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Publications published in 2011

21/12/2011
Legal working paper no. 13: Crisis management and bank resolution: Quo vadis, Europe?
20/12/2011
Working paper no. 1411: Government bond risk premia and the cyclicality of fiscal policy
20/12/2011
Working paper no. 1410: Profit dynamics across the largest euro area countries and sectors
20/12/2011
Working paper no. 1409: Analysis of variance for bayesian inference Published in: Econometric Reviews, 2012 (forthcoming)
20/12/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament
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20/12/2011
Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament
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19/12/2011
Financial Stability Review Press release:
15/12/2011
Statistics Pocket Book, December 2011
15/12/2011
Monthly Bulletin, December 2011
15/12/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Fiscal devaluation - a tool for economic adjustment Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Stronger EU economic governance framework comes into force Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Recent sectoral productivity developments in the euro area and the United States Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Recent developments in the car industry in major euro area countries Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Output volatility in the euro area Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Revisions to forecasts in the ECB survey of professional forecasters: end-2011 compared with end-2008 Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area" Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Estimating real yields and break-even inflation rates following the recent intensification of the sovereign debt crisis Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Liquidity conditions and monetary policy operations in the period from 10 August to 8 November 2011 Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Labour market mobility in the central and eastern European EU member states, compared with that of the euro area, Denmark and Sweden Monthly Bulletin Issue 12, 2011
15/12/2011
Focus: Additional non-standard monetary policy measures decided by the governing council on 8 December 2011 Monthly Bulletin Issue 12, 2011
13/12/2011
Working paper no. 1408: Real-time data and fiscal policy analysis: a survey of the literature
13/12/2011
Working paper no. 1407: Macroeconomic vulnerability and disagreement in expectations
13/12/2011
Working paper no. 1406: The public sector pay gap in a selection of Euro area countries
13/12/2011
Working paper no. 1405: Bond market co-movements, expected inflation and the equilibrium real exchange rate
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
13/12/2011
Working paper no. 1403: Do EU structural funds promote regional employment? Evidence from dynamic panel data models
13/12/2011
Working paper no. 1402: Monetary policy and the flow of funds in the euro area
09/12/2011
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament
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[online only]
08/12/2011
Eurosystem staff macroeconomic projections for the euro area [online only]
01/12/2011
Survey on the access to finance of SMEs in the euro area - April to September 2011 [online only] Press release:
28/11/2011
Working paper no. 1401: Gravity chains: estimating bilateral trade flows when parts and components trade is important
28/11/2011
Working paper no. 1400: Aggregation, the skill premium, and the two-level production function
28/11/2011
Working paper no. 1399: Economic performance and government size
28/11/2011
Working paper no. 1397: Macroeconomic effects of unconventional monetary policy in the euro area
28/11/2011
Working paper no. 1396: Learning from experience in the stock market
18/11/2011
Standards for the use of central counterparties in Eurosystem foreign reserve management operations, November 2011 [online only]
17/11/2011
Working paper no. 1395: On the importance of prior relationships in bank loans to retail customers
14/11/2011
Oversight assessment of the euro system of the EBA CLEARING company (EURO1) against the CPSS core principles, November 2011 Press release:
10/11/2011
Monthly Bulletin, November 2011
10/11/2011
Statistics Pocket Book, November 2011
10/11/2011
Focus: Updating measures of euro area foreign demand to account for changes in the geographical structure of euro area exports Monthly Bulletin Issue 11, 2011
10/11/2011
Focus: Recent evidence on the uncertainty surrounding real-time estimates of the euro area output gap Monthly Bulletin Issue 11, 2011
10/11/2011
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2011 Monthly Bulletin Issue 11, 2011
10/11/2011
Focus: Recent house price developments in the euro area Monthly Bulletin Issue 11, 2011
10/11/2011
Focus: Integrated euro area accounts for the second quarter of 2011 Monthly Bulletin Issue 11, 2011
10/11/2011
Focus: Recent developments in MFI loans to non-financial corporations broken down by economic sector Monthly Bulletin Issue 11, 2011
10/11/2011
Article: Euro area markets for banks' long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission Monthly Bulletin Issue 11, 2011
10/11/2011
Article: House price developments in the euro area and the United States Monthly Bulletin Issue 11, 2011
04/11/2011
Working paper no. 1394: Bank risk during the financial crisis: do business models matter?
