Publications published in 2008

• 30/12/2008
  The topology of the federal funds market (Working Paper No. 986), by Morten L. Bech and Enghin Atalay,  2794 kb, en
• 30/12/2008
  Portuguese banks in the euro area market for daily funds (Working Paper No. 985), by Luísa Farinha and Vítor Gaspar,  964 kb, en
• 30/12/2008
  Correspondent central banking model (CCBM) - procedure for Eurosystem counterparties [online only],  758 kb, da . de . el . en . es . fi . fr . it . nl . pl . pt . sl . sv
  
• 23/12/2008
  The interday and intraday patterns of the overnight market: evidence from an electronic platform (Working Paper No. 988), by Renaud Beaupain and Alain Durré,  2091 kb, en
• 23/12/2008
  Probability of informed trading on the euro overnight market rate: an update (Working Paper No. 987), by Julien Idier and Stefano Nardelli,  1298 kb, en
• 23/12/2008
  The daily and policy-relevant liquidity effects (Working Paper No. 984), by Daniel L. Thornton,  1019 kb, en
• 23/12/2008
  What explains the spread between the euro overnight rate and the ECB's policy rate? (Working Paper No. 983), by Tobias Linzert and Sandra Schmidt,  1252 kb, en
• 23/12/2008
  Modelling short-term interest rate spreads in the euro money market (Working Paper No. 982), by Nuno Cassola and Claudio Morana,  1161 kb, en
  Published in: International Journal of Central Banking, December 2008, 4 (4), pp. 1-37
• 23/12/2008
  Why the effective price for money exceeds the policy rate in the ECB tenders? (Working Paper No. 981), by Tuomas Välimäki,  1100 kb, en
• 23/12/2008
  Extracting market expectations from yield curves augmented by money market interest rates: the case of Japan (Working Paper No. 980), by Teppei Nagano and Naohiko Baba,  1190 kb, en
• 23/12/2008
  Futures contract rates as monetary policy forecasts (Working Paper No. 979), by Giuseppe Ferrero and Andrea Nobili,  1246 kb, en
• 23/12/2008
  Measuring monetary policy expectations from financial market instruments (Working Paper No. 978), by Michael Joyce, Jonathan Relleen and Steffen Sorensen,  1273 kb, en
• 23/12/2008
  Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates (Working Paper No. 977), by Massimo Guidolin and Daniel L. Thornton,  972 kb, en
• 23/12/2008
  The term structure of interest rates across frequencies (Working Paper No. 976), by Katrin Assenmacher-Wesche and Stefan Gerlach,  1328 kb, en
• 19/12/2008
  Recommendations of the Governing Council of the European Central Bank on government guarantees for bank debt,  103 kb, en
  
• 19/12/2008
  Commercial property markets - financial stability risks, recent developments and EU banks' exposures,  777 kb, en
  [online only]
  
• 19/12/2008
  Recommendations of the Governing Council of the European Central Bank on the pricing of recapitalisations,  119 kb, en
  
• 19/12/2008
  The incentive structure of the ‘originate and distribute’ model,  772 kb, en
  [online only]
  
• 17/12/2008
  Covered bonds in the EU financial system,  804 kb, en
  [online only]
  
• 15/12/2008
  Financial Stability Review,  2921 kb, en
  Summary: en
  Press release: en
• 11/12/2008
  Statistics Pocket Book, December 2008,  454 kb, en
• 11/12/2008
  Monthly Bulletin, December 2008,  2026 kb, en
• 11/12/2008
  Government finance statistics guide,  3406 kb, en
  [online only]
  
• 10/12/2008
  Early estimates of euro area real GDP growth: a bottom up approach from the production side (Working Paper No. 975), by Elke Hahn and Frauke Skudelny,  1366 kb, en
• 04/12/2008
  Eurosystem staff macroeconomic projections for the euro area,  232 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 02/12/2008
  Institutional features of wage bargaining in 23 European countries, the US and Japan (Working Paper No. 974), by Philip Du Caju, Erwan Gautier, Daphne Momferatou and Melanie Ward-Warmedinger,  1222 kb, en
• 02/12/2008
  Do China and oil exporters influence major currency configurations? (Working Paper No. 973), by Marcel Fratzscher and Arnaud Mehl,  1051 kb, en
  Published in: Journal of Comparative Economics (forthcoming)

• 30/11/2008
  Responses to monetary policy shocks in the east and the west of Europe: a comparison (Working Paper No. 970), by Marek Jarociński,  1175 kb, en
  Published in: Journal of Applied Econometrics (forthcoming).
• 28/11/2008
  EU banks' liquidity stress testing and contingency funding plans,  884 kb, en
  [online only]
  
• 26/11/2008
  Monetary policy and housing prices in an estimated DSGE for the US and the euro area (Working Paper No. 972), by Matthieu Darracq Pariès and Alessandro Notarpietro,  1723 kb, en
• 26/11/2008
  Interactions between private and public sector wages (Working Paper No. 971), by António Afonso and Pedro Gomes,  1167 kb, en
• 26/11/2008
  Comparing and evaluating Bayesian predictive distributions of assets returns (Working Paper No. 969), by John Geweke and Gianni Amisano,  1031 kb, en
  Published in: International Journal of Forecasting (forthcoming)
• 26/11/2008
  What drives U.S. current account fluctuations? (Working Paper No. 959), by Alina Barnett and Roland Straub,  1879 kb, en
• 24/11/2008
  6th SEPA progress report,  736 kb, de . el . en . es . fi . fr . it . nl . pt . sk . sl . sv
  [online only]
  Press release: en
• 20/11/2008
  The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of “legally and operationally located in the euro area”,  103 kb, en
  [online only]
  
