Publications published in 2010

• 23/12/2010
  How large are housing and financial wealth effects? A new approach (Working Paper No. 1283), by Christopher D. Carroll, Misuzu Otsuka and Jiri Slacalek,  1227 kb, en
• 23/12/2010
  The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis (Working Paper No. 1282), by Jens Eisenschmidt and Cornelia Holthausen,  973 kb, en
• 23/12/2010
  A quantitative mirror on the Euribor market using implied probability density functions (Working Paper No. 1281), by Rupert de Vincent-Humphreys and Josep Maria Puigvert Gutiérrez,  2103 kb, en
  Published in: Eurasian Economic Review, Vol 2 (1): pp 1-31.
• 21/12/2010
  Euro Money Market Study 2010,  5775 kb, en
  [online only]
  Press release: en
• 17/12/2010
  Can we prevent boom-bust cycles during euro area accession? (Working Paper No. 1280), by Michał Brzoza-Brzezina, Pascal Jacquinot and Marcin Kolasa,  927 kb, en
• 14/12/2010
  Openness and optimal monetary policy (Working Paper No. 1279), by Giovanni Lombardo and Federico Ravenna,  1313 kb, en
• 14/12/2010
  Shocking stuff: technology, hours, and factor substitution (Working Paper No. 1278), by Cristiano Cantore, Miguel A. León-Ledesma, Peter McAdam and Alpo Willman,  2542 kb, en
• 14/12/2010
  ECB Environmental Statement 2010,  1150 kb, en
  [online only]
  
• 09/12/2010
  Statistics Pocket Book, December 2010,  440 kb, en
• 09/12/2010
  Monthly Bulletin, December 2010,  3216 kb, en
• 09/12/2010
  Financial Stability Review,  3229 kb, en
  
• 08/12/2010
  Combining the forecasts in the ECB survey of professional forecasters: can anything beat the simple average? (Working Paper No. 1277), by Véronique Genre, Geoff Kenny, Aidan Meyler and Allan Timmermann,  1425 kb, en
  Published in: International Journal of Forecasting, Vol 29(1), 2013: pp 18-121, as Combining expert forecasts: "Can anything beat the simple average?"
• 08/12/2010
  Level, slope, curvature of the sovereign yield curve, and fiscal behaviour (Working Paper No. 1276), by António Afonso and Manuel M.F. Martins,  2112 kb, en
  Published in: Journal of Banking and Finance, Vol 36 (6), 2012: pp 1789-1907.
• 08/12/2010
  Nowcasting (Working Paper No. 1275), by Marta Bańbura, Domenico Giannone and Lucrezia Reichlin,  1059 kb, en
  Published in: Oxford Handbook on Economic Forecasting, eds. Michael P. Clements and David F. Hendry: 2011.
• 08/12/2010
  Letter from the ECB President to Mr Crescenzio Rivellini, Member of the European Parliament, regarding questions related to the European economic strategy regarding China’s monetary policy,  40 kb, en . it
  [online only]
  
• 03/12/2010
  Firms' reactions to the crisis and their consequences for the labour market. Results of a company survey conducted in Austria (Working Paper No. 1274), by Claudia Kwapil,  978 kb, en
• 02/12/2010
  Interest rate effects of demographic changes in a New-Keynesian life-cycle framework (Working Paper No. 1273), by Engin Kara and Leopold von Thadden,  1177 kb, en
• 02/12/2010
  The impact of public guarantees on bank risk taking: evidence from a natural experiment (Working Paper No. 1272), by Reint Gropp, Christian Gruendl and Andre Guettler,  1057 kb, en
• 02/12/2010
  Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding press reports pertaining to Greece.,  31 kb, en . pt
  [online only]
  
• 02/12/2010
  Eurosystem staff macroeconomic projections for the euro area,  219 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 01/12/2010
  An analysis of euro area sovereign CDS and their relation with government bonds (Working Paper No. 1271), by Alessandro Fontana and Martin Scheicher,  1096 kb, en
• 01/12/2010
  Inflation risk premia in the US and the euro area (Working Paper No. 1270), by Peter Hördahl and Oreste Tristani,  1805 kb, en
• 01/12/2010
  Downward wage rigidity and automatic wage indexation: evidence from monthly micro wage data (Working Paper No. 1269), by Patrick Lünnemann and Ladislav Wintr,  1912 kb, en

• 19/11/2010
  Research Bulletin No. 11,  629 kb, en
  
• 16/11/2010
  Changes in the Austrian structure of wages, 1996-2002: evidence from linked employer-employee data (Working Paper No. 1268), by Wolfgang Pointner and Alfred Stiglbauer,  1125 kb, en
• 16/11/2010
  Keynesian government spending multipliers and spillovers in the euro area (Working Paper No. 1267), by Tobias Cwik and Volker Wieland,  1122 kb, en
• 16/11/2010
  Towards expenditure rules and fiscal sanity in the euro area (Working Paper No. 1266), by Sebastian Hauptmeier, Jesus Sanchez Fuentes and Ludger Schuknecht,  2046 kb, en
• 12/11/2010
  Article, Monthly Bulletin, November 2010, pp 85-99, Enhancing monetary analysis,  225 kb, en
  
• 12/11/2010
  Article, Monthly Bulletin, November 2010, pp 71-83, Asset price bubbles and monetary policy revisited,  271 kb, en
  
