Occasional Paper Series

From European Central Bank
60640 Frankfurt am Main, Germany.
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270: Non-bank financial intermediation in the euro area: implications for monetary policy transmission and key vulnerabilities

Lorenzo Cappiello, Fédéric Holm-Hadulla, Angela Maddaloni, Sergio Mayordomo, Robert Unger, Laura Arts, Nicolas Meme, Ioannis Asimakopoulos, Petros Migiakis, Caterina Behrens, Alban Moura, Stefano Corradin, Giulio Nicoletti, Annalisa Ferrando, Juha Niemelä, Margherita Giuzio, Annelie Petersen, Brian Golden, Olivier Pierrard, Giovanni Guazzarotti, Lev Ratnovski, Adam Gulan, Alexandra Schober-Rhomberg, Andreas Hertkorn, Michael Sigmund, Christoph Kaufmann, Carla Soares, Lucía Kazarian Avakian, Patricia Stupariu, Kimmo Koskinen, Marco Taboga, Franck Sédillot, Luis Miguel Tavares, Jani Matilainen, Emme Van den Boom, Falk Mazelis, Andrea Zaghini and Barra McCarthy

269: The ECB’s price stability framework: past experience, and current and future challenges

Martina Cecion, Günter Coenen, Rafael Gerke, Hervé Le Bihan, Roberto Motto, Pablo Aguilar, Viktors Ajevskis, Sebastian Giesen, Ugo Albertazzi, Niels Gilbert, Alexander Al-Haschimi, Sandra Gomes, Friederike Bornemann, Gavin Goy, Claus Brand, Adriana Grasso, Giacomo Carboni, Christoph Grosse-Steffen, Martina Cecioni, Markus Haavio, Lena Cleanthous, Felix Hammermann, Mathias Hoffmann, Agostino Consolo, Jonas Hölz, Giuseppe Corbisiero, Samuel Hurtado, Luca Dedola, Patrick Hürtgen, Desislava Andreeva, John Hutchinson, Michael Dobrew, Michael Ioannidis, Stéphane Dupraz, Geoff Kenny, Michael Ehrmann, Stephen Kho, Stephan Fahr, Daniel Kienzler, Erwan Gautier, Malte Knüppel, Dimitris Georgarakos, Christoffer Kok, Jarmo Kontulainen, Ansgar Rannenberg, Mika Kortelainen, Annukka Ristiniemi, Joost Röttger, Ana Isabel Lima, Alberto Locarno, Sergio Santoro, Adriana Lojschova, Alexander Scheer, Matjaz Maletic, Sebastian Schmidt, Alberto Martin, Jan David Schneider, Julien Matheron, Guido Schultefrankenfeld, Magali Marx, Ifigeneia Skotida, Falk Mazelis, Michel Soudan, Aidan Meyler, Arnoud Stevens, Emanuel Mönch, Michael Sturm, Carlos Montes-Galdón, Dominik Thaler, Andrea Giorgio Tosato, Kalin Nikolov, Oreste Tristani, Galo Nuño, Maria Valderrama, Dimitris Papageorgiou, Henning Weber, Lora Pavlova, Raf Wouters, Adrian Penalver, Giordano Zev, Massimiliano Pisani and Arthur Saint Guilhem

268: Key factors behind productivity trends in EU countries

Wolfgang Modery, Maria Valderrama, Paloma Lopez-Garcia, Maria Albani, Sofia Anyfantaki, Claudio Baccianti, Rodrigo Barrela, Katalin Bodnár, Maurice Bun, Jan De Mulder, Elisabeth Falck, Gerhard Fenz, Beatriz González, Vincent Labhard, Julien Le Roux, Andrea Linarello, Natalia Martín Fuentes, Philipp Meinen, Isabella Moder, Kaspar Oja, Christian Ragacs, Roehe Oke, Patrick Schulte, Ana Seco Justo, Roberta Serafini, Ralph Setzer, Irune Solera Lopez and Juuso Vanhala

