Publications published in 2011

• 21/12/2011
  Crisis management and bank resolution: Quo vadis, Europe? (Legal Working Paper No. 13), by Barbara Jeanne Attinger,  2427 kb, en
• 20/12/2011
  Government bond risk premia and the cyclicality of fiscal policy (Working Paper No. 1411), by Kai Christoffel, Ivan Jaccard and Juha Kilponen,  1812 kb, en
• 20/12/2011
  Profit dynamics across the largest euro area countries and sectors (Working Paper No. 1410), by Laurent Maurin, Moreno Roma and Igor Vetlov,  3336 kb, en
• 20/12/2011
  Analysis of variance for bayesian inference (Working Paper No. 1409), by John Geweke and Gianni Amisano,  1715 kb, en
  Published in: Econometric Reviews, 2012 (forthcoming)
• 20/12/2011
  Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament,  22 kb, en . pt
  
• 20/12/2011
  Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament,  30 kb, de . en
  
• 19/12/2011
  Financial Stability Review,  6971 kb, en
  Press release: en
• 15/12/2011
  Monthly Bulletin, December 2011,  4351 kb, en
• 15/12/2011
  Statistics Pocket Book, December 2011,  682 kb, en
• 13/12/2011
  Real-time data and fiscal policy analysis: a survey of the literature (Working Paper No. 1408), by Jacopo Cimadomo,  1183 kb, en
• 13/12/2011
  Macroeconomic vulnerability and disagreement in expectations (Working Paper No. 1407), by Cristian Badarinza and Marco Buchmann,  3035 kb, en
• 13/12/2011
  The public sector pay gap in a selection of Euro area countries (Working Paper No. 1406), by Raffaela Giordano, Domenico Depalo, Manuel Coutinho Pereira, Bruno Eugène, Evangelia Papapetrou, Javier J. Pérez, Lukas Reiss and Mojca Roter,  2157 kb, en
• 13/12/2011
  Bond market co-movements, expected inflation and the equilibrium real exchange rate (Working Paper No. 1405), by Corrado Macchiarelli,  2220 kb, en
• 13/12/2011
  A VAR analysis for the uncovered interest parity and the ex-ante purchasing power parity: the role of macroeconomic and financial information (Working Paper No. 1404), by Corrado Macchiarelli,  2614 kb, en
• 13/12/2011
  Do EU structural funds promote regional employment? Evidence from dynamic panel data models (Working Paper No. 1403), by Philipp Mohl and Tobias Hagen,  3837 kb, en
• 13/12/2011
  Monetary policy and the flow of funds in the euro area (Working Paper No. 1402), by Riccardo Bonci,  1951 kb, en
• 09/12/2011
  Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament,  100 kb, el . en
  [online only]
  
• 08/12/2011
  Eurosystem staff macroeconomic projections for the euro area,  231 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 01/12/2011
  Survey on the access to finance of SMEs in the euro area - April to September 2011,  258 kb, en
  [online only]
  Press release: en

• 28/11/2011
  Gravity chains: estimating bilateral trade flows when parts and components trade is important (Working Paper No. 1401), by Richard Baldwin and Daria Taglioni,  934 kb, en
• 28/11/2011
  Aggregation, the skill premium, and the two-level production function (Working Paper No. 1400), by Miguel A. León-Ledesma, Peter McAdam and Alpo Willman,  957 kb, en
• 28/11/2011
  Economic performance and government size (Working Paper No. 1399), by António Afonso and João Tovar Jalles,  1462 kb, en
• 28/11/2011
  Macroeconomic effects of unconventional monetary policy in the euro area (Working Paper No. 1397), by Gert Peersman,  1704 kb, en
• 28/11/2011
  Learning from experience in the stock market (Working Paper No. 1396), by Anton Nakov and Galo Nuño,  1984 kb, en
• 18/11/2011
  Standards for the use of central counterparties in Eurosystem foreign reserve management operations, November 2011,  1081 kb, en
  [online only]
  
• 17/11/2011
  On the importance of prior relationships in bank loans to retail customers (Working Paper No. 1395), by Manju Puri, Jörg Rocholl and Sascha Steffen,  1915 kb, en
• 14/11/2011
  Oversight assessment of the euro system of the EBA CLEARING company (EURO1) against the CPSS core principles, November 2011,  875 kb, en
  Press release: en
• 10/11/2011
  Monthly Bulletin, November 2011,  3072 kb, en
• 10/11/2011
  Statistics Pocket Book, November 2011,  472 kb, en
• 10/11/2011
  Article, Monthly Bulletin, November 2011, pp 73-90, Euro area markets for banks’ long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission,  572 kb, en
  
• 10/11/2011
  Article, Monthly Bulletin, November 2011, pp 61-72, House price developments in the euro area and the United States,  371 kb, en
  
• 04/11/2011
  Bank risk during the financial crisis: do business models matter? (Working Paper No. 1394), by Yener Altunbas, David Marqués-Ibáñez and Simone Manganelli,  1477 kb, en
• 04/11/2011
  Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2011 update,  745 kb, en
  
• 04/11/2011
  The future of retail payments: opportunities and challenges,  1814 kb, en
  

