Occasional Paper Series

From European Central Bank
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320: E-commerce and price setting: evidence from Europe

Georg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf, Jörn Franke, Lukas Henkel and Chiara Osbat

319: Price adjustment in the euro area in the low-inflation period: evidence from consumer and producer micro price data

Erwan Gautier, Peter Karadi, Cristina Conflitti, Brian Fabo, Ludmila Fadejeva, Catherine Fuss, Theodora Kosma, Valentin Jouvanceau, Fernando Martins, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Domingos Seward, Emmanuel De Veirman, Elisabeth Wieland, Ladislav Wintr, Jesse Wursten, Hélène Zimmer, Juergen Amann, Riemer Faber, Javier Sánchez Bachiller and Irina Stanga

318: Enhancing climate resilience of monetary policy implementation in the euro area

Jana Aubrechtova, Elke Heinle, Rafel Moyà Porcel, Boris Osorno Torres, Anamaria Piloiu, Ricardo Queiroz, Torsti Silvonen and Lia Vaz Cruz

317: Recent advances in the literature on capital flow management

Roland Beck, Juan Carlos Berganza, Axel Brüggemann, Rafael Cezar, Carlijn Eijking, Markus Eller, Alberto Fuentes, Joel Graça Alves, Lilian Kreitz, Clement Marsilli, Isabella Moder, Luis Molina Sánchez, Alain Naef, Valerio Nispi Landi, Beatrice Scheubel, Anastasia Theofilakou, Floriane Van Den Hove and Grzegorz Wesołowski

316: Wind-down of bank trading books

Alessandro Santoni, Ghislain Rossignol and Richard Akhouen

315: The climate change challenge and fiscal instruments and policies in the EU

Aristoklis Avgousti, Francesco Caprioli, Giacomo Caracciolo, Marion Cochard, Pietro Dallari, Mar Delgado-Téllez, João Domingues, Marien Ferdinandusse, Daniela Filip, Carolin Nerlich, Doris Prammer, Katja Schmidt and Anastasia Theofilakou

314: CCP initial margin models in Europe

Ismael Alexander Boudiaf, Martin Scheicher and Francesco Vacirca

313: The legal and institutional feasibility of an EU Climate and Energy Security Fund

Marguerite O'Connell, Laurent Abraham and Iñigo Arruga Oleaga

312: The valuation haircuts applied to eligible marketable assets for ECB credit operations

Martin Adler, Gonzalo Camba-Mendez, Tomislav Džaja, Andrés Manzanares, Matteo Metra and Giorgio Vocalelli

311: The EU’s Open Strategic Autonomy from a central banking perspective - Challenges to the monetary policy landscape from a changing geopolitical environment

Demosthenes Ioannou, Javier Pérez, Ana M. Almeida, Irina Balteanu, Iván Kataryniuk, Hans Geeroms, Isabel Vansteenkiste, Pierre-François Weber, Maria Grazia Attinasi, Kristel Buysse, Rodolfo Campos, Daragh Clancy, Dennis Essers, Donata Faccia, Maximilian Freier, Rinalds Gerinovics, Makram Khalil, Patrick Kosterink, Michele Mancini, Marta Manrique, Peter McQuade, Philippe Molitor, Daniela Pulst, Jacopo Timini, Ilona Van Schaik, Vilém Valenta, Filippo Vergara Caffarelli, Francesca Viani, Natalja Viilmann, Daniel Alonso, Lorenzo Bencivelli, Oscar Borgogno, Fructuoso Borrallo, Lucía Cuadro-Sáez, Enrica Di Stefano, Andreas Esser, María García-Lecuona, Maurizio Michael Habib, Bruno-Philippe Jeudy, Andrés Lájer, Florian Le Gallo, Ádám Martonosi, Antonio Millaruelo, Andrea Miola, Pauline Négrin, Michele Savini Zangrandi, Felix Strobel and Kalina Paula Tylko-Tylczynska

