Foreign Currency Reserves 2025 – Market Notice 7 October 2025
Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement.
Financial institutions
Minutes: CBDC Academic Advisory Group - June 2025
Meeting of the CBDC Academic Advisory Group
The slope of the euro area price Phillips curve: evidence from regional data
This paper contributes to the literature on the price Phillips curve by exploiting subnational regional data from 11 euro area countries. Beyond controlling for aggregate fluctuations common across euro area regions, our approach accounts for country-specific dynamics, including national inflation expectations, thereby addressing key limitations in previous studies. Our results suggest that the Phillips curve in the euro area is relatively flat, but statistically significant.
A study on the interaction of capital, liquidity and bank stability
The purpose of this paper is to empirically examine the effects of capital and liquidity on bank stability as well as the existence of a potential complementary or substitute relationship between both dimensions to explain bank stability. We use a sample of 16,061 banks from 27 countries during the period 2013-2023. Our results show that both capital and liquidity increase bank stability. However, the joint interactive effect presents a negative coefficient indicating the existence of a potential substitution effect between both variables.
The slope of the euro area price Phillips curve: evidence from regional data
This paper contributes to the literature on the price Phillips curve by exploiting subnational regional data from 11 euro area countries. Beyond controlling for aggregate fluctuations common across euro area regions, our approach accounts for country-specific dynamics, including national inflation expectations, thereby addressing key limitations in previous studies. Our results suggest that the Phillips curve in the euro area is relatively flat, but statistically significant.
A study on the interaction of capital, liquidity and bank stability
The purpose of this paper is to empirically examine the effects of capital and liquidity on bank stability as well as the existence of a potential complementary or substitute relationship between both dimensions to explain bank stability. We use a sample of 16,061 banks from 27 countries during the period 2013-2023. Our results show that both capital and liquidity increase bank stability. However, the joint interactive effect presents a negative coefficient indicating the existence of a potential substitution effect between both variables.
Foreign Currency Reserves 2025 – Market Notice 6 October 2025
Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement.
How do rising temperatures affect inflation expectations?
Global temperatures are rising at an alarming pace and public awareness of climate change is increasing, yet little is known about how these developments affect consumer expectations. We address this gap by conducting a series of experiments within a large-scale, population-representative survey of euro area consumers. We randomly assign consumers to hypothetical global temperature change scenarios, after which we elicit their expectations for inflation and key macroeconomic indicators under these conditions.
How do rising temperatures affect inflation expectations?
Global temperatures are rising at an alarming pace and public awareness of climate change is increasing, yet little is known about how these developments affect consumer expectations. We address this gap by conducting a series of experiments within a large-scale, population-representative survey of euro area consumers. We randomly assign consumers to hypothetical global temperature change scenarios, after which we elicit their expectations for inflation and key macroeconomic indicators under these conditions.
From Brussels to Bangkok: how investment funds transmit financial spillovers
We explore whether investment funds transmit spillovers from local shocks to financial markets in other economies. As a laboratory we consider shocks to financialmarket beliefs about the probability of a rare, euro-related disaster and their spillovers to Asian sovereign debt markets. Given their geographic distance from and relatively limited macroeconomic exposure to the euro area, these markets are an ideal testing ground a priori stacking the deck against finding evidence for investment funds transmitting spillovers from euro disaster risk shocks.
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