• 11/11/2010
  Monthly Bulletin, November 2010,  2946 kb, en
• 11/11/2010
  Statistics Pocket Book, November 2010,  438 kb, en
• 05/11/2010
  The benefits of fiscal consolidation in uncharted waters (Occasional Paper No. 121), by Philipp Rother, Ludger Schuknecht and Jürgen Stark ,  1666 kb, en
• 03/11/2010
  How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households (Working Paper No. 1265), by Carin van der Cruijsen, David-Jan Jansen and Jakob de Haan,  1025 kb, en
• 03/11/2010
  On approximating DSGE models by series expansions (Working Paper No. 1264), by Giovanni Lombardo,  2654 kb, en
• 03/11/2010
  Autoregressions in small samples, priors about observables and initial conditions (Working Paper No. 1263), by Marek Jarociński and Albert Marcet,  1239 kb, en
• 02/11/2010
  The impact of supply constraints on bank lending in the euro area - crisis induced crunching? (Working Paper No. 1262), by Hannah Sabine Hempell and Christoffer Kok Sørensen,  1060 kb, en
• 02/11/2010
  Surprising comparative properties of monetary models: Results from a new model database (Working Paper No. 1261), by John B. Taylor and Volker Wieland,  2485 kb, en
• 02/11/2010
  A decade (and a global financial crisis) after Blinder: The interaction between researchers and policy-makers in central banks (Working Paper No. 1260), by Matthieu Bussière and Livio Stracca,  1059 kb, en

• 22/10/2010
  7th SEPA progress report: Beyond theory into practice,  1046 kb, de . el . en . es . et . fi . fr . it . nl . pt . sk . sl . sv
  [online only]
  Press release: de . el . en . es . fi . fr . it . mt . nl . pt . sk . sl . sv
  
• 22/10/2010
  Survey on the access to finance of SMEs in the euro area - March to September 2010,  218 kb, en
  [online only]
  Press release: en
• 21/10/2010
  Finance and diversification (Working Paper No. 1259), by Simone Manganelli and Alexander Popov,  1197 kb, en
• 21/10/2010
  Dancing together at arm’s length? – The interaction of central banks with governments in the G7 (Occasional Paper No. 120), by Cristina Bodea and Stefan Huemer,  1110 kb, en
• 20/10/2010
  Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound (Working Paper No. 1258), by Christiane Baumeister and Luca Benati,  1978 kb, en
• 20/10/2010
  Explaining the money demand of non-financial corporations in the Euro area: A macro and a micro view (Working Paper No. 1257), by Carmen Martinez-Carrascal and Julian von Landesberger,  1187 kb, en
• 20/10/2010
  Credit risk transfers and the macroeconomy (Working Paper No. 1256), by Ester Faia,  1378 kb, en
• 20/10/2010
  Recent developments in supervisory structures in the EU Member States (2007-10),  387 kb, en
  [online only]
  
• 18/10/2010
  The global downturn and its impact on euro area exports and competitiveness (Occasional Paper No. 119), by Filippo di Mauro, Katrin Forster and Ana Lima,  1409 kb, en
• 18/10/2010
  Article, Monthly Bulletin, October 2010, pp 59-74, The ECB’s response to the financial crisis,  1020 kb, en
  
• 14/10/2010
  Monthly Bulletin, October 2010,  2582 kb, en
• 14/10/2010
  Statistics Pocket Book, October 2010,  437 kb, en
• 14/10/2010
  Predicting recession probabilities with financial variables over multiple horizons (Working Paper No. 1255), by Fabio Fornari and Wolfgang Lemke,  1186 kb, en
• 14/10/2010
  Global policy at the zero lower bound in a large-scale DSGE model (Working Paper No. 1254), by Sandra Gomes, Pascal Jacquinot, Ricardo Mestre and João Sousa,  1195 kb, en
• 14/10/2010
  Enhancing monetary analysis,  5562 kb, en
  Press release: en
• 13/10/2010
  Oversight framework for credit transfer schemes,  802 kb, en
  [online only]
  Press release: en
• 13/10/2010
  Oversight framework for direct debit schemes,  797 kb, en
  [online only]
  Press release: en
• 13/10/2010
  Summary of the outcome of the public consultation on the oversight frameworks for credit transfer and direct debit schemes,  196 kb, en
  [online only]
  Press release: en
• 13/10/2010
  Information brochure: A single currency - an integrated market infrastructure (T2, T2S, CCBM2, SEPA),  992 kb, en
  
• 01/10/2010
  Monetary policy in exceptional times (Working Paper No. 1253), by Michele Lenza, Huw Pill and Lucrezia Reichlin,  1184 kb, en
  Published in: Economic Policy, Vol 25, 2010: pp 295-339.
• 01/10/2010
  Interbank market integration, loan rates, and firm leverage (Working Paper No. 1252), by Steven Ongena and Alexander Popov,  1182 kb, en
  Published in: Journal of Banking & Finance (forthcoming)
• 01/10/2010
  Macroeconomic propagation under different regulatory regimes: Evidence from an estimated DSGE model for the euro area (Working Paper No. 1251), by Matthieu Darracq Pariès, Christoffer Kok Sørensen and Diego Rodriguez-Palenzuela,  2407 kb, en
  Published in: International Journal of Central Banking, December 2011: pp 49-113.
• 01/10/2010
  Optimal monetary policy with state-dependent pricing (Working Paper No. 1250), by Anton Nakov and Carlos Thomas,  1743 kb, en
• 01/10/2010
  Forecasting and assessing Euro area house prices through the lens of key fundamentals (Working Paper No. 1249), by Luca Gattini and Paul Hiebert,  1248 kb, en
• 01/10/2010
  Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards (Working Paper No. 1248), by Angela Maddaloni and José-Luis Peydró,  1173 kb, en
  Published in: Review of Financial Studies (forthcoming).
• 01/10/2010
  The Euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times (Working Paper No. 1247), by Nuno Cassola and Michael Huetl,  1129 kb, en

• 29/09/2010
  Report on EU banking structures,  1571 kb, en
  [online only]
  
• 29/09/2010
  Beyond RoE: How to measure bank performance. Appendix to the report on EU banking structures,  1196 kb, en
  [online only]
  
• 29/09/2010
  EU banking sector stability,  1842 kb, en
  [online only]
  
