Publications published in 2011

21/12/2011
Legal working paper no. 13: Crisis management and bank resolution: Quo vadis, Europe?
ENGLISH
20/12/2011
Working paper no. 1411: Government bond risk premia and the cyclicality of fiscal policy
ENGLISH
20/12/2011
Working paper no. 1410: Profit dynamics across the largest euro area countries and sectors
ENGLISH
20/12/2011
Working paper no. 1409: Analysis of variance for bayesian inference
ENGLISH
Published in: Econometric Reviews, 2012 (forthcoming)
20/12/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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PortuguêsPT
20/12/2011
Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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DeutschDE
19/12/2011
Common Equity Capital, Banks' Riskiness and Required Return on Equity
ENGLISH
Financial Stability Review Issue 2, 2011
19/12/2011
Empirical Determinants of Non-Performing Loans
ENGLISH
Financial Stability Review Issue 2, 2011
19/12/2011
Global Liquidity: Measurement and Financial Stability Implications
ENGLISH
Financial Stability Review Issue 2, 2011
19/12/2011
Mapping the State of Financial Stability
ENGLISH
Financial Stability Review Issue 2, 2011
19/12/2011
The Impact of Different Bank Characteristics on Risk and Performance
ENGLISH
Financial Stability Review Issue 2, 2011
19/12/2011
Financial Stability Review, December 2011
ENGLISH
Related
15/12/2011
Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Fiscal devaluation - a tool for economic adjustment
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Stronger EU economic governance framework comes into force
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Recent sectoral productivity developments in the euro area and the United States
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Recent developments in the car industry in major euro area countries
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Output volatility in the euro area
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Revisions to forecasts in the ECB survey of professional forecasters: end-2011 compared with end-2008
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Estimating real yields and break-even inflation rates following the recent intensification of the sovereign debt crisis
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Liquidity conditions and monetary policy operations in the period from 10 August to 8 November 2011
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Recent developments in the financial account of the euro area balance of payments
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Labour market mobility in the central and eastern European EU member states, compared with that of the euro area, Denmark and Sweden
ENGLISH
Economic Bulletin Issue 12, 2011
15/12/2011
Additional non-standard monetary policy measures decided by the governing council on 8 December 2011
ENGLISH
Economic Bulletin Issue 12, 2011
13/12/2011
Working paper no. 1408: Real-time data and fiscal policy analysis: a survey of the literature
ENGLISH
13/12/2011
Working paper no. 1407: Macroeconomic vulnerability and disagreement in expectations
ENGLISH
13/12/2011
Working paper no. 1406: The public sector pay gap in a selection of Euro area countries
ENGLISH
13/12/2011
Working paper no. 1405: Bond market co-movements, expected inflation and the equilibrium real exchange rate
ENGLISH
13/12/2011
Working paper no. 1404: A VAR analysis for the uncovered interest parity and the ex-ante purchasing power parity: the role of macroeconomic and financial information
ENGLISH
13/12/2011
Working paper no. 1403: Do EU structural funds promote regional employment? Evidence from dynamic panel data models
ENGLISH
13/12/2011
Working paper no. 1402: Monetary policy and the flow of funds in the euro area
ENGLISH
09/12/2011
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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EλληνικάEL
08/12/2011
Eurosystem staff macroeconomic projections for the euro area
ENGLISH
OTHER LANGUAGES (20) +
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
01/12/2011
Survey on the access to finance of SMEs in the euro area – April to September 2011
ENGLISH
Questionnaire
ENGLISH
Related
28/11/2011
Working paper no. 1401: Gravity chains: estimating bilateral trade flows when parts and components trade is important
ENGLISH
28/11/2011
Working paper no. 1400: Aggregation, the skill premium, and the two-level production function
ENGLISH
28/11/2011
Working paper no. 1399: Economic performance and government size
ENGLISH
28/11/2011
Working paper no. 1397: Macroeconomic effects of unconventional monetary policy in the euro area
ENGLISH
28/11/2011
Working paper no. 1396: Learning from experience in the stock market
ENGLISH
18/11/2011
Standards for the use of central counterparties in Eurosystem foreign reserve management operations, November 2011
ENGLISH
17/11/2011
Working paper no. 1395: On the importance of prior relationships in bank loans to retail customers
ENGLISH
14/11/2011
Oversight assessment of the euro system of the EBA CLEARING company (EURO1) against the CPSS core principles, November 2011
ENGLISH
Related
10/11/2011
Updating measures of euro area foreign demand to account for changes in the geographical structure of euro area exports
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Recent evidence on the uncertainty surrounding real-time estimates of the euro area output gap
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Results of the ECB survey of professional forecasters for the fourth quarter of 2011
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Recent house price developments in the euro area
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Integrated euro area accounts for the second quarter of 2011
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Recent developments in MFI loans to non-financial corporations broken down by economic sector
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
Euro area markets for banks' long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission
ENGLISH
Economic Bulletin Issue 11, 2011
10/11/2011
House price developments in the euro area and the United States
ENGLISH
Economic Bulletin Issue 11, 2011
04/11/2011
Working paper no. 1394: Bank risk during the financial crisis: do business models matter?