• 17/11/2008
  A value at risk analysis of cedit default swaps (Working Paper No. 968), by Burkhard Raunig and Martin Scheicher,  908 kb, en
• 17/11/2008
  Central Bank misperceptions and the role of money in interest rate rules (Working Paper No. 967), by Günter W. Beck and Volker Wieland,  1076 kb, en
• 14/11/2008
  Large Bayesian VARs (Working Paper No. 966), by Marta Bańbura, Domenico Giannone and Lucrezia Reichlin,  1104 kb, en
  Published in: Journal of Applied Econometric (forthcoming).
• 14/11/2008
  IMF lending and geopolitics (Working Paper No. 965), by Julien Reynaud and Julien Vauday,  933 kb, en
  Published in: forthcoming in the Journal of Development Economics
• 13/11/2008
  Public and private sector wages: co-movement and causality (Working Paper No. 963), by Ana Lamo, Javier J. Pérez and Ludger Schuknecht,  1286 kb, en
  Published in: partly in The Scandinavian Journal of Economics, under the title "Public or private sector wage leadership? An international perspective" (forthcoming).
• 13/11/2008
  Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations (Working Paper No. 962), by Stéphane Adjemian and Matthieu Darracq Pariès,  1728 kb, en
• 13/11/2008
  Oil exporters: in search of an external anchor (Working Paper No. 958), by Maurizio Michael Habib and Jan Stráský,  2670 kb, en
• 13/11/2008
  Monthly Bulletin, November 2008,  2456 kb, en
• 13/11/2008
  Statistics Pocket Book, November 2008,  427 kb, en
• 13/11/2008
  Article, Monthly Bulletin, November 2008, p.99-107, Ten years of target and the launch of Target2,  174 kb, en
  
• 13/11/2008
  Article, Monthly Bulletin, November 2008, p.87-98, Valuing stock markets and the equity Risk premium,  287 kb, en
  
• 13/11/2008
  Article, Monthly Bulletin, November 2008, p.69-85, Monitoring labour cost developments Across euro area countries,  253 kb, en
  
• 12/11/2008
  Do firms provide wage insurance against shocks? Evidence from Hungary (Working Paper No. 964), by Gábor Kátay,  1215 kb, en
• 12/11/2008
  Budgetary and external imbalances relationship: a panel data diagnostic (Working Paper No. 961), by António Afonso and Christophe Rault,  993 kb, en
• 12/11/2008
  On implications of micro price data for macro models (Working Paper No. 960), by Bartosz Maćkowiak and Frank Smets,  978 kb, en
  Published in: Jeff Fuhner et al (eds.), "Understanding inflation and implications for monetary policy: A Philipps curve retrospectrive", MIT Press, Cambridge, 2009.
• 12/11/2008
  Modeling autoregressive conditional skewness and kurtosis with multi-quantile CAViaR (Working Paper No. 957), by Halbert White, Tae-Hwan Kim and Simone Manganelli,  1086 kb, en
  Published in: Volatility and Time Series Econometrics: Essays in Honour of Robert F. Engle, ed. by M. Watson, T. Bollerslev and J. Russell (2008)
• 12/11/2008
  The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures,  1583 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [DE, EN, ES, FR and IT will be available as hard copies in due course]
  Press release: en
• 07/11/2008
  The ECB and IMF indicators for the macro-prudential analysis of the banking sector: a comparison of the two approaches (Occasional Paper No. 99), by Anna Maria Agresti, Patrizia Baudino and Paolo Poloni,  839 kb, en
• 06/11/2008
  The political economy under monetary union: has the euro made a difference? (Working Paper No. 956), by Marcel Fratzscher and Livio Stracca,  999 kb, en
  Published in: Economic Policy (2009), 58, pp. 307-48.
• 05/11/2008
  A strategic vision for statistics: challenges for the next 10 years,  2044 kb, en
  Fourth ECB Conference on Statistics 24 and 25 April 2008
  

• 31/10/2008
  Monetary policy and stock market boom-bust cycles (Working Paper No. 955), by Lawrence Christiano, Cosmin Ilut, Roberto Motto and Massimo Rostagno,  1639 kb, en
• 28/10/2008
  Fiscal policy responsiveness, persistence and discretion (Working Paper No. 954), by António Afonso, Luca Agnello and Davide Furceri,  1035 kb, en
  Published in: Public Choice (forthcoming).
• 28/10/2008
  Estimating and forecasting the euro area monthly national accounts from a dynamic factor model (Working Paper No. 953), by Elena Angelini, Marta Bańbura and Gerhard Rünstler,  1471 kb, en
• 28/10/2008
  Is forecasting with large models informative? Assessing the role of judgement in macroeconomic forecasts (Working Paper No. 950), by Ricardo Mestre and Peter McAdam,  1326 kb, en
  Published in: Journal of Forecasting (forthcoming)
• 28/10/2008
  Short-term forecasts of euro area GDP growth (Working Paper No. 949), by Elena Angelini, Gonzalo Camba-Méndez, Domenico Giannone, Gerhard Rünstler and Lucrezia Reichlin,  872 kb, en
• 28/10/2008
  Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament,  451 kb, en
  [online only]
  
• 28/10/2008
  Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament,  213 kb, en
  [online only]
  