• 23/09/2010
  Euro Money Market Survey 2010,  1397 kb, en
  [online only]
  Press release: en
• 22/09/2010
  Predicting recessions and recoveries in real time: The euro area-wide leading indicator (ALI) (Working Paper No. 1246), by Gabe de Bondt and Elke Hahn,  1535 kb, en
• 20/09/2010
  Firms and the global crisis: French exports in the turmoil (Working Paper No. 1245), by Jean-Charles Bricongne, Lionel Fontagné, Guillaume Gaulier, Daria Taglioni and Vincent Vicard,  1083 kb, en
• 20/09/2010
  Trade with central and eastern Europe: Is it really a threat to wages in the west? (Working Paper No. 1244), by Éva Katalin Polgár and Julia Wörz,  1119 kb, en
• 15/09/2010
  Current account determinants and external sustainability in periods of structural change (Working Paper No. 1243), by Sophocles N. Brissimis, George Hondroyiannis, Christos Papazoglou, Nicholas T. Tsaveas and Melina A. Vasardani,  1074 kb, en
• 15/09/2010
  Changes in the Czech wage structure: Does immigration matter? (Working Paper No. 1242), by Kamil Dybczak and Kamil Galuščák,  1488 kb, en
• 15/09/2010
  Major public debt reductions: Lessons from the past, lessons for the future (Working Paper No. 1241), by Christiane Nickel, Philipp Rother and Lilli Zimmermann,  1267 kb, en
• 15/09/2010
  Monetary policy, asset prices and consumption in China (Working Paper No. 1240), by Tuuli Koivu,  1157 kb, en
• 15/09/2010
  Supply, demand and monetary policy shocks in a multi-country New Keynesian Model (Working Paper No. 1239), by Stéphane Dées, Hashem Pesaran, Vanessa Smith and Ron P. Smith,  1769 kb, en
• 15/09/2010
  Household money holdings in the euro area: An explorative investigation (Working Paper No. 1238), by Franz Seitz and Julian von Landesberger,  1410 kb, en
• 09/09/2010
  Statistics Pocket Book, September 2010,  440 kb, en
• 09/09/2010
  Monthly Bulletin, September 2010,  3496 kb, en
• 08/09/2010
  Eurosystem assessment report on the implementation of the business continuity oversight expectations for systemically important payment systems,  93 kb, en
  [online only]
  Press release: en
• 06/09/2010
  The payment system – payments, securities and derivatives, and the role of the Eurosystem in this field,  2836 kb, en
  Press release: en
• 02/09/2010
  ECB staff macroeconomic projections for the euro area,  286 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  

• 23/08/2010
  The impact of high and growing government debt on economic growth: an empirical investigation for the euro area (Working Paper No. 1237), by Cristina Checherita-Westphal and Philipp Rother,  1347 kb, en
  Published in: European Economic Review 56 (2012) 1392–1405.
• 23/08/2010
  Is the New Keynesian IS curve structural? (Working Paper No. 1236), by Livio Stracca,  1110 kb, en
• 23/08/2010
  A note on identification patterns in DSGE models (Working Paper No. 1235), by Michal Andrle,  953 kb, en
• 23/08/2010
  Imposing parsimony in cross-country growth regressions (Working Paper No. 1234), by Marek Jarociński,  1006 kb, en
• 16/08/2010
  Bank heterogeneity and monetary policy transmission (Working Paper No. 1233), by Sophocles N. Brissimis and Manthos D. Delis,  1154 kb, en
• 12/08/2010
  Statistics Pocket Book, August 2010,  445 kb, en
• 12/08/2010
  Monthly Bulletin, August 2010,  3707 kb, en
• 12/08/2010
  The impact of the global financial turmoil and recession on Mediterranean countries’ economies (Occasional Paper No. 118), by Michael Sturm and Nicolas Sauter,  2307 kb, en
• 12/08/2010
  Article, Monthly Bulletin, August 2010, pp 109-122, Harmonised ECB statistics on euro area investment funds and their analytical use for monetary policy purposes,  325 kb, en
  
• 12/08/2010
  Article, Monthly Bulletin, August 2010, pp 93-107, Recent developments in global and euro area trade,  295 kb, en
  
• 12/08/2010
  Article, Monthly Bulletin, August 2010, pp 75-92, Oil prices – Their determinants and impact on euro area inflation and the macroeconomy,  1023 kb, en
  
• 05/08/2010
  The impact of monetary policy shocks on commodity prices (Working Paper No. 1232), by Alessio Anzuini, Marco J. Lombardi and Patrizio Pagano,  1705 kb, en
• 05/08/2010
  Commission public consultation on short selling - Eurosystem reply,  53 kb, en
  [online only]
  
• 02/08/2010
  Real convergence and its illusions (Working Paper No. 1231), by Marcin Kolasa,  1543 kb, en

