Publications published in 2014

19/12/2014
Working paper no. 1756: The coevolution of money markets and monetary policy, 1815-2008
19/12/2014
Working paper no. 1755: Fragmentation in the euro overnight unsecured money market
Published in: Economics Letters, Vol 125, 2014, Iss. 2, pp 298-302
19/12/2014
Letter from Jean-Claude Trichet, President of the ECB, and Mr. Fernandez-Ordonez to Mr. Zapatero, Prime Minister of Spain, on 5 August 2011
19/12/2014
Reply from Mr. Zapatero, Prime Minister of Spain to Jean-Claude Trichet, President of the ECB, on 6 August 2011
18/12/2014
Working paper no. 1754: New evidence on elementary index bias
18/12/2014
Working paper no. 1753: MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period
17/12/2014
Working paper no. 1752: How do exporters react to changes in cost competitiveness?
17/12/2014
Working paper no. 1751: Competition in the Portuguese economy: estimated price-cost margins under imperfect labour markets
17/12/2014
Letter from the ECB President to Mr Fabio De Masi, MEP, on the ABSPP
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17/12/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on adjustment programmes
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17/12/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the ABSPP and CBPP3
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16/12/2014
Working paper no. 1750: How do financial institutions forecast sovereign spreads?
16/12/2014
Working paper no. 1749: Linking distress of financial institutions to macrofinancial shocks
15/12/2014
Working paper no. 1748: Enterprise productivity: a three-speed Europe
15/12/2014
Working paper no. 1747: Disaggregating Okun's law: decomposing the impact of the expenditure components of GDP on euro area unemployment
11/12/2014
The review of draft budgetary plans for 2015Economic Bulletin Issue 12, 2014
11/12/2014
New statistical indicators on government debt securities and their use in fiscal analysis and surveillanceEconomic Bulletin Issue 12, 2014
11/12/2014
The current weakness in euro area investment compared with past crisis episodesEconomic Bulletin Issue 12, 2014
11/12/2014
Indirect effects of oil price developments on euro area inflationEconomic Bulletin Issue 12, 2014
11/12/2014
Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2014Economic Bulletin Issue 12, 2014
11/12/2014
Recent developments in the financial account of the euro area balance of paymentsEconomic Bulletin Issue 12, 2014
11/12/2014
December 2014 Eurosystem staff macroeconomic projections for the euro areaEconomic Bulletin Issue 12, 2014
10/12/2014
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on aspects related to banknotes production
ENGLISH
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09/12/2014
Statistics paper no. 6: Modelling industrial new orders for the euro area
09/12/2014
2014 update of the ECB’s environmental statement
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04/12/2014
Working paper no. 1746: Financial indicators signalling correlation changes in sovereign bond markets
04/12/2014
Eurosystem staff macroeconomic projections for the euro area
02/12/2014
Working paper no. 1745: Model of the United States economy with learning MUSEL
02/12/2014
Working paper no. 1744: Retail market structure and consumer prices in the euro area
28/11/2014
Working paper no. 1743: Measuring financial conditions in major non-euro area economies
28/11/2014
Working paper no. 1742: Within- and cross-country price dispersion in the euro area
27/11/2014
Fire-Sale Externalities in the Euro Area Banking SectorFinancial Stability Review Issue 2, 2014
27/11/2014
Capturing the Financial Cycle in Euro Area CountriesFinancial Stability Review Issue 2, 2014
27/11/2014
Initial Considerations regarding a Macro-Prudential Instrument based on the Net Stable Funding RatioFinancial Stability Review Issue 2, 2014
27/11/2014
Financial Stability Review, November 2014
26/11/2014
Letter from the ECB President to Mr Mario Borghezio, MEP, on the ABS purchase programme
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26/11/2014
Letter from the ECB President to Mr Bernard Monot, MEP, on the ABS purchase programme and the ‘funding’ of the Eurosystem’s lending operations
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26/11/2014
Letter from the ECB President to Mr Fabio de Masi, MEP, on temporary labour at the ECB
19/11/2014
Occasional paper no. 157: The identification of fiscal and macroeconomic imbalances - unexploited synergies under the strengthened EU governance framework
18/11/2014
Guide for the assessment of direct debit schemes against the oversight standards
18/11/2014
Guide for the assessment of credit transfer schemes against the oversight standards
13/11/2014
A closer look at the recovery in euro area servicesEconomic Bulletin Issue 11, 2014
13/11/2014
The impact of the European System of Accounts 2010 on euro area macroeconomicEconomic Bulletin Issue 11, 2014
13/11/2014