• 28/10/2011
  Marx vs. Weber: does religion affect politics and the economy? (Working Paper No. 1393), by Christoph Basten and Frank Betz,  2121 kb, en
• 28/10/2011
  China's dominance hypothesis and the emergence of a tri-polar global currency system (Working Paper No. 1392), by Marcel Fratzscher and Arnaud Mehl,  1210 kb, en
• 28/10/2011
  Interest rate expectations and uncertainty during ECB governing council days: evidence from intraday implied densities of 3-month Euribor (Working Paper No. 1391), by Olivier Vergote and Josep Maria Puigvert Gutiérrez,  1496 kb, en
  Published in: Journal of Banking & Finance, Vol 36 (10), October 2012: pp 2804-2823.
• 28/10/2011
  Fraud, investments and liability regimes in payment platforms (Working Paper No. 1390), by Anna Creti and Marianne Verdier,  1282 kb, en
• 28/10/2011
  Do newspaper articles on card fraud affect debit card usage? (Working Paper No. 1389), by Anneke Kosse,  1157 kb, en
• 28/10/2011
  To surcharge or not to surcharge? A two-sided market perspective of the no-surchage rule (Working Paper No. 1388), by Nicholas Economides and David Henriques,  1490 kb, en
• 28/10/2011
  Consumer credit and payment cards (Working Paper No. 1387), by Wilko Bolt, Elizabeth Foote and Heiko Schmiedel,  1286 kb, en
• 28/10/2011
  How do you pay? The role of incentives at the point-of-sale (Working Paper No. 1386), by Carlos Arango, Kim P. Huynh and Leonard Sabetti,  1431 kb, en
• 28/10/2011
  Using cash to monitor liquidity - implications for payments, currency demand and withdrawal behavior (Working Paper No. 1385), by Ulf Von Kalckreuth, Tobias Schmidt and Helmut Stix,  1416 kb, en
• 28/10/2011
  Research Bulletin No. 14,  2687 kb, en
  
• 20/10/2011
  Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament,  26 kb, en . it
  
• 19/10/2011
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament,  123 kb, el . en
  
• 19/10/2011
  Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure, September 2011,  1085 kb, en
  
• 18/10/2011
  The size and composition of government debt in the euro area (Occasional Paper No. 132), by Dagmar Hartwig Lojsch, Marta Rodríguez-Vives and Michal Slavík,  1472 kb, en
• 13/10/2011
  Statistics Pocket Book, October 2011,  758 kb, en
• 13/10/2011
  Monthly Bulletin, October 2011,  3922 kb, en
• 13/10/2011
  Article, Monthly Bulletin, October 2011, pp 99-120, The financial crisis in the light of the euro area accounts: a flow-of-funds pespective,  1132 kb, en
  
• 13/10/2011
  Article, Monthly Bulletin, October 2011, pp 81-98, Structural Features of the distributive trades sectors and their impact on euro area price developments,  493 kb, en
  
• 13/10/2011
  Article, Monthly Bulletin, October 2011, pp 63-79, The supply of money - bank behaviour and the implications for monetary analysis,  617 kb, en
  
• 07/10/2011
  Interchange fees in card payments (Occasional Paper No. 131), by Ann Börestam and Heiko Schmiedel,  1143 kb, en
• 07/10/2011
  Some lessons from the financial crisis for the economic analysis (Occasional Paper No. 130), by Geoff Kenny and Julian Morgan,  1205 kb, en
• 04/10/2011
  Trend-cycle decomposition of output and euro area inflation forecasts: a real-time approach based on model combination (Working Paper No. 1384), by Pierre Guérin, Laurent Maurin and Matthias Mohr,  1788 kb, en
• 04/10/2011
  An international comparison of voting by committees (Working Paper No. 1383), by Alexander Jung,  1712 kb, en
• 04/10/2011
  Structural features of distributive trades and their impact on prices in the euro area,  1996 kb, en
  

• 30/09/2011
  Structural features of distributive trades and their impact on prices in the euro area (Occasional Paper No. 128), by Task Force of the Monetary Policy Committee of the European System of Central Banks,  2604 kb, en
• 30/09/2011
  Euro Money Market Survey 2011,  1646 kb, en
  [online only]
  Press release: en
• 22/09/2011
  The Stability and Growth Pact - crisis and reform (Occasional Paper No. 129), by Ludger Schuknecht, Philippe Moutot, Philipp Rother and Jürgen Stark ,  1010 kb, en
• 22/09/2011
  Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010, September 2011 (Occasional Paper No. 127), by Marion Salines, Gabriel Glöckler, Zbigniew Truchlewski and Paola del Favero,  1275 kb, en
• 21/09/2011
  Mapping the state of financial stability (Working Paper No. 1382), by Peter Sarlin and Tuomas A. Peltonen,  1605 kb, en
  Published in: Journal of International Financial Markets, Institutions & Money (forthcoming).
• 21/09/2011
  The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures,  2410 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  [online only]
  Press release: en
• 15/09/2011
  Statistics Pocket Book, September 2011,  817 kb, en
• 15/09/2011
  Monthly Bulletin, September 2011,  2041 kb, en
• 12/09/2011
  Global crises and equity market contagion (Working Paper No. 1381), by Geert Bekaert, Michael Ehrmann, Marcel Fratzscher and Arnaud Mehl,  1322 kb, en
• 12/09/2011
  Labour tax progressivity and output volatility: evidence from OECD countries (Working Paper No. 1380), by Maria-Grazia Attinasi, Cristina Checherita-Westphal and Malte Rieth,  1106 kb, en
• 12/09/2011
  Forecasting economic growth in the euro area during the Great Moderation and the Great Recession (Working Paper No. 1379), by Marco J. Lombardi and Philipp Maier,  2122 kb, en
• 12/09/2011
  Wage setting in Hungary: evidence from a firm survey (Working Paper No. 1378), by Gábor Kézdi and István Kónya,  1673 kb, en
• 08/09/2011
  ECB staff macroeconomic projections for the euro area,  317 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 01/09/2011
  Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management (Working Paper No. 1377), by Antonio Scalia and Benjamin Sahel,  1130 kb, en
• 01/09/2011
  The price of liquidity: the effects of market conditions and bank characteristics (Working Paper No. 1376), by Falko Fecht, Kjell G. Nyborg and Jörg Rocholl,  1466 kb, en

