Publications published in 2003

• 23/12/2003
  The lender of last resort: a 21st century approach (Working Paper No. 298), by Xavier Freixas, Bruno M. Parigi and Jean-Charles Rochet,  794 kb, en
  Published in: Journal of the European Economic Association, December 2004; 2(6): 1085-1115.
• 23/12/2003
  Measurement of contagion in banks' equity prices (Working Paper No. 297), by Reint Gropp and Gerard Moerman,  1031 kb, en
  Published in: Journal of International Money and Finance 23 (3), April 2004, pp. 405-459.
• 23/12/2003
  Monetary policy analysis in a small open economy using Bayesian cointegrated structural VARs (Working Paper No. 296), by Mattias Villani and Anders Warne,  781 kb, en
• 23/12/2003
  Optimal allotment policy in the Eurosystem's main refinancing operations (Working Paper No. 295), by Christian Ewerhart, Nuno Cassola, Steen Ejerskov and Natacha Valla,  749 kb, en
  Published in: The European Journal of Finance, June 2009, 15 (4), pp. 405 - 420
• 23/12/2003
  Manual on MFI interest rate statistics - Regulation ECB/2001/18,  739 kb, en
  Press release: en
• 18/12/2003
  Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries,  67 kb, cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . sk . sl . sv
  Press release: en . cs . da . de . el . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . sk . sl . sv
  
• 17/12/2003
  Review of the international role of the euro,  391 kb, en
  Press release: en
• 11/12/2003
  Monthly Bulletin, December 2003,  1085 kb, en
• 09/12/2003
  Does the yield spread predict recessions in the euro area? (Working Paper No. 294), by Fabio Moneta,  856 kb, en
  Published in: International Finance, Summer 2005 - Vol. 8 Issue 2, pp. 263-301.
• 02/12/2003
  Comments of the ECB on the third consultative document of the European Commission on regulatory capital review,  145 kb, en
  
• 01/12/2003
  Statistics Pocket Book, December 2003,  539 kb, en

• 30/11/2003
  Seasonal adjustment,  2075 kb, en
  Press release: en
• 29/11/2003
  TARGET: the Trans-European Automated Real-Time Gross settlement Express Transfer system - update 2003, (brochure, 16 pages),  1821 kb, en
  
• 29/11/2003
  TARGET2: the payment system of the €urosystem, (brochure, 12 pages),  287 kb, en
  
• 28/11/2003
  Structural analysis of the EU banking sector, Year 2002,  199 kb, en
  Press release: en
• 25/11/2003
  Committees and special interests (Working Paper No. 293), by Mike Felgenhauer and Hans Peter Grüner,  1043 kb, en
  Published in: Journal of Public Economic Theory, Vol. 10 (2), 2008: pp 219-243.
• 20/11/2003
  Bank mergers, competition and liquidity (Working Paper No. 292), by Elena Carletti, Philipp Hartmann and Giancarlo Spagnolo,  775 kb, en
  Published in: Journal of Money, Credit, and Banking, August 2007; 39(5): 1067-1105
• 19/11/2003
  Measuring the time-inconsistency of US monetary policy (Working Paper No. 291), by Paolo Surico,  744 kb, en
  Published in: Economica, Vol 75 (297), February 2008, pp 22–38.
• 19/11/2003
  Inflation persistence and robust monetary policy design (Working Paper No. 290), by Günter Coenen,  692 kb, en
  Published in: Journal of Economic Dynamics and Control, 31(1), 111-140, 2007.
• 19/11/2003
  EU banking sector stability,  555 kb, en
  Press release: en
• 18/11/2003
  Background Studies for the ECB's Evaluation of its Monetary Policy Strategy,  1860 kb, en
  Editor: Otmar Issing, in co-operation with: Ignazio Angeloni, Vítor Gaspar, Hans-Joachim Klöckers, Klaus Masuch, Sergio Nicoletti-Altimari, Massimo Rostagno, Frank Smets
  Press release: en
• 13/11/2003
  Monthly Bulletin, November 2003,  1091 kb, en
• 13/11/2003
  Article, Monthly Bulletin, November 2003, p.47-57, Developments in the debt financing of the euro area private sector,  141 kb, en
  