Recent revisions to projections of euro area HICP inflationEconomic Bulletin Issue 11, 2014
13/11/2014
Results of the ECB survey of professional forecasters for the fourth quarter of 2014Economic Bulletin Issue 11, 2014
13/11/2014
Integrated euro area accounts for the second quarter of 2014Economic Bulletin Issue 11, 2014
13/11/2014
Survey on the access to finance of enterprises in the euro area: April to September 2014Economic Bulletin Issue 11, 2014
13/11/2014
The results of the euro area bank lending survey for the third quarter of 2014Economic Bulletin Issue 11, 2014
13/11/2014
Understanding the recent decline in oil pricesEconomic Bulletin Issue 11, 2014
13/11/2014
Cyclical improvements in the labour markets of non-euro area EU countriesEconomic Bulletin Issue 11, 2014
13/11/2014
Early warning indicators for fiscal stress in European budgetary surveillanceEconomic Bulletin Issue 11, 2014
13/11/2014
The financial vulnerability of euro area households - evidence from the Eurosystem's Household Finance and Consumption SurveyEconomic Bulletin Issue 11, 2014
12/11/2014
Survey on the access to finance of small and medium-sized enterprises in the euro area – April to September 2014
11/11/2014
Working paper no. 1741: Financial reputation, market interventions and debt issuance by banks: a truncated two-part model approach
11/11/2014
Working paper no. 1740: Exports and capacity constraints - a smooth transition regression model for six euro area countries
03/11/2014
Occasional paper no. 156: Potential output from a euro area perspective
03/11/2014
Letter from the ECB President to Ms Paloma Lopez Bermejo, MEP, on unconventional measures and fiscal policies
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03/11/2014
Letter from the ECB President to Brian Hayes, MEP, on participation of Irish banks in the TLTRO
03/11/2014
Letter from the ECB President to Mr Bernd Lucke, MEP, on ECB measures
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03/11/2014
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on unconventional measures
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03/11/2014
Letter from the ECB President to Ms Sophie Montel, MEP, on ECB measures
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03/11/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on the Greek programme
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03/11/2014
Letter from the ECB President to Mr Kostas Chrysogonos, MEP, on Greek banks
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03/11/2014
Letter from the ECB President to Mr Nicola Caputo, MEP, on various issues
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03/11/2014
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, on Greek banks
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31/10/2014
Monetary policy in a changing financial landscapeECB Forum on Central Banking 2014, conference proceedings
24/10/2014
Working paper no. 1739: Global value chains: surveying drivers and measures
22/10/2014
Working paper no. 1738: Optimal monetary policy, asset purchases, and credit market frictions
22/10/2014
Working paper no. 1737: Financial fragility of euro area households
20/10/2014
Mandate of the European Forum on the Security of Retail Payments
17/10/2014
Letter from the ECB President to Mr Valli and Mr Zanni, MEPs
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17/10/2014
Contribution of the Eurosystem to the public consultation of the European Commission on the mid-term review of the “Europe 2020 strategy”
17/10/2014
Euro Money Market Survey 2014
16/10/2014
ECB statistics: a brief overview
16/10/2014
Bridging tables between the accounting balance sheet items of the NCBS and the ECB and the items to be reported for statistical purposes
13/10/2014
The case for a better functioning securitisation market in the European Union: synthesis of responses
13/10/2014
The case for a better functioning securitisation market in the European Union: A discussion paper - Responses
13/10/2014
Banking structures report, October 2014
10/10/2014
Progress through crisis? Proceedings of the conference for the 20th anniversary of the establishment of the European Monetary Institute
09/10/2014
What lies behind the recent decline in economic sentiment?Economic Bulletin Issue 10, 2014
09/10/2014
Developments in consumer gas prices in the euro areaEconomic Bulletin Issue 10, 2014
09/10/2014
The targeted longer-term refinancing operation of September 2014Economic Bulletin Issue 10, 2014
09/10/2014
The assessment of fiscal effortEconomic Bulletin Issue 10, 2014
09/10/2014
The impact of the economic crisis on euro area labour marketsEconomic Bulletin Issue 10, 2014
01/10/2014
Letter from the ECB President to Mr Balz, MEP
01/10/2014
Letter from the ECB President to Mr Hayes, MEP
01/10/2014
Letter from the ECB President to Mr Hayes, MEP
29/09/2014
Working paper no. 1736: Measuring the effectiveness of cost and price competitiveness in external rebalancing of euro area countries: What do alternative HCIs tell us?
