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Artikelen van ECB

Overcapacities in banking: measurements, trends and determinants

Overcapacities in banking: measurements, trends and determinants

🕔10:37, 12.nov 2019

This paper takes an eclectic approach to investigating the notion of overcapacities in banking along the dimensions of (i) banking sector size, (ii) bank competition and (iii) banking infrastructure/efficiency, thereby offering a nuanced and granular view of the topic. In

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European Business Cycle Indicators. 3rd Quarter 2019

European Business Cycle Indicators. 3rd Quarter 2019

🕔18:25, 11.nov 2019

Special topic Additional results from quarterly business surveys – focus on trends in manufacturing

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Economic Bulletin

Economic Bulletin

🕔11:04, 8.nov 2019

Update on economic and monetary developments The risks surrounding the euro area growth outlook remain on the downside. In particular, these risks pertain to the prolonged presence of uncertainties, related to geopolitical factors, rising protectionism and vulnerabilities in emerging markets.

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Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR

Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR

🕔12:47, 6.nov 2019

Report by the working group on: euro risk-free rates On the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR This report by the working group on euro risk-free rates

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Q&A by the working group on euro risk‐free rates

Q&A by the working group on euro risk‐free rates

🕔17:40, 22.okt 2019

Interest rate benchmarks ‐ also known as reference rates or just benchmark rates ‐ are regularly updated interest rates that are publicly accessible. They are a useful basis for all kinds of financial contracts such as mortgages, bank overdrafts, and other more complex financial

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The economic outlook for the euro area

The economic outlook for the euro area

🕔16:28, 22.okt 2019

Presentatien by: Philip R. Lane Member of the Executive Board the euro area is facing a more extended slowdown than previously expected the convergence of inflation towards the inflation aim has recently slowed and partly reversed the ECB’s monetary policy

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Conditionality and design of IMF-supported programmes

Conditionality and design of IMF-supported programmes

🕔16:51, 16.okt 2019

Conditionality is at the very heart of IMF lending and has been the subject of intense debates ever since the Fund’s inception. Its success is of crucial importance not only for countries’ chances of achieving the goals of IMF lending

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Euro money market study 2018

Euro money market study 2018

🕔11:27, 14.okt 2019

Money market trends as observed through MMSR data* In 2018, thanks to the granular data gathered via money market statistical reporting (MMSR), the Eurosystem was able to undertake for the first time a complete and thorough assessment of developments in

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Remarks on monetary policy

Remarks on monetary policy

🕔08:39, 26.sep 2019

Philip R. Lane Member of the Executive Board Keynote speech at Bloomberg London 16 September 2019

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Stock price cycles and business cycles

Stock price cycles and business cycles

🕔14:05, 18.sep 2019

We present a simple model that quantitatively replicates the behavior of stock prices and business cycles in the United States. The business cycle model is standard, except that it features extrapolative belief formation in the stock market, in line with

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Remarks on monetary policy

Remarks on monetary policy

🕔10:08, 17.sep 2019

Keynote speech at Bloomberg London 16 September 2019 Philip R. Lane Member of the Executive Board

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Retirement in the Shadow (Banking)

Retirement in the Shadow (Banking)

🕔18:23, 16.sep 2019

The U.S. economy has recently experienced two, seemingly unrelated, prominent phenomena: a large increase in life expectancy conditional on retirement and a major expansion in securitization and shadow banking activities. We argue that they may be indeed intimately related. Agents

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On the Rise of FinTechs Credit scoring using digital footprints

On the Rise of FinTechs Credit scoring using digital footprints

🕔18:16, 16.sep 2019

We analyze the information content of the digital footprint – information that people leave online simply by accessing or registering on a website – for predicting consumer default. We show that even simple, easily accessible variables from the digital footprint

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Collateral Booms and Information Depletion

Collateral Booms and Information Depletion

🕔10:36, 16.sep 2019

We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to undertake investment projects, some of which enable them to divert resources towards private consumption. Lenders can protect themselves from such diversion in

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A Theory of Falling Growth and Rising Rents

A Theory of Falling Growth and Rising Rents

🕔09:43, 16.sep 2019

Growth has fallen in the U.S., while firm concentration and profits have risen. Meanwhile, labor’s share of national income is down, mostly due to the rising market share of low labor share firms. We propose a theory for these trends

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

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

🕔12:37, 6.sep 2019

This paper reviews developments in fiscal rules in the European Union (EU) from the entering into force of the Treaty on European Union (the “Maastricht Treaty”), which laid the foundations for the euro, until today. It seems safe to say

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Regulating the doom loop

Regulating the doom loop

🕔11:32, 6.sep 2019

Euro area governments have committed to break the doom loop between banks and sovereigns. But policymakers disagree on how to treat sovereign exposures in bank regulation. Our contribution is to model endogenous sovereign portfolio reallocation by banks in response to

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ECB corporate QE and the loan supply to bank-dependent firms

ECB corporate QE and the loan supply to bank-dependent firms

🕔11:07, 6.sep 2019

Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan supply in

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The Phillips Curve at the ECB

The Phillips Curve at the ECB

🕔12:06, 5.sep 2019

The structural Phillips Curve is a useful framework Slack in the economy, inflation expectations and markups are key determinants of inflation Using cross-country variation or external instruments are promising routes to identify the Phillips Curve slope Reduced-form empirical relation between

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Effects of labour and product market regulation on worker flows: evidence for the euro area using micro data

Effects of labour and product market regulation on worker flows: evidence for the euro area using micro data

🕔15:59, 4.sep 2019

Macroeconomic studies suggest that employment-output elasticities in the euro area increased during the recovery from the crisis, especially in those countries that implemented reforms. In this paper, we use micro (individual-level) data from the Eurostat Labour Force Survey to investigate

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Understanding low wage growth in the euro area and European countries

Understanding low wage growth in the euro area and European countries

🕔13:49, 4.sep 2019

Despite notable improvements in the labour market since 2013, wage growth in the euro area was subdued and substantially overpredicted in 2013-17. This paper summarises the findings of an ESCB expert group on the reasons for low wage growth and

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

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

🕔17:28, 30.aug 2019

Stablecoins claim to stabilise the value of major currencies in the volatile crypto-asset market. This paper describes the often complex functioning of different types of stablecoins and proposes a taxonomy of stablecoin initiatives. To this end it relies on a

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Are instant payments becoming the new normal? A comparative study

Are instant payments becoming the new normal? A comparative study

🕔12:00, 26.aug 2019

Occasional Paper Series  As a result of technological advancements, instant delivery of digital services has become the norm in today’s society. Yet, until recently, this trend did not extend to retail payment services, which normally took one or up to

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Role of cross currency swap markets in funding and investment decisions

Role of cross currency swap markets in funding and investment decisions

🕔12:00, 13.aug 2019

A US dollar funding premium in the EUR/USD cross currency swap market has been in existence since 2008. Whilst there are many reasons behind this dislocation, since 2014 the divergence in monetary policy between the euro area and the United

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Update on economic and monetary developments

Update on economic and monetary developments

🕔12:01, 9.aug 2019

ECB Economic Bulletin, Issue 5 / 2019 Incoming information since the last Governing Council meeting in early June indicates that, while further employment gains and increasing wages continue to underpin the resilience of the economy, softening global growth dynamics and

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