310: The more the merrier? Macroprudential instrument interactions and effective policy implementation

Marco Lo Duca, Niamh Hallissey, Pavol Jurca, Charalampos Kouratzoglou, Diana Lima, Mara Pirovano, Algirdas Prapiestis, Martin Saldias, Eugen Tereanu, Mehdi Bartal, Edita Giedraitė, Peik Granlund, Petra Lennartsdotter, Ibrahima Sangaré, Diogo Serra, Fatima Silva, Kristiina Tuomikoski and Jukka Vauhkonen

309: The role of the IMF in addressing climate change risks

Marco Committeri, Axel Brüggemann, Patrick Kosterink, Thomas Reininger, Luc Stevens, Benjamin Vonessen, Andrea Zaghini, Isabel Garrido, Lena Van Meensel, Lija Strašuna, Nea Tiililä, Stephanie Weidner and Lucia Wilbert

308: Protecting depositors and saving money: Why deposit guarantee schemes in the EU should be able to support transfers of assets and liabilities when a bank fails

Joachim Eule, Wieger Kastelein and Edoardo Sala

307: Ensuring adoption of central bank digital currencies – An easy task or a Gordian knot?

Alejandro Zamora-Pérez, Eliana Coschignano and Lorena Barreiro

306: Enhancing private and public risk sharing: lessons from the literature and reflections on the COVID-19 crisis

Jacopo Cimadomo, Esther Gordo Mora and Alessandra Anna Palazzo

305: A tale of three crises: synergies between ECB tasks

Karin Hobelsberger, Christoffer Kok and Francesco Mongelli

304: The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2020 and 2021

Marco Corsi and Yvo Mudde

303: Disclosure of climate change risk in credit ratings

Florian Walch, Miriam Breitenstein and Stefania Ciummo

302: Two-tier system for remunerating excess reserve holdings

Miguel Boucinha, Lorenzo Burlon, Marco Corsi, Guido della Valle, Jens Eisenschmidt, Sebastiaan Pool, Julian Schumacher, Olivier Vergote and Iwona Marmara

301: Looking at the evolution of macroprudential policy stance: A growth-at-risk experiment with a semi-structural model

Louis Boucherie, Katarzyna Budnik and Jiri Panos

300: TARGET2 analytical tools for regulatory compliance

Marc Glowka, Alexander Müller, Livia Polo Friz, Sara Testi, Massimo Valentini and Stefano Vespucci

299: Public wage and pension indexation in the euro area: an overview

Cristina Checherita-Westphal, João Domingues Semeano, Elena Ahonen, Pierrick Stinglhamber, Stefan Van Parys, Johannes Clemens, Katri Urke, Orsolya Soosaar, Maria Vergou, Maria Flevotomou, David Staunton, Jorge Martínez-Pagés, Aristoklis Avgousti, Gintare Zelionkaite, Olivier Delobbe, Florian Henne, Baiba Brusbārde, John Farrugia, Juergen Attard, Fabrizio Renzi, Marco Savegnago, Doris Prammer, Lukas Reiss, Gerard Eijsink, Jip Italianer, Maria Campos, Andreja Strojan Kastelec, Barbora Palášthyová, Vratislav Pisca and Jarkko Kivistö

298: The US labour market after the COVID-19 recession

Ramon Gomez-Salvador and Michel Soudan

297: The economic impact of the NPLcoverage expectations in the euro area

Katarzyna Budnik, Ivan Dimitrov, Johannes Groß, Piotr Kusmierczyk, Max Lampe, Gianluca Vagliano and Matjaž Volk

296: The macroeconomic and fiscal impact of population ageing

Katalin Bodnár and Carolin Nerlich

295: Public and private risk sharing: friends or foes? The interplay between different forms of risk sharing