24/09/2014
Letter from the ECB President to Isabella Adinolfi, Marco Affronte, Laura Agea and 14 other Members of the European Parliament
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18/09/2014
Working paper no. 1735: Forecasting the Brent oil price: addressing time-variation in forecast performance
18/09/2014
Working paper no. 1734: Pensions and fertility: back to the roots - The introduction of Bismarck's pension scheme and the European fertility decline
17/09/2014
Occasional paper no. 155: The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis
12/09/2014
Working paper no. 1733: Conditional forecasts and scenario analysis with vector autoregressions for large cross-sections
12/09/2014
Working paper no. 1732: One currency, one price? Euro changeover-related inflation in Estonia
10/09/2014
Working paper no. 1731: Do federal reserve bank presidents have a regional bias?
Published in: European Journal of Political Economy, Vol 40, Part A, December 2015: pp 173
10/09/2014
Working paper no. 1730: Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic
08/09/2014
Statistics paper no. 5: Social media sentiment and consumer confidence
04/09/2014
ECB staff macroeconomic projections for the euro area
01/09/2014
Working paper no. 1729: Flight to liquidity and the Great Recession
01/09/2014
Working paper no. 1728: Financial stress and economic dynamics: the transmission of crises
Published in: Journal of Monetary Economics, Vol 70, March 2015: pp. 100-115
01/09/2014
Country-specific recommendations for fiscal policies under the 2014 European SemesterEconomic Bulletin Issue 9, 2014
01/09/2014
The structural balance as an indicator of the underlying fiscal positionEconomic Bulletin Issue 9, 2014
01/09/2014
The responsiveness of HICP items to changes in economic slackEconomic Bulletin Issue 9, 2014
01/09/2014
Liquidity conditions and monetary policy operations in the period from 14 May to 12 August 2014Economic Bulletin Issue 9, 2014
01/09/2014
Estimating expected liquidity conditions in the euro areaEconomic Bulletin Issue 9, 2014
01/09/2014
Recent developments in the financial account of the euro area balance of paymentsEconomic Bulletin Issue 9, 2014
01/09/2014
Recent economic developments in JapanEconomic Bulletin Issue 9, 2014
01/09/2014
September 2014 ECB staff macroeconomic projections for the euro areaEconomic Bulletin Issue 9, 2014
01/09/2014
Government Finance Statistics Guide
25/08/2014
Working paper no. 1727: The effects of government spending in a small open economy within a monetary union
22/08/2014
Working paper no. 1726: Banks, shadow banking, and fragility
22/08/2014
Working paper no. 1725: Fiscal devaluation in the euro area: a model-based analysis
21/08/2014
Working paper no. 1724: Analysing and forecasting price dynamics across euro area countries and sectors: a panel VAR approach
21/08/2014
Working paper no. 1723: Identifying excessive credit growth and leverage
20/08/2014
Working paper no. 1722: How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey
20/08/2014
Working paper no. 1721: Capital flows and macroprudential policies - A multilateral assessment of effectiveness and externalities
19/08/2014
Working paper no. 1720: Export dynamics and sales at home
18/08/2014
Working paper no. 1719: Intra-industry trade between CESEE countries and the EU15
18/08/2014
Working paper no. 1718: The impact of housing non-cash income on the unconditional distribution of household income in Austria
15/08/2014
Working paper no. 1717: Short-term determinants of the idiosyncratic sovereign risk premium: a regime-dependent analysis for european credit default swaps
Published in: Journal of Empirical Finance (forthcoming)
15/08/2014
Working paper no. 1716: Collateral amplification under complete markets
14/08/2014
A new indicator on euro area capacity utilisation in servicesEconomic Bulletin Issue 8, 2014
14/08/2014
Results of the ECB Survey of Professional Forecasters for the third quarter of 2014Economic Bulletin Issue 8, 2014
14/08/2014
House prices and the rent component of the HICP in the euro areaEconomic Bulletin Issue 8, 2014
14/08/2014
Integrated euro area accounts for the first quarter of 2014Economic Bulletin Issue 8, 2014
14/08/2014
The results of the euro area bank lending survey for the second quarter of 2014Economic Bulletin Issue 8, 2014
14/08/2014
The introduction of the euro in Lithuania on 1 January 2015Economic Bulletin Issue 8, 2014
14/08/2014
New international standards in statistics - enhancements to methodology and data availabilityEconomic Bulletin Issue 8, 2014
14/08/2014
Experience with foreign currency liquidity-providing central bank swapsEconomic Bulletin Issue 8, 2014
13/08/2014
Working paper no. 1715: Stability or upheaval? The currency composition of international reserves in the long run
13/08/2014
Working paper no. 1714: Credit supply dynamics and economic activity in euro area countries: a time-varying parameter VAR analysis
Published in: Journal of International Money and Finance, Vol. 54, June 2015: pp 93-115
12/08/2014
Working paper no. 1713: Employment, hours and optimal monetary policy
12/08/2014
Working paper no. 1712: Signalling fiscal stress in the euro area - a country-specific early warning system
11/08/2014
Working paper no. 1711: Understanding bank-run contagion
11/08/2014
Working paper no. 1710: Market perception of sovereign credit risk in the euro area during the financial crisis
07/08/2014
Letter from the ECB President to Mr De Masi, MEP
06/08/2014
Working paper no. 1709: Wealth and income in the euro area: Heterogeneity in households' behaviours?
