Using the Consensus Economics dataset with individual expertforecasts from G7 countries we investigate determinants of disagreement (crosssectionaldispersion of forecasts) about six key economic indicators. Disagreementabout real variables (GDP, consumption, investment and unemployment)has a...

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...

We consider a simple extension of the basic new-Keynesian setup in which we relaxthe assumption of frictionless financial markets. In our economy, asymmetricinformation and default risk lead banks to optimally charge a lending rate above therisk-free rate. Our contribution is threefold. First,...

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction of the euro. Significant development in terms of integration took place in both markets in general to a various degree for the different segments. However, there remain room for...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

This volume contains a collection of papers, commentaries and speeches that review the strategic and operational decisions taken by the central banks to combat the crisis and that reflect on the lessons for the future. The contributions are grouped around five broad topics: monetary policy...

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

This paper presents the methodological and statistical framework for macro-prudential analysis of the financial condition of the EU banking sector that has been adopted by the European System of Central Banks (ESCB). The framework is also a central component of broader financial stability...