• 13/11/2003
  Article, Monthly Bulletin, November 2003, p.71-79, The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union,  97 kb, en
  
• 13/11/2003
  Article, Monthly Bulletin, November 2003, p.59-70, Crisis resolution in emerging market economies,  100 kb, en
  
• 12/11/2003
  Consumer inflation expectations in Poland (Working Paper No. 287), by Tomasz Łyziak,  1434 kb, en
• 11/11/2003
  Monetary and fiscal interactions in open economies (Working Paper No. 289), by Giovanni Lombardo and Alan Sutherland,  715 kb, en
  Published in: Journal of Marcoeconomics, 2004, 26, 319-348.
• 11/11/2003
  Implementing optimal control in cointegrated I(1) structural VAR models (Working Paper No. 288), by Francesca V. Monti,  993 kb, en
• 11/11/2003
  Country and sector-specific spillover effects in the euro area, the United States and Japan (Working Paper No. 286), by Bernd Kaltenhaeuser,  558 kb, en
• 07/11/2003
  Money Market Study 2002,  422 kb, en
  Press release: en
• 03/11/2003
  European Union balance of payments/ international investment position statistical methods,  2324 kb, en
  Press release: en
• 01/11/2003
  Government deficits, wealth effects and the price level in an optimizing model (Working Paper No. 285), by Barbara Annicchiarico,  483 kb, en
  Published in: Journal of Policy Modelling, January-February 2007, Volume 29, Issue 1, Pages 15-28.
• 01/11/2003
  The credibility of the monetary policy "free lunch" (Working Paper No. 284), by James Yetman,  326 kb, en
  Published in: Journal of Macroeconomics September 2005; 27(3): 434-451.
• 01/11/2003
  US, Japan and the euro area: comparing business-cycle features (Working Paper No. 283), by Peter McAdam,  714 kb, en
  Published in: International Review of Applied Economics 2007, 21, 1, 135-156.
• 01/11/2003
  Statistics Pocket Book, November 2003,  505 kb, en

• 09/10/2003
  Monthly Bulletin, October 2003,  990 kb, en
• 09/10/2003
  Article, Monthly Bulletin, October 2003, p.39-52, Recent developments in financial structures of the euro area,  95 kb, en
  
• 09/10/2003
  Article, Monthly Bulletin, October 2003, p.53-66, The integration of Europe’s financial markets,  90 kb, en
  
• 06/10/2003
  Bond markets and long-term interest rates in European Union accession countries / 2003 edition,  2494 kb, en
  Press release: en
• 01/10/2003
  Optimal dynamic risk sharing when enforcement is a decision variable (Working Paper No. 282), by Thorsten Volker Koeppl,  538 kb, en
• 01/10/2003
  Identifying fiscal shocks and policy regimes in OECD countries (Working Paper No. 281), by Giuseppe de Arcangelis and Serena Lamartina,  742 kb, en
• 01/10/2003
  Inflation, factor substitution and growth (Working Paper No. 280), by Rainer Klump,  376 kb, en
  Published in: Kredit und Kapital. 2005; 38(3): 325-49
• 01/10/2003
  Designing targeting rules for international monetary policy cooperation (Working Paper No. 279), by Pierpaolo Benigno and Gianluca Benigno,  447 kb, en
• 01/10/2003
  Statistics Pocket Book, October 2003,  431 kb, en

• 30/09/2003
  Correspondent central banking model - procedures for Eurosystem counterparties,  273 kb, da . de . el . en . es . fi . fr . it . nl . pt . sv
  
• 30/09/2003
  Inflation differentials in the euro area: potential causes and policy implications,  455 kb, en
  Press release: en
• 28/09/2003
  An introduction to the ECB's survey of professional forecasters (Occasional Paper No. 8), by Juan Angel García,  245 kb, en
• 22/09/2003
  Letter from the ECB President to the President of the Council of the European Union regarding the Opinion of the ECB of 19 September 2003 at the request of the Council of the European Union on the draft Treaty establishing a Constitution for Europe,  84 kb, en
  
