Publications published in 2009

30/12/2009
Working paper no. 1144: Choosing and using payment instruments: evidence from German microdata
30/12/2009
Working paper no. 1143: What drives the network’s growth? An agent-based study of the payment card market
30/12/2009
Working paper no. 1142: Credit card use after the final mortgage payment: does the magnitude of income shocks matter?
30/12/2009
Working paper no. 1141: How effective are rewards programs in promoting payment card usage? empirical evidence
30/12/2009
Working paper no. 1140: SEPA, efficiency, and payment card competition
Published in: Annals of Finance (forthcoming).
30/12/2009
Working paper no. 1139: Pricing payment cards
30/12/2009
Working paper no. 1138: Credit card interchange fees
30/12/2009
Working paper no. 1137: Regulating two-sided markets: an empirical investigation
30/12/2009
Working paper no. 1136: Payment scale economies, competition, and pricing
30/12/2009
Working paper no. 1135: Return to retail banking and payments
Published in: Journal of Financial Services Research (forthcoming)
30/12/2009
Working paper no. 1129: Determinants of inflation and price level differentials across the euro area countries
30/12/2009
Retail payments - integration and innovation (A joint conference by the ECB and de Nederlandsche bank 25 - 26 May 2009)
[online only]
29/12/2009
Occasional paper no. 107: The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil
18/12/2009
Legal working paper no. 10: Withdrawal and expulsion from the EU and EMU: some reflections
18/12/2009
Financial Stability Review December 2009 Press release:
17/12/2009
Working paper no. 1131: What explains the surge in euro area sovereign spreads during the financial crisis of 2007-09?
Published in: Public Finance and Management (2010), Volume 10, Number 4, pp. 595-645.
17/12/2009
Working paper no. 1130: Monetary policy and potential output uncertainty: a quantitative assessment
17/12/2009
Working paper no. 1128: EMU and the adjustment to asymmetric shocks: the case of Italy
11/12/2009
Working paper no. 1134: Would the Bundesbank have prevented the Great Inflation in the United States?
11/12/2009
Working paper no. 1133: Fiscal policy shocks in the euro area and the US: an empirical assessment
Published in: Fiscal Studies, vol. 31, no. 2, pp. 251–285.
11/12/2009
Working paper no. 1132: A quarterly fiscal database for the euro area based on intra-annual fiscal information
11/12/2009
Working paper no. 1127: The Janus-headed salvation: sovereign and bank credit risk premia during 2008-09
Published in: Economics Letters, Vol 110 (1), 2011: pp 28-31.
11/12/2009
Working paper no. 1126: Liquidity hoarding and interbank market spreads: the role of counterparty risk
10/12/2009
Statistics Pocket Book, December 2009
10/12/2009
Monthly Bulletin, December 2009
10/12/2009
Focus: Methodological changes in the compilation of the euro area balance of payments and international investment position
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Forecasts by other institutions
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: The European Commission's 2009 Sustainability Report
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Recent developments in euro area productivity
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Household saving behaviour in the euro area
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Developments in MFI loans to non-financial corporations by industry
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: An assessment of recent developments in long-term forward break-even inflation rates
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Liquidity conditions and monetary policy operations in the period from 12 August to 10 November 2009
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Recent developments in repurchase agreements
Monthly Bulletin Issue 12, 2009
10/12/2009
Focus: Monetary policy regimes and macroeconomic stability
Monthly Bulletin Issue 12, 2009
09/12/2009
Working paper no. 1125: Leading indicators in a globalised world
09/12/2009
Working paper no. 1122: Monetary Policy Shocks and Portfolio Choice
08/12/2009
Working paper no. 1123: Monetary Policy and the Financing of Firms
08/12/2009
Working paper no. 1120: Exchange Rate Pass-through in Central and Eastern European Member States
Published in: Journal of Policy Modeling, Vol 33, 2011: pp 241-254.
07/12/2009
Working paper no. 1124: Balance Sheet Interlinkages and Macro-Financial Risk Analysis in the Euro Area
Published in: Handbook of Systemic Risk, ed. by Jean-Pierre Fouque and Joseph Langsam, Cambridge University Press, Cambridge 2013: pp 775–790.
03/12/2009
Working paper no. 1121: Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets
03/12/2009
New procedure for constructing Eurosystem and ECB staff projection ranges
[online only]
03/12/2009
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/12/2009
Monthly Report on the Eurosystem's covered bond purchase programme, November 2009
[online only]
02/12/2009
Working paper no. 1119: Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area
01/12/2009
Glossary of terms related to payment clearing and settlement systems
[online only]
Press release:
30/11/2009
Working paper no. 1114: Explaining government revenue windfalls and shortfalls: an analysis for selected EU countries
27/11/2009
Legal working paper no. 9: The legal duty to consult the European Central Bank - National and EU consultations
25/11/2009
Working paper no. 1118: Discretionary Fiscal Policies over the Cycle: New Evidence based on the ESCB Disaggregated Approach
Published in: International Journal of Central Banking, Vol 8 (2), June 2012: pp 43-85
25/11/2009
Working paper no. 1110: Putting the New Keynesian DSGE model to the real-time forecasting test
Published in: Journal of Money, Credit and Banking, Vol 44 (7), 2012: pp 1301-1324.