06/08/2014
Working paper no. 1708: Optimal mechanisms for the control of fiscal deficits
05/08/2014
Working paper no. 1707: The financial and macroeconomic effects of OMT announcements
05/08/2014
Working paper no. 1706: A consistent set of multilateral productivity approach-based indicators of price competitiveness
Published in: Journal of International Money and Finance (forthcoming)
04/08/2014
Working paper no. 1705: Household heterogeneity in the euro area since the onset of the great recession
04/08/2014
Working paper no. 1704: Are foreign-owned firms different? Comparison of employment volatility and elasticity of labour demand
01/08/2014
Working paper no. 1703: Alternatives for issuer-paid credit rating agencies
01/08/2014
Working paper no. 1702: Bank lines of credit as contingent liquidity: A study of covenant violations and their implications
31/07/2014
Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2014 update
28/07/2014
Working paper no. 1701: European competitiveness - A semiparametric stochastic metafrontier analysis at the firm level
28/07/2014
Working paper no. 1700: Contagious herding and endogenous network formation in financial networks
28/07/2014
Occasional paper no. 154: The impact of regulating occupational pensions in Europe on investment and financial stability
25/07/2014
Working paper no. 1699: Intermediate inputs, external rebalancing and relative price adjustment
Published in: Journal of International Economics, Vol 94, 2014, Iss. 2, pp 248-262
25/07/2014
Working paper no. 1698: Margin regulation and volatility
24/07/2014
Working paper no. 1697: The growth impact of discretionary fiscal policy measures
22/07/2014
Working paper no. 1696: A theory of pruning
22/07/2014
Working paper no. 1695: Collateral imbalances in intra-european trade? Accounting for the difference between gross and value added trade balances
16/07/2014
The international role of the euro, July 2014
15/07/2014
Working paper no. 1694: Term premia implications of macroeconomic regime changes
Published in: Macroeconomic Dynamics (forthcoming)
15/07/2014
Working paper no. 1693: Logit price dynamics
14/07/2014
Working paper no. 1692: How fat is the top tail of the wealth distribution?
