Publications published in 2019

17/05/2019
Working paper no. 2281: Measuring euro area monetary policy
17/05/2019
Occasional paper no. 223: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
15/05/2019
Working paper no. 2280: The global capital flows cycle: structural drivers and transmission channels
15/05/2019
ECB Survey of Monetary Analysts (SMA) - questionnaire
10/05/2019
Working paper no. 2279: Uncertainty shocks, monetary policy and long-term interest rates
06/05/2019
Working paper no. 2278: Targeting financial stability: macroprudential or monetary policy?
06/05/2019
Working paper no. 2277: Pockets of risk in European housing markets: then and now
03/05/2019
Working paper no. 2276: Institutional presence in secondary bank bond markets: how does it affect liquidity and volatility?
03/05/2019
Occasional paper no. 222: Monetary policy, credit institutions and the bank lending channel in the euro area
02/05/2019
Letter from the ECB President to Mr Auke Zijlstra, MEP, on monetary policy
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02/05/2019
Letter from the ECB President to Mr Sotirios Zarianopoulos, MEP, on the Greek economy
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02/05/2019
Letter from the ECB President to Ms Eleonora Evi, Mr Piernicola Pedicini, Ms Isabella Adinolfi, Ms Laura Agea, Ms Tiziana Beghin, Ms Rosa D’Amato, Mr Fabio Massimo Castaldo, Mr Ignazio Corrao, Ms Laura Ferrara, Mr Dario Tamburrano, Mr Marco Zullo, MEPs, on members of the ECB’s decision-making bodies participating in international discussion fora
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02/05/2019
Letter from the ECB President to Mr Nikolaos Chountis, MEP, on the Greek economy
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02/05/2019
Letter from the ECB President to Mr Mario Borghezio, MEP, on the European financial sector
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30/04/2019
Working paper no. 2275: Did the euro change the nature of FDI flows among member states?
30/04/2019
Occasional paper no. 221: The impact of global value chains on the euro area economy
30/04/2019
Research bulletin no. 57: What is the macroeconomic impact of changing money market conditions?
29/04/2019
Working paper no. 2274: Credit rating dynamics: evidence from a natural experiment
26/04/2019
Working paper no. 2273: Mapping bank securities across euro area sectors: comparing funding and exposure networks
26/04/2019
Working paper no. 2272: Monetary policy implications of state-dependent prices and wages
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