ENGLISH
04/11/2011
Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2011 update
ENGLISH
04/11/2011
The future of retail payments: opportunities and challenges
ENGLISH
28/10/2011
Working paper no. 1393: Marx vs. Weber: does religion affect politics and the economy?
ENGLISH
28/10/2011
Working paper no. 1392: China's dominance hypothesis and the emergence of a tri-polar global currency system
ENGLISH
Published in: Economic Journal (forthcoming)
28/10/2011
Working paper no. 1391: Interest rate expectations and uncertainty during ECB governing council days: evidence from intraday implied densities of 3-month Euribor
ENGLISH
Published in: Journal of Banking & Finance, Vol 36 (10), October 2012: pp 2804-2823 and Journal of International Money and Finance, Vol 33, 2013: pp 118
28/10/2011
Working paper no. 1390: Fraud, investments and liability regimes in payment platforms
ENGLISH
28/10/2011
Working paper no. 1389: Do newspaper articles on card fraud affect debit card usage?
ENGLISH
28/10/2011
Working paper no. 1388: To surcharge or not to surcharge? A two-sided market perspective of the no-surchage rule
ENGLISH
28/10/2011
Working paper no. 1387: Consumer credit and payment cards
ENGLISH
28/10/2011
Working paper no. 1386: How do you pay? The role of incentives at the point-of-sale
ENGLISH
28/10/2011
Working paper no. 1385: Using cash to monitor liquidity - implications for payments, currency demand and withdrawal behavior
ENGLISH
28/10/2011
Research Bulletin No. 14
ENGLISH
20/10/2011
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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ItalianoIT
19/10/2011
Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure, September 2011
ENGLISH
19/10/2011
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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EλληνικάEL
18/10/2011
Occasional paper no. 132: The size and composition of government debt in the euro area
ENGLISH
13/10/2011
The implications of external price pressures for euro area HICP inflation
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
Private sector involvement and its financial stability implications
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
TARGET2 balances of national central banks in the euro area
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
The results of the euro area bank lending survey for the third quarter of 2011
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
Recent developments in the exchange rate of the Swiss franc against the euro
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
Financialisation of commodities and cross-market returns
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
The financial crisis in the light of the euro area accounts: a flow-of-funds pespective
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
Structural features of the distributive trades sectors and their impact on euro area price developments
ENGLISH
Economic Bulletin Issue 10, 2011
13/10/2011
The supply of money - bank behaviour and the implications for monetary analysis
ENGLISH
Economic Bulletin Issue 10, 2011
07/10/2011
Occasional paper no. 131: Interchange fees in card payments
ENGLISH
07/10/2011
Occasional paper no. 130: Some lessons from the financial crisis for the economic analysis
ENGLISH
06/10/2011
The euro area bank lending survey
ENGLISH
04/10/2011
Working paper no. 1384: Trend-cycle decomposition of output and euro area inflation forecasts: a real-time approach based on model combination
ENGLISH
Published in: Macroeconomic Dynamics (forthcoming)
04/10/2011
Working paper no. 1383: An international comparison of voting by committees
ENGLISH
Published in: International Journal of Central Banking, Vol 9 (3), September 2013: pp 150-197
04/10/2011
Structural features of distributive trades and their impact on prices in the euro area
ENGLISH
30/09/2011
Occasional paper no. 128: Structural features of distributive trades and their impact on prices in the euro area
ENGLISH
30/09/2011
Euro Money Market Survey 2011
ENGLISH
Related
22/09/2011
Occasional paper no. 129: The Stability and Growth Pact - crisis and reform
ENGLISH
22/09/2011
Occasional paper no. 127: Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010
ENGLISH
21/09/2011
Working paper no. 1382: Mapping the state of financial stability
ENGLISH
Published in: Journal of International Financial Markets, Institutions and Money, Vol 26, October 2013: pp 46-76
21/09/2011
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
ENGLISH
OTHER LANGUAGES (21) +
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
Related
15/09/2011
ECB staff macroeconomic projections for the euro area
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Euro area dependence on international supply chains
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Indicators of euro area private consumption - current situation and avenues to explore
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
The recent slowdown in economic growth in the euro area
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Financial markets in early August 2011 and the ECB's monetary policy measures
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
The Eurosystem's balance sheet in times of financial market tension