14/07/2014
Working paper no. 1691: Crisis-proof services: Why trade in services did not suffer during the 2008-2009 collapse
11/07/2014
Working paper no. 1690: Household wealth in the euro area: the importance of intergenerational transfers, homeownership and house price dynamics
11/07/2014
Working paper no. 1689: Oil prices, exchange rates and asset prices
10/07/2014
Working paper no. 1688: Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
10/07/2014
Working paper no. 1687: Banks' financial distress, lending supply and consumption expenditure
10/07/2014
The macroeconomic effects of structural reformsEconomic Bulletin Issue 7, 2014
10/07/2014
Predicting the strength of recoveriesEconomic Bulletin Issue 7, 2014
10/07/2014
Recent developments in inflation forecasts and shorter and longer-term inflation expectations in the euro areaEconomic Bulletin Issue 7, 2014
10/07/2014
Inflation risk premia in market-based measures of inflation expectationsEconomic Bulletin Issue 7, 2014
10/07/2014
Real interest rates in the euro area: a longer-term perspectiveEconomic Bulletin Issue 7, 2014
10/07/2014
Commodity price developments and their implications for global inflationEconomic Bulletin Issue 7, 2014
10/07/2014
Understanding global trade elasticities: what has changed?Economic Bulletin Issue 7, 2014
10/07/2014
The Phillips curve relationship in the euro areaEconomic Bulletin Issue 7, 2014
10/07/2014
SME access to finance in the euro area: barriers and potential policy remediesEconomic Bulletin Issue 7, 2014
10/07/2014
Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policyEconomic Bulletin Issue 7, 2014
07/07/2014
Euro repo market: improvements for collateral and liquidity management
07/07/2014
Improvements to commercial bank money (COBM) settlement arrangements for collateral operations
07/07/2014
Collateral eligibility and availability: Follow-up to the report on "Collateral eligibility requirements - a comparative study across specific frameworks"
02/07/2014
Working paper no. 1686: Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate
23/06/2014
Report on the macro-prudential research network (MaRs)
12/06/2014
Fiscal councils in EU countriesEconomic Bulletin Issue 6, 2014
12/06/2014
Survey evidence on investment developments across SMEs and large firmsEconomic Bulletin Issue 6, 2014
12/06/2014
Recent trends in household real disposable incomeEconomic Bulletin Issue 6, 2014
12/06/2014
Risk of deflation?Economic Bulletin Issue 6, 2014
12/06/2014
The role of global factors in recent developments in euro area inflationEconomic Bulletin Issue 6, 2014
12/06/2014
Liquidity conditions and monetary policy operations in the period from 12 February 2014 to 13 MayEconomic Bulletin Issue 6, 2014
12/06/2014
Recent developments in the financial account of the euro area balance of paymentsEconomic Bulletin Issue 6, 2014
12/06/2014
Recent developments in MFI loans to non-financial corporations, broken down by economic sectorEconomic Bulletin Issue 6, 2014
12/06/2014
June 2014 Eurosystem staff macroeconomic projections for the euro areaEconomic Bulletin Issue 6, 2014
06/06/2014
Research Bulletin No. 21
05/06/2014
Working paper no. 1685: Consumer cash usage: a cross-country comparison with payment diary survey data
05/06/2014
Working paper no. 1684: This is what's in your wallet... and how you use it
05/06/2014
Working paper no. 1683: Migrants' choice of remittance channel: Do general payment habits play a role?
Published in: World Development (forthcoming)
05/06/2014
Working paper no. 1682: Paying for payments: free payments and optimal interchange fees
05/06/2014
Eurosystem staff macroeconomic projections for the euro area
04/06/2014
Convergence Report
30/05/2014
Working paper no. 1681: Euro area external imbalances and the burden of adjustment
30/05/2014
The case for a better functioning securitisation market in the European Union: A discussion paper
28/05/2014
Recent Experience of European Countries with Macro-Prudential PolicyFinancial Stability Review Issue 1, 2014
28/05/2014
Identifying Excessive Credit Growth and LeverageFinancial Stability Review Issue 1, 2014
28/05/2014
Micro- versus Macro-Prudential Supervision: Potential Differences, Tensions and ComplementaritiesFinancial Stability Review Issue 1, 2014
28/05/2014
Risks from Euro Area Banks’ Emerging Market ExposuresFinancial Stability Review Issue 1, 2014
28/05/2014
Financial Stability Review, May 2014
28/05/2014
MFI balance sheet and interest rate statistics, securities holdings and implementing technical standards on supervisory reporting
27/05/2014
Occasional paper no. 153: Why accounting matters: a central bank perspective
26/05/2014
Letter from the ECB President to Mr Nuno Melo, MEP
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26/05/2014
Letter from the ECB President to Mr Zijlstra, MEP
26/05/2014
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
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23/05/2014
Working paper no. 1680: Verti-zontal differentiation in export markets
23/05/2014
Working paper no. 1679: Density characteristics and density forecast performance: a panel analysis
Published in: Empirical Economics (forthcoming)
22/05/2014
TARGET Annual Report 2013
21/05/2014
Working paper no. 1678: Competition and bank risk: the effect of securitization and bank capital
21/05/2014
Letter from the ECB President to Ms Martina Anderson, MEP
20/05/2014
Working paper no. 1677: Mapping global value chains
20/05/2014
Working paper no. 1676: Does a leverage ratio requirement increase bank stability?