04/11/2011
Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2011 update
04/11/2011
The future of retail payments: opportunities and challenges
28/10/2011
Working paper no. 1393: Marx vs. Weber: does religion affect politics and the economy?
28/10/2011
Working paper no. 1392: China's dominance hypothesis and the emergence of a tri-polar global currency system 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 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 118–145
28/10/2011
Working paper no. 1390: Fraud, investments and liability regimes in payment platforms
28/10/2011
Working paper no. 1389: Do newspaper articles on card fraud affect debit card usage?
28/10/2011
Working paper no. 1388: To surcharge or not to surcharge? A two-sided market perspective of the no-surchage rule
28/10/2011
Working paper no. 1387: Consumer credit and payment cards
28/10/2011
Working paper no. 1386: How do you pay? The role of incentives at the point-of-sale
28/10/2011
Working paper no. 1385: Using cash to monitor liquidity - implications for payments, currency demand and withdrawal behavior
28/10/2011
Research Bulletin No. 14
20/10/2011
Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament
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19/10/2011
Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure, September 2011
19/10/2011
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
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18/10/2011
Occasional paper no. 132: The size and composition of government debt in the euro area
13/10/2011
Statistics Pocket Book, October 2011
13/10/2011
Monthly Bulletin, October 2011
13/10/2011
Focus: The implications of external price pressures for euro area HICP inflation Monthly Bulletin Issue 10, 2011
13/10/2011
Focus: Private sector involvement and its financial stability implications Monthly Bulletin Issue 10, 2011
13/10/2011
Focus: TARGET2 balances of national central banks in the euro area Monthly Bulletin Issue 10, 2011
13/10/2011
Focus: The results of the euro area bank lending survey for the third quarter of 2011 Monthly Bulletin Issue 10, 2011
13/10/2011
Focus: Recent developments in the exchange rate of the Swiss franc against the euro Monthly Bulletin Issue 10, 2011
13/10/2011
Focus: Financialisation of commodities and cross-market returns Monthly Bulletin Issue 10, 2011
13/10/2011
Article: The financial crisis in the light of the euro area accounts: a flow-of-funds pespective Monthly Bulletin Issue 10, 2011
13/10/2011
Article: Structural features of the distributive trades sectors and their impact on euro area price developments Monthly Bulletin Issue 10, 2011
13/10/2011
Article: The supply of money - bank behaviour and the implications for monetary analysis Monthly Bulletin Issue 10, 2011
07/10/2011
Occasional paper no. 131: Interchange fees in card payments
07/10/2011
Occasional paper no. 130: Some lessons from the financial crisis for the economic analysis
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 Published in: Macroeconomic Dynamics (forthcoming)
04/10/2011
Working paper no. 1383: An international comparison of voting by committees 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
30/09/2011
Occasional paper no. 128: Structural features of distributive trades and their impact on prices in the euro area
30/09/2011
Euro Money Market Survey 2011 [online only] Press release:
22/09/2011
Occasional paper no. 129: The Stability and Growth Pact - crisis and reform
22/09/2011
Occasional paper no. 127: Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010
21/09/2011
Working paper no. 1382: Mapping the state of financial stability 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 [online only] Press release:
15/09/2011
Statistics Pocket Book, September 2011
15/09/2011
Monthly Bulletin, September 2011
15/09/2011
Focus: ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Euro area dependence on international supply chains Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Indicators of euro area private consumption - current situation and avenues to explore Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: The recent slowdown in economic growth in the euro area Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Financial markets in early August 2011 and the ECB's monetary policy measures Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: The Eurosystem's balance sheet in times of financial market tension Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Liquidity conditions and monetary policy operations in the period from 11 May to 9 August 2011 Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Recent developments in the financial account of the euro area balance of payments Monthly Bulletin Issue 9, 2011
