurement and Analysis, Vol. 2008, No. 2, 2009 pp. 12-34
16/05/2008
Working paper no. 893: Sticky wages: evidence from quarterly microeconomic data
15/05/2008
Statistics Pocket Book, May 2008
15/05/2008
Monthly Bulletin, May 2008
15/05/2008
Focus: Recent developments in euro area services activity
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2008
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: Wage indexation mechanisms in euro area countries
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: Judging sectoral inflation developments on the basis of national accounts data
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: Recent developments in government bond yield spreads
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: The results of the April 2008 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2008
15/05/2008
Focus: Underlying monetary dynamics: concept and quantitative illustration
Monthly Bulletin Issue 5, 2008
15/05/2008
Article: The Eurosystem's open market operations during the recent period of financial market volatility
Monthly Bulletin Issue 5, 2008
15/05/2008
Article: Price stability and growth
Monthly Bulletin Issue 5, 2008
14/05/2008
Working paper no. 902: Fiscal consolidation in the euro area: long-run benefits and short-run costs.
Published in: Economic Modelling, 25(5), 912-932, 2008.
14/05/2008
Working paper no. 901: The usefulness of infra-annual government cash budgetary data for fiscal forecasting in the euro area
Published in: Journal of Policy Modeling, 32, pp. 98-119, January 2010.
14/05/2008
Working paper no. 899: Robust monetary rules under unstructured and structured model uncertainty
14/05/2008
Working paper no. 898: Central Bank communication and monetary policy: a survey of theory and evidence
Published in: Journal of Economic Literature 46(4), 910-945, December 2008.
13/05/2008
Working paper no. 897: DSGE-Modelling: when agents are imperfectly informed
13/05/2008
Working paper no. 896: The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries.
08/05/2008
Occasional paper no. 84: Short-term forecasting of GDP using large monthly datasets: a pseudo real-time forecast evaluation exercise
07/05/2008
Convergence Report 2008
30/04/2008
Working paper no. 892: Identification of new Keynesian Phillips Curves from a global perspective.
Published in: Journal of Money, Credit and Banking (2009), 41(7), pp. 1481-1502.
30/04/2008
Working paper no. 891: House Prices and the stance of Monetary Policy.
Published in: Federal Reserve Bank of St. Louis Review, July-August 2008; 90(4): 339-65. The technical appendix to this paper is published as: Conditional Forecasts and Uncertainty about Forecast Revisions in Vector Autoregressions, Economics Letters, Volume 108, Issue 3, September 2010, pp. 257-259.
30/04/2008
Working paper no. 890: Globalisation, domestic inflation and global output gaps: Evidence from the euro area
Published in: International Finance (2009), 12(3), pp. 301-20.
30/04/2008
Working paper no. 889: Credit and the natural rate of interest.
Published in: Journal of Money, Credit and Banking, Vol 43 (2-3), 2011: pp 407-440
30/04/2008
Working paper no. 888: House Prices, Money, Credit and the Macroeconomy.
Published in: Oxford Review of Economic Policy, 2008, 24, pp. 180-205
29/04/2008
Financial integration in Europe Press release:
28/04/2008
TARGET Annual Report 2007
[online only]
Press release:
22/04/2008
ECB statistics - an overview
[online only]
21/04/2008
Annual Report 2007
21/04/2008
Article, Annual Report, 2007, p. 141-142, The cash changeover in Cyprus and Malta
21/04/2008
Article, Annual Report, 2007, p. 113-117, Banknotes and coins
21/04/2008
ECB statistics quality framework (SQF)
[online only]
21/04/2008
Quality assurance procedures within the ECB statistical function
17/04/2008
Statistics Pocket Book, April 2008
17/04/2008
Monthly Bulletin, April 2008
17/04/2008
Focus: Developments in extra-euro area exports
Monthly Bulletin Issue 4, 2008
17/04/2008
Focus: The 2008 update of the integrated policy guidelines of the Lisbon strategy
Monthly Bulletin Issue 4, 2008
17/04/2008
Focus: Recent developments in euro area services price inflation
Monthly Bulletin Issue 4, 2008
17/04/2008
Focus: Recent developments in bond market liquidity premia and implications for break-even inflation rates
Monthly Bulletin Issue 4, 2008
17/04/2008
Article: Developments in the EU arrangements for financial stability
Monthly Bulletin Issue 4, 2008
17/04/2008
Article: Short-term forecasts of economic activity in the euro area
Monthly Bulletin Issue 4, 2008
17/04/2008
Article: Business investment in the euro area and the role of firms' financial positions
Monthly Bulletin Issue 4, 2008
31/03/2008
Working paper no. 887: Labor supply after transition: evidence from the Czech Republic
31/03/2008
Working paper no. 885: Impact of bank competition on the interest rate pass-through in the euro area
Published in: Applied Economics (forthcoming).