• 25/08/2011
  Precautionary price stickiness (Working Paper No. 1375), by James Costain and Anton Nakov,  1432 kb, en
• 25/08/2011
  The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds (Working Paper No. 1374), by Nuno Cassola, Ali Hortacsu and Jakub Kastl,  1440 kb, en
• 22/08/2011
  Asset prices, collateral and unconventional monetary policy in a DSGE model (Working Paper No. 1373), by Björn Hilberg and Josef Hollmayr,  1412 kb, en
• 22/08/2011
  Downward wage rigidity in Hungary (Working Paper No. 1372), by Gábor Kátay,  2340 kb, en
• 22/08/2011
  What is driving oil futures prices? Fundamentals versus speculation (Working Paper No. 1371), by Isabel Vansteenkiste,  1164 kb, en
• 22/08/2011
  The global financial crisis: trying to understand the global trade downturn and recovery (Working Paper No. 1370), by Robert Anderton and Tadios Tewolde,  1085 kb, en
  Published in: The World Economy Journal, Vol 34 (5), 2011: pp 741-763.
• 22/08/2011
  Technology, utilization and inflation: what drives the New Keynesian Phillips Curve? (Working Paper No. 1369), by Peter McAdam and Alpo Willman,  1357 kb, en
• 22/08/2011
  Output growth and fluctuation: the role of financial openness (Working Paper No. 1368), by Alexander Popov,  1244 kb, en
• 18/08/2011
  Cyclical fluctuations in the Mediterranean basin (Working Paper No. 1367), by Fabio Canova and Matteo Ciccarelli,  1396 kb, en
  Published in: Journal of International Economics, Vol 88 (1), 2012: pp 162-175.
• 18/08/2011
  Financial sector supervisors' accountability: a european perspective (Legal Working Paper No. 12), by Phoebus Athanassiou,  1480 kb, en
• 15/08/2011
  Stock market firm-level information and real economic activity (Working Paper No. 1366), by Filippo di Mauro, Fabio Fornari and Dario Mannucci,  1722 kb, en
• 11/08/2011
  Monthly Bulletin, August 2011,  2352 kb, en
• 11/08/2011
  Statistics Pocket Book, August 2011,  439 kb, en
• 11/08/2011
  Article, Monthly Bulletin, August 2011, pp 63-75, Keeping the ECB’s monetary and financial statistics fit for use,  262 kb, en
  
• 10/08/2011
  2011 update of the ECB’s environmental statement,  318 kb, en
  [online only]
  
• 05/08/2011
  Letter from the ECB President to Mr Ioannis A. Tsoukalas, Member of the European Parliament,  86 kb, el . en
  [online only]
  
• 03/08/2011
  Letter from the ECB President to Mr. Nuno Teixeira, Member of the European Parliament, regarding the exchange rate of the euro,  19 kb, en . pt
  [online only]
  
• 01/08/2011
  Understanding and forecasting aggregate and disaggregate price dynamics (Working Paper No. 1365), by Colin Bermingham and Antonello D’Agostino,  2041 kb, en

• 27/07/2011
  Euro area cross-border financial flows and the global financial crisis (Occasional Paper No. 126), by Katrin Forster , Melina A. Vasardani and Michele Ca' Zorzi,  1655 kb, en
• 22/07/2011
  The international role of the euro,  1811 kb, en
  Press release: en
• 20/07/2011
  Capital flows, push versus pull factors and the global financial crisis (Working Paper No. 1364), by Marcel Fratzscher,  1504 kb, en
• 20/07/2011
  Forecasting inflation with gradual regime shifts and exogenous information (Working Paper No. 1363), by Andrés González, Kirstin Hubrich and Timo Teräsvirta,  1436 kb, en
• 20/07/2011
  Securitization and lending standards: evidence from the wholesale loan market (Working Paper No. 1362), by Alper Kara, David Marqués-Ibáñez and Steven Ongena,  1184 kb, en
• 14/07/2011
  Statistics Pocket Book, July 2011,  768 kb, en
• 14/07/2011
  Monthly Bulletin, July 2011,  2350 kb, en
• 14/07/2011
  Article, Monthly Bulletin, July 2011, pp 85-94, The new EU framework for financial crisis management and resolution,  173 kb, en
  