24/11/2009
Working paper no. 1108: The role of financial variables in predicting economic activity
Published in: Journal of Forecasting, Vol 31, 2012: pp 15-46
17/11/2009
Working paper no. 1117: What Drives Personal Consumption? The Role of Housing and Financial Wealth
Published in: The B.E. Journal of Macroeconomics (Topics), 2009, 9(1).
16/11/2009
Working paper no. 1115: Estimation and forecasting in large datasets with conditionally heteroskedastic dynamic common factors
16/11/2009
Working paper no. 1112: Risk spillover among hedge funds: The role of redemptions and fund failures
13/11/2009
Working paper no. 1113: Volatility spillovers and contagion from mature to emerging stock markets
Published in: Review of International Economics, Vol 21(5), 2013: pp 1060-1075
12/11/2009
Statistics Pocket Book, November 2009
12/11/2009
Monthly Bulletin, November 2009
12/11/2009
Working paper no. 1111: A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
12/11/2009
Working paper no. 1106: The margins of labour cost adjustment: survey evidence from European firms
Published in: Labour Economics, Vol 19 (5), October 2012: pp 792-801
12/11/2009
Working paper no. 1105: Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
Published in: The Scandinavian Journal of Economics, Vol 112 (4), December 2010: pp 884-910
12/11/2009
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2009
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: Developments in profit margins
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: New statistical series measuring the impact of indirect taxes on HICP inflation
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: Integrated euro area accounts for the second quarter of 2009
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: A modernised legal framework for the collection of statistical information by the ECB
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: The results of the October 2009 bank lending survey for the euro area
Monthly Bulletin Issue 11, 2009
12/11/2009
Focus: The role of MFI external assets and liabilities in the recent deleveraging process
Monthly Bulletin Issue 11, 2009
12/11/2009
Article: The latest euro area recession in a historical context
Monthly Bulletin Issue 11, 2009
12/11/2009
Article: Monetary analysis in an environment of financial turmoil
Monthly Bulletin Issue 11, 2009
12/11/2009
Article: Central bank communication in periods of heightened uncertainty
Monthly Bulletin Issue 11, 2009
12/11/2009
Eurosystem oversight report 2009
[online only]
Press release:
11/11/2009
Working paper no. 1116: Sectorial Border Effects in the European Single Market: an Explanation through Industrial Concentration
11/11/2009
Working paper no. 1109: What Triggers Prolonged Inflation Regimes? A Historical Analysis
11/11/2009
Working paper no. 1107: Interbank lending, credit risk premia and collateral
Published in: International Journal of Central Banking (2009), 5(4), pp. 1-39.
11/11/2009
Working paper no. 1104: Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area
06/11/2009
Consultation of the Committee of European Securities Regulators on trade repositories in the European Union - ECB contribution
[online only]
05/11/2009
Monthly report on the Eurosystem’s covered bond purchase programme October 2009
[online only]
29/10/2009
Working paper no. 1102: Wage-setting behavior in France: additional evidence from an ad-hoc survey
28/10/2009
Working paper no. 1101: Fiscal variables and bond spreads: evidence from eastern European countries and Turkey
Published in: Applied Financial Economics, Vol 21 (17), 2011.
22/10/2009
Letter from the ECB President to Mr. Jim Higgins, Member of the European Parliament, concerning the ECB's considerations on issuing a €30 banknote
[online only]
21/10/2009
Working paper no. 1103: Inter-industry wage differentials: how much does rent sharing matter?
Published in: The Manchester School, Vol 79 (4), July 2011: pp 691-717
19/10/2009
Working paper no. 1098: Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters
Published in: D. Cobham, Øyvind Eitrheim, Stefan Gerlach and Jan F. Qvigstad (editors): Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects, Cambridge University Press, forthcoming, 2010.
