In the ECB's Survey of Professional Forecasters (SPF) for the fourth quarter of 2024, expectations for headline HICP inflation were largely unchanged from the previous survey (conducted in the third quarter of 2024), although expectations for 2025 were revised downwards slightly. Headline...

In the ECB's Survey of Professional Forecasters (SPF) for the fourth quarter of 2024, expectations for headline HICP inflation were largely unchanged from the previous survey (conducted in the third quarter of 2024), although expectations for 2025 were revised downwards slightly. Headline...

Motivated by the linkage between credit and growth in the Greek economy, and the deceleration of credit since the financial crisis, this paper studies the evolution of credit demand and supply in Greece. A disequilibrium model of demand and supply is estimated spanning the period 2003M1-2011M3....

This paper examines how credit market frictions affect optimal monetary policy and if there is a role for central bank asset purchases. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each other. The credit market is...

This European Central Bank (ECB) publication - Stress Test Analytics for Macroprudential Purposes in the euro area (STAMP€) - offers a suite of analytical tools for those interested in stress-testing frameworks and has been developed by ECB staff over the past few years.

Macroprudential policy can comprise a broad range of issues and topics. This is clearly reflected in the second issue of the ECB's Macroprudential Bulletin. The Bulletin starts with the macroprudential effects of the EU-wide bank stress testing exercise. The first chapter of the Bulletin...