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ECB - Working paper series

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Latest posts

Last updated 3 days ago

Fiscal announcements and households’ beliefs: evidence from the euro area

3 days ago

This paper studies the effects of fiscal policy announcements on household expectations...

Decomposing US economic fluctuations: a trend-cycle approach

9 days ago

This paper proposes a unified framework to study the permanent and transitory...

Inflation and monetary policy in medium-sized New Keynesian DSGE models

10 days ago

This chapter of the Research Handbook of Inflation (2025) reviews the evolution...

Fiscal drag in theory and in practice: a European perspective

14 days ago

This paper presents a comprehensive characterization of “fiscal drag”—the increase in tax...

Decoding climate-related risks in sovereign bond pricing: a global perspective

15 days ago

Climate change poses a significant risk to financial stability by impacting sovereign...

A study on the interaction of capital, liquidity and bank stability

16 days ago

The purpose of this paper is to empirically examine the effects of...

The slope of the euro area price Phillips curve: evidence from regional data

16 days ago

This paper contributes to the literature on the price Phillips curve by...

How do rising temperatures affect inflation expectations?

17 days ago

Global temperatures are rising at an alarming pace and public awareness of...

From Brussels to Bangkok: how investment funds transmit financial spillovers

17 days ago

We explore whether investment funds transmit spillovers from local shocks to financial...

Hidden weaknesses: the role of unrealized losses in monetary policy transmission

21 days ago

This paper investigates how unrealized losses on banks’ amortized cost securities affect...

Macroprudential policy, monetary policy and non-bank financial intermediation

21 days ago

This paper examines the interplay between macroprudential policy, monetary policy and the...

The impact of capital requirements on bank capital

22 days ago

This paper presents the first causal evidence on how banks adjust their...