• 14/07/2011
  Article, Monthly Bulletin, July 2011, pp 71-84, The European stability mechanism,  185 kb, en
  
• 14/07/2011
  Article, Monthly Bulletin, July 2011, pp 55-69, The ECB’s non-standard measures – impact and phasing-out,  381 kb, en
  
• 12/07/2011
  Identifying the effects of government spending shocks with and without expected reversal: an approach based on U.S. real-time data (Working Paper No. 1361), by Jacopo Cimadomo, Sebastian Hauptmeier and Sergio Sola,  1252 kb, en
• 12/07/2011
  How flexible are real wages in EU countries? A panel investigation (Working Paper No. 1360), by Frigyes Ferdinand Heinz and Desislava Rusinova,  1210 kb, en
• 12/07/2011
  Does bargaining matter in the small firm's matching model? (Working Paper No. 1359), by Olivier l’Haridon, Franck Malherbet and Sébastien Pérez-Duarte,  1845 kb, en
• 05/07/2011
  Eurosystem oversight policy framework,  271 kb, en
  [online only]
  
• 05/07/2011
  Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, relating to monetary policy and questions on inflation,  291 kb, de . en
  [online only]
  

• 24/06/2011
  Research Bulletin No. 13,  577 kb, en
  
• 22/06/2011
  Determinants of credit-less recoveries (Working Paper No. 1358), by Martin Bijsterbosch and Tatjana Dahlhaus,  1047 kb, en
• 22/06/2011
  Assessing the sensitivity of inflation to economic activity (Working Paper No. 1357), by Konstantins Benkovskis, Michele Caivano, Antonello D’Agostino, Alistair Dieppe, Samuel Hurtado, Tohmas Karlsson, Eva Ortega and Tímea Várnai,  1330 kb, en
• 21/06/2011
  Letter from the ECB President to Ms Marine Le Pen, Member of the European Parliament,  21 kb, en . fr
  [online only]
  
• 16/06/2011
  Statistics Pocket Book, June 2011,  451 kb, en
• 16/06/2011
  Monthly Bulletin, June 2011,  3208 kb, en
• 16/06/2011
  BIS triennial survey 2010 - euro area data,  176 kb, en
  Assessment of foreign exchange and derivatives market activity [online only]
  
• 15/06/2011
  Financial Stability Review,  6049 kb, en
  Press release: en
• 14/06/2011
  The role of oil prices in the euro area economy since the 1970s (Working Paper No. 1356), by Elke Hahn and Ricardo Mestre,  5551 kb, en
• 14/06/2011
  Household's portfolio structure in Germany - analysis of financial accounts data 1959-2009 (Working Paper No. 1355), by Fred Ramb and Michael Scharnagl,  1244 kb, en
• 14/06/2011
  Saudi Aramco and the oil market (Working Paper No. 1354), by Anton Nakov and Galo Nuño,  1481 kb, en
• 14/06/2011
  Exchange rate anchoring - Is there still a de facto US dollar standard? (Working Paper No. 1353), by Thierry Bracke and Irina Bunda,  1346 kb, en
• 10/06/2011
  Systemic risk and financial development in a monetary model (Working Paper No. 1352), by Philippe Moutot,  1518 kb, en
• 10/06/2011
  Letter from the ECB President to Mr Mário David, Member of the European Parliament,  23 kb, en . pt
  [online only]
  
• 10/06/2011
  Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament,  22 kb, en . pt
  [online only]
  
• 09/06/2011
  Eurosystem staff macroeconomic projections for the euro area,  252 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 06/06/2011
  Potential output in DSGE models (Working Paper No. 1351), by Igor Vetlov, Tibor Hlédik, Magnus Jonsson, Henrik Kucsera and Massimiliano Pisani,  1370 kb, en
• 06/06/2011
  The optimal width of the central bank standing facilities corridor and banks' day-to-day liquidity management (Working Paper No. 1350), by Ulrich Bindseil and Juliusz Jabłecki,  1365 kb, en
• 06/06/2011
  Consumer confidence as a predictor of consumption spending: evidence for the United States and the euro area (Working Paper No. 1349), by Stéphane Dées and Pedro Soares Brinca,  1237 kb, en
• 03/06/2011
  Approaches to monetary policy revisited – lessons from the crisis. Sixth ECB Central Banking Conference 18-19 November 2010,  11728 kb, en
  Press release: en
• 01/06/2011
  Theoretical notes on bubbles and the current crisis (Working Paper No. 1348), by Alberto Martin and Jaume Ventura,  1500 kb, en
• 01/06/2011
  Sovereign credit ratings and financial markets linkages: application to European data (Working Paper No. 1347), by António Afonso, Davide Furceri and Pedro Gomes,  1608 kb, en
  Published in: Journal of International Money and Finance, Vol 31 (3), 2012: pp 606-638.
• 01/06/2011
  Do financial investors destabilize the oil price? (Working Paper No. 1346), by Marco J. Lombardi and Ine Van Robays,  2553 kb, en
• 01/06/2011
  Systemic risk-taking: amplification effects, externalities, and regulatory responses (Working Paper No. 1345), by Anton Korinek,  1245 kb, en
• 01/06/2011
  Letter to the Clearing and Intermediary Oversight, Commodity Futures Trading Commission and to the Trading and Markets, Securities and Exchange Commission,  60 kb, en
  [online only]
  