• 26/07/2010
  Financial stability challenges in EU candidate countries - Financial systems in the aftermath of the global crisis (Occasional Paper No. 115), by an IRC expert group of the ESCB,  1773 kb, en
• 23/07/2010
  EU stress-test exercise. Key messages on methodological issues,  41 kb, en
  [online only]
  Press release: en
• 23/07/2010
  2010 EU-wide stress testing exercise: Questions & Answers,  74 kb, en
  [online only]
  Press release: en
• 23/07/2010
  EU stress-test exercise. Technical note on the macroeconomic scenarios and reference risk parameters,  85 kb, en
  [online only]
  Press release: en
• 22/07/2010
  Time variation in U.S. wage dynamics (Working Paper No. 1230), by Boris Hofmann, Gert Peersman and Roland Straub,  2262 kb, en
• 22/07/2010
  Inflation and inflation uncertainty in the euro area (Working Paper No. 1229), by Guglielmo Maria Caporale, Luca Onorante and Paolo Paesani,  1484 kb, en
  Published in: Empirical Economics (forthcoming).
• 22/07/2010
  Trusting the bankers: a new look at the credit channel of monetary policy (Working Paper No. 1228), by Matteo Ciccarelli, José-Luis Peydró and Angela Maddaloni,  2232 kb, en
• 21/07/2010
  Exports and sectoral financial dependence: evidence on French firms during the great global crisis (Working Paper No. 1227), by Jean-Charles Bricongne, Lionel Fontagné, Guillaume Gaulier, Daria Taglioni and Vincent Vicard,  1574 kb, en
• 16/07/2010
  Chronicle of currency collapses: re-examining the effects on output (Working Paper No. 1226), by Matthieu Bussière, Sweta C. Saxena and Camilo E. Tovar,  960 kb, en
  Published in: Journal of International Money and Finance, Vol 31 (4), June 2012: pp 680–708.
• 16/07/2010
  Price and wage formation in Portugal (Working Paper No. 1225), by Carlos Robalo Marques, Fernando Martins and Pedro Portugal,  1485 kb, en
• 16/07/2010
  Wages, labor or prices: how do firms react to shocks? (Working Paper No. 1224), by Emmanuel Dhyne and Martine Druant,  867 kb, en
• 16/07/2010
  The dark side of bank wholesale funding (Working Paper No. 1223), by Rocco Huang and Lev Ratnovski,  994 kb, en
• 16/07/2010
  Monetary policy and capital regulation in the US and Europe (Working Paper No. 1222), by Ethan Cohen-Cole and Jonathan Morse,  1146 kb, en
• 16/07/2010
  Financial regulation, financial globalization and the synchronization of economic activity (Working Paper No. 1221), by Sebnem Kalemli-Ozcan, Elias Papaioannou and José-Luis Peydró,  917 kb, en
• 16/07/2010
  The gains from early intervention in Europe: Fiscal surveillance and fiscal planning using cash data (Working Paper No. 1220), by Andrew Hughes Hallett, Moritz Kuhn and Thomas Warmedinger,  1490 kb, en
• 16/07/2010
  Transmission of government spending shocks in the euro area: Time variation and driving forces (Working Paper No. 1219), by Markus Kirchner, Jacopo Cimadomo and Sebastian Hauptmeier,  2247 kb, en
• 15/07/2010
  Statistics Pocket Book, July 2010,  2139 kb, en
• 15/07/2010
  Monthly Bulletin, July 2010,  2508 kb, en
• 15/07/2010
  Article, Monthly Bulletin, July 2010, pp 85-96, The impact of the financial crisis on the central and eastern European countries,  290 kb, en
  
• 15/07/2010
  Article, Monthly Bulletin, July 2010, pp 67-83, The effectiveness of euro area fiscal policies,  252 kb, en
  
• 15/07/2010
  Article, Monthly Bulletin, July 2010, pp 53-66, Labour market adjustments to the recession in the euro area,  424 kb, en
  
• 14/07/2010
  The international role of the euro,  4372 kb, en
  Press release: en
• 09/07/2010
  European Commission’s public consultation on derivatives and market infrastructures - Eurosystem contribution,  142 kb, en
  [online only]
  
• 08/07/2010
  Extraordinary measures in extraordinary times – Public measures in support of the financial sector in the EU and the United States (Occasional Paper No. 117), by Stéphanie Marie Stolz and Michael Wedow,  4529 kb, en
• 08/07/2010
  Securities clearing and settlement in China: markets, infrastructures and policy-making (Occasional Paper No. 116), by Patrick Hess,  1411 kb, en
• 08/07/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, June 2010,  204 kb, en
  [online only]
  
• 07/07/2010
  Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament, on questions related to the Greek crisis,  146 kb, el . en
  [online only]
  

• 30/06/2010
  The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise (Occasional Paper No. 114), by Sándor Gardó and Reiner Martin,  2755 kb, en
• 28/06/2010
  Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, regarding questions related to the governance of the euro area,  75 kb, de . en
  [online only]
  
• 25/06/2010
  Sectoral money demand and the great disinflation in the US (Working Paper No. 1218), by Alessandro Calza and Andrea Zaghini,  822 kb, en
  Published in: Journal of Money, Credit and Banking, Vol. 42, Issue 8 (December 2010), pp. 1663-1678.
• 25/06/2010
  Fiscal policy and growth: do financial crises make a difference? (Working Paper No. 1217), by António Afonso, Hans Peter Grüner and Christina Kolerus,  899 kb, en
• 25/06/2010
  What lies beneath the euro's effect on financial integration? Currency risk, legal harmonization, or trade? (Working Paper No. 1216), by Sebnem Kalemli-Ozcan, Elias Papaioannou and José-Luis Peydró,  890 kb, en
  Published in: Journal of International Economics (forthcoming).
• 25/06/2010
  Formal education, mismatch and wages after transition: Assessing the impact of unobserved heterogeneity using matching estimators (Working Paper No. 1215), by Ana Lamo and Julián Messina,  885 kb, en
  Published in: Economics of Education Review, Vol 29(6), 2010: pp 1086-1099.
• 25/06/2010
  Detecting and interpreting financial stress in the euro area (Working Paper No. 1214), by Marianna Blix Grimaldi,  1910 kb, en
• 25/06/2010
  The incidence of nominal and real wage rigidity: an individual-based sectoral approach (Working Paper No. 1213), by Julián Messina, Mario Izquierdo, Philip Du Caju, Cláudia Filipa Duarte and Niels Lynggård Hansen,  841 kb, en
  Published in: Journal of the European Economic Association, 8(2-3), April May 2010, pp. 487-496.
• 25/06/2010
  Research Bulletin No. 10,  2423 kb, en
  
• 21/06/2010
  Public wages in the euro area - towards securing stability and competitiveness (Occasional Paper No. 112), by Fédéric Holm-Hadulla, Kishore Kamath, Ana Lamo, Javier J. Pérez and Ludger Schuknecht,  1052 kb, en
• 17/06/2010
  Statistics Pocket Book, June 2010,  449 kb, en
• 17/06/2010
  Monthly Bulletin, June 2010,  2963 kb, en
• 17/06/2010
  Reinforcing economic governance in the euro area,  77 kb, en
  The ECB's Governing Council proposals to strengthen decisively governance and enforcement structures in the economic policy framework of the euro area [online only]
  
