Publications published in 2019

25/04/2019
Economic Bulletin Issue 3, 2019
25/04/2019
The predictive power of real M1 for real economic activity in the euro areaEconomic Bulletin Issue 3, 2019
25/04/2019
Emerging market economy currencies: the role of global risk, the US dollar and domestic forcesEconomic Bulletin Issue 3, 2019
25/04/2019
What the maturing tech cycle signals for the global economyEconomic Bulletin Issue 3, 2019
24/04/2019
The economic implications of rising protectionism: a euro area and global perspectiveEconomic Bulletin Issue 3, 2019
23/04/2019
Working paper no. 2271: Credit supply and human capital: evidence from bank pension liabilities
23/04/2019
Fiscal rules in the euro area and lessons from other monetary unionsEconomic Bulletin Issue 3, 2019
23/04/2019
Exploring the factors behind the 2018 widening in euro area corporate bond spreadsEconomic Bulletin Issue 3, 2019
18/04/2019
Working paper no. 2270: Risky assets in Europe and the US: risk vulnerability, risk aversion and economic environment
18/04/2019
Working paper no. 2269: Shocks and labour cost adjustment: evidence from a survey of European firms
17/04/2019
Working paper no. 2268: Dynamic fiscal limits and monetary-fiscal policy interactions
17/04/2019
Working paper no. 2267: Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates
17/04/2019
Card payments in Europe – current landscape and future prospects: a Eurosystem perspective
16/04/2019
Working paper no. 2266: Collateral booms and information depletion
16/04/2019
Working paper no. 2265: The gender promotion gap: evidence from central banking
15/04/2019
Working paper no. 2264: The CSPP at work - yield heterogeneity and the portfolio rebalancing channel
15/04/2019
Working paper no. 2263: Can more public information raise uncertainty? The international evidence on forward guidance
12/04/2019
Working paper no. 2262: Once bitten: new evidence on the link between IMF conditionality and IMF stigma
12/04/2019
Working paper no. 2261: The benefits and costs of adjusting bank capitalisation: evidence from euro area countries
11/04/2019
The ECB Survey of Professional Forecasters (SPF) - Second quarter of 2019
09/04/2019
The euro area bank lending survey – First quarter of 2019
04/04/2019
Geographical allocation of euro area portfolio investment liabilities: estimates of outstanding amounts and associated income flows
01/04/2019
Annual Report 2018
01/04/2019
Cover letter to the transmission letter of the Annual Report 2018
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01/04/2019
Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2017
29/03/2019
Working paper no. 2260: Macroprudential policy in a monetary union with cross-border banking
28/03/2019
Letter from the ECB President to Mr Bernd Lucke, MEP, on TARGET2
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28/03/2019
Letter from the ECB President to Ms Paloma López Bermejo, MEP, on high-denomination euro banknotes
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28/03/2019
Letter from the ECB President to Ms Ulrike Trebesius, MEP, on the ECB’s human resource policies
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28/03/2019
Letter from the ECB President to Mr Piernicola Pedicini, MEP, on the European financial sector
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28/03/2019
Letter from the ECB President to Mr Marco Valli and Mr Marco Zanni, MEP, on Treaty provisions on foreign reserves
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28/03/2019
Letter from the ECB President to Ms Eva Kaili, MEP, on the European financial sector
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28/03/2019
Working paper no. 2259: On the credit and exchange rate channels of central bank asset purchases in a monetary union
28/03/2019
Working paper no. 2258: Demographics and the natural real interest rate: historical and projected paths for the euro area
27/03/2019
Macroprudential Bulletin - Introductory statement by Luis de Guindos
27/03/2019
Is taxpayers’ money better protected now? An assessment of banking regulatory reforms ten years after the global financial crisis
27/03/2019
A bird’s-eye view of the resilience of the European banking system: results from the new macroprudential stress test framework
27/03/2019
Macroprudential analysis of residential real estate markets
27/03/2019
Shelter from the storm: recent countercyclical capital buffer (CCyB) decisions
27/03/2019
Macroprudential policy measures
27/03/2019
Working paper no. 2257: Taylor-rule consistent estimates of the natural rate of interest
27/03/2019
Working paper no. 2256: Does liquidity regulation impede the liquidity profile of collateral?