• 11/09/2003
  Monthly Bulletin, September 2003,  1057 kb, en
• 06/09/2003
  Payment and securities settlement systems in the European Union Addendum incorporating 2001 figures (Blue Book, September 2003),  1718 kb, en
  Additional Information: en
• 04/09/2003
  The New Basel Capital Accord: reply of the European Central Bank to the third consultative proposals (CP3),  63 kb, en
  
• 01/09/2003
  Relevant economic issues concerning the optimal rate of inflation (Working Paper No. 278), by Diego Rodriguez-Palenzuela, Gonzalo Camba-Méndez and Juan Angel García,  438 kb, en
  Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 91-126, 2003.
• 01/09/2003
  On the indeterminacy of determinacy and indeterminacy (Working Paper No. 277), by Andreas Beyer and Roger E. A. Farmer,  263 kb, en
  Published in: American Economic Review (2007), 97(1), pp. 524-529; Published as: "Testing for Indeterminacy: an Application to US Monetary Policy-Comment".
• 01/09/2003
  Short-term estimates of euro area real GDP by means of monthly data (Working Paper No. 276), by Gerhard Rünstler and Franck Sédillot,  504 kb, en
• 01/09/2003
  Identifying the monetary transmission mechanism using structural breaks (Working Paper No. 275), by Andreas Beyer and Roger E. A. Farmer,  506 kb, en
• 01/09/2003
  Interpreting implied risk-neutral densities: the role of risk premia (Working Paper No. 274), by Peter Hördahl and David Vestin,  847 kb, en
  Published in: Review of Finance. 2005; 9(1): 97-137
• 01/09/2003
  Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations (Working Paper No. 273), by Sergio Nicoletti-Altimari, Efrem Castelnuovo and Diego Rodriguez-Palenzuela,  413 kb, en
• 01/09/2003
  Inflation targets and the liquidity trap (Working Paper No. 272), by Matt Klaeffling and Víctor López Pérez,  586 kb, en
• 01/09/2003
  Indeterminacy and search theory (Working Paper No. 271), by Nicola Giammarioli,  429 kb, en
• 01/09/2003
  Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area (Working Paper No. 270), by Günter Coenen,  254 kb, en
  Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 127-138, 2003.
• 01/09/2003
  Zero lower bound: is it a problem in the euro area? (Working Paper No. 269), by Günter Coenen,  316 kb, en
  Published in: Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, 139-155, 2003.
• 01/09/2003
  The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S. (Working Paper No. 268), by Ignazio Angeloni, Daniele Terlizzese, Anil K. Kashyap and Benoît Mojon,  608 kb, en
  Published in: Journal of Money Credit and Banking 35(6, Part 2), December 2003: 1265-1306.
• 01/09/2003
  Comparing economic dynamics in the EU and CEE accession countries (Working Paper No. 267), by Ralph Süppel,  473 kb, en
• 01/09/2003
  Finance and growth in the EU: new evidence from the liberalisation and harmonisation of the banking industry (Working Paper No. 266), by Diego Romero De Ávila,  1532 kb, en
• 01/09/2003
  New Keynesian Phillips Curves: a reassessment using euro-area data (Working Paper No. 265), by Alpo Willman and Peter McAdam,  633 kb, en
  Published in: Oxford Bulletin of Economics and Statistics, 2004, 66, 637-670.
• 01/09/2003
  A monthly monetary model with banking intermediation for the euro area (Working Paper No. 264), by Annick Bruggeman and Marie Donnay,  994 kb, en
• 01/09/2003
  Measuring contagion with a Bayesian, time-varying coefficient model (Working Paper No. 263), by Alessandro Rebucci and Matteo Ciccarelli,  608 kb, en
  Published in: Journal of Financial Econometrics, Spring 2007; 5(2): 285-320
• 01/09/2003
  Indeterminacy of rational expectations equilibria in sequential financial markets (Working Paper No. 262), by Paola Donati,  528 kb, en
  Published in: Journal of Mathematical Economics, September 2003, 39 (7): pp. 743-62
• 01/09/2003
  Why has broad money demand been more stable in the euro area than in other economies? A literature review (Working Paper No. 261), by João Sousa and Alessandro Calza,  325 kb, en
• 01/09/2003
  Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous (Working Paper No. 260), by William A. Barnett,  417 kb, en
  Published in: Journal of Econometrics, February 2007; 136(2): 457-82 as “Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries”
• 01/09/2003
  Implicit tax co-ordination under repeated policy interactions (Working Paper No. 259), by Jean-Pierre Vidal and Marco Catenaro,  286 kb, en
  Published in: Louvain Economic Review 72(1) (2006) 5-17.
• 01/09/2003
  Interest rate reaction functions and the Taylor rule in the euro area (Working Paper No. 258), by Petra Gerlach-Kristen,  538 kb, en
• 01/09/2003
  Macroeconomic modelling of monetary policy (Working Paper No. 257), by Matt Klaeffling,  638 kb, en
• 01/09/2003
  Information acquisition and decision making in committees: a survey (Working Paper No. 256), by Kerstin Gerling, Alexandra Kiel, Elisabeth Schulte and Hans Peter Grüner,  398 kb, en
  Published in: European Journal of Political Economy. September 2005; 21(3): 563-97
• 01/09/2003
  Is the demand for euro area M3 stable? (Working Paper No. 255), by Annick Bruggeman, Paola Donati and Anders Warne,  866 kb, en
• 01/09/2003
  Forecasting real GDP: what role for narrow money? (Working Paper No. 254), by Hans-Eggert Reimers, Claus Brand and Franz Seitz,  464 kb, en
  Published in: Review of Economics, 2004, 55: pp. 246-262
• 01/09/2003
  Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001 (Working Paper No. 253), by William G. Dewald,  1301 kb, en
• 01/09/2003
  Statistics Pocket Book, September 2003,  448 kb, en
• 01/09/2003
  Catalogue of the Euro design exhibition,  28275 kb, en
  