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Liquidity conditions and monetary policy operations in the period from 11 May to 9 August 2011
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Recent developments in the financial account of the euro area balance of payments
ENGLISH
Economic Bulletin Issue 9, 2011
15/09/2011
Driving forces behind recent money and loan dynamics
ENGLISH
Economic Bulletin Issue 9, 2011
12/09/2011
Working paper no. 1381: Global crises and equity market contagion
ENGLISH
Published in: Journal of Finance (forthcoming) as "The global crisis and equity market contagion"
12/09/2011
Working paper no. 1380: Labour tax progressivity and output volatility: evidence from OECD countries
ENGLISH
12/09/2011
Working paper no. 1379: Forecasting economic growth in the euro area during the Great Moderation and the Great Recession
ENGLISH
12/09/2011
Working paper no. 1378: Wage setting in Hungary: evidence from a firm survey
ENGLISH
08/09/2011
ECB staff macroeconomic projections for the euro area
ENGLISH
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
01/09/2011
Working paper no. 1377: Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management
ENGLISH
01/09/2011
Working paper no. 1376: The price of liquidity: the effects of market conditions and bank characteristics
ENGLISH
25/08/2011
Working paper no. 1375: Precautionary price stickiness
ENGLISH
25/08/2011
Working paper no. 1374: The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds
ENGLISH
Published in: Econometrica, Vol 81 (4), July 2013: pp 1309-1345
22/08/2011
Working paper no. 1373: Asset prices, collateral and unconventional monetary policy in a DSGE model
ENGLISH
22/08/2011
Working paper no. 1372: Downward wage rigidity in Hungary
ENGLISH
22/08/2011
Working paper no. 1371: What is driving oil futures prices? Fundamentals versus speculation
ENGLISH
22/08/2011
Working paper no. 1370: The global financial crisis: trying to understand the global trade downturn and recovery
ENGLISH
Published in: The World Economy Journal, Vol 34 (5), 2011: pp 741-763.
22/08/2011
Working paper no. 1369: Technology, utilization and inflation: what drives the New Keynesian Phillips Curve?
ENGLISH
Published in: Journal of Money Credit and Banking, Vol 45 (8), December 2013: pp 1547-1579
22/08/2011
Working paper no. 1368: Output growth and fluctuation: the role of financial openness
ENGLISH
18/08/2011
Working paper no. 1367: Cyclical fluctuations in the Mediterranean basin
ENGLISH
Published in: Journal of International Economics, Vol 88 (1), 2012: pp 162-175.
18/08/2011
Legal working paper no. 12: Financial sector supervisors' accountability: a european perspective
ENGLISH
15/08/2011
Working paper no. 1366: Stock market firm-level information and real economic activity
ENGLISH
11/08/2011
The current recovery from a historical perspective
ENGLISH
Economic Bulletin Issue 8, 2011
11/08/2011
Results of the ECB Survey of Professional Forecasters for the third quarter of 2011
ENGLISH
Economic Bulletin Issue 8, 2011
11/08/2011
Integrated euro area accounts for the first quarter of 2011
ENGLISH
Economic Bulletin Issue 8, 2011
11/08/2011
The results of the July 2011 bank lending survey for the euro area
ENGLISH
Economic Bulletin Issue 8, 2011
11/08/2011
Statement by the President of the ECB on 7 August 2011
ENGLISH
Economic Bulletin Issue 8, 2011
11/08/2011
Keeping the ECB's monetary and financial statistics fit for use
ENGLISH
Economic Bulletin Issue 8, 2011
10/08/2011
2011 update of the ECB’s environmental statement
ENGLISH
05/08/2011
Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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EλληνικάEL
03/08/2011
Letter from the ECB President to Mr. Nuno Teixeira, Member of the European Parliament, regarding the exchange rate of the euro
ENGLISH
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PortuguêsPT
01/08/2011
Working paper no. 1365: Understanding and forecasting aggregate and disaggregate price dynamics
ENGLISH
28/07/2011
The euro area bank lending survey
ENGLISH
27/07/2011
Occasional paper no. 126: Euro area cross-border financial flows and the global financial crisis
ENGLISH
22/07/2011
The international role of the euro, July 2011
ENGLISH
Related
20/07/2011
Working paper no. 1364: Capital flows, push versus pull factors and the global financial crisis
ENGLISH
20/07/2011
Working paper no. 1363: Forecasting inflation with gradual regime shifts and exogenous information
ENGLISH
20/07/2011
Working paper no. 1362: Securitization and lending standards: evidence from the wholesale loan market
ENGLISH
14/07/2011
Recent productivity developments in the euro area and the United States
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
Investment ratios in the euro area
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
Household spending, consumer confidence and durable consumption
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
Analysis of government debt sustainability under the EU/IMF adjustment programme for Greece
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
The impact of loan sales and securitisation activity on recent developments in MFI loans to non-financial corporations and households
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
Are recent wage increases in China putting upward pressure on euro area import prices?
