ECB - European Central Bank

Estimating the natural rate of interest in a macro-finance yield curve model

about 19 hours ago

Using a novel macro-finance model we infer jointly the equilibrium real interest...

The ESCB forecasting models: what are they and what are they good for?

about 20 hours ago

This report provides a comprehensive overview of the models and tools used...

Insurance companies in the Euro area: asset allocation and impact on financial markets

2 days ago

Euro area insurers manage several trillion euro in assets and take a...

Nature at risk: Implications for the euro area economy and financial stability

2 days ago

Degraded ecosystems undermine productivity, disrupt supply chains and heighten vulnerability to shocks...

Global or regional safe assets: evidence from bond substitution patterns

3 days ago

This paper provides novel empirical evidence on portfolio rebalancing in international bond...

Inflation narratives and expectations

3 days ago

I study how demand-supply narrative disagreement between general and specialized newspapers can...

Monetary transmission with frequent policy events

7 days ago

We empirically examine the role of both official monetary policy announcements and...

ecb.wp3157-annex-EA-EMPD.en.xlsx

7 days ago

What safe haven after the April US tariff announcement? Implications for euro area financial stability

8 days ago

Trade turmoil in April 2025 saw a marked change in cross-asset behaviour...

Financial Stability Review, November 2025

8 days ago

Inflation risk and heterogeneous trading down

9 days ago

I examine how households adjust the quality of their purchases in response...

Systemic risks in linkages between banks and the non-bank financial sector

9 days ago

Linkages between euro area banks and entities in the non-bank financial intermediation...