15/09/2011
Focus: Driving forces behind recent money and loan dynamics Monthly Bulletin Issue 9, 2011
12/09/2011
Working paper no. 1381: Global crises and equity market contagion 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
12/09/2011
Working paper no. 1379: Forecasting economic growth in the euro area during the Great Moderation and the Great Recession
12/09/2011
Working paper no. 1378: Wage setting in Hungary: evidence from a firm survey
08/09/2011
ECB staff macroeconomic projections for the euro area [online only]
01/09/2011
Working paper no. 1377: Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management
01/09/2011
Working paper no. 1376: The price of liquidity: the effects of market conditions and bank characteristics
25/08/2011
Working paper no. 1375: Precautionary price stickiness
25/08/2011
Working paper no. 1374: The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds 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
22/08/2011
Working paper no. 1372: Downward wage rigidity in Hungary
22/08/2011
Working paper no. 1371: What is driving oil futures prices? Fundamentals versus speculation
22/08/2011
Working paper no. 1370: The global financial crisis: trying to understand the global trade downturn and recovery 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? 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
18/08/2011
Working paper no. 1367: Cyclical fluctuations in the Mediterranean basin 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
15/08/2011
Working paper no. 1366: Stock market firm-level information and real economic activity
11/08/2011
Statistics Pocket Book, August 2011
11/08/2011
Monthly Bulletin, August 2011
11/08/2011
Focus: The current recovery from a historical perspective Monthly Bulletin Issue 8, 2011
11/08/2011
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2011 Monthly Bulletin Issue 8, 2011
11/08/2011
Focus: Integrated euro area accounts for the first quarter of 2011 Monthly Bulletin Issue 8, 2011
11/08/2011
Focus: The results of the July 2011 bank lending survey for the euro area Monthly Bulletin Issue 8, 2011
11/08/2011
Focus: Statement by the President of the ECB on 7 August 2011 Monthly Bulletin Issue 8, 2011
11/08/2011
Article: Keeping the ECB's monetary and financial statistics fit for use Monthly Bulletin Issue 8, 2011
10/08/2011
2011 update of the ECB’s environmental statement [online only]
05/08/2011
Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament
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[online only]
03/08/2011
Letter from the ECB President to Mr. Nuno Teixeira, Member of the European Parliament, regarding the exchange rate of the euro
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[online only]
01/08/2011
Working paper no. 1365: Understanding and forecasting aggregate and disaggregate price dynamics
27/07/2011
Occasional paper no. 126: Euro area cross-border financial flows and the global financial crisis
22/07/2011
The international role of the euro Press release:
20/07/2011
Working paper no. 1364: Capital flows, push versus pull factors and the global financial crisis
20/07/2011
Working paper no. 1363: Forecasting inflation with gradual regime shifts and exogenous information
20/07/2011
Working paper no. 1362: Securitization and lending standards: evidence from the wholesale loan market
14/07/2011
Statistics Pocket Book, July 2011
14/07/2011
Monthly Bulletin, July 2011
14/07/2011
Focus: Recent productivity developments in the euro area and the United States Monthly Bulletin Issue 7, 2011
14/07/2011
Focus: Investment ratios in the euro area Monthly Bulletin Issue 7, 2011
14/07/2011
Focus: Household spending, consumer confidence and durable consumption Monthly Bulletin Issue 7, 2011
14/07/2011
Focus: Analysis of government debt sustainability under the EU/IMF adjustment programme for Greece Monthly Bulletin Issue 7, 2011
14/07/2011
Focus: The impact of loan sales and securitisation activity on recent developments in MFI loans to non-financial corporations and households Monthly Bulletin Issue 7, 2011
14/07/2011
Focus: Are recent wage increases in China putting upward pressure on euro area import prices? Monthly Bulletin Issue 7, 2011
14/07/2011
Article: The new EU framework for financial crisis management and resolution Monthly Bulletin Issue 7, 2011
14/07/2011
Article: The European stability mechanism Monthly Bulletin Issue 7, 2011
14/07/2011
Article: The ECB's non-standard measures - impact and phasing-out Monthly 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
12/07/2011