Published in: Journal of Banking and Finance, Vol 39, February 2014: pp 240-254
15/05/2014
Recent developments in the consumption of durable goods in the euro areaEconomic Bulletin Issue 5, 2014
15/05/2014
Results of the ECB Survey of Professional Forecasters for the second quarter of 2014Economic Bulletin Issue 5, 2014
15/05/2014
Calendar effects in recent inflation developmentsEconomic Bulletin Issue 5, 2014
15/05/2014
Integrated euro area accounts for the fourth quarter of 2013Economic Bulletin Issue 5, 2014
15/05/2014
Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2013 to March 2014Economic Bulletin Issue 5, 2014
15/05/2014
The results of the euro area bank lending survey for the first quarter of 2014Economic Bulletin Issue 5, 2014
15/05/2014
The determinants of euro area sovereign bond yield spreads during the crisisEconomic Bulletin Issue 5, 2014
15/05/2014
Euro area sectoral activity since 2008Economic Bulletin Issue 5, 2014
14/05/2014
Working paper no. 1675: The VIX, the variance premium and stock market volatility
Published in: Journal of Econometrics, Vol. 183, No. 2: pp. 181-192
13/05/2014
Working paper no. 1674: ECB monetary policy surprises: identification through cojumps in interest rates
13/05/2014
Working paper no. 1673: Micro and macro data: a comparison of the Household Finance and Consumption Survey with financial accounts in Austria
12/05/2014
Final recommendations for the security of payment account access services following the public consultation
07/05/2014
Working paper no. 1672: Wealth differences across borders and the effect of real estate price dynamics: evidence from two household surveys
07/05/2014
Letter from the ECB President to Ms Martina Anderson, MEP
30/04/2014
Survey on the access to finance of small and medium-sized enterprises in the euro area – October 2013 to March 2014
29/04/2014
Card payments in Europe – a renewed focus on SEPA for cards
28/04/2014
Working paper no. 1671: Economic surprises and inflation expectations: Has anchoring of expectations survived the crisis?
28/04/2014
Working paper no. 1670: Identifying hubs and spokes in global supply chains using redirected trade in value added
28/04/2014
Financial Integration in Europe, April 2014
25/04/2014
Euro area quarterly financial accounts - 2013 quality report
14/04/2014
Working paper no. 1669: The international dimension of confidence shocks
11/04/2014
The impaired EU securitisation market: causes, roadblocks and how to deal with them
10/04/2014
Euro area sectoral value added growth and the Purchasing Managers' IndexEconomic Bulletin Issue 4, 2014
10/04/2014
Factors behind the fall and recovery in business investmentEconomic Bulletin Issue 4, 2014
10/04/2014
Slack in the euro area economyEconomic Bulletin Issue 4, 2014
10/04/2014
Potential measurement issues in consumer price indicesEconomic Bulletin Issue 4, 2014
10/04/2014
Eurosystem Credit Assessment Framework for monetary policy operationsEconomic Bulletin Issue 4, 2014
10/04/2014
Recent developments in debt securities issued by non-financial corporations in the euro areaEconomic Bulletin Issue 4, 2014
10/04/2014
Is the unemployment rate a sound gauge of labour market developments in the United States?Economic Bulletin Issue 4, 2014
10/04/2014
Fiscal multipliers and the timing of consolidationEconomic Bulletin Issue 4, 2014
10/04/2014
The ECB's forward guidanceEconomic Bulletin Issue 4, 2014
07/04/2014
Consolidated balance sheet of the Eurosystem as at 31 December 2013
07/04/2014
Annual Report 2013
04/04/2014
Working paper no. 1668: The effect of G20 summits on global financial markets
03/04/2014
Working paper no. 1667: Rollover risk, liquidity, and macro-prudential regulation
03/04/2014
Working paper no. 1666: Measuring bilateral spillover and testing contagion on sovereign bond markets in Europe
Published in: Journal of Banking and Finance, Vol 46, 2014, pp 151-165
02/04/2014
Working paper no. 1665: Optimal level of government debt - matching wealth inequality and the fiscal sector
02/04/2014
Working paper no. 1664: Tax deferral and mutual fund inflows - evidence from a quasi-natural experiment
02/04/2014
Euro area balance of payments and international investment position statistics - 2013 quality report
01/04/2014
Working paper no. 1663: Net wealth across the euro area - why household structure matters and how to control for it
01/04/2014
Working paper no. 1662: Wealth shocks, credit-supply shocks, and asset allocation: evidence from household and firm portfolios
31/03/2014
Working paper no. 1661: Cross-border commuting and consuming: an empirical investigation