267: Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement

Matthieu Darracq Paries, Alessandro Notarpietro, Juha Kilponen, Niki Papadopoulou, Srečko Zimic, Pierre Aldama, Geert Langenus, Luis Alvarez, Matthieu Lemoine, Elena Angelini, Matija Lozej, Robert-Paul Berben, Fulvia Marotta, Alice Carroy, Julien Matheron, Kai Christoffel, Carlos Montes-Galdón, Matteo Ciccarelli, Joan Paredes, Agostino Consolo, Massimiliano Pisani, Pietro Cova, Michaela Elfsbacka Schmöller, Milan Damjanović, Andra Smadu, Grégory de Walque, Béla Szörfi, Stéphane Dupraz, Harri Turunen, José Emilio Gumiel, Fabio Verona, Thomas Haertel, Igor Vetlov, Samuel Hurtado, Anders Warne, Paulo Júlio, Anastasia Zhutova and Michael Kühl

266: Digitalisation: channels, impacts and implications for monetary policy in the euro area

Agostino Consolo, Gilbert Cette, Antonin Bergeaud, Vincent Labhard, Chiara Osbat, Stanimira Kosekova, Sofia Anyfantaki, Gaetano Basso, Henrique Basso, Elena Bobeica, Emanuela Ciapanna, Luca Dedola, Claudia Foroni, Hanna Freystatter, Erwan Gautier, Celestino Giron, Benny Hartwig, Mario Izquierdo Peinado, Valerie Jarvis, Eduardo Maqui, Matthias Mohr, Richard Morris, Gergő Motyovszki, Anton Nakov, Pedro Neves, Filippos Petroulakis, Ieva Rubene, Riccardo Trezzi, Lara Vivian, Henning Weber and Elisabeth Wieland

265: Inflation measurement and its assessment in the ECB’s monetary policy strategy review

Christiane Nickel, Annette Fröhling, Luis Alvarez, Caroline Willeke, Giordano Zevi, Chiara Osbat, Ioannis Ganoulis, Gerrit Koester, Eliza Lis, Romana Peronaci, Elke Hahn, Jan Beka, Lukas Henkel, Cristina Conflitti, Julika Herzberg, James Costain, Marco Hoeberichts, Martin Eiglsperger, Jana Jonckheere, Yannick Kalantzis, Demetris Kapatais, Erwan Gautier, Thomas Knetsch, Bernhard Goldhammer, Evripides Kondelis, Fabio Rumler, Omiros Kouvavas, Patrick Schwind, Olegs Krasnopjorovs, Nika Sosič, Georg Strasser, Patrick Lünnemann, Riccardo Trezzi, Fernando Martins, Fons van Overbeek, Teresa Messner, Lauri Vilmi, Laura Mociunaite, Aurelian Vlad, Joris Wauters, Derry O'Brien, Sebastian Weinand, Thomas Westermann, Dilyana Popova, Ladislav Wintr, Mario Porqueddu, Zivile Zekaite and Moreno Roma

264: Inflation expectations and their role in Eurosystem forecasting

Ursel Baumann, Matthieu Darracq Paries, Thomas Westermann, Marianna Riggi, Elena Bobeica, Aidan Meyler, Benjamin Böninghausen, Friedrich Fritzer, Riccardo Trezzi, Jana Jonckheere, Dmitry Kulikov, Dilyana Popova, Sulev Pert, Nektarios Michail, Maritta Paloviita, František Brázdik, Harri Pönkä, Mikkel Bess, Lauri Vilmi, Casper Jørgensen, Pierre-Antoine Robert, Alexander Al-Haschimi, Philipp Gmehling, Marta Banbura, Matthias Hartmann, Evangelos Charalambakis, Jan-Oliver Menz, Benny Hartwig, Fabian Schupp, John Hutchinson, Christian Speck, Joan Paredes, Ute Volz, Lovisa Reiche, Zacharias Bragoudakis, Marcel Tirpák, Evangelia Kasimati, Veronika Tengely, Tomasz Łyziak, Alex Tagliabracci, Ewa Stanisławska, Andrejs Bessonovs, Nikolay Iskrev, Olegs Krasnopjorovs, Miroslav Gavura, Tomas Reichenbachas, Milan Damjanović, Roberta Colavecchio, Matjaz Maletic, Gabriele Galati, Ide Kearney, Pär Stockhammar and Danilo Leiva-Leon