• 31/05/2011
  European Commission’s public consultation on the technical details of a possible EU framework for bank recovery and resolution – ESCB contribution,  378 kb, en
  [online only]
  European Commission: Consultation on technical details of a possible European crisis management framework: en
• 27/05/2011
  Have euro area and EU economic governance worked? Just the facts (Working Paper No. 1344), by Demosthenes Ioannou and Livio Stracca,  1276 kb, en
  Published in: European Journal of Political Economy (forthcoming)
• 27/05/2011
  The predictive content of sectoral stock prices: a US-euro area comparison (Working Paper No. 1343), by Magnus Andersson, Antonello D’Agostino, Gabe de Bondt and Moreno Roma,  1812 kb, en
• 27/05/2011
  Fiscal data revisions in Europe (Working Paper No. 1342), by Francisco de Castro Fernández, Javier J. Pérez and Marta Rodríguez-Vives,  1464 kb, en
  Published in: Journal of Money, Credit and Banking, forthcoming.
• 27/05/2011
  Exact likelihood computation for nonlinear DSGE models with heteroskedastic innovations (Working Paper No. 1341), by Gianni Amisano and Oreste Tristani,  3635 kb, en
  Published in: Journal of Economic Dynamics and Control, Vol 35, 2011: pp 2167‐2185.
• 19/05/2011
  TARGET Annual Report 2010,  1415 kb, en
  [online only]
  Press release: en
• 16/05/2011
  How wages respond to shocks: asymmetry in the speed of adjustment (Working Paper No. 1340), by Tairi Rõõm and Aurelijus Dabusinskas,  1290 kb, en
• 12/05/2011
  Statistics Pocket Book, May 2011,  436 kb, en
• 12/05/2011
  Monthly Bulletin, May 2011,  3105 kb, en
• 12/05/2011
  The stock market reaction to the 2005 non-tradable share reform in China (Working Paper No. 1339), by Andrea Beltratti, Bernardo Bortolotti and Marianna Caccavaio,  1064 kb, en
  Published in: Pacific-Basin Finance Journal, Vol 20, 2012: pp 543–560.
• 12/05/2011
  Article, Monthly Bulletin, May 2011, pp 87-97, The external representation of the EU and EMU,  171 kb, en
  [online only]
  
• 12/05/2011
  Article, Monthly Bulletin, May 2011, pp 69-85, Patterns of euro area and US macroeconomic cycles - what has been different this time?,  498 kb, en
  [online only]
  
• 11/05/2011
  Financial frictions and optimal monetary policy in an open economy (Working Paper No. 1338), by Marcin Kolasa and Giovanni Lombardo,  1160 kb, en
• 06/05/2011
  The monetary policy of the ECB (third edition),  1988 kb, de . en . es
  Press release: en
• 03/05/2011
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament,  118 kb, el . en
  [online only]
  
• 02/05/2011
  Annual Report 2010 ,  8222 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 02/05/2011
  Who invests in home equity to exempt wealth from bankruptcy? (Working Paper No. 1337), by Stefano Corradin, Reint Gropp, Harry Huizinga and Luc Laeven,  1215 kb, en
• 02/05/2011
  A monetary policy strategy in good and bad times: lessons from the recent past (Working Paper No. 1336), by Stephan Fahr, Roberto Motto, Massimo Rostagno, Frank Smets and Oreste Tristani,  2409 kb, en
• 02/05/2011
  The bank lending channel: lessons from the crisis (Working Paper No. 1335), by Leonardo Gambacorta and David Marqués-Ibáñez,  1356 kb, en
• 02/05/2011
  On the importance of sectoral and regional shocks for price-setting (Working Paper No. 1334), by Kirstin Hubrich, Massimiliano Marcellino and Günter W. Beck,  1106 kb, en
• 02/05/2011
  Financial integration in Europe,  2180 kb, en
  Press release: en

• 28/04/2011
  Recovery and beyond: lessons for trade adjustment and competitiveness,  2754 kb, en
  [online only]
  
• 27/04/2011
  Survey on the access to finance of SMEs in the euro area - September 2010 to February 2011,  194 kb, en
  [online only]
  Press release: en
• 20/04/2011
  Distributional dynamics under smoothly state-dependent pricing (Working Paper No. 1333), by James Costain and Anton Nakov,  1187 kb, en
• 20/04/2011
  Central bank communication on financial stability (Working Paper No. 1332), by Benjamin Born, Michael Ehrmann and Marcel Fratzscher,  1109 kb, en
  Published in: Economic Journal (forthcoming)
• 20/04/2011
  Business cycle dynamics under rational inattention (Working Paper No. 1331), by Bartosz Maćkowiak and Mirko Wiederholt,  1513 kb, en
• 20/04/2011
  Financial remoteness and the net external position (Working Paper No. 1330), by Martin Schmitz,  1036 kb, en
• 20/04/2011
  Securitization, bank lending and credit quality: the case of Spain (Working Paper No. 1329), by Santiago Carbó-Valverde, David Marqués-Ibáñez and Francisco Rodríguez Fernández,  1341 kb, en
• 20/04/2011
  The effectiveness of monetary policy in steering money market rates during the recent financial crisis (Working Paper No. 1328), by Puriya Abbassi and Tobias Linzert,  1664 kb, en
• 19/04/2011
  Letter from the ECB President to Mr Nuno Teixeira, Member of the European Parliament,  30 kb, en . pt
  [online only]
  