• 30/08/2003
  The euro and the integration of financial services, (brochure, 16 pages, update of the 2000 edition),  1140 kb, en
  
• 27/08/2003
  Portfolio investment income: task force report,  2118 kb, en
  Press Release: en
• 07/08/2003
  Monthly Bulletin, August 2003,  1225 kb, en
• 07/08/2003
  Article, Monthly Bulletin, August 2003, p.67-74, Developments in the euro area’s international cost and price competitiveness,  81 kb, en
  
• 07/08/2003
  Article, Monthly Bulletin, August 2003, p.41-54, Changes to the Eurosystem’s operational framework for monetary policy,  203 kb, en
  
• 07/08/2003
  Article, Monthly Bulletin, August 2003, p.55-65, Recent developments in the euro area banking sector,  148 kb, en
  
• 01/08/2003
  Interpolation and backdating with a large information set (Working Paper No. 252), by Elena Angelini, Jérôme Henry and Massimiliano Marcellino,  538 kb, en
  Published in: Journal of Economic Dynamics & Control, 2006, 30(12), 2693-2724.
• 01/08/2003
  Consumption, habit persistence, imperfect information and the lifetime budget constraint (Working Paper No. 251), by Alpo Willman,  325 kb, en
• 01/08/2003
  Persistence, the transmission mechanism and robust monetary policy (Working Paper No. 250), by Ignazio Angeloni, Günter Coenen and Frank Smets,  513 kb, en
  Published in: Scottish Journal of Political Economy, November, 2003, 50(5), pp. 527-549.
• 01/08/2003
  Trade advantages and specialisation dynamics in acceding countries (Working Paper No. 249), by Andrea Zaghini,  557 kb, en
  Published in: Economics of Transition, 2005 Vol. 13, No. 4, pp. 629-658.
• 01/08/2003
  Exchange rates and fundamentals (Working Paper No. 248), by Charles Engel and Kenneth D. West,  556 kb, en
  Published in: Journal of Political Economy June 2005; 113(3): 485-517.
• 01/08/2003
  Forecasting euro area inflation: Does aggregating forecasts by HICP component improve forecast accuracy? (Working Paper No. 247), by Kirstin Hubrich,  568 kb, en
  Published in: International Journal of Forecasting, 21(1), January-March 2005, 119-136.
• 01/08/2003
  Statistics Pocket Book, August 2003,  455 kb, en