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
The new EU framework for financial crisis management and resolution
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
The European stability mechanism
ENGLISH
Economic Bulletin Issue 7, 2011
14/07/2011
The ECB's non-standard measures - impact and phasing-out
ENGLISH
Economic Bulletin Issue 7, 2011
12/07/2011
Working paper no. 1361: Identifying the effects of government spending shocks with and without expected reversal: an approach based on U.S. real-time data
ENGLISH
12/07/2011
Working paper no. 1360: How flexible are real wages in EU countries? A panel investigation
ENGLISH
12/07/2011
Working paper no. 1359: Does bargaining matter in the small firm's matching model?
ENGLISH
Published in: Labour Economics, Vol 21, April 2013: pp 42-58
05/07/2011
Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, relating to monetary policy and questions on inflation
ENGLISH
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DeutschDE
05/07/2011
Eurosystem oversight policy framework
ENGLISH
24/06/2011
Research Bulletin No. 13
ENGLISH
22/06/2011
Working paper no. 1358: Determinants of credit-less recoveries
ENGLISH
Published in: Empirical Economics, Vol 49, 2015: pp 1245-1269 as "Key features and determinants of credit-less recoveries"
22/06/2011
Working paper no. 1357: Assessing the sensitivity of inflation to economic activity
ENGLISH
21/06/2011
Letter from the ECB President to Ms Marine Le Pen, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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FrançaisFR
16/06/2011
Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
The impact of the global financial and economic crisis on public finances in central and eastern
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Past experience of EU countries with sustaining large primary budget surpluses
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Back to Okun's Law? Recent developments in euro area output and unemployment
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Developments in the euro area balance of payments to March 2011
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
A cross-check of output gap estimates for the euro area with other cyclical indicators
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Liquidity conditions and monetary policy operations in the period from 9 February to 10 May 2011
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Euro area broad money growth and the unwinding of accumulated liquidity
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
The experience of macroeconomic adjustment in the Baltic States
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
Inflation in the euro area and the United States: an assessment based on the Phillips curve
ENGLISH
Economic Bulletin Issue 6, 2011
16/06/2011
BIS triennial survey 2010 - euro area data
ENGLISH
15/06/2011
Portfolio Flows to Emerging Market Economies: Determinants and Domestic Impact
ENGLISH
Financial Stability Review Issue 1, 2011
15/06/2011
Financing Obstacles Faced by Euro Area Small and Medium-sized Enterprises During the Financial Crisis
ENGLISH
Financial Stability Review Issue 1, 2011
15/06/2011
Systemic Risk Methodologies
ENGLISH
Financial Stability Review Issue 1, 2011
15/06/2011
Financial Resolution Arrangements to Strengthen Financial Stability: Bank Levies, Resolution Funds and Deposit Guarantee Schemes
ENGLISH
Financial Stability Review Issue 1, 2011
15/06/2011
Financial Stability Review, June 2011
ENGLISH
Related
14/06/2011
Working paper no. 1356: The role of oil prices in the euro area economy since the 1970s
ENGLISH
14/06/2011
Working paper no. 1355: Household's portfolio structure in Germany - analysis of financial accounts data 1959-2009
ENGLISH
14/06/2011
Working paper no. 1354: Saudi Aramco and the oil market
ENGLISH
14/06/2011
Working paper no. 1353: Exchange rate anchoring - Is there still a de facto US dollar standard?