Alessandro Giovannini, Demosthenes Ioannou and Livio Stracca

294: Costs of retail payments – an overview of recent national studies in Europe

Kerstin Junius, Lucas Devigne, Juha Honkkila, Nicole Jonker, László Kajdi, Codruta Rusu, Johana Kimmerl, Lukas Korella, Rodrigo Matos, Nadine Menzl, Karolina Przenajkowska, Jelmer Reijerink and Giorgia Rocco

293: Central bank digital currency and bank intermediation

Ramón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, Lorenzo Burlon, Maria Dimou, Carolina López-Quiles, Natalia Martín Fuentes, Barbara Meller, Manuel A. Muñoz, Petya Radulova, Rodriguez d’Acri, Costanza, Tamarah Shakir, Gabriela Šílová, Oscar Soons and Alexia Ventula Veghazy

292: An empirical study of securitisations of non-performing loans

Ismael Alexander Boudiaf and Fernando González

291: The economic impact of Next Generation EU: a euro area perspective

Krzysztof Bańkowski, Othman Bouabdallah, João Domingues Semeano, Ettore Dorrucci, Maximilian Freier, Pascal Jacquinot, Wolfgang Modery, Marta Rodríguez-Vives, Vilém Valenta and Nico Zorell

290: Rate forward guidance in an environment of large central bank balance sheets: a Eurosystem stock-taking assessment

Günter Coenen, Carlos Montes-Galdón, Arthur Saint Guilhem, John Hutchinson and Roberto Motto

289: Global value chains: measurement, trends and drivers

Simone Cigna, Vanessa Gunnella and Lucia Quaglietti

288: Towards a single fiscal performance indicator

Nicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys and Lukas Reiss

287: ECB Consumer Expectations Survey: an overview and first evaluation

Katarzyna Bańnkowska, Ana Maria Borlescu, Evangelos Charalambakis, António Dias Da Silva, Davide Di Laurea, Maarten Dossche, Dimitris Georgarakos, Juha Honkkila, Neale Kennedy, Geoff Kenny, Aleksandra Kolndrekaj, Justus Meyer, Desislava Rusinova, Federica Teppa and Veli-Matti Törmälehto

286: Central Bank Digital Currency: functional scope, pricing and controls

Ulrich Bindseil, Fabio Panetta and Ignacio Terol

285: To be or not to be “green”: how can monetary policy react to climate change?

Lena Boneva, Gianluigi Ferrucci and Francesco Mongelli

284: Overview of central banks’ in-house credit assessment systems in the euro area

Laura Auria, Markus Bingmer, Carlos Mateo Caicedo Graciano, Clémence Charavel, Sergio Gavilá, Alessandra Iannamorelli, Aviram Levy, Alfredo Maldonado, Florian Resch, Anna Maria Rossi and Stephan Sauer

283: The impact of the euro on trade: two decades into monetary union

Vanessa Gunnella, Laura Lebastard, Paloma Lopez-Garcia, Roberta Serafini and Alessandro Zona Mattioli

282: Demand for central bank reserves and monetary policy implementation frameworks: the case of the Eurosystem

Pontus Aberg, Marco Corsi, Vincent Grossmann-Wirth, Thomas Hudepohl, Yvo Mudde, Tiziana Rosolin and Franziska Schobert

281: ECB’s economy-wide climate stress test

Spyros Alogoskoufis, Nepomuk Dunz, Tina Emambakhsh, Tristan Hennig, Michiel Kaijser, Charalampos Kouratzoglou, Manuel A. Muñoz, Laura Parisi and Carmelo Salleo

280: Understanding low inflation in the euro area from 2013 to 2019: cyclical and structural drivers

Gerrit Koester, Eliza Lis, Christiane Nickel, Chiara Osbat and Frank Smets

279: The need for an inflation buffer in the ECB’s price stability objective – the role of nominal rigidities and inflation differentials

Agostino Consolo, Gerrit Koester, Christiane Nickel, Mario Porqueddu and Frank Smets

278: Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014

Carlo Altavilla, Wolfgang Lemke, Tobias Linzert, Jens Tapking and Julian von Landesberger