• 17/06/2010
  Letter from the ECB President to the President of the European Council, Mr. Herman Van Rompuy, presenting the ECB's Governing Council proposals for reinforcing economic governance in the euro area,  31 kb, en
  [online only]
  
• 16/06/2010
  Energy markets and the euro area macroeconomy (Occasional Paper No. 113), by Task Force of the Monetary Policy Committee of the ESCB,  2770 kb, en
• 10/06/2010
  Multimarket trading and the cost of debt: evidence from global bonds (Working Paper No. 1212), by Lubomir Petrasek,  933 kb, en
• 10/06/2010
  Efficiency and risk in european banking (Working Paper No. 1211), by Franco Fiordelisi, David Marqués-Ibáñez and Phil Molyneux,  1840 kb, en
  Published in: Journal of Banking and Finance, forthcoming.
• 10/06/2010
  Towards a robust monetary policy rule for the euro area (Working Paper No. 1210), by Tobias Blattner and Emil Margaritov,  1094 kb, en
• 10/06/2010
  Epstein-Zin preferences and their use in macro-finance models: implications for optimal monetary policy (Working Paper No. 1209), by Matthieu Darracq Pariès and Alexis Loublier,  1383 kb, en
• 10/06/2010
  Reverse causality in global current accounts (Working Paper No. 1208), by Gunther Schnabl and Stephan Freitag,  1011 kb, en
• 10/06/2010
  Money growth and inflation: a regime switching approach (Working Paper No. 1207), by Gianni Amisano and Gabriel Fagan,  1630 kb, en
  Published in: Journal of International Money and Finance, 2012.
• 10/06/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, May 2010,  138 kb, en
  [online only]
  
• 10/06/2010
  Eurosystem staff macroeconomic projections for the euro area,  251 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 08/06/2010
  Relative house price dynamics across euro area and US cities: convergence or divergence? (Working Paper No. 1206), by Paul Hiebert and Moreno Roma,  1038 kb, en
• 08/06/2010
  Nelson-Siegel, affine and quadratic yield curve specifications: which one is better at forecasting? (Working Paper No. 1205), by Ken Nyholm and Rositsa Vidova-Koleva,  1138 kb, en
• 07/06/2010
  Structural Issues Report 2010 - Energy markets and the euro area macroeconomy,  2561 kb, en
  [online only]
  Press release: en
• 04/06/2010
  Banking sector output measurement in the euro area - a modified approach (Working Paper No. 1204), by Antonio Colangelo and Robert Inklaar,  1317 kb, en
• 04/06/2010
  Cross-border banking and the international transmission of financial distress during the crisis of 2007-2008 (Working Paper No. 1203), by Alexander Popov and Gregory F. Udell,  1213 kb, en
• 04/06/2010
  Involuntary unemployment and the business cycle (Working Paper No. 1202), by Lawrence Christiano, Mathias Trabandt and Karl Walentin,  1240 kb, en
• 04/06/2010
  Growth strategies and value creation: what works best for stock exchanges? (Working Paper No. 1201), by Iftekhar Hasan, Heiko Schmiedel and Liang Song,  1031 kb, en

• 31/05/2010
  Protectionist responses to the crisis – global trends and implications (Occasional Paper No. 110), by Matthieu Bussière, Emilia Pérez-Barreiro, Roland Straub and Daria Taglioni,  2438 kb, en
• 31/05/2010
  Financial Stability Review June 2010,  4798 kb, en
  
• 21/05/2010
  Letter from the ECB President to Mr Paulo Rangel, Member of the European Parliament, regarding structural reforms,  12 kb, en . pt
  
• 20/05/2010
  Testing the asset pricing model of exchange rates with survey data (Working Paper No. 1200), by Anna Naszodi,  978 kb, en
• 20/05/2010
  Changes in the wage structure in EU countries (Working Paper No. 1199), by Rebekka Christopoulou, Juan F. Jimeno and Ana Lamo,  1117 kb, en
• 20/05/2010
  Wage and price setting behaviour of Lithuanian firms (Working Paper No. 1198), by Ernestas Virbickas,  948 kb, en
• 20/05/2010
  Investors with too many options? (Working Paper No. 1197), by Daniel Dorn,  1017 kb, en
• 20/05/2010
  Reputational contagion and optimal regulatory forbearance (Working Paper No. 1196), by Alan D. Morrison and Lucy White,  916 kb, en
• 20/05/2010
  The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area (Working Paper No. 1195), by Sandra Gomes, Pascal Jacquinot and Massimiliano Pisani,  2551 kb, en
• 20/05/2010
  Econometric analysis of high dimensional VARs featuring a dominant unit (Working Paper No. 1194), by Hashem Pesaran and Alexander Chudik,  1645 kb, en
• 20/05/2010
  Should larger reserve holdings be more diversified? (Working Paper No. 1193), by Roland Beck and Sebastian Weber,  3660 kb, en
  Published in: International Finance, Vol 14 (3), 2011: pp 415–444.
• 20/05/2010
  Financial factors in economic fluctuations (Working Paper No. 1192), by Lawrence Christiano, Roberto Motto and Massimo Rostagno,  2997 kb, en
• 20/05/2010
  Money in monetary policy design: Monetary cross-checking in the New-Keynesian model (Working Paper No. 1191), by Günter W. Beck and Volker Wieland,  912 kb, en
• 20/05/2010
  Booms and busts in China's stock market: Estimates based on fundamentals (Working Paper No. 1190), by Gabe de Bondt, Tuomas A. Peltonen and Daniel Santabárbara,  1180 kb, en
  Published in: Applied Financial Economics, Vol 21 (5): pp 287–300.
• 20/05/2010
  Maximum likelihood estimation of factor models on data sets with arbitrary pattern of missing data (Working Paper No. 1189), by Marta Bańbura and Michele Modugno,  1028 kb, en
• 18/05/2010
  TARGET Annual Report 2009,  1566 kb, en
  [online only]
  Press release: en
• 14/05/2010
  Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years (Occasional Paper No. 111), by Olivier Vergote, Werner Studener, Ioannis Efthymiadis and Niall Merriman,  1963 kb, en
• 13/05/2010
  Monthly Bulletin, May 2010,  3069 kb, en
• 13/05/2010
  Statistics Pocket Book, May 2010,  568 kb, en
• 13/05/2010
  Article, Monthly Bulletin, May 2010, pp 99-110, The “Great Inflation”: Lessons for monetary policy,  392 kb, en
  [online only]
  