• 19/04/2011
  Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, Member of the European Parliament,  117 kb, el . en
  [online only]
  
• 14/04/2011
  Monthly Bulletin, April 2011,  2679 kb, en
• 14/04/2011
  Statistics Pocket Book, April 2011,  517 kb, en
• 14/04/2011
  Article, Monthly Bulletin, April 2011, pp 61-77, Ensuring fiscal sustainability in the euro area,  346 kb, en
  
• 14/04/2011
  Article, Monthly Bulletin, April 2011, pp 79-90, The use of euro banknotes – results of two surveys among households and firms,  263 kb, en
  
• 13/04/2011
  Systemic risk diagnostics: coincident indicators and early warning signals (Working Paper No. 1327), by Bernd Schwaab, Siem Jan Koopman and André Lucas,  1656 kb, en
• 13/04/2011
  Welfare costs of inflation and the circulation of US currency abroad (Working Paper No. 1326), by Alessandro Calza and Andrea Zaghini,  3146 kb, en
  Published in: The B.E. Journal of Macroeconomics, Vol 11 (1), 2011: Article 12.
• 12/04/2011
  Settlement fails - report on securities settlement systems (SSS) measures to ensure timely settlement,  199 kb, en
  [online only]
  
• 08/04/2011
  Wage structure effects of international trade: evidence from a small open economy (Working Paper No. 1325), by Philip Du Caju, François Rycx and Ilan Tojerow,  1222 kb, en
  Published in: Review of World Economics, 148(2), June 2012: pp. 297-331.
• 08/04/2011
  Nowcasting inflation using high frequency data (Working Paper No. 1324), by Michele Modugno,  1073 kb, en
• 08/04/2011
  Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment (Working Paper No. 1323), by Sandra Gomes, Pascal Jacquinot, Matthias Mohr and Massimiliano Pisani,  1566 kb, en
• 08/04/2011
  Business cycle synchronisation: disentangling trade and financial linkages (Working Paper No. 1322), by Stéphane Dées and Nico Zorell,  2244 kb, en
• 08/04/2011
  Macroeconomic implications of downward wage rigidities (Working Paper No. 1321), by Mirko Abbritti and Stephan Fahr,  1410 kb, en
• 08/04/2011
  Household sector borrowing in the euro area - a micro data perspective (Occasional Paper No. 125), by Ramón Adalid, Adriana Lojschová and Thomas Westermann,  1169 kb, en
• 07/04/2011
  What lies beneath? A time-varying FAVAR model for the UK transmission mechanism (Working Paper No. 1320), by Haroon Mumtaz, Pawel Zabczyk and Colin Ellis,  1871 kb, en
• 07/04/2011
  Fiscal developments and financial stress: a threshold VAR analysis (Working Paper No. 1319), by António Afonso, Jaromír Baxa and Michal Slavík,  1939 kb, en
• 07/04/2011
  Using the global dimension to identify shocks with sign restrictions (Working Paper No. 1318), by Alexander Chudik and Michael Fidora,  1846 kb, en
• 07/04/2011
  Financial imbalances and financial fragility (Working Paper No. 1317), by Frédéric Boissay,  1988 kb, en
• 07/04/2011
  The ECB's New Multi-Country Model for the euro area: NMCM - with boundedly rational learning expectations (Working Paper No. 1316), by Alistair Dieppe, Alberto González Pandiella, Stephen Hall and Alpo Willman,  2243 kb, en
• 07/04/2011
  The ECB's New Multi-Country Model for the euro area: NMCM - simulated with rational expectations (Working Paper No. 1315), by Alistair Dieppe, Alberto González Pandiella and Alpo Willman,  2291 kb, en
• 01/04/2011
  Price and wage setting in Portugal: learning by asking (Working Paper No. 1314), by Fernando Martins,  1317 kb, en

• 30/03/2011
  Euro area balance of payments and international investment position statistics - 2010 quality report,  2342 kb, en
  [online only]
  
• 30/03/2011
  Euro area monetary and financial statistics - 2010 quality report,  364 kb, en
  [online only]
  
• 24/03/2011
  News and policy foresight in a macro-finance model of the US (Working Paper No. 1313), by Cristian Badarinza and Emil Margaritov,  1545 kb, en
• 24/03/2011
  A structural model of central bank operations and bank intermediation (Working Paper No. 1312), by Ulrich Bindseil and Juliusz Jabłecki,  1163 kb, en
• 24/03/2011
  Macro-financial vulnerabilities and future financial stress: assessing systemic risks and predicting systemic events (Working Paper No. 1311), by Marco Lo Duca and Tuomas A. Peltonen,  1191 kb, en
  Published in: Journal of Banking & Finance (forthcoming)
• 24/03/2011
  Is China climbing up the quality ladder? Estimating cross country differences in product quality using Eurostat's COMEXT trade database (Working Paper No. 1310), by Gabor Pula and Daniel Santabárbara,  1016 kb, en
• 18/03/2011
  Who has been affected, how and why? The spillover of the global financial crisis to Sub-Saharan Africa and ways to recovery (Occasional Paper No. 124), by Sophie Chauvin and André Geis,  1308 kb, en
• 15/03/2011
  Skills and wage inequality in Greece: evidence from matched employer-employee data, 1995-2002 (Working Paper No. 1309), by Rebekka Christopoulou and Theodora Kosma,  1110 kb, en
• 11/03/2011
  Research Bulletin No. 12,  856 kb, en
  
