ECB - Working paper series

The globalization of climate change: amplification of climate-related physical risks through input-output linkages

2 days ago

While global supply chains have recently gained attention in the context of...

Stress testing with multiple scenarios: a tale on tails and reverse stress scenarios

4 days ago

This paper proposes an operational approach to stress testing, allowing one to...

Household inflation expectations: an overview of recent insights for monetary policy

5 days ago

This paper discusses the recent wave of research that has emphasized the...

The quantity theory of money, 1870-2020

6 days ago

This study re-assesses the validity of the quantity theory of money (QTM)...

The quantity theory of money, 1870-2020

6 days ago

The macroeconomics of liquidity in financial intermediation

9 days ago

In financial crises, the premium on liquid assets such as US Treasuries...

Investor heterogeneity and large-scale asset purchases

11 days ago

Large-Scale Asset Purchases can impact the price of securities directly, when securities...

Determinants of bank performance: evidence from replicating portfolios

11 days ago

We construct a novel measure of bank performance, investigate its determinants, and...

Updating the retirement-consumption puzzle in Italy: who are the most affected?

13 days ago

In this paper I investigate the retirement-consumption puzzle in Italy for the...

Macro and micro of external finance premium and monetary policy transmission

23 days ago

We establish basic facts about the external finance premium. Tens of millions...

Monetary policy strategies to navigate post-pandemic inflation: an assessment using the ECB’s New Area-Wide Model

23 days ago

We evaluate how the euro area economy would have performed since mid-2021...

Liquidity transformation and Eurosystem credit operations

25 days ago

Banks in the euro area can generate high-quality liquid assets (HQLA) by...