• 13/05/2010
  Article, Monthly Bulletin, May 2010, pp 85-98, Monetary policy transmission in the euro area, a decade after the introduction of the euro,  389 kb, en
  [online only]
  
• 12/05/2010
  Convergence Report 2010 ,  1108 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 06/05/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, April 2010,  119 kb, en
  [online only]
  
• 05/05/2010
  Are policy counterfactuals based on structural VAR's reliable? (Working Paper No. 1188), by Luca Benati,  7297 kb, en
• 05/05/2010
  Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter? (Working Paper No. 1187), by Michał Brzoza-Brzezina, Tomasz Chmielewski and Joanna Niedźwiedzińska,  1551 kb, en
• 05/05/2010
  Modelling anti-inflationary monetary targeting: with an application to Romania (Working Paper No. 1186), by Marcelo Sánchez,  1717 kb, en
• 05/05/2010
  Forecasting with DSGE models (Working Paper No. 1185), by Kai Christoffel, Anders Warne and Günter Coenen,  1187 kb, en
  Published in: Handbook of Economic Forecasting, Oxford University Press, Chapter 4, pp. 89-127, 2011.

• 28/04/2010
  ECB statistics: a brief overview,  733 kb, en
  
• 28/04/2010
  Memorandum of understanding on the exchange of information among national central credit registers for the purpose of passing it on to reporting institutions,  285 kb, en
  Annexes updated: January 2012 [online only]
  
• 27/04/2010
  European Statistics provided by the ESCB – The Governance Structure –,  103 kb, en
  [online only]
  
• 27/04/2010
  ECB statistics - an overview,  1171 kb, en
  [online only]
  
• 23/04/2010
  Results of the public consultation on ABS loan-level information in the Eurosystem collateral framework,  147 kb, en
  [online only]
  Public consultation: en
• 21/04/2010
  Costs, demand, and producer price changes (Working Paper No. 1184), by Claire Loupias and Patrick Sevestre,  1211 kb, en
• 21/04/2010
  Labor market institutions and the business cycle Unemployment rigidities vs. real wage rigidities (Working Paper No. 1183), by Mirko Abbritti and Sebastian Weber,  1610 kb, en
• 21/04/2010
  Inter-industry wage differentials in EU countries: what do cross-country time varying data add to the picture? (Working Paper No. 1182), by Philip Du Caju, Gábor Kátay, Ana Lamo, Daphne Nicolitsas and Steven Poelhekke,  1173 kb, en
  Published in: Journal of the European Economic Association, 8(2-3), pp. 478-86.
• 21/04/2010
  Wage setting and wage flexibility in Ireland - Results from a firm-level survey (Working Paper No. 1181), by Mary Keeney and Martina Lawless,  1136 kb, en
• 21/04/2010
  Nominal and real wage rigidities. In theory and in Europe (Working Paper No. 1180), by Markus Knell,  1207 kb, en
• 21/04/2010
  Credit supply - Identifying balance-sheet channels with loan applications and granted loans (Working Paper No. 1179), by Gabriel Jiménez, Steven Ongena, José-Luis Peydró and Jesús Saurina,  1326 kb, en
• 21/04/2010
  Monetary policy, housing booms and financial (im)balances (Working Paper No. 1178), by Sandra Eickmeier and Boris Hofmann,  1442 kb, en
• 21/04/2010
  Price and trading response to public information (Working Paper No. 1177), by Magdalena Grothe,  1260 kb, en
• 21/04/2010
  Evolving Phillips trade-off (Working Paper No. 1176), by Luca Benati,  2998 kb, en
• 21/04/2010
  In dubio pro CES - Supply estimation with mis-specified technical change (Working Paper No. 1175), by Miguel A. León-Ledesma, Peter McAdam and Alpo Willman,  1253 kb, en
• 21/04/2010
  How far are we from the slippery slope? The Laffer curve revisited (Working Paper No. 1174), by Mathias Trabandt and Harald Uhlig,  1138 kb, en
• 21/04/2010
  Market power and fiscal policy in OECD countries (Working Paper No. 1173), by António Afonso and Luís F. Costa,  1248 kb, en
• 19/04/2010
  Annual Report 2009 ,  6203 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 19/04/2010
  Report on the lessons learned from the financial crisis with regard to the functioning of European financial market infrastructures,  836 kb, en
  [online only]
  
• 15/04/2010
  Monthly Bulletin, April 2010,  2417 kb, en
• 15/04/2010
  Statistics Pocket Book, April 2010,  440 kb, en
• 15/04/2010
  Article, Monthly Bulletin, April 2010, pp 65-73, Tools for preparing short-term projections of the euro area inflation,  259 kb, en
  
• 15/04/2010
  Article, Monthly Bulletin, April 2010, pp 75-90, Measures taken by euro area governments in support of the financial sector,  413 kb, en
  
• 15/04/2010
  Article, Monthly Bulletin, April 2010, pp 91-100, Prospects for real and financial imbalances and a global rebalancing,  239 kb, en
  
