This paper presents an event-study methodology that combines market data and survey-based probabilities to infer the full effect of a policy decision, as seen through the lens of financial market...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2982~c0b30e1c22.en.pdf
By applying a structural demand model to unique consumer-level survey data from the euro area, we assess how different CBDC design options, combined with individual (revealed) preferences, influe...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2980~5f64961c8f.en.pdf
Financial losses can have persistent effects on the financial system. This paper proposes an empirical measure for the duration of these effects, Spillover Persistence. I document that Spillover ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2981~1ee9cdf8d2.en.pdf
Over the last decades, macro-economists have renewed their efforts to reduce the gap between monetary macroeconomics and real-world central banking. This paper reviews how macroeconomics has sinc...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2978~277df84e22.en.pdf
We examine the issue of the appropriate selection of macroprudential instruments according to the vulnerabilities identified and the policymakers’ objectives using a version of the 3D DSGE mode...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2979~eb7b4bfc7f.en.pdf
We build a model of the aggregate housing and rental markets in which houseprices and rents are determined endogenously. Households can choose their housingtenure status (renters, homeowners, or ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2977~2947e78977.en.pdf
We use 25 years of tax records for the Norwegian population to study the mobility of wealth over people’s lifetimes. We find considerable wealth mobility over the life cycle. To understand the ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2976~4088913b73.en.pdf
Using a novel dataset linking firm level data from the Survey on Access to Finance of Enterprises (SAFE) and bank level data from the Bank Lending Survey (BLS), we explore how changes in credit s...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2975~70d0cf3466.en.pdf
We analyze how corporate reorganization and liquidation change labor reallocation during bankruptcy using randomized judge assignments and linked Portuguese employer-employee and firm data. Reorg...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2974~6b960f010f.en.pdf
Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2973~048ef3f3dd.en.pdf
Households' income heterogeneity is important to explain consumption dynamics in response to aggregate macro uncertainty: an increase in uncertainty generates a consumption drop that is stronger ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2971~fdcdde6306.en.pdf
In this paper, we investigate the presence of non-linearities in the transmission of geopolitical risk (GPR) shocks. Our methodology involves incorporating a non-linear function of the identified...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2972~6da32f928b.en.pdf
Combining euro-area credit register and carbon emission data, we provide evidence of a climate risk-taking channel in banks’ lending policies. Banks charge higher interest rates to firms featur...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2969~0f4c56a156.en.pdf
We build a balance sheet-based model to capture run risk, i.e., a reduced potential to raise capital from liquidity buffers under stress, driven by depositor scrutiny and further fuelled by fire ...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2970~c74e258801.en.pdf
This paper uses a Bayesian Structural Vector Autoregressive (BSVAR) framework to estimate the pass-through of unexpected gas price supply shocks on HICP inflation in the euro area and its four la...
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2968~e514c92723.en.pdf