• 16/10/2008
  How successful is the G7 in managing exchange rates? (Working Paper No. 952), by Marcel Fratzscher,  890 kb, en
  Published in: Journal of International Economics (2006), 79(1), pp. 78-88.
• 16/10/2008
  Exchange rate pass-through in the global economy: the role of emerging market economies (Working Paper No. 951), by Matthieu Bussière and Tuomas A. Peltonen,  1059 kb, en
• 14/10/2008
  Clustering techniques applied to outlier detection of financial market series using a moving window filtering algorithm (Working Paper No. 948), by Josep Maria Puigvert Gutiérrez and Josep Fortiana Gregori,  1292 kb, en
• 14/10/2008
  Foreign-currency bonds: currency choice and the role of uncovered and covered interest parity (Working Paper No. 947), by Maurizio Michael Habib and Mark Joy,  941 kb, en
• 13/10/2008
  Macroeconomic adjustment to monetary union (Working Paper No. 946), by Gabriel Fagan and Vítor Gaspar,  779 kb, en
• 13/10/2008
  Wage and price dynamics in Portugal (Working Paper No. 945), by Carlos Robalo Marques,  1010 kb, en
• 13/10/2008
  The New Area-Wide Model of the euro area: a micro-founded open-economy model for forecasting and policy analysis (Working Paper No. 944), by Kai Christoffel, Günter Coenen and Anders Warne,  1866 kb, en YADA Bayesian estimation software of DSGE model: en
• 13/10/2008
  EU banking structures,  1022 kb, en
  [online only]
  Press release: en
• 09/10/2008
  Statistics Pocket Book, October 2008,  688 kb, en
• 09/10/2008
  Monthly Bulletin, October 2008,  2066 kb, en
• 09/10/2008
  Article, Monthly Bulletin, October 2008, p.53-65, Ten years of the stability and growth pact,  262 kb, en
  
• 09/10/2008
  Article, Monthly Bulletin, October 2008, p.67-80, Cross-border bank mergers & acquisitions ans institutional investors,  212 kb, en
  
• 07/10/2008
  Will oil prices decline over the long run? (Occasional Paper No. 98), by Robert K. Kaufmann, Pavlos Karadeloglou and Filippo di Mauro,  794 kb, en

• 30/09/2008
  The monetary presentation of the euro area balance of payments (Occasional Paper No. 96), by Louis Be Duc, Frank Mayerlen and Pierre Sola,  898 kb, en
• 30/09/2008
  Channels of international risk-sharing: capital gains versus income flows (Working Paper No. 938), by Thierry Bracke and Martin Schmitz,  1373 kb, en
• 30/09/2008
  Sparse and stable Markowitz portfolios (Working Paper No. 936), by Joshua Brodie, Ingrid Daubechies, Christine De Mol, Domenico Giannone and Ignace Loris,  1716 kb, en
  Published in: Proceedings of the National Academy of Science (forthcoming)
• 30/09/2008
  How does competition affect efficiency and soundness in banking? New empirical evidence (Working Paper No. 932), by Klaus Schaeck and Martin Čihák,  982 kb, en
• 30/09/2008
  International stock return comovements (Working Paper No. 931), by Geert Bekaert, Robert J. Hodrick and Xiaoyan Zhang,  1043 kb, en
• 26/09/2008
  Euro Money Market Survey,  1811 kb, en
  [online only]
  Press release: en
• 25/09/2008
  Commission's draft directive/regulation on credit rating agencies,  180 kb, en
  Eurosystem contribution to the public consultation [online only]
  
• 23/09/2008
  Sticky information Phillips curves: European evidence (Working Paper No. 930), by Jörg Döpke, Jonas Dovern, Ulrich Fritsche and Jiri Slacalek,  656 kb, en
  Published in: Journal of Money, Credit, and Banking. October 2008; 40(7): 1513-19
• 22/09/2008
  The impact of financial position on investment: an anlysis for non-financial corporations in the euro area (Working Paper No. 943), by Carmen Martinez-Carrascal and Annalisa Ferrando,  1687 kb, en
• 22/09/2008
  An application of index numbers theory to interest rates (Working Paper No. 939), by Javier Huerga and Lucia Steklacova,  1261 kb, en
• 19/09/2008
  Globalisation and the competitiveness of the euro area (Occasional Paper No. 97), by Filippo di Mauro and Katrin Forster,  1051 kb, en
• 19/09/2008
  Towards a monetary policy evaluation framework (Working Paper No. 942), by Stéphane Adjemian, Matthieu Darracq Pariès and Stéphane Moyen,  1128 kb, en
• 19/09/2008
  Euro's influence upon trade: Rose effect versus border effect (Working Paper No. 941), by Gianluca Cafiso,  720 kb, en
• 18/09/2008
  The effect of durable goods and ICT on euro area productivity growth? (Working Paper No. 940), by Jukka Jalava and Ilja Kristian Kavonius,  796 kb, en
• 18/09/2008
  Fiscal policies, the current account and Ricardian equivalence (Working Paper No. 935), by Christiane Nickel and Isabel Vansteenkiste,  805 kb, en
• 18/09/2008
  Bank mergers and lending relationships (Working Paper No. 934), by Judit Montoriol-Garriga,  931 kb, en
• 18/09/2008
  Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through (Working Paper No. 933), by Stéphane Dées, Matthias Burgert and Nicolas Parent,  1374 kb, en
• 18/09/2008
  Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility? (Working Paper No. 929), by Olga Arratibel, Davide Furceri and Reiner Martin,  779 kb, en
• 11/09/2008
  Statistics Pocket Book, September 2008,  443 kb, en
• 11/09/2008
  Monthly Bulletin, September 2008,  1961 kb, en
• 10/09/2008
  Should quarterly government finance statistics be used for fiscal surveillane in Europe? (Working Paper No. 937), by Diego J. Pedregal and Javier J. Pérez,  787 kb, en
  Published in: International Journal of Forecasting (forthcoming)
• 08/09/2008
  Financial stability challenges in candidate countries managing the transition to deeper and more market-oriented financial systems (Occasional Paper No. 95),  933 kb, en
• 08/09/2008
  The changing role of the exchange rate in a globalised economy (Occasional Paper No. 94), by Filippo di Mauro, Rasmus Rüffer and Irina Bunda,  1121 kb, en
• 04/09/2008
  Information brochure: A single currency - an integrated market infrastructure (T2, T2S, CCBM2, SEPA),  2201 kb, en
  [update of the 2007 edition]
  
• 04/09/2008
  New procedure for constructing ECB staff projection ranges,  134 kb, en
  