ENGLISH
10/06/2011
Working paper no. 1352: Systemic risk and financial development in a monetary model
ENGLISH
10/06/2011
Letter from the ECB President to Mr Mário David, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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PortuguêsPT
10/06/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament
ENGLISH
OTHER LANGUAGES (1) +
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PortuguêsPT
09/06/2011
Eurosystem staff macroeconomic projections for the euro area
ENGLISH
06/06/2011
Working paper no. 1351: Potential output in DSGE models
ENGLISH
06/06/2011
Working paper no. 1350: The optimal width of the central bank standing facilities corridor and banks' day-to-day liquidity management
ENGLISH
06/06/2011
Working paper no. 1349: Consumer confidence as a predictor of consumption spending: evidence for the United States and the euro area
ENGLISH
03/06/2011
Approaches to monetary policy revisited – lessons from the crisis. Sixth ECB Central Banking Conference 18-19 November 2010
ENGLISH
Related
01/06/2011
Working paper no. 1348: Theoretical notes on bubbles and the current crisis
ENGLISH
01/06/2011
Working paper no. 1347: Sovereign credit ratings and financial markets linkages: application to European data
ENGLISH
Published in: Journal of International Money and Finance, Vol 31 (3), 2012: pp 606-638.
01/06/2011
Working paper no. 1346: Do financial investors destabilize the oil price?
ENGLISH
01/06/2011
Working paper no. 1345: Systemic risk-taking: amplification effects, externalities, and regulatory responses
ENGLISH
01/06/2011
Letter to the Clearing and Intermediary Oversight, Commodity Futures Trading Commission and to the Trading and Markets, Securities and Exchange Commission
ENGLISH
31/05/2011
European Commission’s public consultation on the technical details of a possible EU framework for bank recovery and resolution – ESCB contribution
ENGLISH
27/05/2011
Working paper no. 1344: Have euro area and EU economic governance worked? Just the facts
ENGLISH
Published in: European Journal of Political Economy (forthcoming)
27/05/2011
Working paper no. 1343: The predictive content of sectoral stock prices: a US-euro area comparison
ENGLISH
27/05/2011
Working paper no. 1342: Fiscal data revisions in Europe
ENGLISH
Published in: Journal of Money, Credit and Banking, Vol 45 (6), 2013: pp 1187-1209
27/05/2011
Working paper no. 1341: Exact likelihood computation for nonlinear DSGE models with heteroskedastic innovations
ENGLISH
Published in: Journal of Economic Dynamics and Control, Vol 35, 2011: pp 2167‐2185.
19/05/2011
TARGET Annual Report 2010
ENGLISH
Related
16/05/2011
Working paper no. 1340: How wages respond to shocks: asymmetry in the speed of adjustment
ENGLISH
12/05/2011
Working paper no. 1339: The stock market reaction to the 2005 non-tradable share reform in China
ENGLISH
Published in: Pacific-Basin Finance Journal, Vol 20, 2012: pp 543–560.
12/05/2011
Euro area trade in services: specialisation patterns and recent trends
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
The measurement and prediction of the euro area business cycle
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
Results of the ECB Survey of Professional Forecasters for the second quarter of 2011
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
Integrated euro area accounts for the fourth quarter of 2010
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
The results of the April 2011 bank lending survey for the euro area
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
Global economic repercussions of the earthquake in Japan
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
The external representation of the EU and EMU
ENGLISH
Economic Bulletin Issue 5, 2011
12/05/2011
Patterns of euro area and US macroeconomic cycles - what has been different this time?
ENGLISH
Economic Bulletin Issue 5, 2011
11/05/2011
Working paper no. 1338: Financial frictions and optimal monetary policy in an open economy
ENGLISH
Published in: International Journal of Central Banking, Vol 10 (1), 2014, pp43-94
06/05/2011
The monetary policy of the ECB (third edition)
ENGLISH
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DeutschDE EspañolES SuomiFI
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03/05/2011
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
ENGLISH
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EλληνικάEL
02/05/2011
Working paper no. 1337: Who invests in home equity to exempt wealth from bankruptcy?