31/03/2008
Working paper no. 884: A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
31/03/2008
Working paper no. 883: Assessing the benefits of international portfolio diversification in bonds and stocks.
31/03/2008
Working paper no. 882: Forecasting world trade: direct versus "bottom-up" approaches
Published in: Open Economies Review, Vol 20, 2009: pp 385-402
31/03/2008
Working paper no. 880: On policy interactions among nations: when do cooperation and commitment matter?
Published in: Journal of International Economics, Vol 91, 2013: pp 252-262 as "When do cooperation and commitment matter in a monetary union?"
31/03/2008
Working paper no. 879: Government risk premiums in the bond market: EMU and Canada
Published in: European Journal of Political Economy (2009), 25(3), pp. 371-384.
31/03/2008
Working paper no. 878: Nominal and real interest rates during an optimal disinflation in New Keynesian models.
31/03/2008
Working paper no. 877: What are the effects of fiscal policy shocks? A VAR-based comparative analysis
31/03/2008
Euro area balance of payments and international investment position statistics. Annual quality report
[online only]
20/03/2008
Working paper no. 881: Imperfect predictability and mutual fund dynamics. How managers use predictors in changing systematic risk.
19/03/2008
Working paper no. 886: International evidence on sticky consumption growth.
Published in: Review of Economics and Statistics, Vol 94 (4), 2011: pp 1081-1096
13/03/2008
Occasional paper no. 81: Measuring financial integration in new EU Member States
13/03/2008
Statistics Pocket Book, March 2008
13/03/2008
Monthly Bulletin, March 2008
13/03/2008
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: Employment developments in the euro area construction sector
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: European Commission investment survey for the manufacturing sector
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: Recent developments in selected measures of underlying inflation for the euro area
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: The determinants of non-financial corporations' cash holdings: a microeconomic analysis
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: Stock market volatility in the light of the financial market turmoil
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: Liquidity conditions and monetary policy operations in the period from 14 November 2007 to 12 February 2008
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: The importance of accounting standards for interpreting MFI loan statistics
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: EU cohesion policy in central and eastern European countries
Monthly Bulletin Issue 3, 2008
13/03/2008
Focus: Aggregating world GDP - the role of exchange rates
Monthly Bulletin Issue 3, 2008
12/03/2008
Occasional paper no. 83: The predictability of monetary policy
12/03/2008
Occasional paper no. 82: The sustainability of China's exchange rate policy and capital account liberalisation
06/03/2008
ECB staff macroeconomic projections for the euro area
[online only]
29/02/2008
Working paper no. 872: Why do Europeans work part-time? A cross-country panel analysis.
29/02/2008
Working paper no. 870: Risk Management in Action. Robust monetary policy rules under structured uncertainty.
27/02/2008
Working paper no. 875: Global macro-financial shocks and expected default frequencies in the euro area
Published in: Journal of Financial Stability, (2010), 6(2), pp 64-78 under the title: “Stress testing euro area corporate default probabilities using a global macroeconomic model".
27/02/2008
Working paper no. 874: How arbitrage-free is the Nelson-Siegel Model?
25/02/2008
The role of money - money and monetary policy in the 21st century. Proceedings of the 4th ECB Central Banking Conference 2006 Press release
23/02/2008
Working paper no. 876: Are sectoral stock prices useful for predicting euro area GDP?
23/02/2008
Working paper no. 873: The Feldstein-Horioka fact
Published in: NBER International Seminar on Macroeconomics 2009, pp 103-117.
23/02/2008
Working paper no. 871: The impact of capital flows on domestic investment in transition economies
23/02/2008
Working paper no. 869: The reserve fulfilment path of euro area commercial banks: empirical testing using panel data
23/02/2008
Working paper no. 868: Purdah: on the rationale for central bank silence around policy meetings
Published in: Journal of Money, Credit and Banking (2009), 41(2-3), 517-528.
23/02/2008
Working paper no. 867: Do monetary indicators lead euro area inflation?
Published in: Journal of International Money and Finance, 28, pp. 1165-1181 (2009).
23/02/2008
Working paper no. 866: VAR analysis and the Great Moderation
Published in: American Economic Review, Vol 99(4), 2009: pp 1636-52
23/02/2008
Working paper no. 865: Explaining the Great Moderation: it is not the shocks
Published in: Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 621-633, 04-05.
23/02/2008
Working paper no. 864: Macroeconomic rates of return of public and private investment: crowding-in and crowding-out effects
Published in: Manchester School (2009), 77 (S1): 21-39.
