ECB - European Central Bank

Central bank money as a catalyst for fungibility: the case of stablecoins

2 days ago

To ensure that means of payments are readily interchangeable at face value...

Mortgage loan rates and the defaults of variable rate mortgages

2 days ago

Using a granular database of variable rate euro area loans and analysing...

The signaling effects of fiscal announcements

3 days ago

Announcing a large fiscal stimulus may signal the government’s pessimism about the...

The heterogeneous impact of labor market shifts on household mortgage-taking

3 days ago

This paper examines how structural change in labor markets affects household credit...

The causal effect of inflation on financial stability, evidence from history

6 days ago

In contrast to the conventional Fisherian view that inflation reduces real debt...

Buffer usability in a complex world: Interactions between macroprudential regulation and the resolution framework

6 days ago

This paper explores the interplay between the risk- and leverage-based prudential and...

ECB staff macroeconomic projections for the euro area, September 2025

7 days ago

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

15 days ago

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

Public debt, iMPCs & fiscal policy transmission

15 days ago

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

Geography versus income: the heterogeneous effects of carbon taxation

22 days ago

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

Opening the black box of local projections

22 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

23 days ago

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