Severe financial turbulences are driven by high impact and low probability events that are the characteristic hallmarks of systemic financial stress. These unlikely adverse events arise from the extreme tail of a probability distribution and are therefore very poorly captured by traditional...

This paper measures the links between financial services and other production sectors in the Luxembourg economy. The focus is on propagation within the country, without considering growth abroad. Among the 29 sectors in the annual input-output tables, financial services is one of only four "key...

The bank efficiency literature lacks an agreed definition of bank outputs and inputs. This is problematic given the long-standing controversy concerning the status of deposits, but also because bank efficiency estimates are known to be affected by the inclusion of additional outputs such as...

The stress testing literature abounds with reduced-form macroeconomic models that are used to forecast the evolution of the macroeconomic environment in the context of a stress testing exercise. These models permit supervisors to estimate counterparty risk under both baseline and adverse...

This paper estimates the natural real interest rate that is consistent with stable inflation and output at its potential for the euro area and Luxembourg. The natural interest rate provides a benchmark for assessing the monetary policy stance, as policy is contractionary when real interest rates...

La mesure de la production bancaire (et donc de la productivité) a été longtemps sujette à des multiples controverses. Cet article adopte l?approche de Fixler and Zieschang (1999) afin de mesurer la production et les prix du secteur bancaire luxembourgeois à partir des rapports trimestriels...

This paper estimates the natural real interest rate that is consistent with stable inflation and output at its potential for the euro area and Luxembourg. The natural interest rate provides a benchmark for assessing the monetary policy stance, as policy is contractionary when real interest rates...

Severe financial turbulences are driven by high impact and low probability events that are the characteristic hallmarks of systemic financial stress. These unlikely adverse events arise from the extreme tail of a probability distribution and are therefore very poorly captured by traditional...

On 11-12 November 2008, SUERF and Banque Centrale du Luxembourg organized a conference on Productivity in the Financial Services Sector on the occasion of the tenth anniversary of the Banque Centrale du Luxembourg.The conference addressed three main themes: first, stylized facts on banks'...