Publications published in 2018

21/09/2018
Research bulletin no. 50: The macroeconomic impact of news about policy and news about the economy in ECB announcements
17/09/2018
Eurosystem report on the gap assessment of card payment schemes against the “Oversight framework for card payment schemes – standards”
17/09/2018
ESS – ESCB quality assessment report on statistics underlying the Macroeconomic Imbalance Procedure (annual report for 2017)
2017 annual report on the main characteristics and quality aspects of the statistics underlying the Macroeconomic Imbalance Procedure
14/09/2018
Letter from the ECB President to Mr Miguel Viegas, MEP, on high-denomination euro banknotes
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14/09/2018
Letter from the ECB President to Mr Joachim Starbatty and Ms Ulrike Trebesius, MEP, on TARGET2
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14/09/2018
Letter from the ECB President to Mr Jonás Fernández, MEP, on a central bank digital currency
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14/09/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy
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14/09/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy
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14/09/2018
Working paper no. 2175: ALICE: A new inflation monitoring tool
13/09/2018
ECB staff macroeconomic projections for the euro area, September 2018
05/09/2018
Research bulletin no. 49: What did forecasters learn during the European sovereign debt crisis about the impact of fiscal policies on economic growth?
28/08/2018
AnaCredit Validation Checks – Selected validation checks performed in AnaCredit datasets – Version 1.2
22/08/2018
Price and wage-setting in advanced Economies: takeaways from the ECB’s 2018 Sintra ForumECB Forum on Central Banking 2018
09/08/2018
Economic Bulletin Issue 5, 2018
09/08/2018
Growth synchronisation in euro area countriesEconomic Bulletin Issue 5, 2018
09/08/2018
Cyclical developments in the euro area current accountEconomic Bulletin Issue 5, 2018
09/08/2018
Imbalances in China: is growth in peril from a housing market downturn?Economic Bulletin Issue 5, 2018
09/08/2018
The evolution of the ECB’s accountability practices during the crisisEconomic Bulletin Issue 5, 2018
09/08/2018
Developments in mortgage loan origination in the euro areaEconomic Bulletin Issue 5, 2018
08/08/2018
Private consumption and its drivers in the current economic expansionEconomic Bulletin Issue 5, 2018
07/08/2018
TIBER-EU Framework - Services Procurement Guidelines
07/08/2018
The role of wages in the pick-up of inflationEconomic Bulletin Issue 5, 2018
07/08/2018
Measuring fragmentation in the euro area unsecured overnight interbank money marketEconomic Bulletin Issue 5, 2018
06/08/2018
Country-specific recommendations for economic policies under the 2018 European SemesterEconomic Bulletin Issue 5, 2018
01/08/2018
Working paper no. 2174: Stochastic discounting and the transmission of money supply shocks
01/08/2018
Working paper no. 2173: Life below zero: bank lending under negative policy rates
27/07/2018
The ECB Survey of Professional Forecasters (SPF) – Third quarter of 2018
27/07/2018
Working paper no. 2172: International spillovers of quantitative easing
27/07/2018
Working paper no. 2171: A methodology for automised outlier detection in high-dimensional datasets: an application to euro area banks' supervisory data
26/07/2018
Letter from the ECB President to Mr Jonás Fernández, MEP, on monetary policy
26/07/2018
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEPs, on the expanded asset purchase programme
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18/07/2018
Working paper no. 2170: Monetary policy and household inequality
17/07/2018
Occasional paper no. 212: Real convergence in central, eastern and south-eastern Europe
13/07/2018
Working paper no. 2169: Benefits and costs of liquidity regulation
11/07/2018
Research bulletin no. 48: Fiscal transfers without moral hazard?
11/07/2018
Working paper no. 2168: The natural rate of interest and the financial cycle
11/07/2018
Working paper no. 2167: Financial frictions, international capital flows and welfare
06/07/2018
Legal working paper no. 17: The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints
03/07/2018
Working paper no. 2166: Credit shocks, employment protection, and growth: firm-level evidence from Spain
29/06/2018
Euro area and national quarterly financial accounts - 2017 Quality report
29/06/2018
Euro area and national balance of payments and international investment position statistics - 2017 Quality report
28/06/2018
Economic Bulletin Issue 4, 2018
28/06/2018
Country-specific recommendations for fiscal policies under the 2018 European SemesterEconomic Bulletin Issue 4, 2018
28/06/2018
The recent slowdown in euro area output growth reflects both cyclical and temporary factorsEconomic Bulletin Issue 4, 2018
28/06/2018
Measuring and interpreting the cost of equity in the euro areaEconomic Bulletin Issue 4, 2018
28/06/2018
Liquidity conditions and monetary policy operations in the period from 31 January to 2 May 2018Economic Bulletin Issue 4, 2018
27/06/2018
The 2018 Ageing Report: population ageing poses tough fiscal challengesEconomic Bulletin Issue 4, 2018
27/06/2018
Monitoring the exchange rate pass-through to inflationEconomic Bulletin Issue 4, 2018
26/06/2018
Research bulletin no. 47: Designing QE in a fiscally sound monetary union
26/06/2018
Foreign direct investment and its drivers: a global and EU perspectiveEconomic Bulletin Issue 4, 2018
25/06/2018
Measures of underlying inflation for the euro areaEconomic Bulletin Issue 4, 2018
25/06/2018
Working paper no. 2165: Proposal on ELBE and LGD in-default: tackling capital requirements after the financial crisis
25/06/2018
Occasional paper no. 211: Macroeconomic imbalances in the euro area: where do we stand?
