We use inflation and income growth expectations from the ECB Consumer Expectations Survey to measure the subjective expected pass-through of inflation to income in the main euro area countries. By aggregating consumers' responses to probabilistic questions, we obtain significantly higher...

To celebrate the 15th anniversary of the collection, this introduction looks back at the history of the ECB's exhibitions and collection, as well as its corporate identity in terms of visual art. It is assumed that further exhibitions of contemporary art from individual countries will follow -...

This report presents the key findings of a study conducted by the European Central Bank (ECB) on the payment attitudes of consumers in the euro area (SPACE) in 2024. It compares these findings with those of the previous SPACE studies (in 2019 and 2022) and, where relevant, with an earlier ECB...

This paper studies the heterogeneity of the marginal propensity to consume out of wealth using French household surveys. We find decreasing marginal propensity to consume out of wealth across the wealth distribution for all net wealth components. The marginal propensity to consume out of...

Many trade models of monopolistic competition identify cost efficiency as the main determinant of firm performance in export markets. To date, the analysis of demand factors has received much less attention. We propose a new model where consumer preferences are asymmetric across varieties and...

This paper analyses empirically how cross-border consumption varies across product and services categories and across household characteristics. It focuses on the part of cross-border sales that arise due to work-related cross-border crossings; it analyses the cross-border consumption behaviour...