ENGLISH
02/05/2011
Working paper no. 1336: A monetary policy strategy in good and bad times: lessons from the recent past
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Published in: Economic Policy, Vol 28 (74), 2013: pp 243-288
02/05/2011
Working paper no. 1335: The bank lending channel: lessons from the crisis
ENGLISH
Published in: Economic Policy, Vol (26) 66, 2011: pp 137-182
02/05/2011
Working paper no. 1334: On the importance of sectoral and regional shocks for price-setting
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02/05/2011
Consolidated balance sheet of the Eurosystem as at 31 December 2010
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02/05/2011
Annual Report 2010
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
02/05/2011
Financial integration in Europe, May 2011
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28/04/2011
Recovery and beyond: lessons for trade adjustment and competitiveness
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27/04/2011
The euro area bank lending survey
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27/04/2011
Survey on the access to finance of SMEs in the euro area – September 2010 to February 2011
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Questionnaire
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Related
20/04/2011
Working paper no. 1333: Distributional dynamics under smoothly state-dependent pricing
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20/04/2011
Working paper no. 1332: Central bank communication on financial stability
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Published in: Economic Journal (forthcoming)
20/04/2011
Working paper no. 1331: Business cycle dynamics under rational inattention
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20/04/2011
Working paper no. 1330: Financial remoteness and the net external position
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20/04/2011
Working paper no. 1329: Securitization, bank lending and credit quality: the case of Spain
ENGLISH
Published in: Journal of International Money and Finance, Vol 31, 2012: pp 80
20/04/2011
Working paper no. 1328: The effectiveness of monetary policy in steering money market rates during the recent financial crisis
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19/04/2011
Letter from the ECB President to Mr Nuno Teixeira, Member of the European Parliament
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PortuguêsPT
19/04/2011
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament
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EλληνικάEL
14/04/2011
Sectoral developments in employment and hours worked in the euro area
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Economic Bulletin Issue 4, 2011
14/04/2011
Revisions to euro area GDP growth
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Economic Bulletin Issue 4, 2011
14/04/2011
Recent housing market developments in the euro area
ENGLISH
Economic Bulletin Issue 4, 2011
14/04/2011
Methodological changes in the compilation of the HICP and their impact on recent data
ENGLISH
Economic Bulletin Issue 4, 2011
14/04/2011
The use of trade credit by euro area non-financial corporations
ENGLISH
Economic Bulletin Issue 4, 2011
14/04/2011
Political tensions in the Middle East and North Africa: economic implications for the euro area
ENGLISH
Economic Bulletin Issue 4, 2011
14/04/2011
The use of euro banknotes - results of two surveys among households and firms
ENGLISH
Economic Bulletin Issue 4, 2011
14/04/2011
Ensuring fiscal sustainability in the euro area
ENGLISH
Economic Bulletin Issue 4, 2011
13/04/2011
Working paper no. 1327: Systemic risk diagnostics: coincident indicators and early warning signals
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13/04/2011
Working paper no. 1326: Welfare costs of inflation and the circulation of US currency abroad
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Published in: The B.E. Journal of Macroeconomics, Vol 11 (1), 2011: Article 12.
12/04/2011
Settlement fails - report on securities settlement systems (SSS) measures to ensure timely settlement
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08/04/2011
Working paper no. 1325: Wage structure effects of international trade: evidence from a small open economy
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Published in: Review of World Economics, Vol 148 (2), June 2012: pp 297-331
08/04/2011
Working paper no. 1324: Nowcasting inflation using high frequency data
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08/04/2011
Working paper no. 1323: Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment
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Published in: International Finance, Vol 16 (1), Spring 2013: pp 23-44
08/04/2011
Working paper no. 1322: Business cycle synchronisation: disentangling trade and financial linkages
ENGLISH
Published in: Open Economies Review, Vol 23 (4), 2012: pp 623-643
08/04/2011
Working paper no. 1321: Macroeconomic implications of downward wage rigidities
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08/04/2011
Occasional paper no. 125: Household sector borrowing in the euro area - a micro data perspective
ENGLISH
07/04/2011
Working paper no. 1320: What lies beneath? A time-varying FAVAR model for the UK transmission mechanism
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07/04/2011
Working paper no. 1319: Fiscal developments and financial stress: a threshold VAR analysis
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07/04/2011
Working paper no. 1318: Using the global dimension to identify shocks with sign restrictions
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Published in: Staff Papers, Federal Reserve Bank of Dallas, issue Dec, as: "How the global perspective can help us identify structural shocks"
07/04/2011
Working paper no. 1317: Financial imbalances and financial fragility
ENGLISH
07/04/2011
Working paper no. 1316: The ECB's New Multi-Country Model for the euro area: NMCM - with boundedly rational learning expectations
ENGLISH
07/04/2011
Working paper no. 1315: The ECB's New Multi-Country Model for the euro area: NMCM - simulated with rational expectations
ENGLISH
01/04/2011
Working paper no. 1314: Price and wage setting in Portugal: learning by asking
ENGLISH
30/03/2011
Euro area monetary and financial statistics - 2010 quality report
ENGLISH
30/03/2011
Euro area balance of payments and international investment position statistics - 2010 quality report
ENGLISH
24/03/2011
Working paper no. 1313: News and policy foresight in a macro-finance model of the US
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24/03/2011
Working paper no. 1312: A structural model of central bank operations and bank intermediation
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24/03/2011
Working paper no. 1311: Macro-financial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events
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Published in: Journal of Banking & Finance, Vol 37 (7), July 2013: pp 2183-2195.