• 04/09/2008
  ECB staff macroeconomic projections for the euro area,  433 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 02/09/2008
  Simulating financial instability. Conference on stress testing and financial crisis simulation exercises, 12-13 July 2007,  2773 kb, en
  Conferences & seminars: en

• 28/08/2008
  Modelling and Forecasting the Yield Curve under Model uncertainty (Working Paper No. 917), by Paola Donati and Francesco Donati,  1738 kb, en
• 26/08/2008
  Resuscitating the wage channel in models with unemployment fluctuations (Working Paper No. 923), by Kai Christoffel and Keith Kuester,  1088 kb, en
  Published in: Journal of Monetary Economics, 2008 Vol 55(5).
• 21/08/2008
  Corporate tax competition and the decline of public investment (Working Paper No. 928), by Pedro Gomes and Francois Pouget,  1081 kb, en
• 21/08/2008
  Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability (Working Paper No. 926), by Roberto A. De Santis, Carlo A. Favero and Barbara Roffia,  1102 kb, en
• 14/08/2008
  Monetary stabilisation in a currency union of small open economies (Working Paper No. 927), by Marcelo Sánchez,  1211 kb, en
• 14/08/2008
  Flow on conjunctural information and forecast of euro area economic activity (Working Paper No. 925), by Katja Drechsel and Laurent Maurin,  962 kb, en
• 14/08/2008
  Government spending volatility and the size of nations (Working Paper No. 924), by Davide Furceri and Marcos Poplawski Ribeiro,  851 kb, en
• 14/08/2008
  Statistics Pocket Book, August 2008,  441 kb, en
• 14/08/2008
  Monthly Bulletin, August 2008,  1943 kb, en
• 14/08/2008
  Article, Monthly Bulletin, August 2008, p.85-98, The role of Banks in the monetary policy transmission mechanism,  222 kb, en
  
• 14/08/2008
  Article, Monthly Bulletin, August 2008, p.71-84, The external dimension of monetary analysis,  235 kb, en
  
• 07/08/2008
  Russia, EU enlargement and the euro (Occasional Paper No. 93), by Zbigniew Polański and Adalbert Winkler,  2023 kb, en

• 31/07/2008
  A review of nonfundamentalness and identification in structural VAR models (Working Paper No. 922), by Lucia Alessi, Matteo Barigozzi and Marco Capasso,  1110 kb, en
• 31/07/2008
  Foreign direct investment and environmental taxes (Working Paper No. 921), by Roberto A. De Santis and Frank Stähler,  820 kb, en
  Published in: The German Economic Review, January 2009, 10(1): 115-135
• 31/07/2008
  An investigation on the effect of real exchange rate movements on OECD bilateral exports (Working Paper No. 920), by Antoine Berthou,  859 kb, en
• 31/07/2008
  Fiscal policy in real time (Working Paper No. 919), by Jacopo Cimadomo,  912 kb, en
• 31/07/2008
  Imports and profitability in the euro area manufacturing sector: the role of emerging market economies (Working Paper No. 918), by Tuomas A. Peltonen, Martin Skala, Alvaro Santos Rivera and Gabor Pula,  868 kb, en
• 31/07/2008
  Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies (Working Paper No. 916), by Roland Beck and Ebrahim Rahbari,  2057 kb, en
• 30/07/2008
  Electronic money institutions – current trends, regulatory issues and future prospects (Legal Working Paper No. 7), by Phoebus Athanassiou and Natalia Mas-Guix,  2450 kb, en
• 23/07/2008
  The Gulf Cooperation Council countries – economic structures, recent developments and role in the global economy (Occasional Paper No. 92), by Michael Sturm, Jan Stráský, Petra Adolf and Dominik Peschel,  1270 kb, en
• 17/07/2008
  CCBM2 User Requirements 4.1,  1539 kb, en
  [online only]
  
• 16/07/2008
  Legal framework of the Eurosystem and the ESCB. ECB legal acts and instruments,  489 kb, en
  
• 15/07/2008
  Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament,  617 kb, en
  [online only]
  
• 15/07/2008
  Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament,  261 kb, en
  [online only]
  
• 11/07/2008
  Payment systems and market infrastructure oversight report,  2508 kb, en
  [online only]
  Press release: en
• 10/07/2008
  Monthly Bulletin, July 2008,  2042 kb, en
• 10/07/2008
  Statistics Pocket Book, July 2008,  430 kb, en
• 10/07/2008
  Article, Monthly Bulletin, July 2008, p.93-104, The Eurosystem as a provider of technical assistance to EU neighbouring regions, ECB Monthly Bulletin article,  208 kb, en
  
• 10/07/2008
  Article, Monthly Bulletin, July 2008, p.79-92, Euro area trade in services: some key stylised facts, ECB Monthly Bulletin article,  263 kb, en
  
• 10/07/2008
  Article, Monthly Bulletin, July 2008, p.65-78, One monetary policy and many fiscal policies: ensuring a smooth functioning of EMU, ECB Monthly Bulletin article,  277 kb, en
  
• 09/07/2008
  The international role of the euro,  923 kb, en
  [online only]
  Press release: en
  Supplementary data: Currency breakdown of exports and imports of selected EU countries: en
• 04/07/2008
  Wage growth dispersion across the euro area countries: some stylised facts (Occasional Paper No. 90), by Malin Andersson, Arne Gieseck, Beatrice Pierluigi and Nick Vidalis,  886 kb, en
• 02/07/2008
  The impact of sovereign wealth funds on global financial markets (Occasional Paper No. 91), by Roland Beck and Michael Fidora,  765 kb, en