Working paper no. 1360: How flexible are real wages in EU countries? A panel investigation
12/07/2011
Working paper no. 1359: Does bargaining matter in the small firm's matching model? 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
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[online only]
05/07/2011
Eurosystem oversight policy framework [online only]
24/06/2011
Research Bulletin No. 13
22/06/2011
Working paper no. 1358: Determinants of credit-less recoveries 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
21/06/2011
Letter from the ECB President to Ms Marine Le Pen, Member of the European Parliament
[online only]
16/06/2011
Monthly Bulletin, June 2011
16/06/2011
Statistics Pocket Book, June 2011
16/06/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: The impact of the global financial and economic crisis on public finances in central and eastern Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Past experience of EU countries with sustaining large primary budget surpluses Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Back to Okun's Law? Recent developments in euro area output and unemployment Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Developments in the euro area balance of payments to March 2011 Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: A cross-check of output gap estimates for the euro area with other cyclical indicators Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Liquidity conditions and monetary policy operations in the period from 9 February to 10 May 2011 Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Euro area broad money growth and the unwinding of accumulated liquidity Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: The experience of macroeconomic adjustment in the Baltic States Monthly Bulletin Issue 6, 2011
16/06/2011
Focus: Inflation in the euro area and the United States: an assessment based on the Phillips curve Monthly Bulletin Issue 6, 2011
16/06/2011
BIS triennial survey 2010 - euro area data Assessment of foreign exchange and derivatives market activity [online only]
15/06/2011
Financial Stability Review Press release:
14/06/2011
Working paper no. 1356: The role of oil prices in the euro area economy since the 1970s
14/06/2011
Working paper no. 1355: Household's portfolio structure in Germany - analysis of financial accounts data 1959-2009
14/06/2011
Working paper no. 1354: Saudi Aramco and the oil market
14/06/2011
Working paper no. 1353: Exchange rate anchoring - Is there still a de facto US dollar standard?
10/06/2011
Working paper no. 1352: Systemic risk and financial development in a monetary model
10/06/2011
Letter from the ECB President to Mr Mário David, Member of the European Parliament
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[online only]
10/06/2011
Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament
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[online only]
09/06/2011
Eurosystem staff macroeconomic projections for the euro area [online only]
06/06/2011
Working paper no. 1351: Potential output in DSGE models
06/06/2011
Working paper no. 1350: The optimal width of the central bank standing facilities corridor and banks' day-to-day liquidity management
06/06/2011
Working paper no. 1349: Consumer confidence as a predictor of consumption spending: evidence for the United States and the euro area
03/06/2011
Approaches to monetary policy revisited – lessons from the crisis. Sixth ECB Central Banking Conference 18-19 November 2010 Press release:
01/06/2011
Working paper no. 1348: Theoretical notes on bubbles and the current crisis
01/06/2011
Working paper no. 1347: Sovereign credit ratings and financial markets linkages: application to European data 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?
01/06/2011
Working paper no. 1345: Systemic risk-taking: amplification effects, externalities, and regulatory responses
01/06/2011
Letter to the Clearing and Intermediary Oversight, Commodity Futures Trading Commission and to the Trading and Markets, Securities and Exchange Commission [online only]
31/05/2011
European Commission’s public consultation on the technical details of a possible EU framework for bank recovery and resolution – ESCB contribution [online only] European Commission: Consultation on technical details of a possible European crisis management framework
27/05/2011
Working paper no. 1344: Have euro area and EU economic governance worked? Just the facts 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
27/05/2011
Working paper no. 1342: Fiscal data revisions in Europe 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 Published in: Journal of Economic Dynamics and Control, Vol 35, 2011: pp 2167‐2185.