263: The implications of globalisation for the ECB monetary policy strategy

David Lodge, Javier Pérez, Silvia Albrizio, Mary Everett, Olivier de Bandt, Georgios Georgiadis, Michele Ca' Zorzi, Povilas Lastauskas, Juan Carluccio, Susana Parraga Rodriguez, Daniel Carvalho, Fabrizio Venditti, Pietro Cova, Maria Grazia Attinasi, Lionel Fontagné, Mirco Balatti, Celestino Giron, Biswajit Banerjee, Vanessa Gunnella, Ursel Baumann, Yannick Hemmerlé, Jean-Charles Bricongne, Axel Jochem, Francesco Chiacchio, Kristiina Karjanlahti, Nuno Coimbra, Iván Kataryniuk, Davide Del Giudice, Iikka Korhonen, Clara De Luigi, Markus Kühnlenz, Dimitra Dimitropoulou, Vincent Labhard, Virginia Di Nino, Helena Le Mezo, Ettore Dorrucci, Philipp Meinen, Eric Eichler, Nilsson Mattias, Martin Feldkircher, Chiara Osbat, Alberto Felettigh, Lucia Quaglietti, Thomas Reininger, Sebastian Stumpner, Julia Schmidt, Ilona Van Schaik, Martin Schmitz, Helmut Wacket, Roberta Serafini, Tina Zumer and Daniele Siena

262: The IMF’s role in sovereign debt restructurings

Marco Committeri, Inês Alves, Julien Arthur, Raffaele De Marchi, Dennis Essers, Mary Keeney, Patrick Kosterink, Alexander Lieber, José Ramon Martinez-Resano, Joanna Osińska, Francesco Spadafora, Roman Vasil and Benjamin Vonessen

261: Asset encumbrance in euro area banks: analysing trends, drivers and prediction properties for individual bank crises

Pierre Berthonnaud, Enrico Cesati, Maria Ludovica Drudi, Kirsten Jager, Heinrich Kick, Marcello Lanciani, Ludwig Schneider, Claudia Schwarz, Vasileios Siakoulis and Robert Vroege

260: How useful is market information for the identification of G-SIBs?

Pascal Busch, Giuseppe Cappelletti, Vlad Marincas, Barbara Meller and Nadya Wildmann

259: Catch me (if you can): assessing the risk of SARS-CoV-2 transmission via euro cash

Barbora Tamele, Alejandro Zamora-Pérez, Chiara Litardi, John Howes, Eike Steinmann and Daniel Todt

258: The growth-at-risk perspective on the system-wide impact of Basel III finalisation in the euro area

Katarzyna Budnik, Ivan Dimitrov, Carla Giglio, Johannes Groß, Max Lampe, Andrei Sarychev, Matthieu Tarbé, Gianluca Vagliano and Matjaž Volk

257: Policies in support of lending following the coronavirus (COVID 19) pandemic

Katarzyna Budnik, Ivan Dimitrov, Johannes Groß, Martina Jančoková, Max Lampe, Bianca Sorvillo, Anze Stular and Matjaž Volk

256: One size fits some: analysing profitability, capital and liquidity constraints of custodian banks through the lens of the SREP methodology

Charles-Enguerrand Coste, Céline Tcheng and Ingmar Vansieleghem

255: The macroeconomic impact of the Next Generation EU instrument on the euro area

Krzysztof Bańkowski, Marien Ferdinandusse, Sebastian Hauptmeier, Pascal Jacquinot and Vilém Valenta