• 17/07/2003
  Monthly Bulletin, July 2003,  994 kb, en
• 17/07/2003
  Article, Monthly Bulletin, July 2003, p.41-51, Trends in euro area gross fixed capital formation,  123 kb, en
  
• 17/07/2003
  Article, Monthly Bulletin, July 2003, p.53-59, Early experience of the management of Euro banknote printing and issuance,  90 kb, en
  
• 09/07/2003
  Information Guide for credit institutions using TARGET,  606 kb, en
  Press release: en
• 02/07/2003
  Amendments to the risk control framework for tier one and tier two eligible assets,  20 kb, da . de . el . en . es . fi . fr . it . nl . pt . sv
  Press release: en . da . de . el . es . fi . fr . it . nl . pt . sv
  
• 01/07/2003
  Public finances and long-term growth in Europe - evidence from a panel data analysis (Working Paper No. 246), by Diego Romero De Ávila and Rolf Strauch,  333 kb, en
• 01/07/2003
  Money and payments: a modern perspective (Working Paper No. 245), by Cyril Monnet and Cornelia Holthausen,  845 kb, en
• 01/07/2003
  How does the ECB allot liquidity in its weekly main refinancing operations? A look at the empirical evidence (Working Paper No. 244), by Steen Ejerskov, Clara Martin Moss and Livio Stracca,  529 kb, en
  Published in: Journal of International Money and Finance (forthcoming).
• 01/07/2003
  Pass-through of external shocks to euro area inflation (Working Paper No. 243), by Elke Hahn,  573 kb, en
• 01/07/2003
  Public sector efficiency: an international comparison (Working Paper No. 242), by António Afonso, Ludger Schuknecht and Vito Tanzi,  402 kb, en
  Published in: Public Choice (2005), 123: 321-347.
• 01/07/2003
  Maintaining price stability under free-floating: a fearless way out of the corner? (Working Paper No. 241), by Carsten Detken and Vítor Gaspar,  349 kb, en
• 01/07/2003
  Monetary policy transmission in the euro area: any changes after EMU? (Working Paper No. 240), by Ignazio Angeloni and Michael Ehrmann,  712 kb, en
  Published in: Economic Policy 37, 2003, pp. 470-492, as “Monetary Transmission in the Euro Area: Early Evidence”.

• 26/06/2003
  Oversight standards for euro retail payment systems,  54 kb, da . de . el . en . es . fi . fr . it . nl . pt . sv
  Press release: en . da . de . el . es . fi . fr . it . nl . pt . sv
  
• 26/06/2003
  Towards a Single Euro Payments Area - progress report,  137 kb, da . de . el . en . es . fi . fr . it . nl . pt . sv
  Press release: en . da . de . el . es . fi . fr . it . nl . pt . sv
  
• 18/06/2003
  Developments in national supervisory structures,  147 kb, en
  
• 12/06/2003
  Monthly Bulletin, June 2003,  1347 kb, en
• 12/06/2003
  Article, Monthly Bulletin, June 2003, p.79-92, The outcome of the ECB’s evaluation of its monetary policy strategy,  101 kb, en
  
• 05/06/2003
  Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty,  11 kb, en . fr
  Annex: en  . fr
  
• 02/06/2003
  The transformation of the European financial system, Second ECB Central Banking Conference October 2002, Frankfurt am Main,  1638 kb, en
  Press release: en
• 01/06/2003
  Temporary shocks and unavoidable transitions to a high-unemployment regime (Working Paper No. 239), by Wouter J. Den Haan,  599 kb, en
• 01/06/2003
  The impact of monetary union on trade prices (Working Paper No. 238), by Richard E. Baldwin, Daria Taglioni and Robert Anderton,  423 kb, en
  Published in: Journal of Financial Transformation (2007) Volume 19, April 2007.
• 01/06/2003
  Growth expectations, capital flows and international risk sharing (Working Paper No. 237), by Olli Castrén, Marcus Miller and Roger Stiegert,  372 kb, en
• 01/06/2003
  Swiss monetary policy targeting 1974-1996: the role of internal policy analysis (Working Paper No. 236), by Georg Rich,  592 kb, en
• 01/06/2003
  Volatility of interest rates in the euro area: evidence from high frequency data (Working Paper No. 235), by Nuno Cassola and Claudio Morana,  1067 kb, en
  Published in: The European Journal of Finance, Sep-Oct 2006, vol. 12, no. 6-7.

