ECB - European Central Bank

Nonlinearities and heterogeneity in firms response to aggregate fluctuations: what can we learn from machine learning?

2 days ago

Firms respond heterogeneously to aggregate fluctuations, yet standard linear models impose restrictive...

Public debt, iMPCs & fiscal policy transmission

2 days ago

This paper investigates the relationship between public debt and the effectiveness of...

Geography versus income: the heterogeneous effects of carbon taxation

9 days ago

The distributive effects of carbon taxation are critical for its political acceptability...

Opening the black box of local projections

9 days ago

Local projections (LPs) are widely used in empirical macroeconomics to estimate impulse...

Central bank communication with non-experts: insights from a randomized field experiment

10 days ago

We would like to thank Philipp Lane, Klaus Adam, Michael Ehrmann, Christophe...

The macroeconomic impact of trade policy: a new identification approach

11 days ago

This paper examines the effects of trade policy shocks on the US...

Heterogeneous intermediaries in the transmission of central bank corporate bond purchases

15 days ago

This paper studies the role of financial intermediaries in the transmission of...

How to conduct joint Bayesian inference in VAR models?

16 days ago

When economic analysis requires simultaneous inference across multiple variables and time horizons...

Unlocking growth? EU investment programmes and firm performance

17 days ago

This study evaluates the effectiveness of EU Cohesion Policy as an investment...

Macroprudential and monetary policy interaction: the role of early activation of the countercyclical capital buffer

18 days ago

Amid changes in the global macro-financial environment, macroprudential policy within the banking...

Letter from the ECB President to Mr Eickhout, Mr Gerbrandy, Ms Pietikäinen, Mr Saramo and Ms Wolters, MEPs, on the collateral framework

21 days ago

Private investment, R&D and European Structural and Investment Funds: crowding-in or crowding-out?

22 days ago

We employ a novel regional dataset on European private investment and business...