Banks in the euro area can generate high-quality liquid assets (HQLA) by borrowing central bank reserves from the Eurosystem against non-HQLA collateral. This paper quantifies the extent of this ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2933~8546fb6350.en.pdf
The pricing decisions of firms are a key determinant of inflation. To understand inflation dynamics, it is necessary to analyse how often and by how much individual prices change. This article di...
This paper investigates the sensitivity of the demand for safe government debt to currency unhedged and hedged excess returns in a sample of US mutual funds. We find evidence of active rebalancin...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2931~8b0e21c2d2.en.pdf
We analyze, for the first time, how firms choose the currency in which they price transactions in international trade of services and investigate, using direct evidence, whether the US dollar (US...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2932~3bbd264674.en.pdf
This article shows that trust in the ECB needs to be analysed and understood as a multifaceted concept. Analysis of data from the Consumer Expectations Survey shows that trust is not a matter of ...
We evaluate the effects of contagion and common exposure on banks’ capital through a regression design inspired by the structural VAR literature and derived from the balance sheet identity. Con...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2929~19cda4a673.en.pdf
We study how millions of granular and weekly household scanner data combined with machine learning can help to improve the real-time nowcast of German inflation. Our nowcasting exercise targets t...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2930~05cff276eb.en.pdf
In recent quarters, euro area households have faced higher housing costs, and in particular rising rent or mortgage payments. The ECB Consumer Expectations Survey shows that housing cost dynamics...
This box examines the current level of housing investment in the euro area as a whole, and in the four largest euro area economies, in relation to the evolution of the user cost of housing. To th...
Latest releases on the ECB website - Publications
https://www.ecb.europa.eu//pub/pdf/other/ecb.letter240419_Vestager~8f8210db09.en.pdf
Latest releases on the ECB website - Publications
https://www.ecb.europa.eu//pub/pdf/other/ecb.letter240419_Breton~fe4828c691.en.pdf
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the euro area. Using proprietary data on purchases of public sector securities im...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2927~e373af333e.en.pdf
The evidence suggests that monetary policy transmission is asymmetric over the business cycle. Interacting financing frictions with a preference for liquidity provides an explanation for this fac...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2928~457d40bbd9.en.pdf
Climate change entails risks to the global economy and impacts financial stability. Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero eco...
https://www.ecb.europa.eu//pub/pdf/scpsps/ecb.sps48~e3fd21dd5a.en.pdf
Latest releases on the ECB website - Publications