• 23/05/2003
  Electronic money system security objectives according to the common criteria methodology,  344 kb, en
  Press release: en
• 15/05/2003
  Monthly Bulletin, May 2003,  1243 kb, en
• 15/05/2003
  Article, Monthly Bulletin, May 2003, p.49-59, Recent trends in residential property prices in the euro area,  120 kb, en
  
• 15/05/2003
  Article, Monthly Bulletin, May 2003, p.73-83, The adjustment of voting modalities in the Governing Council,  152 kb, en
  
• 15/05/2003
  Article, Monthly Bulletin, May 2003, p.61-72, Electronification of payments in Europe,  125 kb, en
  
• 12/05/2003
  Accession countries: balance of payments/international investment position statistical methods,  4493 kb, en
  Press release: en
• 08/05/2003
  Letter from the ECB President to the President of the Convention regarding the draft Constitutional Treaty,  9 kb, en . fr
  Annex: en  . da  . de  . el  . es  . fi  . fr  . it  . nl  . pt  . sv
  
• 05/05/2003
  Money, Banking and Financial Market Statistics in the Accession Countries, volume II,  1166 kb, en
  Press release: en
• 05/05/2003
  Money, Banking and Financial Market Statistics in the Accession Countries, volume I,  1321 kb, en
  Press release: en
• 01/05/2003
  Unemployment, hysteresis and transition (Working Paper No. 234), by Peter McAdam and Miguel A. León-Ledesma,  601 kb, en
  Published in: Scottish Journal of Political Economy, 2004, 51 (3): pp.377-401.
• 01/05/2003
  The natural real rate of interest in the euro area (Working Paper No. 233), by Natacha Valla and Nicola Giammarioli,  1163 kb, en
• 01/05/2003
  Describing the Fed's conduct with Taylor rules: is interest rate smoothing important? (Working Paper No. 232), by Efrem Castelnuovo,  663 kb, en
• 01/05/2003
  Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero (Working Paper No. 231), by Günter Coenen, Athanasios Orphanides and Volker Wieland,  448 kb, en
  Published in: Berkeley Electronic Press, Advances in Macroeconomics, 2004, 4 (1): 1-23.
• 01/05/2003
  The euro area financial system: structure, integration and policy initiatives (Working Paper No. 230), by Philipp Hartmann, Angela Maddaloni and Simone Manganelli,  579 kb, en
  Published in: Oxford Review of Economic Policy, Spring 2003, 19 (1), pp 180-213.
• 01/05/2003
  How does the ECB target inflation? (Working Paper No. 229), by Paolo Surico,  835 kb, en
  Published in: Oxford Review of Economic Policy, 2003, Vol 19 (1), pp 44-57 with the title 'Asymmetric Reaction Function for the Euro Area'
• 01/05/2003
  Monetary policy shocks - a nonfundamental look at the data (Working Paper No. 228), by Matt Klaeffling,  514 kb, en

• 28/04/2003
  Supplementary guidance notes concerning statistics on the holders of money market fund shares/units,  64 kb, en
  Press release: en
• 20/04/2003
  TARGET Annual Report 2002,  336 kb, en
  Press release: en
• 15/04/2003
  Terms and conditions governing the use of the EPM,  97 kb, en
  
• 10/04/2003
  Monthly Bulletin, April 2003,  1156 kb, en
• 10/04/2003
  Article, Annual Report 2002, p.129-136, Production and issue of banknotes,  163 kb, en
  
• 10/04/2003
  Article, Monthly Bulletin, April 2003, p.53-63, Developments in general economic statistics for the euro area,  81 kb, en
  
