The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...

This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...

The Treaty establishing the European Community has assigned the Eurosystem - which comprises the European Central Bank (ECB) and the national central banks (NCBs) of those countries that have adopted the euro as their currency - the primary mandate of maintaining price stability. This mandate is...

The Treaty establishing the European Community has assigned the Eurosystem - which comprises the European Central Bank (ECB) and the national central banks (NCBs) of those countries that have adopted the euro as their currency - the primary mandate of maintaining price stability. This mandate is...

The Treaty establishing the European Community has assigned the Eurosystem - which comprises the European Central Bank (ECB) and the national central banks (NCBs) of those countries that have adopted the euro as their currency - the primary mandate of maintaining price stability. This mandate is...

In the presence of the zero lower bound, standard business cycle models with a Taylor-type monetary policy rule are prone to equilibrium multiplicity. A drop in confidence can drive the economy into a liquidity trap without any change in fundamentals. Using a prototypical sticky-price model, I...

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...