We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth are more substantial than the differences in wages...

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...

The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's activities and operations are undertaken in support of its policy objectives, its financial position and...

On 21 September 2017 the European Central Bank (ECB) announced that it would develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the...

This biennial data quality report is a contribution to the European Central Bank (ECB) Statistics Quality Framework (SQF). It relates to statistics produced by the European System of Central Banks (ESCB) and focuses on the collection, compilation and dissemination of monetary and financial...