19/05/2011
TARGET Annual Report 2010 [online only] Press release:
16/05/2011
Working paper no. 1340: How wages respond to shocks: asymmetry in the speed of adjustment
12/05/2011
Statistics Pocket Book, May 2011
12/05/2011
Monthly Bulletin, May 2011
12/05/2011
Working paper no. 1339: The stock market reaction to the 2005 non-tradable share reform in China Published in: Pacific-Basin Finance Journal, Vol 20, 2012: pp 543–560.
12/05/2011
Focus: Euro area trade in services: specialisation patterns and recent trends Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: The measurement and prediction of the euro area business cycle Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2011 Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: Integrated euro area accounts for the fourth quarter of 2010 Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area" Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: The results of the April 2011 bank lending survey for the euro area Monthly Bulletin Issue 5, 2011
12/05/2011
Focus: Global economic repercussions of the earthquake in Japan Monthly Bulletin Issue 5, 2011
12/05/2011
Article: The external representation of the EU and EMU Monthly Bulletin Issue 5, 2011
12/05/2011
Article: Patterns of euro area and US macroeconomic cycles - what has been different this time? Monthly Bulletin Issue 5, 2011
11/05/2011
Working paper no. 1338: Financial frictions and optimal monetary policy in an open economy Published in: International Journal of Central Banking, Vol 10 (1), 2014, pp43-94
06/05/2011
The monetary policy of the ECB (third edition)
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ePub: en Press release:
03/05/2011
Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament
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[online only]
02/05/2011
Annual Report 2010
02/05/2011
Working paper no. 1337: Who invests in home equity to exempt wealth from bankruptcy?
02/05/2011
Working paper no. 1336: A monetary policy strategy in good and bad times: lessons from the recent past 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 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
02/05/2011
Financial integration in Europe Press release:
28/04/2011
Recovery and beyond: lessons for trade adjustment and competitiveness [online only]
27/04/2011
Survey on the access to finance of SMEs in the euro area - September 2010 to February 2011 [online only] Press release:
20/04/2011
Working paper no. 1333: Distributional dynamics under smoothly state-dependent pricing
20/04/2011
Working paper no. 1332: Central bank communication on financial stability Published in: Economic Journal (forthcoming)
20/04/2011
Working paper no. 1331: Business cycle dynamics under rational inattention
20/04/2011
Working paper no. 1330: Financial remoteness and the net external position
20/04/2011
Working paper no. 1329: Securitization, bank lending and credit quality: the case of Spain Published in: Journal of International Money and Finance, Vol 31, 2012: pp 80–101
20/04/2011
Working paper no. 1328: The effectiveness of monetary policy in steering money market rates during the recent financial crisis
19/04/2011
Letter from the ECB President to Mr Nuno Teixeira, Member of the European Parliament
ENGLISH
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[online only]
19/04/2011
Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament
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[online only]
14/04/2011
Statistics Pocket Book, April 2011
14/04/2011
Monthly Bulletin, April 2011
14/04/2011
Focus: Sectoral developments in employment and hours worked in the euro area Monthly Bulletin Issue 4, 2011
14/04/2011
Focus: Revisions to euro area GDP growth Monthly Bulletin Issue 4, 2011
14/04/2011
Focus: Recent housing market developments in the euro area Monthly Bulletin Issue 4, 2011
14/04/2011
Focus: Methodological changes in the compilation of the HICP and their impact on recent data Monthly Bulletin Issue 4, 2011
14/04/2011
Focus: The use of trade credit by euro area non-financial corporations Monthly Bulletin Issue 4, 2011
14/04/2011
Focus: Political tensions in the Middle East and North Africa: economic implications for the euro area Monthly Bulletin Issue 4, 2011
14/04/2011
Article: The use of euro banknotes - results of two surveys among households and firms Monthly Bulletin Issue 4, 2011
14/04/2011
Article: Ensuring fiscal sustainability in the euro area Monthly Bulletin Issue 4, 2011
13/04/2011
Working paper no. 1327: Systemic risk diagnostics: coincident indicators and early warning signals
13/04/2011
Working paper no. 1326: Welfare costs of inflation and the circulation of US currency abroad 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 [online only]