24/03/2011
Working paper no. 1310: Is China climbing up the quality ladder? Estimating cross country differences in product quality using Eurostat's COMEXT trade database
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18/03/2011
Occasional paper no. 124: Who has been affected, how and why? The spillover of the global financial crisis to Sub-Saharan Africa and ways to recovery
ENGLISH
15/03/2011
Working paper no. 1309: Skills and wage inequality in Greece: evidence from matched employer-employee data, 1995-2002
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11/03/2011
Research Bulletin No. 12
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10/03/2011
Government debt dynamics and primary budget balance developments in the EU Member States
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Economic Bulletin Issue 3, 2011
10/03/2011
ECB staff macroeconomic projections for the euro area
ENGLISH
Economic Bulletin Issue 3, 2011
10/03/2011
Labour market mobility and transitions in labour market status in the euro area
ENGLISH
Economic Bulletin Issue 3, 2011
10/03/2011
Recent developments in the euro area balance of payments
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Economic Bulletin Issue 3, 2011
10/03/2011
Recent revisions to forecasts for activity growth
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Economic Bulletin Issue 3, 2011
10/03/2011
Gauging the impact of indirect taxation on euro area HICP inflation
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Economic Bulletin Issue 3, 2011
10/03/2011
Explaining the recent decoupling between growth in MFI loans for house purchase and consumer credit
ENGLISH
Economic Bulletin Issue 3, 2011
10/03/2011
Liquidity conditions and monetary policy operations in the period from 10 November 2010 to 8 February 2011
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Economic Bulletin Issue 3, 2011
10/03/2011
Permanent and temporary factors in broad money growth
ENGLISH
Economic Bulletin Issue 3, 2011
10/03/2011
The importance of the euro area as an export destination
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Economic Bulletin Issue 3, 2011
10/03/2011
The reform of economic governance in the euro area - essential elements
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Economic Bulletin Issue 3, 2011
10/03/2011
External evaluation of the Directorate General Research of the European Central Bank
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09/03/2011
Working paper no. 1308: Myopic governments and welfare-enhancing debt limits
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04/03/2011
Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, concerning questions on transfers to the European Central Bank
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DeutschDE
03/03/2011
Working paper no. 1307: The response of labour taxation to changes in government debt
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03/03/2011
Annual Accounts 2010
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03/03/2011
ECB staff macroeconomic projections for the euro area
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01/03/2011
Working paper no. 1306: Why are some prices stickier than others? Firm-data evidence on price adjustment lags
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01/03/2011
Working paper no. 1305: Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies
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28/02/2011
Working paper no. 1304: Subprime consumer credit demand: evidence from a lender's pricing experiment
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28/02/2011
Working paper no. 1303: Behavioural characteristics and financial distress
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28/02/2011
Working paper no. 1302: The immigrant/native wealth gap in Germany, Italy and Luxembourg
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28/02/2011
Working paper no. 1301: Wealth mobility and dynamics over entire individual working life cycles
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28/02/2011
Working paper no. 1300: Inheritances and the distribution of wealth or whatever happened to the great inheritance boom?
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28/02/2011
Working paper no. 1299: Who lost the most? Financial literacy, cognitive abilities, and the financial crisis
ENGLISH
28/02/2011
Working paper no. 1298: Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?
ENGLISH
28/02/2011
Working paper no. 1297: Consumption and initial mortgage conditions: evidence from survey data
ENGLISH
28/02/2011
Working paper no. 1296: Financial advice and stock market participation
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28/02/2011
Working paper no. 1295: Which households use banks? Evidence from the transition economies
ENGLISH
23/02/2011
European Commission’s public consultation on the review of the MiFID– Eurosystem contribution
ENGLISH
23/02/2011
European Commission’s public consultation on credit rating agencies – Eurosystem reply
ENGLISH
21/02/2011
Recent developments in securitisation
ENGLISH
17/02/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding questions on the international monetary system
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PortuguêsPT
16/02/2011
Working paper no. 1294: The normalized CES production function: theory and empirics
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Published in: Journal of Economic Surveys, Vol 26 (5), 2012: pp 769-799
14/02/2011
Contribution of the Eurosystem to the public consultation of the European Commission on the communication "Towards a Single Market Act"
ENGLISH
10/02/2011
Working paper no. 1293: Financing obstacles among euro area firms: Who suffers the most?