26/03/2019
Working paper no. 2255: Fiscal multipliers and foreign holdings of public debt
26/03/2019
Working paper no. 2254: Stress testing household balance sheets in Luxembourg
26/03/2019
Research bulletin no. 56: Interactions between monetary and macroprudential policies
25/03/2019
Working paper no. 2253: Concentration, market power and dynamism in the euro area
25/03/2019
Working paper no. 2252: Distance(s) and the volatility of international trade(s)
21/03/2019
Working paper no. 2251: Labor share and growth in the long run
21/03/2019
Economic Bulletin Issue 2, 2019
21/03/2019
Liquidity conditions and monetary policy operations in the period from 31 October 2018 to 29 January 2019Economic Bulletin Issue 2, 2019
21/03/2019
Characterising the current expansion across non-euro area advanced economies: where do we go from here?Economic Bulletin Issue 2, 2019
21/03/2019
The European Commission’s 2019 assessment of macroeconomic imbalances and progress on reformsEconomic Bulletin Issue 2, 2019
21/03/2019
Interest rate-growth differential and government debt dynamicsEconomic Bulletin Issue 2, 2019
21/03/2019
A new method for the package holiday price index in Germany and its impact on HICP inflation ratesEconomic Bulletin Issue 2, 2019
20/03/2019
Working paper no. 2250: Forecasting daily electricity prices with monthly macroeconomic variables
19/03/2019
Occasional paper no. 220: The impact of lending standards on default rates of residential real estate loans
19/03/2019
New features in the Harmonised Index of Consumer Prices: analytical groups, scanner data and web-scrapingEconomic Bulletin Issue 2, 2019
19/03/2019
Employment growth and GDP in the euro areaEconomic Bulletin Issue 2, 2019
18/03/2019
Working paper no. 2249: Whatever it takes: what’s the impact of a major nonconventional monetary policy intervention?
18/03/2019
Taking stock of the Eurosystem’s asset purchase programme after the end of net asset purchasesEconomic Bulletin Issue 2, 2019
13/03/2019
ECB Survey of Monetary Analysts (SMA) - questionnaire
12/03/2019
Working paper no. 2248: Global growth on life support? The contributions of fiscal and monetary policy since the global financial crisis
07/03/2019
ECB staff macroeconomic projections for the euro area, March 2019
28/02/2019
SEPA Migration – impact assessment
25/02/2019
Working paper no. 2247: The Green Golden Rule: habit and anticipation of future consumption
22/02/2019
Letter from the ECB President to Mr Paul Tang, MEP, on the Eurosystem credit assessment framework
22/02/2019
Working paper no. 2246: Mars or mercury redux: the geopolitics of bilateral trade agreements
22/02/2019
Working paper no. 2245: The financial transmission of housing bubbles: evidence from Spain
22/02/2019
Qualitative stock-taking questionnaire on the integrated reporting framework
Analysis of high-level considerations and high-priority technical aspects
22/02/2019
The ESCB Integrated Reporting Framework (IReF): an overview
22/02/2019
Research bulletin no. 55: Interest rate risk in the euro area
21/02/2019
Annual Accounts 2018
21/02/2019
Consolidated balance sheet of the Eurosystem as at 31 December 2018
18/02/2019
Working paper no. 2244: Credit, financial conditions and the business cycle in China
18/02/2019
Working paper no. 2243: Monetary policy transmission to mortgages in a negative interest rate environment
15/02/2019
Working paper no. 2242: The anatomy of the euro area interest rate swap market
15/02/2019
Working paper no. 2241: Debt overhang, rollover risk, and corporate investment: evidence from the European crisis
14/02/2019
Working paper no. 2240: Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe
14/02/2019
Occasional paper no. 219: Anticipating the bust: a new cyclical systemic risk indicator to assess the likelihood and severity of financial crises
13/02/2019
Letter from the ECB President to Auke Zijlstra, MEP, on monetary policy
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13/02/2019
Letter from the ECB President to Werner Langen, MEP, on the European financial sector
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13/02/2019
Working paper no. 2239: Money markets, collateral and monetary policy
13/02/2019
Working paper no. 2238: America First? A US-centric view of global capital flows
07/02/2019
Working paper no. 2237: Empowering central bank asset purchases: The role of financial policies
07/02/2019
Working paper no. 2236: Do reputable issuers provide better-quality securitizations?