27/03/2014
Working paper no. 1660: U.S. consumer demand for cash in the era of low interest rates and electronic payments
27/03/2014
Working paper no. 1659: Wishful thinking or effective threat? tightening bank resolution regimes and bank risk-taking
26/03/2014
Statistics for Economic and Monetary Union. Enhancements and new directions, 2003-12, by Peter Bull
18/03/2014
Public note on security of payment account access services
17/03/2014
Working paper no. 1658: Commonality in hedge fund returns: driving factors and implications
Published in: Journal of Banking and Finance, Vol. 54, May 2015: pp. 266-280
17/03/2014
Working paper no. 1657: The costs and beliefs impliedby direct stock ownership
14/03/2014
Working paper no. 1656: Consumption inequality and family labor supply
14/03/2014
Working paper no. 1655: The distribution of wealth and the marginal propensity to consume
13/03/2014
Working paper no. 1654: Sovereign credit ratings, market volatility, and financial gains
Published in: Computational Statistics and Data Analysis (forthcoming)
13/03/2014
Working paper no. 1653: Fiscal activism and the zero nominal interest rate bound
13/03/2014
Key challenges for the surveillance of economic and fiscal policies under the 2014 European SemesterEconomic Bulletin Issue 3, 2014
13/03/2014
Impact of services and non-energy industrial goods prices on the recent decline in HICP inflationEconomic Bulletin Issue 3, 2014
13/03/2014
Debt of non-financial corporations: consolidated and non-consolidated measuresEconomic Bulletin Issue 3, 2014
13/03/2014
Liquidity conditions and monetary policy operations in the period from 13 November 2013 to 11 February 2014Economic Bulletin Issue 3, 2014
13/03/2014
Recent developments in the financial account of the euro area balance of paymentsEconomic Bulletin Issue 3, 2014
13/03/2014
Repercussions of the recent financial market tensions in emerging market economiesEconomic Bulletin Issue 3, 2014
13/03/2014
March 2014 ECB Staff macroeconomic projections for the euro areaEconomic Bulletin Issue 3, 2014
12/03/2014
Working paper no. 1652: Macroeconomic experiences and risk taking of euro area households
12/03/2014
Working paper no. 1651: Network effects, homogeneous goods and international currency choice: new evidence on oil markets from an older era
11/03/2014
Working paper no. 1650: The euro plus pact: cost competitiveness and external capital flows in the EU countries
11/03/2014
Working paper no. 1649: Global corporate bond issuance: what role for US quantitative easing?
10/03/2014
Working paper no. 1648: The Distribution of wealth and the MPC: implications of new European data
10/03/2014
Working paper no. 1647: External and macroeconomic adjustment in the larger euro area countries
Published in: International Finance, Vol. 19, Iss. 3, 2016: pp. 269
07/03/2014
Working paper no. 1646: Modeling emergence of the interbank networks
07/03/2014
Working paper no. 1645: Forward-looking reaction to bank regulation
06/03/2014
Working paper no. 1644: Financial conditions index and credit supply shocks for the euro area
06/03/2014
Working paper no. 1643: Has US household deleveraging ended? a model-based estimate of equilibrium debt
Published in: The B.E. Journal of Macroeconomics, Vol 15, January 2015, Iss. 1: pp 255-307
06/03/2014
ECB staff macroeconomic projections for the euro area
28/02/2014
Working paper no. 1642: A high frequency assessment of the ECB securities markets programme
25/02/2014
Third report on card fraud
21/02/2014
Working paper no. 1641: Rational blinders: strategic selection of risk models and bank capital regulation
21/02/2014
Working paper no. 1640: What drives the market share changes? price versus non-price factors
21/02/2014
ELA procedures
20/02/2014
Working paper no. 1639: The distribution of debt across euro area countries: the role of individual characteristics, institutions and credit conditions
20/02/2014
Working paper no. 1638: Central clearing and collateral demand
20/02/2014
Annual Accounts 2013
19/02/2014
Working paper no. 1637: Characterizing very high uncertainty episodes
19/02/2014
Working paper no. 1636: The impact of monetary policy and exchange rate shocks in Poland: evidence from a time-varying VAR
19/02/2014
Letter from the ECB President to Mr Crescenzio Rivellini, MEP
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19/02/2014
Letter from the ECB President to Ms Martina Anderson, MEP
19/02/2014
Letter from the ECB President to Mr Auke Zijlstra, MEP
18/02/2014
Working paper no. 1635: Does the federal reserve staff still beat private forecasters?