• 30/06/2008
  Medium run redux: technical change, factor shares and frictions in the euro area (Working Paper No. 915), by Peter McAdam and Alpo Willman,  980 kb, en
• 30/06/2008
  Evolution and sources of manufacturing productivity growth: evidence from a panel of European countries (Working Paper No. 914), by Silvia Giannangeli and Ramón Gómez-Salvador,  1119 kb, en
• 30/06/2008
  Country and industry equity risk premia in the euro area: an intertemporal approach (Working Paper No. 913), by Lorenzo Cappiello, Marco Lo Duca and Angela Maddaloni,  916 kb, en
• 30/06/2008
  Labour cost and employment across euro area countries and sectors (Working Paper No. 912), by Beatrice Pierluigi and Moreno Roma,  1136 kb, en
• 30/06/2008
  Global liquidity glut or global savings glut? A structural VAR approach (Working Paper No. 911), by Thierry Bracke and Michael Fidora,  1030 kb, en
• 30/06/2008
  How has CDO market pricing changed during the turmoil? Evidence from CDS index tranches (Working Paper No. 910), by Martin Scheicher,  981 kb, en
• 30/06/2008
  An analysis of youth unemployment in the euro area (Occasional Paper No. 89), by Ramón Gómez-Salvador and Nadine Leiner-Killinger,  728 kb, en
• 26/06/2008
  The legal implications of the prudential supervisory assessment of bank mergers and acquisitions under EU law (Legal Working Paper No. 6), by Stéphane Kerjean,  956 kb, en
• 25/06/2008
  Labour supply and employment in the euro area countries: developments and challenges (Occasional Paper No. 87), by Task Force of the Monetary Policy Committee of the ESCB, Klaus Masuch, Ramón Gómez-Salvador, Nadine Leiner-Killinger, Rolf Strauch, Jarkko Turunen and Melanie Ward-Warmedinger,  1098 kb, en
• 25/06/2008
  Benchmarking the Lisbon Strategy (Occasional Paper No. 85), by Demosthenes Ioannou, Marien Ferdinandusse, Marco Lo Duca and Wouter Coussens,  1535 kb, en
• 25/06/2008
  Structural issues report 2008 - Labour supply and employment in the euro area countries: developments and challenges,  1231 kb, en
  
• 23/06/2008
  Repo markets, counterparty risk and the 2007/2008 liquidity crisis (Working Paper No. 909), by Christian Ewerhart and Jens Tapking,  912 kb, en
• 23/06/2008
  3-step analysis of public finances sustainability: the case of the European Union (Working Paper No. 908), by António Afonso and Christophe Rault,  819 kb, en
• 23/06/2008
  Globalisation and the euro area: simulation based analysis using the New Area Wide Model (Working Paper No. 907), by Roland Straub and Pascal Jacquinot,  844 kb, en
• 23/06/2008
  The impact of the euro on equity markets: a country and sector decomposition (Working Paper No. 906), by Lorenzo Cappiello, Arjan Kadareja and Simone Manganelli,  992 kb, en
  Published in: Journal of Financial and Quantitative Analysis (forthcoming)
• 23/06/2008
  A persistence-weighted measure of core inflation in the euro area (Working Paper No. 905), by Laurent Bilke and Livio Stracca,  771 kb, en
  Published in: The Manchester Schoo, Supplement 2008, pp. 58-84.
• 23/06/2008
  Does money matter in the IS curve? The case of the UK (Working Paper No. 904), by Barry E. Jones and Livio Stracca,  939 kb, en
  Published in: Economic Modelling, 24, pp. 1032 - 1047.
• 20/06/2008
  Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU on Cross-Border Financial Stability,  307 kb, en
  [online only]
  
• 20/06/2008
  Research Bulletin No:7,  764 kb, en
  
• 17/06/2008
  Real convergence, financial markets, and the current account – Emerging Europe versus emerging Asia (Occasional Paper No. 88), by Sabine Herrmann and Adalbert Winkler,  893 kb, en
• 12/06/2008
  Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach (Occasional Paper No. 86), by Magdalena Morgese Borys, Éva Katalin Polgár and Andrei Zlate,  850 kb, en
• 12/06/2008
  Statistics Pocket Book, June 2008,  475 kb, en
• 09/06/2008
  Financial Stability Review, June 2008,  3669 kb, en
  Press release: en
• 05/06/2008
  Eurosystem staff macroeconomic projections for the euro area,  409 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 03/06/2008
  Forecasting inflation and tracking monetary policy in the euro area: does national information help? (Working Paper No. 900), by Riccardo Cristadoro, Fabrizio Venditti and Giuseppe Saporito,  916 kb, en
• 03/06/2008
  Price stability: why is it important for you?,  3113 kb, bg . cs . da . de . el . en . es . et . fi . fr . ga . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  (booklet, 78 p., update of the 2007 edition)
  
• 01/06/2008
  Monthly Bulletin, June 2008,  2448 kb, en

• 29/05/2008
  Article, Monthly Bulletin, May 2008, p.139-144, Euro banknotes – A tangible symbol of integration,  216 kb, en
  
• 29/05/2008
  Monthly Bulletin - 10th anniversary of the ECB,  6420 kb, bg . de . el . en . es . et . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  Press release: en
• 20/05/2008
  A robust criterion for determining the number of static factors in approximate factor models. (Working Paper No. 903), by Lucia Alessi, Matteo Barigozzi and Marco Capasso,  862 kb, en
• 19/05/2008
  Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks,  1031 kb, bg . cs . da . de . el . en . es . et . fi . fr . ga . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  
• 16/05/2008
  On the empirical evidence of the intertemporal current account model for the euro area countries (Working Paper No. 895), by Michele Ca' Zorzi and Michał Rubaszek,  932 kb, en
• 16/05/2008
  The role of country-specific trade and survey data in forecasting euro area manufacturing production: perspective from large panel factor models (Working Paper No. 894), by Matthieu Darracq Pariès and Laurent Maurin,  908 kb, en
  Published in: OECD Journal of Business cycle Measurement and Analysis, Vol. 2008, No. 2, 2009 pp. 12-34
• 16/05/2008
  Sticky wages: evidence from quarterly microeconomic data (Working Paper No. 893), by Thomas Heckel, Hervé Le Bihan and Jérémi Montornès,  1224 kb, en
• 15/05/2008
  Statistics Pocket Book, May 2008,  506 kb, en
• 15/05/2008
  Monthly Bulletin, May 2008,  4538 kb, en
• 15/05/2008
  Article, Monthly Bulletin, May 2008, p.89-104, The eurosystem's open market operations during the recentperiod of financial market volatility,  404 kb, en
  
