ECB - European Central Bank

When the Crowd Speaks: AI-based retail investor sentiment indicator with Reddit data

3 days ago

Retail investors increasingly discuss markets in real time on social media, yet...

Learning probability of default and stress testing

3 days ago

We analyze the Probability of Default (PD) of non-financial corporations in Europe...

Hidden in the aggregate: the cyclicality of EU labour force participation

7 days ago

We estimate the cyclical response of labour force participation to growth shocks...

Banks’ funding structures and pass-through in the euro area

7 days ago

This paper investigates the interest rate pass-through of monetary policy in the...

Domestic and cyclical inflation in the euro area

7 days ago

The ECB’s inflation target is formulated in terms of headline inflation. However...

Consumer attitudes towards a central bank digital currency

14 days ago

We field a series of experiments in a survey of European consumers...

The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2024 and 2025

15 days ago

The Eurosystem implements its monetary policy through a set of monetary policy...

Can structural reforms unleash private investment?

16 days ago

This paper examines the impact of labour and product market reforms on...

Prohibition of monetary financing: an economic perspective

17 days ago

This paper analyses the European prohibition of monetary financing from an economic...

Monetary policy and the rigidity of firm employment expectations

17 days ago

This paper examines how monetary policy announcements affect firms’ employment expectations. Using...

Letter from the ECB President to Mr Gerald Hauser, MEP, on digital euro

19 days ago

Macro-at-Risk in the euro area Expert Group on Macro-at-Risk Time-Series Workstream

21 days ago

This paper introduces reduced-form macroeconometric tools, emphasising quantile regression models, to identify...