08/04/2011
Working paper no. 1325: Wage structure effects of international trade: evidence from a small open economy 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
08/04/2011
Working paper no. 1323: Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment 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 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
08/04/2011
Occasional paper no. 125: Household sector borrowing in the euro area - a micro data perspective
07/04/2011
Working paper no. 1320: What lies beneath? A time-varying FAVAR model for the UK transmission mechanism
07/04/2011
Working paper no. 1319: Fiscal developments and financial stress: a threshold VAR analysis
07/04/2011
Working paper no. 1318: Using the global dimension to identify shocks with sign restrictions 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
07/04/2011
Working paper no. 1316: The ECB's New Multi-Country Model for the euro area: NMCM - with boundedly rational learning expectations
07/04/2011
Working paper no. 1315: The ECB's New Multi-Country Model for the euro area: NMCM - simulated with rational expectations
01/04/2011
Working paper no. 1314: Price and wage setting in Portugal: learning by asking
30/03/2011
Euro area monetary and financial statistics - 2010 quality report [online only]
30/03/2011
Euro area balance of payments and international investment position statistics - 2010 quality report [online only]
24/03/2011
Working paper no. 1313: News and policy foresight in a macro-finance model of the US
24/03/2011
Working paper no. 1312: A structural model of central bank operations and bank intermediation
24/03/2011
Working paper no. 1311: Macro-financial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events 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
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
15/03/2011
Working paper no. 1309: Skills and wage inequality in Greece: evidence from matched employer-employee data, 1995-2002
11/03/2011
Research Bulletin No. 12
10/03/2011
Statistics Pocket Book, March 2011
10/03/2011
Monthly Bulletin, March 2011
10/03/2011
Focus: Government debt dynamics and primary budget balance developments in the EU Member States Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: ECB staff macroeconomic projections for the euro area Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Labour market mobility and transitions in labour market status in the euro area Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Recent developments in the euro area balance of payments Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Recent revisions to forecasts for activity growth Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Gauging the impact of indirect taxation on euro area HICP inflation Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Explaining the recent decoupling between growth in MFI loans for house purchase and consumer credit Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Liquidity conditions and monetary policy operations in the period from 10 November 2010 to 8 February 2011 Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: Permanent and temporary factors in broad money growth Monthly Bulletin Issue 3, 2011
10/03/2011
Focus: The importance of the euro area as an export destination Monthly Bulletin Issue 3, 2011
10/03/2011
External evaluation of the Directorate General Research of the European Central Bank Press release:
10/03/2011
Article: The reform of economic governance in the euro area - essential elements Monthly Bulletin Issue 3, 2011
09/03/2011
Working paper no. 1308: Myopic governments and welfare-enhancing debt limits
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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03/03/2011
Working paper no. 1307: The response of labour taxation to changes in government debt
03/03/2011
ECB staff macroeconomic projections for the euro area [online only]
01/03/2011
Working paper no. 1306: Why are some prices stickier than others? Firm-data evidence on price adjustment lags
01/03/2011
Working paper no. 1305: Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies
28/02/2011
Working paper no. 1304: Subprime consumer credit demand: evidence from a lender's pricing experiment
28/02/2011
Working paper no. 1303: Behavioural characteristics and financial distress
28/02/2011
Working paper no. 1302: The immigrant/native wealth gap in Germany, Italy and Luxembourg
28/02/2011
Working paper no. 1301: Wealth mobility and dynamics over entire individual working life cycles
28/02/2011
Working paper no. 1300: Inheritances and the distribution of wealth or whatever happened to the great inheritance boom?