254: Measuring the cost of equity of euro area banks

Carlo Altavilla, Paul Bochmann, Jeroen De Ryck, Ana-Maria Dumitru, Maciej Grodzicki, Heinrich Kick, Cecilia Melo Fernandes, Jonas Mosthaf, O’Donnell, Charles and Spyros Palligkinis

253: Foreign demand for euro banknotes

Laure Lalouette, Alejandro Zamora-Pérez, Codruta Rusu, Nikolaus Bartzsch, Emmanuelle Politronacci, Martial Delmas, António Rua, Marco Brandi and Martti Naksi

252: Fiscal transfers and economic convergence

João Capella-Ramos, Cristina Checherita-Westphal and Nadine Leiner-Killinger

251: Liquidity in resolution: comparing frameworks for liquidity provision across jurisdictions

Sebastian Grund, Nele Nomm and Florian Walch

250: Liquidity in resolution: estimating possible liquidity gaps for specific banks in resolution and in a systemic crisis

Laura Parisi, Dimitrios Chalamandaris, Raschid Amamou, Pär Torstensson and Andreas Baumann

249: A review of economic analyses on the potential impact of Brexit

Pilar L´Hotellerie-Fallois, Filippo Vergara Caffarelli, Hans Geeroms, Ana M. de Almeida, Patrick Bisciari, Stephen Byrne, Rodolfo Campos, Thomas Conefrey, Rita Cappariello, Milan Damjanović, Angel Estrada, Vanessa Gunnella, Eduardo Gutiérrez Chacón, Sophie Haincourt, Marco Hoeberichts, Alexander Kadow, Duncan Van Limbergen, Michele Mancini, Cesar Martin Machuca, Moritz Roth, Teresa Sastre and Jacopo Timini

248: The case for central bank independence: a review of key issues in the international debate

Dall’Orto Mas, Rodolfo, Benjamin Vonessen, Christian Fehlker and Katrin Arnold

247: Stablecoins: Implications for monetary policy, financial stability, market infrastructure and payments, and banking supervision in the euro area

ECB Crypto Assets Task Force

245: The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework between the first quarter of 2018 and the fourth quarter of 2019

Julie Sylvestre and Cristina Coutinho

244: Virtually everywhere? Digitalisation and the euro area and EU economies

Robert Anderton, Valerie Jarvis, Vincent Labhard, Julian Morgan, Filippos Petroulakis and Lara Vivian

243: Climate change and the macro economy

Malin Andersson, Claudio Baccianti and Julian Morgan

242: Cross-border spillover effects of macroprudential policies: a conceptual framework

Task Force on cross-border Spillover Effects of macroprudential measures Financial Stability Committee, Christoffer Kok and Dennis Reinhardt

241: Exchange rate pass-through in the euro area and EU countries

Eva Ortega and Chiara Osbat

240: Fiscal expenditure spillovers in the euro area: an empirical and model-based assessment

Mario Alloza, Marien Ferdinandusse, Pascal Jacquinot and Katja Schmidt

239: A fiscal capacity for the euro area: lessons from existing fiscal-federal systems

Pablo Burriel, Panagiotis Chronis, Maximilian Freier, Sebastian Hauptmeier, Lukas Reiss, Dan Stegarescu and Stefan Van Parys

238: Revisiting the monetary presentation of the euro area balance of payments

Carmen Picón Aguilar, Rodrigo Oliveira Soares and Ramón Adalid

237: The ECB after the crisis: existing synergies among monetary policy, macroprudential policies and banking supervision

Nuno Cassola, Christoffer Kok and Francesco Mongelli

236: Overcapacities in banking: measurements, trends and determinants

Sandor Gardo and Benjamin Klaus

235: Conditionality and design of IMF-supported programmes

Marco Committeri, Pilar L´Hotellerie-Fallois, Monica Algarra, Irina Balteanu, Carlijn Eijking, Julia Estefania Flores, Sonsoles Gallego, Serena Garelli, Heather Gibson, Robert Heinbuecher, Caroline Janssens, Tobias Krahnke, Christina Lerner, Keating, Michelle O’Donnell, Xavier Serra, Alessandro Schiavone, Luc Stevens, Melina Vasardani and Benjamin Vonessen