• 15/05/2008
  Article, Monthly Bulletin, May 2008, p.75-87, Price stability and growth,  348 kb, en
  
• 14/05/2008
  Fiscal consolidation in the euro area: long-run benefits and short-run costs. (Working Paper No. 902), by Günter Coenen, Matthias Mohr and Roland Straub,  829 kb, en
  Published in: Economic Modelling, 25(5), 912-932, 2008.
• 14/05/2008
  The usefulness of infra-annual government cash budgetary data for fiscal forecasting in the euro area (Working Paper No. 901), by Luca Onorante, Diego J. Pedregal, Javier J. Pérez and Sara Signorini,  908 kb, en
  Published in: Journal of Policy Modeling, 32, pp. 98-119, January 2010.
• 14/05/2008
  Robust monetary rules under unstructured and structured model uncertainty (Working Paper No. 899), by Paul Levine,  926 kb, en
• 14/05/2008
  Central Bank communication and monetary policy: a survey of theory and evidence (Working Paper No. 898), by Alan S. Blinder, Michael Ehrmann, Jakob de Haan, Marcel Fratzscher and David-Jan Jansen,  819 kb, en
  Published in: Journal of Economic Literature 46(4), 910-945, December 2008.
• 13/05/2008
  DSGE-Modelling: when agents are imperfectly informed (Working Paper No. 897), by Paul De Grauwe,  1067 kb, en
• 13/05/2008
  The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries. (Working Paper No. 896), by Anna Lipińska,  1015 kb, en
• 08/05/2008
  Short-term forecasting of GDP using large monthly datasets: a pseudo real-time forecast evaluation exercise (Occasional Paper No. 84), by Karim Barhoumi, Szilard Benk, Riccardo Cristadoro, Ard Den Reijer, Audrone Jakaitiene, Piotr Jelonek, António Rua, Gerhard Rünstler, Karsten Ruth and Christophe Van Nieuwenhuyze,  756 kb, en
• 07/05/2008
  Convergence Report 2008 ,  2062 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv

• 30/04/2008
  Identification of new Keynesian Phillips Curves from a global perspective. (Working Paper No. 892), by Stéphane Dées, Hashem Pesaran, Vanessa Smith and Ron P. Smith,  817 kb, en
  Published in: Journal of Money, Credit and Banking (2009), 41(7), pp. 1481-1502.
• 30/04/2008
  House Prices and the stance of Monetary Policy. (Working Paper No. 891), by Marek Jarociński and Frank Smets,  815 kb, en
  Published in: Federal Reserve Bank of St. Louis Review, July-August 2008; 90(4): 339-65
• 30/04/2008
  Globalisation, domestic inflation and global output gaps: Evidence from the euro area (Working Paper No. 890), by Alessandro Calza,  732 kb, en
  Published in: International Finance (2009), 12(3), pp. 301-20.
• 30/04/2008
  Credit and the natural rate of interest. (Working Paper No. 889), by Fiorella De Fiore and Oreste Tristani,  1173 kb, en
• 30/04/2008
  House Prices, Money, Credit and the Macroeconomy. (Working Paper No. 888), by Charles Goodhart and Boris Hofmann,  1097 kb, en
  Published in: Oxford Review of Economic Policy, 2008, 24, pp. 180-205
• 29/04/2008
  Financial integration in Europe,  6294 kb, en
  Press release: en
• 28/04/2008
  TARGET Annual Report 2007,  2058 kb, en
  [online only]
  Press release: en
• 22/04/2008
  ECB statistics - an overview,  590 kb, en
  [online only]
  
• 21/04/2008
  Annual Report 2007 ,  6773 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 21/04/2008
  Quality assurance procedures within the ECB statistical function,  378 kb, en
  
• 21/04/2008
  ECB statistics quality framework (SQF),  183 kb, en
  [online only]
  
• 21/04/2008
  Article, Annual Report, 2007, p. 113-117, Banknotes and coins,  191 kb, en
  
• 21/04/2008
  Article, Annual Report, 2007, p. 141-142, The cash changeover in Cyprus and Malta,  75 kb, en
  
• 17/04/2008
  Statistics Pocket Book, April 2008,  358 kb, en
• 17/04/2008
  Monthly Bulletin, April 2008,  3050 kb, en
• 17/04/2008
  Article, Monthly Bulletin, April 2008, p.74-87, Developments in the EU arrangements for financial stability,  187 kb, en
  
• 17/04/2008
  Article, Monthly Bulletin, April 2008, p.62-74, Short-term forecasts of economic activity in the euro area,  376 kb, en
  
• 17/04/2008
  Article, Monthly Bulletin, April 2008, p.57-68, Business investment in the euro area and the role of firms’ financial positions,  459 kb, en
  