ENGLISH
10/02/2011
Investment outlook in the euro area: an assessment based on survey and capacity utilisation data
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
The current euro area recovery across expenditure components from a historical perspective
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
Results of the ECB survey of professional forecasters for the first quarter of 2011
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
Recent and prospective movements in HICP inflation: the role of base effects
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
Integrated euro area accounts for the third quarter of 2010
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
Developments in the international investment position of the euro area in 2008 and 2009
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
The results of the January 2011 bank lending survey for the euro area
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Economic Bulletin Issue 2, 2011
10/02/2011
The Estonian MFI sector and its impact on monetary statistics for the euro area
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
The information content of option prices during the financial crisis
ENGLISH
Economic Bulletin Issue 2, 2011
10/02/2011
Inflation expectations in the euro area: a review of recent developments
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Economic Bulletin Issue 2, 2011
10/02/2011
Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the position of the European Central Bank regarding the Balz report in the European Parliament on the ECB’s Annual Report 2009
ENGLISH
09/02/2011
Working paper no. 1292: Does the euro make a difference? Spatio-temporal transmission of global shocks to real effective exchange rates in an infinite VAR
ENGLISH
Published in: B.E. Journal of Macroeconomics, Vol 13(1), 2013: pp 1-48 as "How have global shocks impacted the real effective exchange rates of individual euro area countries since the euro's creation?"
09/02/2011
Working paper no. 1291: Liquidity requirements and payment delays - participant type dependent preferences
ENGLISH
09/02/2011
Occasional paper no. 123: The international monetary system after the financial crisis
ENGLISH
04/02/2011
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
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Related
02/02/2011
Central bank statistics: what did the financial crisis change? Fifth ECB Conference on Statistics on 19 and 20 October 2010
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Related
27/01/2011
The euro area bank lending survey
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21/01/2011
Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the public debt of Member States of the European Union
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20/01/2011
The forecasting performance of expert surveys
ENGLISH
Economic Bulletin Issue 1, 2011
20/01/2011
Determinants of inflation differentials in the euro area
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Economic Bulletin Issue 1, 2011
20/01/2011
Revisiting the impact of asset transfers to “bad banks” on MFI credit to the euro area private sector
ENGLISH
Economic Bulletin Issue 1, 2011
20/01/2011
Estonia adopts the euro
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Economic Bulletin Issue 1, 2011
20/01/2011
Recent developments in food commodity prices
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Economic Bulletin Issue 1, 2011
20/01/2011
The financial crisis and the strengthening of global policy cooperation
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Economic Bulletin Issue 1, 2011
20/01/2011
Trends in potential output
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Economic Bulletin Issue 1, 2011
20/01/2011
Recent developments in loans to the private sector
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Economic Bulletin Issue 1, 2011
20/01/2011
Correspondent central banking model (CCBM) - Procedure for Eurosystem counterparties
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19/01/2011
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament, regarding questions relating to a repayment extension for loans to Greece
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EλληνικάEL
19/01/2011
Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding questions on the visit of a European Central Bank official to Portugal
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PortuguêsPT
17/01/2011
Price stability: why is it important for you? (2011 update)
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17/01/2011
Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks (2011 update)
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
17/01/2011
Eurosystem reply to consultation on countercyclical capital buffer
ENGLISH
17/01/2011
Letter from the ECB President to Mr Nick Griffin, Member of the European Parliament, regarding questions on the printing of former currencies by euro area countries
ENGLISH
14/01/2011
Working paper no. 1290: Non-standard monetary policy measures and monetary developments
ENGLISH
Published in: Interest Rates, Prices and Liquidity - Lessons from the Financial Crisis, Jagjit S. Chadha, Sean Holly (eds.), Cambridge University Press, 2011: pp 195-221.
14/01/2011
Occasional paper no. 122: The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets
ENGLISH
14/01/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding a question on the assumption by the Portuguese state of the financial liabilities of Banco Português de Negócios
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PortuguêsPT
12/01/2011
Working paper no. 1289: Bayesian prior elicitation in DSGE models: macro- vs micro-priors
ENGLISH
Published in: Journal of Economic Dynamics and Control, Vol 36, 2012: pp 294-313
11/01/2011
Working paper no. 1288: Getting beyond carry trade: what makes a safe haven currency?
ENGLISH
Published in: Journal of International Economics, Vol 87 (1), May 2012: pp 50
11/01/2011
Working paper no. 1287: Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act
ENGLISH
10/01/2011
Working paper no. 1286: Corporate bond spreads and real activity in the euro area - Least Angle Regression forecasting and the probability of the recession
ENGLISH
10/01/2011
Working paper no. 1285: Identifying the global transmission of the 2007-09 financial crisis in a GVAR Model
ENGLISH
Published in: European Economic Review, Vol 55 (3), April 2011, pp 325-339.
05/01/2011
Working paper no. 1284: Euro area labour markets: different reaction to shocks?
ENGLISH