• 10/04/2003
  Article, Monthly Bulletin, April 2003, p.65-75, A bank lending survey for the euro area,  69 kb, en
  
• 09/04/2003
  Article, Monthly Bulletin, April 2003, p.39-51, The need for comprehensive reforms to cope with population ageing,  83 kb, en
  
• 01/04/2003
  Monetary policy in a low pass-through environment (Working Paper No. 227), by Tommaso Monacelli,  852 kb, en
  Published in: Journal of Money, Credit and Banking, December 2005; 37(6): 1047-1066.
• 01/04/2003
  The central bank as a risk manager: quantifying and forecasting inflation risks (Working Paper No. 226), by Simone Manganelli and Lutz Kilian,  520 kb, en
  Published in: Journal of Money, Credit, and Banking, 2008, 40: 1103-1129
• 01/04/2003
  Productivity and the ('synthetic') euro-dollar exchange rate (Working Paper No. 225), by Bernd Schnatz, Focco Vijselaar and Chiara Osbat,  464 kb, en
  Published in: Weltwirtschaftliches Archiv (Review of World Economics), 2004, 140(1): 1-30.
• 01/04/2003
  The rise of the yen vis--vis the ("synthetic") euro: is it supported by economic fundamentals? (Working Paper No. 224), by Chiara Osbat, Rasmus Rüffer and Bernd Schnatz,  513 kb, en
• 01/04/2003
  Optimal monetary policy with imperfect common knowledge (Working Paper No. 223), by Klaus Adam,  521 kb, en
  Published in: Journal of Monetary Economics, March 2007; 54(2): 267-301
• 01/04/2003
  Inflation dynamics and subjective expectations in the United States (Working Paper No. 222), by Mario Padula and Klaus Adam,  477 kb, en
• 01/04/2003
  Estimating risk premia in money market rates (Working Paper No. 221), by Snorre Evjen, Rasmus Pilegaard and Alain Durré,  595 kb, en
• 01/04/2003
  The allocation of competencies in an international union: a positive analysis (Working Paper No. 220), by Michele Ruta,  582 kb, en
• 01/04/2003
  Annual Report 2002 ,  14787 kb, da . de . el . en . es . fi . fr . it . nl . pt . sv

• 28/03/2003
  Structural issues report 2003 - Structural factors in the EU housing markets,  469 kb, en
  
• 22/03/2003
  Memorandum of Understanding on the exchange of information among credit registers for the benefit of reporting institutions,  151 kb, en
  Annexes updated: January 2009 [online only]
  
• 16/03/2003
  Memorandum of Understanding on Economic and Financial Statistics between the Directorate General Statistics of the European Central Bank and the Statistical Office of the European Communities (Eurostat),  44 kb, en
  Annex 1: Share of responsibilities in the field of: en
  
• 13/03/2003
  Monthly Bulletin, March 2003,  1389 kb, en
• 06/03/2003
  Review of the foreign exchange market structure,  235 kb, en
  Press release: en
• 01/03/2003
  Extra-euro area manufacturing import prices and exchange rate pass-through (Working Paper No. 219), by Robert Anderton,  385 kb, en
• 01/03/2003
  The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan (Working Paper No. 218), by Günter Coenen and Volker Wieland,  699 kb, en
  Published in: Journal of Monetary Economics, July 2003, Vol 50 (5), pp 1071-1101
• 01/03/2003
  The role of product market regulations in the process of structural change (Working Paper No. 217), by Julián Messina,  762 kb, en

• 13/02/2003
  Monthly Bulletin, February 2003,  1055 kb, en
• 13/02/2003
  Article, Monthly Bulletin, February 2003, p.51-62, Exchange rate regimes for emerging market economies,  75 kb, en
  
• 13/02/2003
  Article, Monthly Bulletin, February 2003, p.37-49, The relationship between monetary policy and fiscal policies in the euro area,  77 kb, en
  