22/06/2018
Occasional paper no. 210: Structural policies in the euro area
21/06/2018
Working paper no. 2164: I will survive. Pricing strategies of financially distressed firms
21/06/2018
Working paper no. 2163: Missing the wealthy in the HFCS: micro problems with macro implications
20/06/2018
Working paper no. 2162: Foreign-law bonds: can they reduce sovereign borrowing costs?
20/06/2018
Working paper no. 2161: Are asset price data informative about news shocks? A DSGE perspective
19/06/2018
Working paper no. 2160: Cross-country linkages and spill-overs in early warning models for financial crises
19/06/2018
Working paper no. 2159: Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys
15/06/2018
Revised Eurosystem assessment methodology for payment systems, June 2018
15/06/2018
Letter from the ECB President to Mr Sander Loones, MEP, regarding the Harmonised Index of Consumer Prices
15/06/2018
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the Irish adjustment programme
15/06/2018
Letter from the ECB President to Mr Paul Tang, Ms Neena Gill, Mr Jonás Fernández, MEPs, on recent initiatives on sustainable finance
15/06/2018
Letter from the ECB President to Mr Csaba Molnár, MEP, on the activities of the Hungarian National Bank
15/06/2018
Working paper no. 2158: Non-base wage components as a source of wage adaptability to shocks: evidence from European firms, 2010–2013
15/06/2018
Working paper no. 2157: Wealth effects in the euro area
14/06/2018
Eurosystem staff macroeconomic projections for the euro area, June 2018
05/06/2018
The international role of the euro, June 2018
05/06/2018
Working paper no. 2156: Designing QE in a fiscally sound monetary union
05/06/2018
Working paper no. 2155: Coordinating monetary and financial regulatory policies
04/06/2018
Survey on the Access to Finance of Enterprises in the euro area – October 2017 to March 2018
30/05/2018
Working paper no. 2154: Learning about fiscal multipliers during the European sovereign debt crisis: evidence from a quasi-natural experiment
30/05/2018
Disclosure Report - TARGET2 Summary of the self-assessment against the principles for financial market infrastructures
25/05/2018
Working paper no. 2153: What are the main obstacles to hiring after recessions in Europe?
25/05/2018
Working paper no. 2152: Sticky expectations and consumption dynamics
24/05/2018
A new financial stability risk index to predict the near-term risk of recessionFinancial Stability Review Issue 1, 2018
24/05/2018
Predicting the likelihood and severity of financial crises over the medium term with a cyclical systemic risk indicatorFinancial Stability Review Issue 1, 2018
24/05/2018
Financial Stability Review, May 2018
24/05/2018
The distribution of interest rate risk in the euro areaFinancial Stability Review Issue 1, 2018
23/05/2018
Convergence Report
23/05/2018
Statistics paper no. 28: Disentangling euro area portfolios: new evidence on cross-border securities holdings
22/05/2018
Working paper no. 2151: Exchange rate forecasting on a napkin
22/05/2018
Working paper no. 2150: Asset pricing and the propagation of financial shocks
16/05/2018
Research bulletin no. 46: Price convergence in the EU: What can we learn from the car market?