234: Early French and German central bank charts and regulations

Ulrich Bindseil

233: Financial stability assessment for EU candidate countries and potential candidates

Mariarosaria Comunale, André Geis, Ioannis Gkrintzalis, Isabella Moder, Éva Katalin Polgár, Lucia Quaglietti and Li Savelin

232: Understanding low wage growth in the euro area and European countries

Elena Bobeica, Gerrit Koester, Eliza Lis, Christiane Nickel and Mario Porqueddu

231: Taking stock of the functioning of the EU fiscal rules and options for reform

Christophe Kamps and Nadine Leiner-Killinger

230: In search for stability in crypto-assets: are stablecoins the solution?

Dirk Bullmann, Jonas Klemm and Andrea Pinna

229: Are instant payments becoming the new normal? A comparative study

Monika Hartmann, Lola Hernandez, Mirjam Plooij and Quentin Vandeweyer

228: Role of cross currency swap markets in funding and investment decisions

Thomas Brophy, Niko Herrala, Raquel Jurado, Irene Katsalirou, Léa Le Quéau, Christian Lizarazo and O’Donnell, Seamus

227: Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies

Inês Cabral, Carsten Detken, John Fell, Jerome Henry, Paul Hiebert, Sujit Kapadia, Fatima Pires, Carmelo Salleo, Vítor Constancio and Sergio Nicoletti Altimari

226: Macroprudential stress test of the euro area banking system

Katarzyna Budnik, Mirco Balatti, Ivan Dimitrov, Johannes Groß, Ib Hansen, Michael Kleemann, Francesco Sanna, Andrei Sarychev, Nadežda Siņenko, Matjaž Volk, Giovanni Covi, Giovanni di Iasio, Katharina Cera, Margherita Giuzio, Harun Mirza, Diego Moccero, Giulio Nicoletti, Cosimo Pancaro and Spyros Palligkinis

225: Firm heterogeneity and trade in EU countries: a cross-country analysis

Claire Giordano and Paloma Lopez-Garcia

224: Economic structures 20 years into the euro

David Sondermann, Agostino Consolo, Vanessa Gunnella, Gerrit Koester, Kyriacos Lambrias, Paloma Lopez-Garcia, Carolin Nerlich, Filippos Petroulakis, Lorena Saiz and Roberta Serafini

223: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

Mehdi Manaa, Maria Teresa Chimienti, Mitsutoshi Adachi, Phoebus Athanassiou, Irina Balteanu, Alessandro Calza, Conall Devaney, Ester Diaz Fernandez, Fabian Eser, Ioannis Ganoulis, Maxime Laot, Günther Philipp, Raphael Poignet, Stephan Sauer, Doris Schneeberger, Livio Stracca, Jens Tapking, Colm Toolin, Carolyn Tyler and Helmut Wacket

222: Monetary policy, credit institutions and the bank lending channel in the euro area

Carlo Altavilla, Desislava Andreeva, Miguel Boucinha and Sarah Holton

221: The impact of global value chains on the euro area economy

Vanessa Gunnella, Alexander Al-Haschimi, Konstantins Benkovskis, Francesco Chiacchio, François de Soyres, Benedetta Di Lupidio, Michael Fidora, Sebastian Franco-Bedoya, Erik Frohm, Katerina Gradeva, Paloma Lopez-Garcia, Gerrit Koester, Christiane Nickel, Chiara Osbat, Elena Pavlova, Martin Schmitz, Joachim Schroth, Frauke Skudelny, Alex Tagliabracci, Elena Vaccarino, Julia Wörz and Ettore Dorrucci

220: The impact of lending standards on default rates of residential real estate loans

João Gaudêncio, Agnieszka Mazany and Claudia Schwarz