07/02/2019
Economic Bulletin Issue 1, 2019
07/02/2019
The mechanical impact of changes in oil price assumptions on projections for euro area HICP energy inflationEconomic Bulletin Issue 1, 2019
07/02/2019
Results of the third special questionnaire for participants in the ECB Survey of Professional Forecasters
06/02/2019
Fiscal spillovers in a monetary unionEconomic Bulletin Issue 1, 2019
06/02/2019
Recent developments in oil pricesEconomic Bulletin Issue 1, 2019
05/02/2019
Twenty years of the ECB Survey of Professional ForecastersEconomic Bulletin Issue 1, 2019
04/02/2019
Working paper no. 2235: The link between labor cost and price inflation in the euro area
04/02/2019
Driving factors of and risks to domestic demand in the euro areaEconomic Bulletin Issue 1, 2019
01/02/2019
Working paper no. 2234: Markets, banks, and shadow banks
01/02/2019
Occasional paper no. 218: Availability of high-quality liquid assets and monetary policy operations: an analysis for the euro area
31/01/2019
Working paper no. 2233: A dynamic model of bank behaviour under multiple regulatory constraints
31/01/2019
Working paper no. 2232: From cash- to securities-driven euro area repo markets: the role of financial stress and safe asset scarcity
30/01/2019
Working paper no. 2231: Do public wages in the euro area explain private wage developments? An empirical investigation
30/01/2019
Working paper no. 2230: Some borrowers are more equal than others: bank funding shocks and credit reallocation
29/01/2019
Working paper no. 2229: Medium term treatment and side effects of quantitative easing: international evidence
29/01/2019
Manual on MFI balance sheet statistics
29/01/2019
Research bulletin no. 54: Quantitative easing did not increase inequality in the euro area
28/01/2019
Working paper no. 2228: When losses turn into loans: the cost of undercapitalized banks
28/01/2019
Working paper no. 2227: Mind the gap: a multi-country BVAR benchmark for the Eurosystem projections
25/01/2019
Working paper no. 2226: Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?
25/01/2019
Working paper no. 2225: Risk endogeneity at the lender/investor-of-last-resort
25/01/2019
Government finance statistics guide
25/01/2019
The ECB Survey of Professional Forecasters (SPF) - First quarter of 2019
22/01/2019
The euro area bank lending survey – Fourth quarter of 2018
21/01/2019
Working Group on euro risk-free rates - Guiding principles for fallback provisions in new contracts for euro-denominated cash products
16/01/2019
Letter from the ECB President to Mr Luke Ming Flanagan, MEP, on the European financial sector
16/01/2019
Letter from the ECB President to Mr Stelios Kouloglou, MEP, on the Greek adjustment programme
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16/01/2019
Working paper no. 2224: CoMap: mapping contagion in the euro area banking sector
16/01/2019
Working paper no. 2223: Leaning against the wind: macroprudential policy and the financial cycle
15/01/2019
Working paper no. 2222: On the retirement effect of inheritance: heterogeneity and the role of risk aversion
15/01/2019
Working paper no. 2221: Interest rates and foreign spillovers
11/01/2019
Working paper no. 2220: Attenuating the forward guidance puzzle: implications for optimal monetary policy