• 10/03/2011
  Monthly Bulletin, March 2011,  2007 kb, en
• 10/03/2011
  Statistics Pocket Book, March 2011,  437 kb, en
• 10/03/2011
  Article, Monthly Bulletin, March 2011, pp 99-119, The reform of economic governance in the euro area - essential elements,  243 kb, en
  
• 10/03/2011
  External evaluation of the Directorate General Research of the European Central Bank,  603 kb, en
  Press release: en
• 09/03/2011
  Myopic governments and welfare-enhancing debt limits (Working Paper No. 1308), by Malte Rieth,  1162 kb, en
• 04/03/2011
  Letter from the ECB President to Mr Andreas Mölzer, Member of the European Parliament, concerning questions on transfers to the European Central Bank,  38 kb, de . en
  [online only]
  
• 03/03/2011
  The response of labour taxation to changes in government debt (Working Paper No. 1307), by Fédéric Holm-Hadulla, Nadine Leiner-Killinger and Michal Slavík,  1426 kb, en
• 03/03/2011
  ECB 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]
  
• 01/03/2011
  Why are some prices stickier than others? Firm-data evidence on price adjustment lags (Working Paper No. 1306), by Daniel Dias, Carlos Robalo Marques, Fernando Martins and João M. C. Santos Silva,  1206 kb, en
• 01/03/2011
  Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies (Working Paper No. 1305), by Daniel Dias, Carlos Robalo Marques and Fernando Martins,  1161 kb, en

• 28/02/2011
  Subprime consumer credit demand: evidence from a lender's pricing experiment (Working Paper No. 1304), by Sule Alan, Ruxandra Dumitrescu and Gyongyi Loranth,  1211 kb, en
• 28/02/2011
  Behavioural characteristics and financial distress (Working Paper No. 1303), by Yvonne McCarthy,  1148 kb, en
• 28/02/2011
  The immigrant/native wealth gap in Germany, Italy and Luxembourg (Working Paper No. 1302), by Thomas Y. Mathä, Alessandro Porpiglia and Eva Sierminska,  1722 kb, en
• 28/02/2011
  Wealth mobility and dynamics over entire individual working life cycles (Working Paper No. 1301), by Stefan Hochguertel and Henry Ohlsson,  1174 kb, en
• 28/02/2011
  Inheritances and the distribution of wealth or whatever happened to the great inheritance boom? (Working Paper No. 1300), by Edward N. Wolff and Maury Gittleman,  1141 kb, en
• 28/02/2011
  Who lost the most? Financial literacy, cognitive abilities, and the financial crisis (Working Paper No. 1299), by Tabea Bucher-Koenen and Michael Ziegelmeyer,  1431 kb, en
• 28/02/2011
  Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered? (Working Paper No. 1298), by Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod,  993 kb, en
• 28/02/2011
  Consumption and initial mortgage conditions: evidence from survey data (Working Paper No. 1297), by Giacomo Masier and Ernesto Villanueva,  1827 kb, en
• 28/02/2011
  Financial advice and stock market participation (Working Paper No. 1296), by Dimitris Georgarakos and Roman Inderst,  1127 kb, en
• 28/02/2011
  Which households use banks? Evidence from the transition economies (Working Paper No. 1295), by Thorsten Beck and Martin Brown,  1167 kb, en
• 23/02/2011
  European Commission’s public consultation on the review of the MiFID– Eurosystem contribution,  185 kb, en
  
• 23/02/2011
  European Commission’s public consultation on credit rating agencies – Eurosystem reply,  337 kb, en
  
• 21/02/2011
  Recent developments in securitisation,  1726 kb, en
  [online only]
  
• 17/02/2011
  Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding questions on the international monetary system,  30 kb, en . pt
  
• 16/02/2011
  The normalized CES production function: theory and empirics (Working Paper No. 1294), by Rainer Klump, Peter McAdam and Alpo Willman,  1320 kb, en
• 14/02/2011
  Contribution of the Eurosystem to the public consultation of the European Commission on the communication "Towards a Single Market Act",  32 kb, en
  [online only]
  European Commission, Single Market Act (on ec.europa.eu): en
• 10/02/2011
  Statistics Pocket Book, February 2011,  448 kb, en
• 10/02/2011
  Monthly Bulletin, February 2011,  5083 kb, en
• 10/02/2011
  Financing obstacles among euro area firms: Who suffers the most? (Working Paper No. 1293), by Annalisa Ferrando and Nicolas Griesshaber,  1297 kb, en
• 10/02/2011
  Article, Monthly Bulletin, February 2011, pp 73-86, Inflation expectations in the euro area: a review of recent developments,  2280 kb, en
  