16/10/2009
Working paper no. 1100: Weak and strong cross section dependence and estimation of large panels
16/10/2009
Letter from the ECB President to Mr. Jim Higgins, Member of the European Parliament, concerning consumer protection and banking practices in Spain
[online only]
15/10/2009
Statistics Pocket Book, October 2009
15/10/2009
Monthly Bulletin, October 2009
15/10/2009
Focus: Links between output and unemployment in the euro area
Monthly Bulletin Issue 10, 2009
15/10/2009
Focus: The effects of vehicle scrapping schemes across euro area countries
Monthly Bulletin Issue 10, 2009
15/10/2009
Focus: Recent trends in the HICP excluding food and energy
Monthly Bulletin Issue 10, 2009
15/10/2009
Focus: The results of the first round of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
Monthly Bulletin Issue 10, 2009
15/10/2009
Focus: Loans to the non-financial private sector over the business cycle in the euro area
Monthly Bulletin Issue 10, 2009
15/10/2009
Article: Financial development in emerging economies - stock-taking and policy implications
Monthly Bulletin Issue 10, 2009
15/10/2009
Article: Recent developments in the balance sheets of the euro system, the federal reserve system and the Bank of Japan
Monthly Bulletin Issue 10, 2009
15/10/2009
Article: Monetary policy and loan supply in the euro area
Monthly Bulletin Issue 10, 2009
14/10/2009
Working paper no. 1099: Public and private sector wages interactions in a general equilibrium model
Published in: Public Choice, 150, January 2012: pp 309-326.
14/10/2009
Working paper no. 1097: Monetary and fiscal policy aspects of indirect tax changes in a monetary union
08/10/2009
Monthly report on the Eurosystem’s covered bond purchase programme September 2009
[online only]
30/09/2009
Working paper no. 1096: The determinants of bank capital structure
Published in: Review of Finance, forthcoming.
30/09/2009
Working paper no. 1091: Money talks
Published in: Economics Letters, Vol 116, 2012: pp 617-621
30/09/2009
Working paper no. 1089: The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the euro area
Published in: Journal of Money, Credit and Banking (2009), 41(7), pp. 1265-1300.
24/09/2009
Euro Money Market Survey 2009
[online only]
Press release:
23/09/2009
Working paper no. 1095: Memories of high inflation
Published in: European Journal of Political Economy, 28, 2012: pp 174-191.
23/09/2009
Working paper no. 1094: Signals from housing and lending booms
Published in: Emerging Markets Review (2010), 11(1), pp. 1-20.
23/09/2009
Working paper no. 1093: Determinants of government bond spreads in new EU countries
Published in: European Journal of Political Economy, Vol 27 (3), 2011.
22/09/2009
The euro at ten - lessons and challenges
21/09/2009
ECB survey on access to finance for small and medium-sized enterprises in the euro area
[online only]
Press release
17/09/2009
Working paper no. 1092: Inflation and output volatility under asymmetric incomplete information
Published in: Journal of Economic Dynamics and Control (2011), Vol. 35(1), pp 40-51.
17/09/2009
Working paper no. 1090: New Keynesian versus old Keynesian government spending multipliers
10/09/2009
Monthly Bulletin, September 2009
10/09/2009
Focus: Experience with government debt reduction in euro area countries
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: Domestic fiscal rules and institutions as a complement to the EU fiscal framework
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: The composition of the recent decline in employment in the euro area
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: Recent developments in euro area capacity utilisation and factors limiting economic activity
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: The links between economic activity and inflation in the euro area
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: New evidence on credit and liquidity premia in selected euro area sovereign yields
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: Liquidity conditions and monetary policy operations in the period from 13 May to 11 August 2009
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: Recent developments in the short-term deposit holdings of euro area households
Monthly Bulletin Issue 9, 2009
10/09/2009
Focus: The risks of protectionism
Monthly Bulletin Issue 9, 2009
09/09/2009
Working paper no. 1088: Inflation perceptions and expectations in the euro area: the role of news
09/09/2009
Working paper no. 1087: Modelling global trade flows: results from a GVAR model
04/09/2009
Consultation of the European Commission on "Possible initiatives to enhance the resilience of OTC derivatives markets", Eurosystem contribution
[online only]
03/09/2009
Working paper no. 1086: Euro area money demand: empirical evidence on the role of equity and labour markets
Published in: The Manchester School, forthcoming.
03/09/2009
OTC derivatives and post-trading infrastructures
[online only]
03/09/2009
Monthly report on the Eurosystem’s covered bond purchase programme August 2009
[online only]
03/09/2009
ECB staff macroeconomic projections for the euro area
[online only]
01/09/2009
Statistics Pocket Book, September 2009
31/08/2009
Occasional paper no. 105: Flow-of-funds analysis at the ECB: framework and applications
28/08/2009
Credit default swaps and counterparty risk
[online only]
28/08/2009
EU banking sector stability
[online only]
27/08/2009
Working paper no. 1085: An empirical study on the decoupling movements between corporate bond and CDS spreads
26/08/2009
Working paper no. 1079: EMU and European government bond market integration
Published in: Journal of Banking and Finance (forthcoming)
24/08/2009
Working paper no. 1084: How are firms' wages and prices linked: survey evidence in Europe
24/08/2009
Working paper no. 1083: Evaluating microfoundations for aggregate price regidities: evidence from matched firm-level data on product prices and unit labor cost
24/08/2009
Working paper no. 1082: Disagreement among forecasters in G7 countries
Published in: The Review of Economics and Statistics, Vol 94(4), 2012: pp 1081-1096
24/08/2009
Working paper no. 1081: Liquidity premia in German government bonds
24/08/2009
Working paper no. 1080: Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle
19/08/2009
Occasional paper no. 106: Monetary policy strategy in a global environment
18/08/2009
Working paper no. 1077: The reception of public signals in financial markets - what if central bank communication becomes stale?