10/05/2018
Real convergence in central, eastern and south-eastern EuropeEconomic Bulletin Issue 3, 2018
10/05/2018
Risk sharing in the euro areaEconomic Bulletin Issue 3, 2018
10/05/2018
Factors driving the recent improvement in the euro area’s international investment positionEconomic Bulletin Issue 3, 2018
10/05/2018
Measures of slack in the euro areaEconomic Bulletin Issue 3, 2018
10/05/2018
Economic Bulletin Issue 3, 2018
08/05/2018
TARGET Annual Report 2017
08/05/2018
The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporationsEconomic Bulletin Issue 3, 2018
07/05/2018
Implications of rising trade tensions for the global economyEconomic Bulletin Issue 3, 2018
03/05/2018
Financial integration in Europe, May 2018
02/05/2018
TIBER-EU FRAMEWORK – How to implement the European framework for Threat Intelligence-based Ethical Red Teaming
02/05/2018
Working paper no. 2149: From carry trades to curvy trades
02/05/2018
Working paper no. 2148: Private and public risk sharing in the euro area
30/04/2018
Occasional paper no. 209: The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework Q2 2016 - Q4 2017
30/04/2018
Working paper no. 2147: The evolving impact of global, region-specific and country-specific uncertainty
30/04/2018
Macroprudential Bulletin - Interview with Vítor Constâncio
30/04/2018
Using large exposure data to gauge the systemic importance of SSM significant institutions
30/04/2018
How competition and regulation drive bank and investment fund risk profiles and their market shares
30/04/2018
Targeted review of the macroprudential framework
30/04/2018
Macroprudential policy measures
27/04/2018
Working paper no. 2146: Politics, banks, and sub-sovereign debt: unholy trinity or divine coincidence?
27/04/2018
The ECB Survey of Professional Forecasters (SPF) – Second Quarter of 2018
26/04/2018
Letter from the ECB President to Mr Georgios Epitideios, MEP, on circulation of counterfeit banknotes in Europe
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26/04/2018
Letter from the ECB President to Mr Brian Hayes, MEP, on the Eurosystem Credit Assessment Framework
26/04/2018
Letter from the ECB President to Mr Stelios Kouloglou, MEP, on ECB’s institutional issues
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26/04/2018
Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on ECB’s institutional issues
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26/04/2018
Letter from the ECB President to Mr Joachim Starbatty, MEP, on the corporate sector purchase programme
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26/04/2018
Letter from the ECB President to Mr Paul Tang, MEP, on ECB’s interactions with external parties
26/04/2018
Letter from the ECB President to Ms Sofia in ’t Veld, Mr Frank Engel, Mr Josef Weidenholzer, MEPs, on the activities of the Hungarian National Bank
26/04/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, regarding financial conditions for euro area households
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26/04/2018
Letter from the ECB President to Mr Joachim Starbatty and Ms Ulrike Trebesius, MEPs, regarding the public sector purchase programme
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26/04/2018
Letter from the ECB President to Mr Dimitrios Papadimoulis, MEP, regarding the ESRB High-Level Task Force on Safe Assets
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18/04/2018
Detailed opinion of the European Central Bank on the European Ombudsman’s Recommendations in Case 1697/2016/ANA
18/04/2018
Working paper no. 2145: Who benefits from the corporate QE? A regression discontinuity design approach
18/04/2018
Working paper no. 2144: Countercyclical capital regulation in a small open economy DSGE model
13/04/2018
AnaCredit Validation Checks – Selected validation checks performed in AnaCredit datasets – Version 1.1
13/04/2018
Research bulletin no. 45: The effective lower bound and the desirability of gradual interest rate adjustments
11/04/2018
Occasional paper no. 208: Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-subsidisation?
11/04/2018
Working paper no. 2143: The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains
10/04/2018
Working paper no. 2142: On the optimal labor income share
10/04/2018
Working paper no. 2141: Consumption volatility risk and the inversion of the yield curve
09/04/2018
Cover letter to the transmission letter of the Annual Report 2017
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09/04/2018
Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2016
09/04/2018
Annual Report 2017
06/04/2018
Working paper no. 2140: Euro area real-time density forecasting with financial or labor market frictions
06/04/2018
Working paper no. 2139: Monetary policy and cross-border interbank market fragmentation: lessons from the crisis
06/04/2018
The ESCB Integrated Reporting Framework (IReF) – An overview
28/03/2018
Working paper no. 2138: Detrending and financial cycle facts across G7 countries: mind a spurious medium term!
27/03/2018
Project Stella second report - leaflet
27/03/2018
Securities settlement systems: delivery-versus-payment in a distributed ledger environment – Stella project report phase 2
27/03/2018
Working paper no. 2137: A minimal moral hazard central stabilisation capacity for the EMU based on world trade
27/03/2018
Occasional paper no. 207: Strengthening the Global Financial Safety Net
26/03/2018
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
26/03/2018
CCBM information for counterparties - Summary of legal instruments used in the euro area
22/03/2018
The real effects of credit constraintsEconomic Bulletin Issue 2, 2018
22/03/2018
The reliability of the preliminary flash estimate of euro area GDPEconomic Bulletin Issue 2, 2018
22/03/2018
The role of seasonality and outliers in HICP inflation excluding food and energyEconomic Bulletin Issue 2, 2018
22/03/2018
Fiscal policy stance during past periods of expansionEconomic Bulletin Issue 2, 2018
22/03/2018
The European Commission’s 2018 assessment of macroeconomic imbalances and progress on reformsEconomic Bulletin Issue 2, 2018
22/03/2018
Economic Bulletin Issue 2, 2018
22/03/2018
Liquidity conditions and monetary policy operations in the period from 1 November 2017 to 30 January 2018Economic Bulletin Issue 2, 2018
22/03/2018
Recent developments in part-time employmentEconomic Bulletin Issue 2, 2018
21/03/2018
Are the recent oil price increases set to last?Economic Bulletin Issue 2, 2018
20/03/2018
The economic impact of population ageing and pension reformsEconomic Bulletin Issue 2, 2018
19/03/2018
Research bulletin no. 44: Do consumers respond symmetrically to positive and negative income shocks?