28/02/2011
Working paper no. 1299: Who lost the most? Financial literacy, cognitive abilities, and the financial crisis
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?
28/02/2011
Working paper no. 1297: Consumption and initial mortgage conditions: evidence from survey data
28/02/2011
Working paper no. 1296: Financial advice and stock market participation
28/02/2011
Working paper no. 1295: Which households use banks? Evidence from the transition economies
23/02/2011
European Commission’s public consultation on the review of the MiFID– Eurosystem contribution
23/02/2011
European Commission’s public consultation on credit rating agencies – Eurosystem reply
21/02/2011
Recent developments in securitisation [online only]
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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16/02/2011
Working paper no. 1294: The normalized CES production function: theory and empirics 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" [online only] European Commission, Single Market Act (on ec.europa.eu)
10/02/2011
Statistics Pocket Book, February 2011
10/02/2011
Monthly Bulletin, February 2011
10/02/2011
Working paper no. 1293: Financing obstacles among euro area firms: Who suffers the most?
10/02/2011
Focus: Investment outlook in the euro area: an assessment based on survey and capacity utilisation data Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: The current euro area recovery across expenditure components from a historical perspective Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2011 Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: Recent and prospective movements in HICP inflation: the role of base effects Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: Integrated euro area accounts for the third quarter of 2010 Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: Developments in the international investment position of the euro area in 2008 and 2009 Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: The results of the January 2011 bank lending survey for the euro area Monthly Bulletin Issue 2, 2011
10/02/2011
Focus: The Estonian MFI sector and its impact on monetary statistics for the euro area Monthly 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
10/02/2011
Article: The information content of option prices during the financial crisis Monthly Bulletin Issue 2, 2011
10/02/2011
Article: Inflation expectations in the euro area: a review of recent developments Monthly Bulletin Issue 2, 2011
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 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
09/02/2011
Occasional paper no. 123: The international monetary system after the financial crisis
04/02/2011
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures [online only] Press release:
02/02/2011
Central bank statistics: what did the financial crisis change? Fifth ECB Conference on Statistics on 19 and 20 October 2010 Press release:
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 [online only]
20/01/2011
Statistics Pocket Book, January 2011
20/01/2011
Monthly Bulletin, January 2011
20/01/2011
Focus: The forecasting performance of expert surveys Monthly Bulletin Issue 1, 2011
20/01/2011
Focus: Determinants of inflation differentials in the euro area Monthly Bulletin Issue 1, 2011
20/01/2011
Focus: Revisiting the impact of asset transfers to “bad banks” on MFI credit to the euro area private sector Monthly Bulletin Issue 1, 2011
20/01/2011
Focus: Estonia adopts the euro Monthly Bulletin Issue 1, 2011
20/01/2011
Focus: Recent developments in food commodity prices Monthly Bulletin Issue 1, 2011
20/01/2011
Article: The financial crisis and the strengthening of global policy cooperation Monthly Bulletin Issue 1, 2011
20/01/2011
Article: Trends in potential output Monthly Bulletin Issue 1, 2011
20/01/2011
Article: Recent developments in loans to the private sector Monthly Bulletin Issue 1, 2011
20/01/2011
Correspondent central banking model (CCBM) - Procedure for Eurosystem counterparties
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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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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[online only]
17/01/2011
Price stability: why is it important for you? (2011 update) [online only]
17/01/2011
Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks (2011 update) [online only]
17/01/2011
Eurosystem reply to consultation on countercyclical capital buffer [online only]
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 [online only]
14/01/2011
Working paper no. 1290: Non-standard monetary policy measures and monetary developments 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
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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[online only]
12/01/2011
Working paper no. 1289: Bayesian prior elicitation in DSGE models: macro- vs micro-priors 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? Published in: Journal of International Economics, Vol 87 (1), May 2012: pp 50–64
11/01/2011
Working paper no. 1287: Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act
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
10/01/2011
Working paper no. 1285: Identifying the global transmission of the 2007-09 financial crisis in a GVAR Model 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?