Economic Bulletin Boxes

2017 - 2025

From European Central Bank
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2023, volume 5

Inflation and the response of public wages in the euro area

Cristina Checherita-Westphal and Aurelian Vlad

The role of housing wealth in the transmission of monetary policy

Paola Di Casola

Changes in the investor base for euro area non-financial corporate bonds and implications for market pricing

Lia Vaz Cruz and Taneli Mäkinen

Underlying inflation measures: an analytical guide for the euro area

Marta Banbura, Elena Bobeica, Katalin Bodnár, Bruno Fagandini, Peter Healy and Joan Paredes

Narrowing the climate data gap – climate change-related indicators

Andrew Kanutin

Main findings from the ECB’s recent contacts with non-financial companies

Catherine Elding, Johannes Gareis, Friderike Kuik and Richard Morris

Consumers’ interest rate expectations in a monetary policy tightening cycle

Evangelos Charalambakis and Virginia Di Nino

Why has housing lost its lure? Evidence from the ECB’s Consumer Expectations Survey

Niccolò Battistini, Evangelos Charalambakis, Johannes Gareis and Desislava Rusinova

2023, volume 4

Inflation and competitiveness divergences in the euro area countries

Daniela Filip, Daphne Momferatou and Ralph Setzer

Liquidity conditions and monetary policy operations from 8 February to 9 May 2023

Jens Budde and Vladimir Tsonchev

The great retrenchment in euro area external financial flows in 2022 – insights from more granular balance of payments statistics

Lorenz Emter, Mariadolores Schiavone and Martin Schmitz

Selling price expectations of firms ‒ evidence from the SAFE

Annalisa Ferrando, Asger Munch Grønlund and Judit Rariga

The development of the wage share in the euro area since the start of the pandemic

Katalin Bodnár and Matthias Mohr

How have unit profits contributed to the recent strengthening of euro area domestic price pressures?

Elke Hahn

Earnings calls: new evidence on corporate profits, investment and financing conditions

Malin Andersson, Pedro Neves and Carolina Nunes

The consumption impulse from pandemic savings ‒ does the composition matter?

Niccolò Battistini, Virginia Di Nino and Johannes Gareis

2023, volume 3

EUROPOP2023 demographic trends and their euro area economic implications

Maximilian Freier, Joachim Schroth and Benoit Lichtenauer

Government expenditure in the euro area during the pandemic crisis – insights from the Classification of the Functions of Government data

Marta Rodríguez-Vives and Hans Olsson

A model-based assessment of the macroeconomic impact of the ECB’s monetary policy tightening since December 2021

Roberto Motto, Carlos Montes-Galdón, Annukka Ristiniemi, Arthur Saint Guilhem, Srečko Zimic and Matthieu Darracq Paries

Indicators for producer price pressures in consumer goods inflation

Ieva Rubene

Main findings from the ECB’s recent contacts with non-financial companies

Gabe de Bondt, Friderike Kuik, Gwenaël Le Breton, Richard Morris and Sara Romaniega Sancho

The energy shock, price competitiveness and euro area export performance

Lorenz Emter, Vanessa Gunnella and Tobias Schuler

Intangible assets of multinational enterprises in Ireland and their impact on euro area GDP

Malin Andersson, Stephen Byrne, Lorenz Emter, Belén González Pardo, Valerie Jarvis and Nico Zorell

Monetary policy and housing investment in the euro area and the United States

Niccolò Battistini, Simona Delle Chiaie and Johannes Gareis

2023, volume 2

Update on euro area fiscal policy responses to the energy crisis and high inflation

Cristina Checherita-Westphal and Ettore Dorrucci

Liquidity conditions and monetary policy operations from 2 November 2022 to 7 February 2023

Elvira Fioretto and Ross James Murphy

Backcasting real interest rates and inflation expectations – combining market-based measures with historical data for related variables

Valentin Burban and Fabian Schupp

Results of the 2022 climate risk stress test of the Eurosystem balance sheet

Maximilian Germann, Piotr Kusmierczyk and Christelle Puyo

Who foots the bill? The uneven impact of the recent energy price shock

Niccolò Battistini, Alina Bobasu and Johannes Gareis

Global value chains and the pandemic: the impact of supply bottlenecks

Laura Lebastard and Roberta Serafini

Friend-shoring global value chains: a model-based assessment

Maria Grazia Attinasi, Lukas Boeckelmann and Baptiste Meunier

Oil price developments and Russian oil flows since the EU embargo and G7 price cap

Jakob Adolfsen, Rinalds Gerinovics, Ana-Simona Manu and Adrian Schmith

What shapes spillovers from US monetary policy shocks to emerging market economies?

Erik Andres Escayola, Peter McQuade, Christofer Schroeder and Marcel Tirpák

2023, volume 1

Substitution between debt security issuance and bank loans: evidence from the SAFE

Giada Durante, Annalisa Ferrando, Asger Munch Grønlund and Timo Reinelt

An updated assessment of short-term inflation projections by Eurosystem and ECB staff

Mohammed Chahad, Anna-Camilla Hofmann-Drahonsky, Adrian Page and Marcel Tirpák

Climate-related policies in the Eurosystem/ECB staff macroeconomic projections for the euro area and the macroeconomic impact of green fiscal measures

Marien Ferdinandusse, Friderike Kuik, Eliza Lis and Yiqiao Sun

How people want to work – preferences for remote work after the pandemic

António Dias Da Silva, Dimitris Georgarakos and Marco Weißler

Main findings from the ECB’s recent contacts with non-financial companies

Catherine Elding, Richard Morris, Moreno Roma, Desislava Rusinova and Sara Romaniega Sancho

How have higher energy prices affected industrial production and imports?

Francesco Chiacchio, Roberto A. De Santis, Vanessa Gunnella and Laura Lebastard

Global risks to the EU natural gas market

Jakob Adolfsen, Marie-Sophie Lappe and Ana-Simona Manu

2022, volume 8

Fiscal policies in 2022 – implications of the 2022 draft budgetary plans

Giovanni Bardone, Stephan Haroutunian, Sebastian Hauptmeier and Philip Muggenthaler

Sources of supply chain disruptions and their impact on euro area manufacturing

Roberto A. De Santis

The ECB’s communication on the economic outlook: a comparative analysis

Julian Ashwin, Maarten Dossche, Katrin Forster van Aerssen, Ramon Gomez-Salvador, Eleni Kalamara and Beatrice Pierluigi

Liquidity conditions and monetary policy operations from 28 July to 2 November 2021

Elvira Fioretto and Juliane Kinsele

Decomposing market-based measures of inflation compensation into inflation expectations and risk premia

Valentin Burban, Bruno De Backer, Fabian Schupp and Andreea Liliana Vladu

Financing conditions through the lens of euro area companies

Annalisa Ferrando and Sofia Gori

The US and UK labour markets in the post-pandemic recovery

Katrin Forster van Aerssen, Ramon Gomez-Salvador, Michel Soudan and Tajda Spital

Supply chain disruptions and the effects on the global economy

Maria Grazia Attinasi, Mirco Balatti, Michele Mancini and Luca Metelli

2022, volume 7

Euro area linkages with Russia: latest insights from the balance of payments

Lorenz Emter, Michael Fidora, Fausto Pastoris and Martin Schmitz

The role of demand and supply in underlying inflation – decomposing HICPX inflation into components

Eduardo Gonçalves and Gerrit Koester

A closer look at consumers' inflation expectations – evidence from the ECB’s Consumer Expectations Survey

Justus Meyer, Aidan Meyler and Lucyna Gόrnicka

Main findings from the ECB’s recent contacts with non-financial companies

Gabe de Bondt, Evangelos Charalambakis, Friderike Kuik and Richard Morris

The impact of the recent rise in inflation on low-income households

Evangelos Charalambakis, Bruno Fagandini, Lukas Henkel and Chiara Osbat

Carry-over effects and intra-quarter GDP growth – estimates based on monthly indicators

Magnus Forsells and Johannes Gareis

Motor vehicle sector: explaining the drop in output and the rise in prices

Roberto A. De Santis, Martina Di Sano, Vanessa Gunnella and Pedro Neves

Supply bottlenecks and price pressures in euro area goods trade and tourism

Tobias Schuler, Hannah-Maria Hildenbrand and Martina Di Sano