• 14/04/2010
  Size, openness, and macroeconomic interdependence (Working Paper No. 1172), by Alexander Chudik and Roland Straub,  1396 kb, en
• 14/04/2010
  The external finance premium in the euro area A useful indicator for monetary policy? (Working Paper No. 1171), by Paolo Gelain,  1232 kb, en
• 14/04/2010
  Global commodity cycles and linkages a FAVAR approach (Working Paper No. 1170), by Marco J. Lombardi, Chiara Osbat and Bernd Schnatz,  975 kb, en
• 14/04/2010
  The impact of numerical expenditure rules on budgetary discipline over the cycle (Working Paper No. 1169), by Fédéric Holm-Hadulla, Sebastian Hauptmeier and Philipp Rother,  934 kb, en
  Published in: Applied Economics (forthcoming).
• 14/04/2010
  Food price pass-through in the euro area The role of asymmetries and non-linearities (Working Paper No. 1168), by Gianluigi Ferrucci, Rebeca Jiménez-Rodríguez and Luca Onorante,  1038 kb, en
• 14/04/2010
  Macroeconomic forecasting and structural change (Working Paper No. 1167), by Antonello D’Agostino, Luca Gambetti and Domenico Giannone,  1134 kb, en
• 14/04/2010
  Euro area fiscal policies and the crisis (Occasional Paper No. 109), by Ad van Riet,  1313 kb, en
• 12/04/2010
  Financial integration in Europe,  3649 kb, en
  Press release: en
• 08/04/2010
  Monthly Report on the Eurosystem's covered bond purchase programme,  154 kb, en
  [online only]
  

• 31/03/2010
  Does monetary policy affect bank risk-taking? (Working Paper No. 1166), by Yener Altunbas, Leonardo Gambacorta and David Marqués-Ibáñez,  1181 kb, en
• 31/03/2010
  The term structure of risk premia: new evidence from the financial crisis (Working Paper No. 1165), by Tobias Berg,  980 kb, en
• 31/03/2010
  Price, wage and employment response to shocks: evidence from the WDN survey (Working Paper No. 1164), by Giuseppe Bertola, Aurelijus Dabusinskas, Marco M. Hoeberichts, Mario Izquierdo, Claudia Kwapil, Jérémi Montornès and Daniel Radowski,  1098 kb, en
• 31/03/2010
  Euro area balance of payments and international investment position statistics - 2009 quality report,  1383 kb, en
  [online only]
  
• 31/03/2010
  Euro area monetary and financial statistics - 2009 quality report,  933 kb, en
  [online only]
  
• 30/03/2010
  Asset pricing, habit memory, and the labor market (Working Paper No. 1163), by Ivan Jaccard,  1062 kb, en
• 30/03/2010
  Inflation risks and inflation risk premia (Working Paper No. 1162), by Juan Angel García and Thomas Werner,  1448 kb, en
• 30/03/2010
  The role of national central banks in banking supervision in selected central and eastern European countries (Legal Working Paper No. 11), by Marcis Apinis, Magdalena Bodzioch, Erika Csongrádi, Tatyana Filipova, Zdeněk Foit, Rebeca Jiménez-Rodríguez, Marek Porzycki and Milan Vetrák,  1081 kb, en
• 24/03/2010
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament, regarding credit rating agencies,  134 kb, el . en
  
• 22/03/2010
  Government Finance Statistics Guide,  1108 kb, en
  [online only]
  
• 22/03/2010
  Research Bulletin No. 9,  617 kb, en
  
• 16/03/2010
  Trade consistency in the context of the Eurosystem projection exercises – an overview (Occasional Paper No. 108), by Kirstin Hubrich and Tohmas Karlsson,  1296 kb, en
• 16/03/2010
  Letter from the ECB President to Mr. Nuno Melo, Member of the European Parliament, concerning the increase in the capital of Banco Português de Negócios (BPN),  9 kb, en . pt
  
• 12/03/2010
  Strenghtening macro and micro-prudential supervision in EU candidates and potential candidates,  7092 kb, en
  [online only]
  Press release: en
• 11/03/2010
  Monthly Bulletin, March 2010,  2793 kb, en
• 11/03/2010
  Statistics Pocket Book, March 2010,  448 kb, en
• 11/03/2010
  Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding the economic situation in Portugal,  35 kb, en . pt
  [online only]
  
• 04/03/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, February 2010,  168 kb, en
  [online only]
  
• 04/03/2010
  ECB staff macroeconomic projections for the euro area,  245 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  

• 26/02/2010
  Housing, consumption and monetary policy: how different are the US and the euro area? (Working Paper No. 1161), by Alberto Musso, Stefano Neri and Livio Stracca,  1379 kb, en
  Published in: Journal of Banking & Finance, Vol 35 (11), November 2011: pp 3019-3041.
• 26/02/2010
  The euro area Bank Lending Survey matters: empirical evidence for credit and output growth (Working Paper No. 1160), by Gabe de Bondt, Angela Maddaloni, José-Luis Peydró and Silvia Scopel,  960 kb, en
• 26/02/2010
  Wages and the risk of displacement (Working Paper No. 1159), by Anabela Carneiro and Pedro Portugal,  1093 kb, en
• 26/02/2010
  Excess returns on net foreign assets: the exorbitant privilege from a global perspective (Working Paper No. 1158), by Maurizio Michael Habib,  1199 kb, en
• 25/02/2010
  Real time estimates of the euro area output gap: reliability and forecasting performance (Working Paper No. 1157), by Massimiliano Marcellino and Alberto Musso,  2785 kb, en
  Published in: Economic Modelling, Vol 28 (4), July 2011 as "The reliability of real-time estimates of the euro area output gap": pp 1842-1856.
• 25/02/2010
  Mortgage indebtedness and household financial distress (Working Paper No. 1156), by Dimitris Georgarakos, Adriana Lojschová and Melanie Ward-Warmedinger,  1108 kb, en
• 25/02/2010
  Combining disaggregate forecasts or combining disaggregate information to forecast an aggregate (Working Paper No. 1155), by David F. Hendry and Kirstin Hubrich,  994 kb, en
  Published in: Journal of Business and Economic Statistics, forthcoming.
• 23/02/2010
  Public and private inputs in aggregate production and growth: a cross-country efficiency approach (Working Paper No. 1154), by António Afonso and Miguel St. Aubyn,  969 kb, en
• 23/02/2010
  The determination of wages of newly hired employees: survey evidence on internal versus external factors (Working Paper No. 1153), by Kamil Galuščák, Mary Keeney, Daphne Nicolitsas, Frank Smets, Pawel Strzelecki and Matija Vodopivec,  1117 kb, en
• 23/02/2010
  Government bond risk premiums in the EU revisited: the impact of the financial crisis (Working Paper No. 1152), by Ludger Schuknecht, Jürgen von Hagen and Guido Wolswijk,  1045 kb, en
• 23/02/2010
  ECB-Eurostat workshop on pensions,  2110 kb, en
  [online only]
  