• 31/03/2008
  Labor supply after transition: evidence from the Czech Republic (Working Paper No. 887), by Alena Bičáková, Jiri Slacalek and Michal Slavík,  1079 kb, en
• 31/03/2008
  Impact of bank competition on the interest rate pass-through in the euro area (Working Paper No. 885), by Michiel van Leuvensteijn, Christoffer Kok Sørensen, Jacob A. Bikker and Adrian Van Rixtel,  855 kb, en
• 31/03/2008
  A quantitative perspective on optimal monetary policy cooperation between the US and the euro area (Working Paper No. 884), by Stéphane Adjemian, Matthieu Darracq Pariès and Frank Smets,  2071 kb, en
• 31/03/2008
  Assessing the benefits of international portfolio diversification in bonds and stocks. (Working Paper No. 883), by Roberto A. De Santis and Lucio Sarno,  967 kb, en
• 31/03/2008
  Forecasting world trade: direct versus “bottom-up” approaches (Working Paper No. 882), by Matthias Burgert and Stéphane Dées,  1251 kb, en
  Published in: Open Economies Review (2009) Vol. 20, pp 385-402
• 31/03/2008
  On policy interactions among nations: when do cooperation and commitment matter? (Working Paper No. 880), by Hubert Kempf and Leopold von Thadden,  996 kb, en
• 31/03/2008
  Government risk premiums in the bond market: EMU and Canada (Working Paper No. 879), by Ludger Schuknecht, Jürgen von Hagen and Guido Wolswijk,  813 kb, en
  Published in: European Journal of Political Economy (2009), 25(3), pp. 371-384.
• 31/03/2008
  Nominal and real interest rates during an optimal disinflation in New Keynesian models. (Working Paper No. 878), by Marcus Hagedorn,  1006 kb, en
• 31/03/2008
  What are the effects of fiscal policy shocks? A VAR-based comparative analysis (Working Paper No. 877), by Dario Caldara and Christophe Kamps,  2318 kb, en
• 31/03/2008
  Euro area balance of payments and international investment position statistics. Annual quality report,  1461 kb, en
  [online only]
  
• 20/03/2008
  Imperfect predictability and mutual fund dynamics. How managers use predictors in changing systematic risk. (Working Paper No. 881), by Gianni Amisano and Roberto Savona,  987 kb, en
• 19/03/2008
  International evidence on sticky consumption growth. (Working Paper No. 886), by Christopher D. Carroll, Jiri Slacalek and Martin Sommer,  812 kb, en
• 13/03/2008
  Measuring financial integration in new EU Member States (Occasional Paper No. 81), by Markus Baltzer, Lorenzo Cappiello, Roberto A. De Santis and Simone Manganelli,  1812 kb, en
• 13/03/2008
  Monthly Bulletin, March 2008,  3532 kb, en
• 13/03/2008
  Statistics Pocket Book, March 2008,  380 kb, en
• 12/03/2008
  The predictability of monetary policy (Occasional Paper No. 83), by Tobias Blattner, Marco Catenaro, Michael Ehrmann, Rolf Strauch and Jarkko Turunen,  891 kb, en
• 12/03/2008
  The sustainability of China’s exchange rate policy and capital account liberalisation (Occasional Paper No. 82), by Lorenzo Cappiello and Gianluigi Ferrucci,  1280 kb, en
• 06/03/2008
  ECB staff macroeconomic projections for the euro area,  472 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  

• 29/02/2008
  Why do Europeans work part-time? A cross-country panel analysis. (Working Paper No. 872), by Hielke Buddelmeyer, Gilles Mourre and Melanie Ward-Warmedinger,  975 kb, en
• 29/02/2008
  Risk Management in Action. Robust monetary policy rules under structured uncertainty. (Working Paper No. 870), by Paul Levine, Peter McAdam, Joseph G. Pearlman and Richard Pierse,  926 kb, en
• 27/02/2008
  Global macro-financial shocks and expected default frequencies in the euro area (Working Paper No. 875), by Olli Castrén, Stéphane Dées and Fadi Zaher,  871 kb, en
  Published in: Journal of Financial Stability, forthcoming.
• 27/02/2008
  How arbitrage-free is the Nelson-Siegel Model? (Working Paper No. 874), by Laura Coroneo, Ken Nyholm and Rositsa Vidova-Koleva,  1246 kb, en
• 25/02/2008
  The role of money - money and monetary policy in the 21st century. Proceedings of the 4th ECB Central Banking Conference 2006,  2826 kb, en
  Press release: en
• 23/02/2008
  Are sectoral stock prices useful for predicting euro area GDP? (Working Paper No. 876), by Magnus Andersson and Antonello D’Agostino,  791 kb, en
• 23/02/2008
  The Feldstein-Horioka fact (Working Paper No. 873), by Domenico Giannone and Michele Lenza,  626 kb, en
  Published in: L. Reichlin and K. West (eds.), "NBER ISOM 2009", forthcoming.
• 23/02/2008
  The impact of capital flows on domestic investment in transition economies (Working Paper No. 871), by Elitza Mileva,  888 kb, en
• 23/02/2008
  The reserve fulfilment path of euro area commercial banks: empirical testing using panel data (Working Paper No. 869), by Nuno Cassola,  1314 kb, en
• 23/02/2008
  Purdah: on the rationale for central bank silence around policy meetings (Working Paper No. 868), by Michael Ehrmann and Marcel Fratzscher,  701 kb, en
  Published in: Journal of Money, Credit and Banking (2009), 41(2-3), 517-528.
• 23/02/2008
  Do monetary indicators lead euro area inflation? (Working Paper No. 867), by Boris Hofmann,  812 kb, en
  Published in: Journal of International Money and Finance, 28, pp. 1165-1181 (2009).
• 23/02/2008
  VAR analysis and the Great Moderation (Working Paper No. 866), by Luca Benati and Paolo Surico,  826 kb, en
  Published in: American Economic Review, 2009, 99(4): 1636-52
• 23/02/2008
  Explaining the Great Moderation: it is not the shocks (Working Paper No. 865), by Domenico Giannone, Michele Lenza and Lucrezia Reichlin,  617 kb, en
  Published in: Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 621-633, 04-05.
• 23/02/2008
  Macroeconomic rates of return of public and private investment: crowding-in and crowding-out effects (Working Paper No. 864), by António Afonso and Miguel St. Aubyn,  930 kb, en
  Published in: Manchester School (2009), 77 (S1): 21-39.
• 23/02/2008
  Population ageing and public pension reforms in a small open economy (Working Paper No. 863), by Christiane Nickel, Philipp Rother and Angeliki Theophilopoulou,  1163 kb, en
• 23/02/2008
  Stock market volatility and learning (Working Paper No. 862), by Klaus Adam, Albert Marcet and Juan Pablo Nicolini,  2144 kb, en
• 14/02/2008
  Monthly Bulletin, February 2008,  3291 kb, en
• 14/02/2008
  Statistics Pocket Book, February 2008,  480 kb, en
• 14/02/2008
  Article, Monthly Bulletin, February 2008, p.65-79, The analysis of the euro money market from a monetary policy perspective,  501 kb, en
  