19/03/2018
Euro area sovereign bond market liquidity since the start of the PSPPEconomic Bulletin Issue 2, 2018
14/03/2018
Letter from the ECB President to Ms Laura Agea, MEP, on aspects related to banknotes production
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08/03/2018
ECB staff macroeconomic projections for the euro area, March 2018
01/03/2018
Working paper no. 2136: Dealing with endogeneity in threshold models using copulas: an illustration to the foreign trade multiplier
28/02/2018
Working paper no. 2135: Sovereign defaults in court
28/02/2018
Working paper no. 2134: Spillovers in space and time: where spatial econometrics and Global VAR models meet
27/02/2018
Working paper no. 2133: Deconstructing monetary policy surprises: the role of information shocks
27/02/2018
Working paper no. 2132: Priors for the long run
26/02/2018
Working paper no. 2131: Predicting risk premia in short-term interest rates and exchange rates
26/02/2018
Working paper no. 2130: Cross-border banking in the EU since the crisis: what is driving the great retrenchment?
22/02/2018
Consolidated balance sheet of the Eurosystem as at 31 December 2017
22/02/2018
Annual Accounts 2017
19/02/2018
Feedback statement – Responses to the public consultation on the draft European Central Bank regulation on statistical reporting requirements for pension funds
13/02/2018
Research bulletin no. 43: Bank lending under negative policy rates
09/02/2018
Statistics paper no. 27: Yield curve modelling and a conceptual framework for estimating yield curves: evidence from the European Central Bank’s yield curves
08/02/2018
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on structural reforms in Spain
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08/02/2018
Letter from the ECB President to Ms Kostadinka Kuneva, MEP, on the European Court of Auditor’s report on Greece
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08/02/2018
Letter from the ECB President to Ms Eva Kaili, MEP, on the corporate sector purchase programme
08/02/2018
Letter from the ECB President to Mr Enrique Calvet Chambon, MEP, on the European financial sector
08/02/2018
Economic Bulletin Issue 1, 2018
08/02/2018
Recent house price increases and housing affordabilityEconomic Bulletin Issue 1, 2018
07/02/2018
Labour supply and employment growthEconomic Bulletin Issue 1, 2018
06/02/2018
Consumption of durable goods in the ongoing economic expansionEconomic Bulletin Issue 1, 2018
05/02/2018
The macroeconomic impact of the US tax reformEconomic Bulletin Issue 1, 2018
05/02/2018
Working paper no. 2129: Tight money - tight credit: coordination failure in the conduct of monetary and financial policies
05/02/2018
Working paper no. 2128: Time-consistent monetary policy, terms of trade manipulation and welfare in open economies
01/02/2018
Working paper no. 2127: Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: a structural model-based approach
01/02/2018
Working paper no. 2126: Credit constraints, firm investment and growth: evidence from survey data
31/01/2018
Working paper no. 2125: Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area
31/01/2018
Working paper no. 2124: Credit shocks and the European labour market
26/01/2018
Letter from the ECB President to several MEPs on ECB’s interactions with external parties
26/01/2018
Occasional paper no. 206: The transition of China to sustainable growth – implications for the global economy and the euro area
26/01/2018
The ECB Survey of Professional Forecasters (SPF) – First Quarter of 2018
24/01/2018
Letter from the ECB President to Mr David Coburn, MEP, on monetary policy
24/01/2018
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on house auctions in Greece
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24/01/2018
Letter from the ECB President to Ms Laura Agea and Mr Marco Valli, MEPs, on the corporate sector purchase programme
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15/01/2018
Working paper no. 2123: Macroprudential regulation in the European Union in 1995-2014: introducing a new data set on policy actions of a macroprudential nature
11/01/2018
Research bulletin no. 42: Sub-sovereign bonds in banks’ portfolios: A role for political connections?
10/01/2018
Working paper no. 2122: How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe
10/01/2018
Working paper no. 2121: Agent-based model of system-wide implications of funding risk
09/01/2018
Occasional paper no. 205: Real and financial cycles in EU countries - Stylised facts and modelling implications