Published in: International Journal of Central Banking, Vol 8, 2012: pp 1-53.
18/08/2009
Legal framework of the Eurosystem and the European System of Central Banks, ECB legal acts and instruments, update 2009
13/08/2009
Statistics Pocket Book, August 2009
13/08/2009
Monthly Bulletin, August 2009
13/08/2009
Focus: Seasonal adjustment of short-term economic indicators for the euro area in the current recession
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: Uncertainty and the economic prospects for the euro area
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2009
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: Integrated euro area accounts for the first quarter of 2009
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: The impact of the first one-year longer-term refinancing operation
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: The results of the July 2009 bank lending survey for the euro area
Monthly Bulletin Issue 8, 2009
13/08/2009
Focus: Institutional differences between mortgage markets in the euro area and the United States
Monthly Bulletin Issue 8, 2009
13/08/2009
The Eurosystem's stance on the Commission's consultation document on the review of directive 94/19/EC on deposit-guarantee schemes
[online only]
13/08/2009
Article: Recent developments in the retail bank interest rate pass-through in the euro area
Monthly Bulletin Issue 8, 2009
13/08/2009
Article: Housing finance in the euro area
Monthly Bulletin Issue 8, 2009
10/08/2009
Oversight framework for direct debit schemes
[online only]
Press release:
10/08/2009
Oversight framework for credit transfer schemes
[online only]
Press release:
06/08/2009
Working paper no. 1078: On the real effects of private equity investment: evidence from new business creation
Published in: Journal of Banking and Finance, Vol 37 (12), 2013: pp 4695-4710
06/08/2009
Monthly report on the Eurosystem’s covered bond purchase programme July 2009
[online only]
31/07/2009
Working paper no. 1075: Bank risk and monetary policy
Published in: Journal of Financial Stability, Vol 6, pp 121-129
21/07/2009
Working paper no. 1071: Booms and busts in housing markets: determinants and implications
20/07/2009
Working paper no. 1076: Optimal monetary policy in a new Keynesian model with habits in consumption
20/07/2009
Working paper no. 1073: Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?
Published in: International Journal of Finance and Economics, Vol 16 (3), July 2011: pp 290-306
16/07/2009
Working paper no. 1074: Wages are flexible aren't they? Evidence from monthly micro wage data
16/07/2009
Working paper no. 1072: How important are common factors in driving non-fuel commodity prices? A dynamic factor analysis
16/07/2009
Working paper no. 1070: Monetary Policy Committees: meetings and outcomes
16/07/2009
Working paper no. 1069: Housing finance and monetary policy
Published in: Journal of the European Economic Association (forthcoming).
09/07/2009
Statistics Pocket Book, July 2009
09/07/2009
Monthly Bulletin, July 2009
09/07/2009
Focus: Changes in the euro area international investment position in 2008
Monthly Bulletin Issue 7, 2009
09/07/2009
Focus: Euro area investment in the current downturn
Monthly Bulletin Issue 7, 2009
09/07/2009
Focus: Potential output estimates for the euro area
Monthly Bulletin Issue 7, 2009
09/07/2009
Focus: A comparison of recent developments in euro area and US bank interest rates
Monthly Bulletin Issue 7, 2009
09/07/2009
Focus: A comparison of the developments in euro area sovereign bond spreads and US state bond spreads during the financial turmoil
Monthly Bulletin Issue 7, 2009
09/07/2009
Focus: Some considerations regarding the driving forces behind non-financial corporations' M3 deposit holding
Monthly Bulletin Issue 7, 2009
09/07/2009
Article: Rotation of voting rights in the governing council of the ECB
Monthly Bulletin Issue 7, 2009
09/07/2009
Article: The implementation of monetary policy since August 2007
Monthly Bulletin Issue 7, 2009
09/07/2009
Article: The impact of government support to the banking sector on euro area public finances
Monthly Bulletin Issue 7, 2009
08/07/2009
Working paper no. 1068: Asset price misalignments and the role of money and credit
08/07/2009
The international role of the euro Press release:
03/07/2009
Legal working paper no. 8: National rescue measures in response to the current financial crisis
03/07/2009
Working paper no. 1067: The dynamic effects of shocks to wages and prices in the United States and the euro area
03/07/2009
Working paper no. 1066: Universal banks and corporate control: evidence from the global syndicated loan market
02/07/2009
The Single Euro Payments Area (SEPA): an integrated retail payments market
29/06/2009
Working paper no. 1065: Monetary policy and inflationary shocks under imperfect credibility
25/06/2009
Occasional paper no. 104: Fiscal policy challenges in oil-exporting countries: a review of key issues
23/06/2009
Recommendations for securities settlement systems and recommendations for central counterparties in the European Union - European Central Bank (ECB) and the Committee of European Securities Regulators (CESR)
[online only]
Press release:
17/06/2009
Working paper no. 1064: Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro
Published in: International Finance 12:1, 1–31, September 2009.