• 14/02/2008
  Article, Monthly Bulletin, February 2008, p.95-103, The new euro area yield curves,  239 kb, en
  
• 14/02/2008
  Article, Monthly Bulletin, February 2008, p.81-94, Securitisation in the euro area,  300 kb, en
  

• 31/01/2008
  Income distribution determinants and public spending efficiency (Working Paper No. 861), by António Afonso, Ludger Schuknecht and Vito Tanzi,  915 kb, en
  Published in: Journal of Economic Inequality (forthcoming).
• 31/01/2008
  Oil shocks and endogenous markups: results from an estimated euro area DSGE model (Working Paper No. 860), by Marcelo Sánchez,  2344 kb, en
• 31/01/2008
  Assessing the compensation for volatility risk implicit in interest rate derivatives (Working Paper No. 859), by Fabio Fornari,  3497 kb, en
• 31/01/2008
  International transmission and monetary policy cooperation (Working Paper No. 858), by Günter Coenen, Giovanni Lombardo, Frank Smets and Roland Straub,  917 kb, en
  Published in: International Dimensions of Monetary Policy, edited by Jordi Gali and Mark J. Gertler, University of Chicago Press (forthcoming)
• 31/01/2008
  Housing and equity wealth effects of Italian households (Working Paper No. 857), by Charles Grant and Tuomas A. Peltonen,  1387 kb, en
• 31/01/2008
  Markups in the euro area and the US over the period 1981-2004: a comparison of 50 sectors (Working Paper No. 856), by Rebekka Christopoulou and Philip Vermeulen,  1967 kb, en
• 31/01/2008
  Assessing the factors behind oil price changes (Working Paper No. 855), by Stéphane Dées, Audrey Gasteuil, Robert K. Kaufmann and Michael Mann,  754 kb, en
  Published in: Energy Economics, Vol. 30, Issue 5, September2008, Pages 2609-2622 under the title: "Oil prices: The role of refinery utilization, futures markets and non-linearities".
• 31/01/2008
  ECB Payments and monetary and financial stability,  1087 kb, en
  
• 30/01/2008
  China's and India's roles in global trade and finance: twin titans for the new millennium? (Occasional Paper No. 80), by Matthieu Bussière and Arnaud Mehl,  1014 kb, en
• 25/01/2008
  How do firms adjust their wage bill in Belgium? A decomposition along the intensive and extensive margins (Working Paper No. 854), by Catherine Fuss,  908 kb, en
• 25/01/2008
  The cyclical behavior of equilibrium unemployment and vacancies revisited (Working Paper No. 853), by Marcus Hagedorn and Iourii Manovskii,  1044 kb, en
• 25/01/2008
  Determinants of economic growth: will data tell? (Working Paper No. 852), by Antonio Ciccone and Marek Jarociński,  1000 kb, en
  Published in: American Economic Journal: Macroeconomics (forthcoming).
• 25/01/2008
  Investigating inflation persistence across monetary regimes (Working Paper No. 851), by Luca Benati,  1184 kb, en
  Published in: Quarterly Journal of Economics, 123:3, August 2008, 1005 - 1060.
• 25/01/2008
  Statistical tests and estimators of the rank of a matrix and their applications in econometric modelling (Working Paper No. 850), by Gonzalo Camba-Méndez and George Kapetanios,  1025 kb, en
  Published in: Econometric Reviews (forthcoming)
• 25/01/2008
  Government size, composition, volatility and economic growth (Working Paper No. 849), by António Afonso and Davide Furceri,  962 kb, en
  Published in: European Journal of Political Economy, forthcoming.
• 25/01/2008
  Economic growth and budgetary components: a panel assessment for the EU (Working Paper No. 848), by António Afonso and Juan González Alegre,  987 kb, en
  Published in: Empirical Economics (forthcoming).
• 22/01/2008
  The working of the eurosystem: monetary policy preparations and decision-making – selected issues (Occasional Paper No. 79), by Philippe Moutot, Alexander Jung and Francesco Paolo Mongelli,  1003 kb, en
• 22/01/2008
  A framework for assessing global imbalances (Occasional Paper No. 78), by Thierry Bracke, Matthieu Bussière, Michael Fidora and Roland Straub,  1121 kb, en
• 22/01/2008
  Bond markets and long-term interest rates in non-euro area Member States of the European Union,  967 kb, en
  [online only]
  Press release: en
• 17/01/2008
  Statistics Pocket Book, January 2008,  462 kb, en
• 17/01/2008
  Monthly Bulletin, January 2008,  2837 kb, en
• 17/01/2008
  Article, Monthly Bulletin, January 2008, p.75-88, Globalisation, trade and the euro area macroeconomy,  334 kb, en
  
• 17/01/2008
  Article, Monthly Bulletin, January 2008, p.89-97, The Eurosystem’s experience with forecasting autonomous factors and excess reserves,  309 kb, en
  
• 17/01/2008
  Article, Monthly Bulletin, January 2008, p.61-73, Productivity developments and monetary policy,  315 kb, en
  
• 11/01/2008
  Oversight framework for card payment schemes – standards,  900 kb, en
  [online only]
  Press release: en
•  

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