• 10/02/2011
  Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the position of the European Central Bank regarding the Balz report in the European Parliament on the ECB’s Annual Report 2009,  35 kb, en
  
• 10/02/2011
  Article, Monthly Bulletin, February 2011, pp 87-99, The information content of option prices during the financial crisis,  560 kb, en
  
• 09/02/2011
  Does the euro make a difference? Spatio-temporal transmission of global shocks to real effective exchange rates in an infinite VAR (Working Paper No. 1292), by Matthieu Bussière, Alexander Chudik and Arnaud Mehl,  1381 kb, en
• 09/02/2011
  Liquidity requirements and payment delays - participant type dependent preferences (Working Paper No. 1291), by Christian Schulz,  1122 kb, en
• 09/02/2011
  The international monetary system after the financial crisis (Occasional Paper No. 123), by Ettore Dorrucci and Julie McKay,  1364 kb, en
• 04/02/2011
  The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures,  1115 kb, en
  [online only]
  Press release: en
• 02/02/2011
  Central bank statistics: what did the financial crisis change? Fifth ECB Conference on Statistics on 19 and 20 October 2010,  2614 kb, en
  Press release: en

• 21/01/2011
  Letter from the ECB President to Mr Sven Giegold, Member of the European Parliament, regarding questions on the public debt of Member States of the European Union,  57 kb, en
  [online only]
  
• 20/01/2011
  Monthly Bulletin, January 2011,  2614 kb, en
• 20/01/2011
  Statistics Pocket Book, January 2011,  441 kb, en
• 20/01/2011
  Article, Monthly Bulletin, January 2011, pp 57-72, Recent developments in loans to the private sector,  475 kb, en
  
• 20/01/2011
  Article, Monthly Bulletin, January 2011, pp 73-85, Trends in potential output,  320 kb, en
  
• 20/01/2011
  Article, Monthly Bulletin, January 2011, pp 87-97, The financial crisis and the strengthening of global policy cooperation,  149 kb, en
  
• 20/01/2011
  Correspondent central banking model (CCBM) - Procedure for Eurosystem counterparties,  1079 kb, da . de . el . en . es . et . fi . fr . it . nl . pl . pt . sk . sl . sv
  
• 19/01/2011
  Letter from the ECB President to Mr Diogo Feio, Member of the European Parliament, regarding questions on the visit of a European Central Bank official to Portugal,  33 kb, en . pt
  [online only]
  
• 19/01/2011
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament, regarding questions relating to a repayment extension for loans to Greece,  111 kb, el . en
  [online only]
  
• 17/01/2011
  Price stability: why is it important for you? (2011 update),  4927 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 17/01/2011
  Letter from the ECB President to Mr Nick Griffin, Member of the European Parliament, regarding questions on the printing of former currencies by euro area countries,  37 kb, en
  [online only]
  
• 17/01/2011
  Eurosystem reply to consultation on countercyclical capital buffer,  53 kb, en
  [online only]
  
• 17/01/2011
  Information brochure: The European Central Bank, the Eurosystem, the European System of Central Banks (2011 update),  1645 kb, bg . cs . da . de . el . en . es . et . fi . fr . ga . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 14/01/2011
  Non-standard monetary policy measures and monetary developments (Working Paper No. 1290), by Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin,  903 kb, en
  Published in: Interest Rates, Prices and Liquidity - Lessons from the Financial Crisis, Jagjit S. Chadha, Sean Holly (eds.), Cambridge University Press, 2011: pp 195-221.
• 14/01/2011
  The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets (Occasional Paper No. 122), by John Beirne, Lars Dalitz, Jacob Ejsing, Magdalena Grothe, Simone Manganelli, Fernando Monar, Benjamin Sahel, Matjaž Sušec, Jens Tapking and Tana Vong,  1022 kb, en
• 14/01/2011
  Letter from the ECB President to Mr Nuno Melo, Member of the European Parliament, regarding a question on the assumption by the Portuguese state of the financial liabilities of Banco Português de Negócios,  32 kb, en . pt
  [online only]
  
• 12/01/2011
  Bayesian prior elicitation in DSGE models: macro- vs micro-priors (Working Paper No. 1289), by Marco J. Lombardi and Giulio Nicoletti,  1236 kb, en
• 11/01/2011
  Getting beyond carry trade: what makes a safe haven currency? (Working Paper No. 1288), by Maurizio Michael Habib and Livio Stracca,  859 kb, en
• 11/01/2011
  Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act (Working Paper No. 1287), by Dario Focarelli, David Marqués-Ibáñez and Alberto Franco Pozzolo,  765 kb, en
• 10/01/2011
  Corporate bond spreads and real activity in the euro area - Least Angle Regression forecasting and the probability of the recession (Working Paper No. 1286), by Marco Buchmann,  1402 kb, en
• 10/01/2011
  Identifying the global transmission of the 2007-09 financial crisis in a GVAR Model (Working Paper No. 1285), by Alexander Chudik and Marcel Fratzscher,  893 kb, en
  Published in: European Economic Review, Vol 55 (3), April 2011, pp 325-339.
• 05/01/2011
  Euro area labour markets: different reaction to shocks? (Working Paper No. 1284), by Jan Brůha, Beatrice Pierluigi and Roberta Serafini,  1824 kb, en
•  

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