277: Evolution of the ECB’s analytical framework

Fédéric Holm-Hadulla, Alberto Musso, Diego Rodriguez-Palenzuela and Thomas Vlassopoulos

276: The mandate of the ECB: Legal considerations in the ECB’s monetary policy strategy review

Michael Ioannidis, Sarah Jane Hlásková Murphy and Chiara Zilioli

275: Employment and the conduct of monetary policy in the euro area

Claus Brand, Meri Obstbaum, Günter Coenen, David Sondermann, Reamonn Lydon, Viktors Ajevskis, Felix Hammermann, Siria Angino, Nils Hernborg, Henrique Basso, Matthias Hertweck, Gert Bijnens, John Hutchinson, Elena Bobeica, Pascal Jacquinot, Katalin Bodnár, Andrew Kanutin, Vasco Botelho, Alex Karsay, Andrea Colciago, Daniel Kienzler, Agostino Consolo, Aleksandra Kolndrekaj, Marta De Philippis, Stéphane Lhuissier, António Dias Da Silva, Julien Le Roux, Maarten Dossche, Matija Lozej, Stéphane Dupraz, Fernando Martins, Juraj Falath, Falk Mazelis, Alessandro Ferrari, Francesco Mongelli, Sandra Gomes, José Montero, Roberto Motto, Gavin Goy, Anton Nakov, Adriana Grasso, Steffen Osterloh, Elisa Guglielminetti, Myroslav Pidkuyko, Markus Haavio, Celine Piton, Gasper Ploj, Jiri Slacalek, Marios Polemidiotis, Andrej Sokol, Maximilian Propst, Michel Soudan, Pedro Neves, Béla Szörfi, Annukka Ristiniemi, Dominik Thaler, Manuel Bernado Rodrigues Pereira, Juuso Vanhala, Arthur Saint Guilhem, Anders Warne, Ana Seco Justo, Anastasia Zhutova, Domingos Seward and Ramon Gomez-Salvador

274: Clear, consistent and engaging: ECB monetary policy communication in a changing world

Katrin Assenmacher, Gabriel Glöckler, Sarah Holton, Peter Trautmann, Demosthenes Ioannou, Simon Mee, Conception Alonso, Eleni Argiri, Filippo Arigoni, Klára Bakk-Simon, Stephanie Bergbauer, Marie Therese Bitterlich, Jennifer Byron, Alexandre Carvalho, Marco Catenaro, Evangelos Charalampakis, Marjolein Deroose, Michael Ehrmann, Ricardo Fernandez, Clodomiro Ferreira Mayorga, Giuseppe Ferrero, Marius Gardt, Dimitris Georgarakos, Pavel Gertler, Alessandro Giovannini, Olga Goldfayn-Frank, Robert Goodhead, Roel Grandia, Jenni Hellström, Nils Hernborg, Niko Herrala, Mathias Hoffmann, Patrick Huertgen, Michael Ioannidis, Klodiana Istrefi, Krista Kalnberzina, Danielle Kedan, Geoff Kenny, Georgi Kocharkov, Tobias Linzert, Marta Manrique, Víctor Márquez, Ricardo Mestre, Justus Meyer, Emanuel Mönch, Stefano Nardelli, Elisa Newby, Nele Nomm, Lora Pavlova, Adrian Penalver, Reet Reedik, Kilian Rieder, Corina Ruhe, Anna Samarina, Martin Šanta, Fabian Schupp, Guido Schultefrankenfeld, Geert Sciot, Maria Silgoner, Ifigeneia Skotida, Aliki Stylianou, Eva Taylor, Johannes Tischer, Andrea Tiseno, Michael Weber and Bernhard Winkler