• 18/02/2010
  Letter from the ECB President to Mr. Nikolaos Chountis, Member of the European Parliament, related to the income of Mr. Provopoulos, Governor of the Bank of Greece,  112 kb, el . en
  [online only]
  
• 17/02/2010
  MFI balance sheet and interest rate statistics and CEBS' guidelines on FINREP and COREP,  2357 kb, en
  [online only]
  Press release: en
• 16/02/2010
  ECB survey on access to finance for small and medium-sized enterprises in the euro area, 2009 second half,  362 kb, en
  [online only]
  Press release: en
• 11/02/2010
  Monthly Bulletin, February 2010,  2760 kb, en
• 11/02/2010
  Statistics Pocket Book, February 2010,  514 kb, en
• 11/02/2010
  Article, Monthly Bulletin, February 2010, pp 67-79, Euro repo markets and the financial market turmoil,  269 kb, en
  
• 11/02/2010
  Article, Monthly Bulletin, February 2010, pp 95-107, Update on developments in general economic statistics for the euro area,  196 kb, en
  
• 11/02/2010
  Article, Monthly Bulletin, February 2010, pp 81-94, Euro area commercial property markets and their impact on banks,  237 kb, en
  
• 08/02/2010
  Commission communication to 'An EU framework for cross-border crisis management in the banking sector': Eurosystem's reply to the public consultation,  328 kb, en
  [online only]
  
• 04/02/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, January 2010,  142 kb, en
  [online only]
  
• 02/02/2010
  The “Centralised Securities DataBase” in brief,  171 kb, en
  [online only]
  
• 02/02/2010
  Letter from the ECB President to Mr. Nuno Melo, Member of the European Parliament, concerning the increase in the capital of Banco Português de Negócios (BPN),  157 kb, en . pt
  [online only]
  

• 29/01/2010
  Methodological advances in the assessment of equilibrium exchange rates (Working Paper No. 1151), by Matthieu Bussière, Michele Ca' Zorzi, Alexander Chudik and Alistair Dieppe,  1187 kb, en
• 29/01/2010
  Do bank loans and credit standards have an effect on output? A panel approach for the euro area (Working Paper No. 1150), by Lorenzo Cappiello, Arjan Kadareja, Christoffer Kok Sørensen and Marco Protopapa,  771 kb, en
• 29/01/2010
  Does it matter how aggregates are measured? The case of monetary transmission mechanisms in the euro area (Working Paper No. 1149), by Andreas Beyer and Katarina Juselius,  844 kb, en
  Published in: Shepard, N. and J. Castle (eds.), "The Methodology and Practice of Econometrics", Festschrift volume for David F. Hendry, Oxford University Press, 2009.
• 27/01/2010
  Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties,  1014 kb, da . de . el . en . es . fi . fr . it . nl . pl . pt . sl . sv
  [online only]
  
• 21/01/2010
  Statistics Pocket Book, January 2010,  435 kb, en
• 21/01/2010
  Monthly Bulletin, January 2010,  2369 kb, en
• 21/01/2010
  Is there a signalling role for public wages? Evidence for the euro area based on macro data (Working Paper No. 1148), by Javier J. Pérez and Jesús Sánchez,  859 kb, en
  Published in: Empirical Economics, 41, September 2011: pp 421–445.
• 21/01/2010
  Interbank contagion at work: evidence from a natural experiment (Working Paper No. 1147), by Rajkamal Iyer and José-Luis Peydró,  905 kb, en
  Published in: Review of Financial Studies (forthcoming).
• 21/01/2010
  The role of central bank transparency for guiding private sector forecasts (Working Paper No. 1146), by Michael Ehrmann, Sylvester Eijffinger and Marcel Fratzscher,  769 kb, en
  Published in: Scandinavian Journal of Economics, Vol 114, 2012: pp 1018–1052.
• 21/01/2010
  Article, Monthly Bulletin, January 2010, pp 63-71, The ECB's monetary policy stance during the financial crisis,  165 kb, en
  
• 21/01/2010
  Article, Monthly Bulletin, January 2010, pp 73-84, The ECB's relations with European Union institutions and bodies – trends and prospects,  260 kb, de . en . es . fr . it
  
• 21/01/2010
  Article, Monthly Bulletin, January 2010, pp 85-101, Entitlements of households under government pension schemes in the euro area – results on the basis of the new system of national accounts,  235 kb, en
  
• 19/01/2010
  An area-wide real-time database for the euro area (Working Paper No. 1145), by Domenico Giannone, Jérôme Henry, Magdalena Lalik and Michele Modugno,  2243 kb, en
  Published in: Review of Economics and Statistics (forthcoming).
• 15/01/2010
  T2S - Settling without borders,  719 kb, en
  
• 15/01/2010
  Structural indicators for the EU banking sector,  170 kb, en
  [online only]
  
• 14/01/2010
  Contribution of the Eurosystem to the public consultation of the European Commission on the future “EU 2020” strategy,  40 kb, en
  
• 14/01/2010
  Monthly Report on the Eurosystem's covered bond purchase programme, December 2009,  115 kb, en
  [online only]
  
• 07/01/2010
  Recent advances in modelling systemic risk using network analysis,  1453 kb, en
  [online only]
  Press release: en
•  

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