17/06/2009
Working paper no. 1063: Does private equity investment spur innovation? Evidence from Europe
17/06/2009
Working paper no. 1062: External shocks and international inflation linkages: a global VAR analysis
16/06/2009
Working paper no. 1061: The distribution of households consumption-expenditure budget shares
Published in: Structural change and economic dynamics, Vol 23 (1), 2012: pp 69-91.
16/06/2009
Working paper no. 1059: Forecasting the world economy in the short-term
Published in: The World Economy, Vol 35 (3), 2012: pp 331-350
15/06/2009
Financial Stability Review
11/06/2009
Statistics Pocket Book, June 2009
11/06/2009
Monthly Bulletin, June 2009
11/06/2009
Focus: The downturn in euro area trade
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Forecasts by other institutions
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: The 2009 Ageing Report: updated projections for age-related public expenditure
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Labour market adjustments during the current contraction of economic activity
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Recent housing market developments in the euro area
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Recent developments in selected measures of underlying inflation for the euro area
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: External financing of non-financial corporations in the euro area and the United States
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Liquidity conditions and monetary policy operations in the period from 11 February to 12 May 2009
Monthly Bulletin Issue 6, 2009
11/06/2009
Focus: Recent developments in MFIs' purchases of debt securities issued by the euro area general government sector
Monthly Bulletin Issue 6, 2009
08/06/2009
Working paper no. 1060: What explains global exchange rate movements during the financial crisis?
Published in: Journal of International Money and Finance 28: 1390–1407, December 2009.
04/06/2009
Eurosystem staff macroeconomic projections for the euro area
[online only]
29/05/2009
Working paper no. 1058: National prices and wage setting in a currency union
29/05/2009
Working paper no. 1055: The impact of extreme weather events on budget balances and implications for fiscal policy
Published in: International Tax and Public Finance, Vol 17(4), August 2010: pp 378-99
26/05/2009
Working paper no. 1057: Euro area private consumption: Is there a role for housing wealth effects
26/05/2009
Working paper no. 1056: The pricing of subprime mortgage risk in good times and bad: evidence from the ABX.HE indices
19/05/2009
The ECB's advisory role. Overview of opinions (1994-2008)
15/05/2009
Working paper no. 1053: Inflation dynamics with labour market matching: assessing alternative specifications
15/05/2009
Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament
[online only]
15/05/2009
TARGET2 Oversight Assessment Report
[online only]
Press release:
15/05/2009
TARGET Annual Report 2008
[online only]
Press release:
14/05/2009
Statistics Pocket Book, May 2009
14/05/2009
Monthly Bulletin, May 2009
14/05/2009
Focus: Recent developments in extra-euro area trade prices and price competitiveness
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: The construction industry in the downturn
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: Recent developments in stock building
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2009
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: Integrated euro area accounts for the fourth quarter of 2008
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: The results of the April 2009 bank lending survey for the euro area
Monthly Bulletin Issue 5, 2009
14/05/2009
Focus: Effects of the oil price decline on the current accounts of selected economies
Monthly Bulletin Issue 5, 2009
14/05/2009
Article: Credit rating agencies: developments and policy issues
Monthly Bulletin Issue 5, 2009
14/05/2009
Article: Five years of EU membership
Monthly Bulletin Issue 5, 2009
14/05/2009
Article: Expectations and the conduct of monetary policy
Monthly Bulletin Issue 5, 2009
13/05/2009
Working paper no. 1054: Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness
13/05/2009
Working paper no. 1052: Bidding behaviour in the ECB's main refinancing operations during the financial crisis
13/05/2009
Working paper no. 1051: Are more data always better for factor analysis? Results for the euro area, the six largest euro area countries and the UK
13/05/2009
EU banks' funding structures and policies
[online only]
12/05/2009
Working paper no. 1050: Wealth effects on consumption: evidence from the euro area
11/05/2009
Working paper no. 1049: Labour force participation in the euro area: a cohort based analysis
08/05/2009
Manual on investment fund statistics
[online only]
30/04/2009
Working paper no. 1041: An economic capital model integrating credit and interest rate risk in the banking book
29/04/2009
Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks (2009 update)
29/04/2009
Price stability: why is it important for you? (2009 update including Slovakia)
Will be available in all EU languages
28/04/2009