273: Monetary-fiscal policy interactions in the euro area

Xavier Debrun, Klaus Masuch, Guiseppe Ferrero, Isabel Vansteenkiste, Marien Ferdinandusse, Leopold von Thadden, Sebastian Hauptmeier, Mario Alloza, Chloé Derouen, Krzysztof Bańkowski, João Domingues Semeano, Jean Barthélemy, Jens Eisenschmidt, Tilman Bletzinger, Thomas Faria, Dennis Bonam, Maximilian Freier, Othman Bouabdallah, Gabriele Galati, Pablo Burriel, José Garcia, Maria Campos, Sandor Gardo, José Cardoso da Costa, Rafael Gerke, Cristina Checherita-Westphal, Felix Hammermann, Bernadette Chmelar, Stephan Haroutunian, Jacopo Cimadomo, Benjamin Hartung, Kai Christoffel, Pascal Jacquinot, Christophe Kamps, Steven Poelhekke, Iván Kataryniuk, Sebastiaan Pool, Julia Körding, Doris Prammer, Thomas Kostka, Marzia Romanelli, Bartosz Maćkowiak, Joost Röttger, Falk Mazelis, Stephan Sauer, Marco Marrazzo, Katja Schmidt, Carlos Montes-Galdón, Sebastian Schmidt, Philip Muggenthaler, Fabian Schupp, Carolin Nerlich, Ralph Setzer, Galo Nuño, Kamila Sławińska, Talga Ozden, Agnieszka Trzcinska, Alari Paulus, Vilém Valenta, Alexandru Penciu, Andreea Liliana Vladu, Anamaria Piloiu, Guido Wolswijk and Massimiliano Pisani

272: The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area

Work stream on macroprudential Policy, Ugo Albertazzi, Alberto Martin, Emmanuelle Assouan, Oreste Tristani, Gabriele Galati and Thomas Vlassopoulos

271: Climate change and monetary policy in the euro area

Francesco Drudi, Emanuel Moench, Cornelia Holthausen, Pierre-François Weber, Gianluigi Ferrucci, Ralph Setzer, Bernardino Adao, Stephane Dees, Spyros Alogoskoufis, Mar Delgado-Téllez, Malin Andersson, Virginia Di Nino, Jana Aubrechtova, Arturo Diez-Caballero, Aristoklis Avgousti, Claudia Duarte, Francesca Barbiero, Angel Estrada, Lena Boneva, Donata Faccia, Andreas Breitenfellner, Ivan Faiella, Giovanna Bua, Mátyás Farkas, Maurice Bun, Alessandro Ferrari, Francesco Caprioli, Fabio Fornari, Matteo Ciccarelli, Alberto Fuertes Mendoza, Matthieu Darracq Paries, Pablo Garcia-Sanchez, Alessandro Giovannini, Niki Papadopoulou, Patrick Grüning, Miles Parker, Paolo Guarda, Filippos Petroulakis, Gerbert Hebbink, Anamaria Piloiu, Sarah Jane Hlásková Murphy, Gasper Ploj, Michael Ioannidis, Wolfgang Pointner, Lorenzo Isgro, Alexander Popov, Daniel Kapp, Doris Prammer, Mélissa Kasongo Kashama, Ricardo Queiroz, Paloma Lopez-Garcia, Omar Rachedi, Matija Lozej, Lavinia Rognone, Reamonn Lydon, Oke Röhe, Otso Manninen, Madelaine Roos, Andrés Manzanares, Simone Russo, Niall McInerney, Daniel Santabárbara, Christoph Meinerding, Guido Schotten, Katri Mikkonen, Beatriz Sotomayor, Alessandro Mistretta, Livio Stracca, Francesco Mongelli, Fabio Tamburrini, Carlos Montes-Galdón, Anastasia Theofilakou, Georg Müller, Pinelopi Tsalaporta, Carolin Nerlich, Jan Willem End, Malgorzata Osiewicz, Lia Vaz Cruz, Boris Osorno-Torres, Mark Andreas Weth, Jean-François Ouvrard, Gonzalo Yebes Gomez and Adrian Page