• 12/02/2003
  EU banking sector stability,  146 kb, en
  Press release: en
• 01/02/2003
  The admission of accession countries to an enlarged monetary union: a tentative assessment (Working Paper No. 216), by Michele Ca' Zorzi and Roberto A. De Santis,  665 kb, en
  Published in: Partly in Economics Letters, 2004, 85 (1), pp. 23-27 as “Currency Unions and the Real Exchange Rate” and partly in De Grauwe, P. and Mélitz, J. (eds.), Prospects for Monetary Union after the Euro, The MIT Press, Cambridge, 2005 as “The Eastward Enlargement of the European Monetary Union”
• 01/02/2003
  Budget institutions and fiscal performance in Central and Eastern European countries (Working Paper No. 215), by Holger Gleich,  416 kb, en
• 01/02/2003
  On the selection of forecasting models (Working Paper No. 214), by Atsushi Inoue and Lutz Kilian,  670 kb, en
  Published in: Journal of Econometrics, February 2006; 130(2): 273-306.
• 01/02/2003
  Aggregation and euro area Phillips curves (Working Paper No. 213), by Julian Morgan and Silvia Fabiani,  365 kb, en
  Published in: "Institutions and Wage Formation in the New Europe", by G Fagan, F Mongelli and J Morgan (eds), December 2003, Edward Elgar

• 31/01/2003
  List of Monetary Financial Institutions (MFI) and Institutions subject to minimum reserves for 2002,  1420 kb, en
  
• 23/01/2003
  Monthly Bulletin, January 2003,  1136 kb, en
• 23/01/2003
  Article, Monthly Bulletin, January 2003, p.53-66, CLS – purpose, concept and implications,  152 kb, en
  
• 23/01/2003
  Article, Monthly Bulletin, January 2003, p.39-51, The demand for currency in the euro area and the impact of the euro cash changeover,  155 kb, en
  
• 01/01/2003
  Modelling the implied probability of stock market movements (Working Paper No. 212), by Martin Scheicher and Ernst Glatzer,  385 kb, en
  Published in: Economic and Financial Modelling. Winter 2003; 10(4): 153-97
• 01/01/2003
  Self-control and savings (Working Paper No. 211), by Philippe Michel and Jean-Pierre Vidal,  489 kb, en
• 01/01/2003
  Anticipated Ramsey reforms and the uniform taxation principle: the role of international financial markets (Working Paper No. 210), by Stephanie Schmitt-Grohé and Martín Uribe,  688 kb, en
• 01/01/2003
  A framework for collateral risk control determination (Working Paper No. 209), by Didier Cossin, Zhijiang Huang, Daniel Auron-Nerin and Fernando González,  1849 kb, en
• 01/01/2003
  Do demographic changes affect risk premiums? Evidence from international data (Working Paper No. 208), by Angela Maddaloni and Andrew Ang,  651 kb, en
  Published in: Journal of Business. January 2005; 78(1): 341-79
• 01/01/2003
  A comprehensive model on the euro overnight rate (Working Paper No. 207), by Flemming Reinhardt Würtz,  552 kb, en
• 01/01/2003
  Empirical estimates of reaction functions for the euro area (Working Paper No. 206), by Dieter Gerdesmeier and Barbara Roffia,  809 kb, en
  Published in: Swiss Journal of Economics and Statistics, March 2004, 140(1): 37-66.
• 01/01/2003
  Real exchange rate in an inter-temporal n-country-model with incomplete markets (Working Paper No. 205), by Benoît Mercereau,  439 kb, en
• 01/01/2003
  Asymmetric dynamics in the correlations of global equity and bond returns (Working Paper No. 204), by Kevin Sheppard, Lorenzo Cappiello and Robert F. Engle,  966 kb, en
  Published in: Journal of Financial Econometrics, Fall 2006; 4(4): 537-72
• 01/01/2003
  Myopic loss aversion, disappointment aversion, and the equity premium puzzle (Working Paper No. 203), by David Fielding and Livio Stracca,  454 kb, en
  Published in: Journal of Economic Behaviour and Organization, Vol 64 (2): 2007: pp 250-268.
• 01/01/2003
  Aggregate loans to the euro area private sector (Working Paper No. 202), by Alessandro Calza, Marta Manrique and João Sousa,  483 kb, en
  Published in: The Quarterly Review of Economics and Finance (2006), vol. 46, pp. 211-26.
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