Working paper no. 1048: Downward wage rigidity and optimal steady-state inflation
28/04/2009
Working paper no. 1044: The forecasting power of internal yield curve linkages
28/04/2009
Working paper no. 1042: The determinants of public deficit volatility
27/04/2009
Occasional paper no. 103: Transnational governance in global finance: the principles for stable capital flows and fair debt restructuring in emerging markets
24/04/2009
Working paper no. 1047: The impact of reference norms on inflation persistence when wages are staggered
24/04/2009
Working paper no. 1046: Productivity shocks and real exchange rate: a reappraisal
24/04/2009
Working paper no. 1045: The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics
24/04/2009
Working paper no. 1043: Optimal monetary policy in a model of the credit channel
Published in: The Economic Journal, Vol 123 (571), 2013: pp 906-931
21/04/2009
Annual Report 2008
21/04/2009
Article, Annual Report, 2008 p. 145-146, The cash changeover in Slovakia
21/04/2009
Article, Annual Report, 2008, p. 118-122, Banknotes and coins
20/04/2009
Occasional paper no. 102: Domestic financial development in emerging economies: evidence and implications
15/04/2009
Article: The functional composition of government spending in the European Union
Monthly Bulletin Issue 4, 2009
15/04/2009
Article: Revisions to GDP estimates in the euro area
Monthly Bulletin Issue 4, 2009
15/04/2009
Article: The external financing of households and non-financial corporations: a comparison of the euro area and the United States
Monthly Bulletin Issue 4, 2009
09/04/2009
Statistics Pocket Book, April 2009
09/04/2009
Monthly Bulletin, April 2009
09/04/2009
Focus: Structural policy priorities for the euro area
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: A comparison of the current recession in the euro area economy and its two main branches with past periods of recession
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: How are forecasts in the ECB Survey of Professional Forecasters formed? Results of a special questionnaire
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: Recent changes in short-term statistics
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: Financial integration in Europe: main findings of the 2009 report
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: How are government measures supporting the financial system reflected on the balance sheets of euro area credit institutions?
Monthly Bulletin Issue 4, 2009
09/04/2009
Focus: US recessions: what can be learned from the past?
Monthly Bulletin Issue 4, 2009
06/04/2009
Financial integration in Europe Press release:
31/03/2009
Working paper no. 1040: The external and domestic side of macroeconomic adjustment in China
Published in: Journal of Asian Economics, Vol 21(5), 2010: pp 425-444.
31/03/2009
Working paper no. 1039: 'Real time'early warning indicators for costly asset price boom/bust cycles: a role for global liquidity
Published in: European Journal of Political Economy as "Quasi real time early warning indicators for costly asset price boom/bust cycles: a role for global liquidity", Vol 27 (3), 2011.
31/03/2009
Working paper no. 1038: Are 'intrinsic inflation persistence' models structural in the sense of Lucas (1976)?
31/03/2009
Working paper no. 1037: What do asset prices have to say about risk appetite and uncertainty?
31/03/2009
Occasional paper no. 101: Housing finance in the euro area
31/03/2009
Euro area monetary and financial statistics - 2008 quality report
[online only]
Press release:
31/03/2009
Euro area balance of payments and international investment position statistics - 2008 quality report
[online only]
Press release:
30/03/2009
Housing finance in the euro area. Structural issues report
[online only]
27/03/2009
SEPA expecations - form
27/03/2009
Eurosystem's SEPA expectations
[online only]
Press release:
26/03/2009
Letter from the ECB President to Mr Eoin Ryan, Member of the European Parliament, concerning the recent widening of spreads between euro area government bond yields
[online only]
25/03/2009
Research Bulletin No. 8
24/03/2009
Working paper no. 1036: Search in the product market and the real business cycle
Published in: The Journal Economic Dynamics and Control (forthcoming)
24/03/2009
Working paper no. 1035: The role of labor markets for euro area monetary policy
Published in: European Economic Review, Vol 53, 2009: pp 908-936
23/03/2009
Working paper no. 1034: The role of the United States in the global economy and its evolution over time
Published in: Empirical Economics, Vol 41(3), December 2011: pp 573-591.
19/03/2009
Working paper no. 1033: Fiscal competition over taxes and public inputs - theory and evidence
19/03/2009
Working paper no. 1032: Assessing long-term fiscal developments - a new approach
Published in: Journal of International Money and Finance, Vol 30 (1), 2011: pp 130–146.
19/03/2009
Working paper no. 1031: Global roles of currencies
Published in: International Finance, vol 11 (2008), p. 211-245
19/03/2009
Working paper no. 1030: Forecast evaluation of small nested model sets
Published in: Journal of Applied Econometrics, 2010, 25(4), 574-594.
16/03/2009
Letter from the ECB President to Mr Manolis Mavrommatis, Member of the European Parliament, regarding the issuance of low denomination euro banknotes
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[online only]
13/03/2009
Working paper no. 1029: The role of fiscal transfers for regional economic convergence in Europe
12/03/2009
Statistics Pocket Book, March 2009
12/03/2009
Monthly Bulletin, March 2009
12/03/2009
Focus: The legal framework for ensuring sound fiscal policies in EMU
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: The effectiveness of various fiscal measures to stimulate the economy
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: The development of projections for euro area growth in 2009
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: The current period of disinflation in the euro area
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: How have governments' bank rescue packages affected investors' perceptions of credit risk?
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: Liquidity conditions and monetary policy operations in the period from 12 November 2008 to 10 February 2009
Monthly Bulletin Issue 3, 2009
12/03/2009
Focus: The recent sharp contraction in world trade from a historical perspective
Monthly Bulletin Issue 3, 2009
12/03/2009
Letter from the ECB President to Mr José Ribeiro e Castro, Member of the European Parliament
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[online only]
12/03/2009
Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament
ENGLISH
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[online only]
10/03/2009
Working paper no. 1028: Large debt financing: syndicated loans versus corporate bonds
Published in: European Journal of Finance, Vol 16 (5), 2010: pp 437-458.
06/03/2009
Working paper no. 1027: Long run evidence on money growth and inflation
06/03/2009
Working paper no. 1026: Do house price developments spill over across euro area countries? Evidence from a Global VAR
Published in: Journal of Housing Economics, Vol 20, 2011: pp 299–314.
06/03/2009
Working paper no. 1025: Liquidity risk premia in unsecured interbank money markets
06/03/2009
Working paper no. 1024: Funding liquidity risk: definition and measurement
06/03/2009
Guiding principles for bank asset support schemes
[online only]
European Commission website
05/03/2009
ECB staff macroeconomic projections for the euro area
[online only]
04/03/2009
Working paper no. 1023: Bank loan announcements and borrower stock returns: does bank origin matter?
04/03/2009
Working paper no. 1022: Understanding inter-industry wage structures in the euro area
Published in: Applied Economics, Taylor and Francis Journals, Vol 43 (11): pp 1299-1313
04/03/2009
Working paper no. 1021: Rigid labour compensation and flexible employment? Firm-level evidence with regard to productivity for Belgium
03/03/2009
Working paper no. 1020: Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods
Published in: Michael D. Bordo and Anthanasios Orphanides (eds.), "The Great Inflation", University of Chicago Press, forthcoming.
03/03/2009
Working paper no. 1019: What drives returns to euro area housing? Evidence from a dynamic dividend-discount model
Published in: Journal of Urban Economics, 2011, Vol. 70, pp. 88–98.
03/03/2009
Working paper no. 1018: Cross-Border Mergers and acquisitions: Financial and institutional forces
Published in: Economic Policy, 2009, 57: 55-106, under the title "Cross-border mergers and acquisitions and European Integration".
03/03/2009
Working paper no. 1017: Optimal Prediction Pools
Published in: Journal of Econometrics, Vol 164, 2011: pp 130-141.
03/03/2009
Working paper no. 1016: When does lumpy factor adjustment matter for aggregate dynamics?
25/02/2009
Working paper no. 1015: Inflation forecasting in the new EU Member States
25/02/2009
Working paper no. 1014: Asset prices and current account fluctuations in G7 economies
Published in: IMF Staff Papers 56(3), 633-54, August 2009.
25/02/2009
Working paper no. 1013: Structural breaks, cointegration and the Fisher effect
25/02/2009
Working paper no. 1012: Petrodollars and imports of oil exporting countries
25/02/2009
Working paper no. 1011: The global dimension of inflation - evidence from factor-augmented Phillips curves
25/02/2009
European Commission's consultation on hedge funds - Eurosystem contribution
[online only]
20/02/2009
Eurosystem oversight policy framework
[online only]
Press release:
20/02/2009
Harmonised oversight approach and oversight standards for payment instruments
[online only]
Press release:
19/02/2009
Working paper no. 1010: Business cycles in the euro area
Published in: Europe and the Euro, Alberto Alesina and Francesco Giavazzi (eds), April 2010
19/02/2009
Working paper no. 1009: Optimal sticky prices under rational inattention
Published in: American Economic Review (2009), 99(3), pp. 769-803.
19/02/2009
Working paper no. 1008: Liquidity (risk) concepts: definitions and interactions
19/02/2009
Working paper no. 1003: Real wages over the business cycle: OECD evidence from the time and frequency domains
Published in: Journal of Economic Dynamics and Control Vol 33 (6), 2009: pp 1183-1200
12/02/2009
Statistics Pocket Book, February 2009
12/02/2009
Monthly Bulletin, February 2009
12/02/2009
Working paper no. 1007: Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
12/02/2009
Working paper no. 1006: Understanding sectoral differences in downward real wage rigidity: workforce composition, institutions, technology and competition
Published in: Journal for Labour Market Research, Vol 45 (1), March 2012: pp 7-22
12/02/2009
Working paper no. 1005: Labor market institutions and macroeconomic volatility in a panel of OECD countries
12/02/2009
Working paper no. 1004: Characterising the inflation targeting regime in South Korea
12/02/2009
Focus: The recent exceptional rise in exchange rate volatility
Monthly Bulletin Issue 2, 2009
12/02/2009
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2009
Monthly Bulletin Issue 2, 2009
12/02/2009
Focus: Recent housing market developments in the euro area
Monthly Bulletin Issue 2, 2009
12/02/2009
Focus: The results of the January 2009 bank lending survey for the euro area
Monthly Bulletin Issue 2, 2009
12/02/2009
Focus: Publication of data on MFI loans to the private sector adjusted for sales and securitisation
Monthly Bulletin Issue 2, 2009
12/02/2009
Focus: The Slovak MFI sector and its impact on monetary statistics for the euro area
Monthly Bulletin Issue 2, 2009
12/02/2009
Article: Assessing global trends in protectionism
Monthly Bulletin Issue 2, 2009
12/02/2009
Article: New survey evidence on wage setting in Europe
Monthly Bulletin Issue 2, 2009
11/02/2009
Working paper no. 1002: Assessing portfolio credit risk changes in a sample of EU large and complex banking groups in reaction to macroeconomic shocks
02/02/2009
Euro Money Market Study 2008
[online only]
Press release:
28/01/2009
Working paper no. 999: Risk-adjusted forecasts of oil prices
28/01/2009
Working paper no. 995: Current account benchmarks for central and eastern Europe: a desperate search?
Published in: Empirical Economics, as "And then current accounts (over)adjusted ", Vol 43 (1), 2012: pp 245-270.
28/01/2009
Working paper no. 1001: Identifying the elasticity of substitution with biased technical change
Published in: American Economic Review (forthcoming)
28/01/2009
Working paper no. 1000: Wealth effects in emerging market economies
Published in: International Review of Economics and Finance, Vol 24, June 2012: pp 155-66.
28/01/2009
Letter from the ECB President to Mr. Robert Sturdy, Member of the European Parliament
[online only]
27/01/2009
Working paper no. 998: Infinite-dimensional VARs and factor models
27/01/2009
Working paper no. 997: Financing obstacles and growth: an analysis for euro area non-financial corporations
27/01/2009
Working paper no. 996: What drives euro area break-even inflation rates?
22/01/2009
Statistics Pocket Book, January 2009
22/01/2009
Monthly Bulletin, January 2009
22/01/2009
Focus: The adoption of the euro by Slovakia
Monthly Bulletin Issue 1, 2009
22/01/2009
Focus: Why is services inflation higher than goods inflation in the euro area?
Monthly Bulletin Issue 1, 2009
22/01/2009
Focus: Loan-deposit margins in the euro area
Monthly Bulletin Issue 1, 2009
22/01/2009
Focus: Tracking extraordinary portfolio shifts into money during the period of financial turmoil
Monthly Bulletin Issue 1, 2009
22/01/2009
Article: Foreign asset accumulation by authorities in emerging markets
Monthly Bulletin Issue 1, 2009
22/01/2009
Article: Housing wealth and private consumption in the euro area
Monthly Bulletin Issue 1, 2009
14/01/2009
Working paper no. 994: Fiscal sustainability and policy implications for the euro area Annex: Country fiches: en
14/01/2009
Working paper no. 993: Has emerging Asia decoupled? An analysis of production and trade linkages using the Asian international input-output table
Published in: The Evolving Role of Asia in Global Finance, eds. Y.-W. Cheung, G. Ma, and V. Kakkar, Emerald Publisher in May 2011.
14/01/2009
Working paper no. 992: FDI and productivity convergence in central and eastern Europe: an industry-level investigation
Published in: Review of World Economics, Vol 145 (4), 2010: pp 689-712.
09/01/2009
Occasional paper no. 100: Survey data on household finance and consumption: research summary and policy use
07/01/2009
Working paper no. 991: The macroeconomic effects of fiscal policy
Published in: Portuguese Economic Journal, Vol 10 (1), 2011: pp 61-82.
07/01/2009
Working paper no. 990: Fiscal policy, housing and stock prices
Published in: Economic Modelling, Vol 28 (4), 2011: pp 1871-1890.
07/01/2009
Working paper no. 989: Modelling loans to non-financial corporations in the euro area