23/02/2008
Working paper no. 863: Population ageing and public pension reforms in a small open economy
23/02/2008
Working paper no. 862: Stock market volatility and learning
14/02/2008
Statistics Pocket Book, February 2008
14/02/2008
Monthly Bulletin, February 2008
14/02/2008
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2008
Monthly Bulletin Issue 2, 2008
14/02/2008
Focus: Recent developments in euro area residential property prices
Monthly Bulletin Issue 2, 2008
14/02/2008
Focus: How cross-border correlations in equity markets have changed during the recent financial turmoil
Monthly Bulletin Issue 2, 2008
14/02/2008
Focus: The results of the January 2008 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2008
14/02/2008
Focus: Stylised facts about the MFI sectors of Cyprus and Malta and their impact on monetary data for the euro area
Monthly Bulletin Issue 2, 2008
14/02/2008
Article: The new euro area yield curves
Monthly Bulletin Issue 2, 2008
14/02/2008
Article: Securitisation in the euro area
Monthly Bulletin Issue 2, 2008
14/02/2008
Article: The analysis of the euro money market from a monetary policy perspective
Monthly Bulletin Issue 2, 2008
31/01/2008
Working paper no. 861: Income distribution determinants and public spending efficiency
Published in: Journal of Economic Inequality, 2010, 8 (3), 367-389.
31/01/2008
Working paper no. 860: Oil shocks and endogenous markups: results from an estimated euro area DSGE model
31/01/2008
Working paper no. 859: Assessing the compensation for volatility risk implicit in interest rate derivatives
31/01/2008
Working paper no. 858: International transmission and monetary policy cooperation
Published in: International Dimensions of Monetary Policy, edited by Jordi Gali and Mark J. Gertler, University of Chicago Press (forthcoming)
31/01/2008
Working paper no. 857: Housing and equity wealth effects of Italian households
31/01/2008
Working paper no. 856: Markups in the euro area and the US over the period 1981-2004: a comparison of 50 sectors
Published in: Empirical Economics, Vol 42(1), 2012: pp 53-77
31/01/2008
Working paper no. 855: Assessing the factors behind oil price changes
Published in: Energy Economics, Vol. 30, Issue 5, September2008, Pages 2609-2622 under the title: "Oil prices: The role of refinery utilization, futures markets and non-linearities".
31/01/2008
ECB Payments and monetary and financial stability
30/01/2008
Occasional paper no. 80: China's and India's roles in global trade and finance: twin titans for the new millennium?
25/01/2008
Working paper no. 854: How do firms adjust their wage bill in Belgium? A decomposition along the intensive and extensive margins
Published in: Labour Economics, Vol 16 (3), 2009: pp 320-329
25/01/2008
Working paper no. 853: The cyclical behavior of equilibrium unemployment and vacancies revisited
25/01/2008
Working paper no. 852: Determinants of economic growth: will data tell?
Published in: American Economic Journal: Macroeconomics, Volume 2 Issue 4 (October 2010), pp.222-46.
25/01/2008
Working paper no. 851: Investigating inflation persistence across monetary regimes
Published in: Quarterly Journal of Economics, 123:3, August 2008, 1005 - 1060.
25/01/2008
Working paper no. 850: Statistical tests and estimators of the rank of a matrix and their applications in econometric modelling
Published in: Econometric Reviews (forthcoming)
25/01/2008
Working paper no. 849: Government size, composition, volatility and economic growth
Published in: European Journal of Political Economy, 2010, 26 (4), 517-532.
25/01/2008
Working paper no. 848: Economic growth and budgetary components: a panel assessment for the EU
Published in: Empirical Economics, Vol 41 (3), 2011: pp 703-723.
22/01/2008
Occasional paper no. 79: The working of the eurosystem: monetary policy preparations and decision-making - selected issues
22/01/2008
Occasional paper no. 78: A framework for assessing global imbalances
22/01/2008
Bond markets and long-term interest rates in non-euro area Member States of the European Union
[online only]
Press release:
17/01/2008
Statistics Pocket Book, January 2008
17/01/2008
Monthly Bulletin, January 2008
17/01/2008
Focus: Recent developments in the international investment position of the euro area
Monthly Bulletin Issue 1, 2008
17/01/2008
Focus: The euro area following the entry of Cyprus and Malta
Monthly Bulletin Issue 1, 2008
17/01/2008
Focus: Labour productivity developments in the euro area: results from the latest release of the EU KLEMS database
Monthly Bulletin Issue 1, 2008
17/01/2008
Focus: Accounting for recent and prospective movements in HICP inflation: the role of base effects
Monthly Bulletin Issue 1, 2008
17/01/2008
Focus: Review of statistics on payments and securities trading, clearing and settlement
Monthly Bulletin Issue 1, 2008
17/01/2008
Focus: Recent liquidity operations and their impact on monetary aggregates
Monthly Bulletin Issue 1, 2008
17/01/2008
Article: The Eurosystem’s experience with forecasting autonomous factors and excess reserves
Monthly Bulletin Issue 1, 2008
17/01/2008
Article: Globalisation, trade and the euro area macroeconomy
Monthly Bulletin Issue 1, 2008
17/01/2008
Article: Productivity developments and monetary policy
Monthly Bulletin Issue 1, 2008
11/01/2008
Oversight framework for card payment schemes – standards
[online only]
Press release: