Research Bulletin

2004 - 2025

From European Central Bank
60640 Frankfurt am Main, Germany.
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2025, volume 135

Details matter – how loan pricing affects monetary policy transmission in the euro area

Kārlis Vilerts, Sofia Anyfantaki, Konstantins Benkovskis, Sebastian Bredl, Massimo Giovannini, Florian Matthias Horky, Vanessa Kunzmann, Tibor Lalinsky, Athanasios Lampousis, Elizaveta Lukmanova, Filippos Petroulakis and Klavs Zutis

2025, volume 134

Rational inattention and information provision experiments

Bartosz Maćkowiak

2025, volume 133

From words to deeds – incorporating climate risks into sovereign credit ratings

Lorenzo Cappiello, Gianluigi Ferrucci, Angela Maddaloni and Veronica Veggente

2025, volume 132

Climate change, firms and aggregate productivity

Andrea Caggese, Andrea Chiavari, Sampreet Goraya and Villegas‑Sanchez, Carolina

2025, volume 131

Private safe asset supply and financial instability

Madalen Castells-Jauregui

2025, volume 130

Why monetary policy should crack down harder during high inflation

Peter Karadi, Anton Nakov, Galo Nuño, Ernesto Pasten and Dominik Thaler

2025, volume 129

Effects of monetary policy on labour income: the role of the employer

Alina Bobasu and Amalia Repele

2025, volume 128

Critical input disruptions – mapping out the road to EU resilience

Dennis Essers, Laura Lebastard, Michele Mancini, Ludovic Panon and Jacopo Timini

2025, volume 127

How tightening mortgage credit raises rents and increases inequality in the housing market

Juan Castellanos, Andrew Hannon and Gonzalo Paz-Pardo

2024, volume 126

The “doom loop” and default incentives

Dominik Thaler and Luis E. Rojas

2024, volume 125

The macroeconomic effects of liquidity supply during financial crises

Davide Porcellacchia and Kevin Sheedy

2024, volume 124

Banks lose – someone gains: Households’ unequal exposure to financial distress

Caterina Mendicino, Lukas Nord and Marcel Peruffo

2024, volume 123

Heterogeneous effects of monetary tightening in response to energy price shocks

Alina Bobasu, Michael Dobrew and Amalia Repele

2024, volume 122

Consumer demand for central bank digital currency as a means of payment

Luca Nocciola and Alejandro Zamora-Pérez

2024, volume 121

Different household – different inflation rate

Regina Kiss and Georg Strasser

2024, volume 120

A diverse investor base impacts the effectiveness of large-scale asset purchases

Johannes Breckenfelder and Veronica De Falco

2024, volume 119

Consumer risk-taking and stock market investment: Insights using the CES’s consumer finance module

Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Geoff Kenny

2024, volume 118

Unlocking efficiency: optimal monetary policy when capital misallocation matters

Beatriz González, Galo Nuño, Dominik Thaler and Silvia Albrizio

2024, volume 117

Shocked to the core: a new model to understand euro area inflation

Marta Banbura, Elena Bobeica and Catalina Martínez Hernández

2024, volume 116

The unequal impact of the 2021-22 inflation surge on euro area households

Filippo Pallotti, Gonzalo Paz-Pardo, Jiri Slacalek, Oreste Tristani and Giovanni L. Violante

2024, volume 115

Quantifying financial stability risks for monetary policy

Sulkhan Chavleishvili, Manfred Kremer and Frederik Lund-Thomsen

2023, volume 114

Hawkish or dovish central bankers: do different flocks matter for fiscal shocks?

Lukas Hack, Klodiana Istrefi and Matthias Meier

2023, volume 113

Reports of AI ending human labour may be greatly exaggerated

Stefania Albanesi, António Dias Da Silva, Juan Francisco Jimeno, Ana Lamo and Alena Wabitsch

2023, volume 112

Forecasting euro area inflation with machine-learning models

Michele Lenza, Inès Moutachaker and Joan Paredes

2023, volume 111

The outlook is mixed: the asymmetric effects of weather shocks on inflation

Matteo Ciccarelli, Friderike Kuik and Catalina Martínez Hernández

2023, volume 110

Bonds at a premium: the impact of insurers on corporate bond issuers

Christian Kubitza

2023, volume 109

Carbon trade-offs: how firms respond to emission controls

Maria Cecilia Bustamante and Francesca Zucchi

2023, volume 108

Navigating liquidity crises in non-banks: An assessment of central bank policies

Johannes Breckenfelder and Marie Hoerova

2023, volume 107

A new tool in the box: dividend restrictions as supervisory policy stimulus

Ernest Dautović, Leonardo Gambacorta and Alessio Reghezza

2023, volume 106

One product, two prices: the border effect in retail prices

Teresa Messner, Fabio Rumler and Georg Strasser

2023, volume 105

Understanding the impact of COVID-19 supply disruptions on exporters in global value chains

Laura Lebastard and Roberta Serafini

2023, volume 104

Recent changes in consumers’ medium-term inflation expectations – a detailed look

Dimitris Georgarakos, Geoff Kenny and Justus Meyer

2023, volume 103

The safe asset potential of EU-issued bonds

Tilman Bletzinger, William Greif and Bernd Schwaab

2022, volume 102

Model-based regulation: lending in times of Covid

Franco Fiordelisi, Giulia Fusi, Angela Maddaloni and David Marques-Ibanez

2022, volume 101

Financial stability and macroprudential regulation under diagnostic expectations

Antoine Camous and Alejandro Van der Ghote

2022, volume 100

Cold hard (digital) cash: the economics of central bank digital currency

Toni Ahnert, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia

2022, volume 99

Green QE and carbon pricing: looking at potential tools to fight climate change

Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig and Carolin Nerlich

2022, volume 98

Striking a bargain: narrative identification of wage bargaining shocks

Žymantas Budrys, Mario Porqueddu and Andrej Sokol

2022, volume 97

Systemic risk and policy interventions: monetary and macroprudential policy

Alberto Martin, Caterina Mendicino and Alejandro Van der Ghote

2022, volume 96

Europe's growing league of small corporate bond issuers: new players, different game dynamics

Olivier Darmouni and Melina Papoutsi

2022, volume 95

Tax thy neighbour: local corporate taxes and consumer prices across German regions

Luca Dedola, Chiara Osbat and Timo Reinelt

2022, volume 94

Household spending and fiscal support during the pandemic – the role of public perceptions

Dimitris Georgarakos and Geoff Kenny

2022, volume 93

Monetary policy communication – past ECB policymakers commend Bank’s progress and call for more

Michael Ehrmann, Sarah Holton, Danielle Kedan and Gillian Phelan

2022, volume 92

Monetary and macroprudential policies: trade-offs and interactions

Luc Laeven, Angela Maddaloni and Caterina Mendicino

2022, volume 91

Younger generations and the lost dream of home ownership

Gonzalo Paz-Pardo

2021, volume 115

Quantifying financial stability risks for monetary policy

Sulkhan Chavleishvili, Manfred Kremer and Frederik Lund-Thomsen

2021, volume 90

Benefits of macroprudential policy in low interest rate environments

Alejandro Van der Ghote

2021, volume 89

Bank leverage constraints and bond market illiquidity during the COVID-19 crisis

Johannes Breckenfelder and Victoria Ivashina

2021, volume 88

Low rates and bank stability: the risk of a tipping point

Davide Porcellacchia

2021, volume 87.3

Avoiding a financial epidemic – The role of macroprudential policies

Miguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez-Quiros, Mara Pirovano, Gerhard Rünstler and Eugen Tereanu