Published in: International Journal of Forecasting, Vol 32, 2016: pp 313 - 323 as
18/02/2014
Working paper no. 1634: Micro-based evidence of EU competitiveness: the CompNet database
13/02/2014
Developments in youth unemployment in euro area countries since the onset of the crisisEconomic Bulletin Issue 2, 2014
13/02/2014
Results of the ECB Survey of Professional Forecasters for the first quarter of 2014Economic Bulletin Issue 2, 2014
13/02/2014
Experimental indicators of commercial property pricesEconomic Bulletin Issue 2, 2014
13/02/2014
Base effects from the volatile components of the HICP and their impact on HICP inflation in 2014Economic Bulletin Issue 2, 2014
13/02/2014
Integrated euro area accounts for the third quarter of 2013Economic Bulletin Issue 2, 2014
13/02/2014
The results of the euro area bank lending survey for the fourth quarter of 2013Economic Bulletin Issue 2, 2014
13/02/2014
The Latvian MFI sector and its impact on monetary statistics for the euro areaEconomic Bulletin Issue 2, 2014
13/02/2014
Current account adjustment in the EU Member States of central and eastern EuropeEconomic Bulletin Issue 2, 2014
13/02/2014
Drivers of recent global inflation developmentsEconomic Bulletin Issue 2, 2014
13/02/2014
Deleveraging patterns in the euro area corporate sectorEconomic Bulletin Issue 2, 2014
13/02/2014
Extensions to the models for assessing money and creditEconomic Bulletin Issue 2, 2014
12/02/2014
Research Bulletin No 20
05/02/2014
Working paper no. 1633: Buffer-stock saving in a Krusell-Smith world
05/02/2014
Working paper no. 1632: Anchoring the yield curve using survey expectations
04/02/2014
Assessment guide for the security of internet payments
29/01/2014
Working paper no. 1631: Household risk management and actual mortgage choice in the euro area
29/01/2014
Working paper no. 1630: Financial flexibility across the euro area and the UK
28/01/2014
Working paper no. 1629: The impact of news and the SMP on realized (co)variances in the eurozone sovereign debt market
28/01/2014
Working paper no. 1628: Cross-border production chains and business cycle co-movement between Central and Eastern European countries and euro area member states
28/01/2014
Letter from the ECB President to Mr Andreas Pitsillides, MEP
28/01/2014
Letter from the ECB President to Mr Peter van Dalen, MEP
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28/01/2014
Letter from the ECB President to Mr Sven Giegold, MEP
28/01/2014
Letter from the ECB President to Mr Nikolaos Chountis, MEP
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28/01/2014
Handbook of National Accounting: Financial Production, Flows and Stocks in the System of National Accounts
27/01/2014
Working paper no. 1627: Spatial dependence in commercial property prices: micro evidence from the Netherlands
16/01/2014
Medium-term prospects for China’s economy and the internationalisation of the renminbiEconomic Bulletin Issue 1, 2014
16/01/2014
Recent developments in excess liquidity and money market ratesEconomic Bulletin Issue 1, 2014
16/01/2014
Fifteen years of the ECB Survey of Professional ForecastersEconomic Bulletin Issue 1, 2014
13/01/2014
Letter from the ECB President to Mr Raül Romeva i Rueda, MEP
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13/01/2014
Letter from the ECB President to Mr Auke Zijlstra, MEP
13/01/2014
Letter from the ECB President to Mr Ramon Tremosa i Balcells, MEP
10/01/2014
ECB response to the questionnaire of the European Parliament on the troika
06/01/2014
Framework for the assessment of securities settlement systems and links to determine their eligibility for use in Eurosystem credit operations
01/01/2014
Developments in the international investment position of the euro area since the outbreak of the financial crisisEconomic Bulletin Issue 3, 2014
01/01/2014
To what extent has the current account adjustment in the stressed euro area countries been cyclical or structural?Economic Bulletin Issue 1, 2014
01/01/2014
Business investment – signs of a modest recovery aheadEconomic Bulletin Issue 1, 2014
01/01/2014
Latvia adopts the euroEconomic Bulletin Issue 1, 2014
01/01/2014
Is weak credit holding back the economic recovery in the United States and the United Kingdom?Economic Bulletin Issue 1, 2014