ECB Occasional Paper No. 2025/372
Number of pages: 201
Posted: 10 Jul 2025
Elisa Saporito,
Andreea Liliana Vladu,
Pablo Aguilar,
Annukka Ristiniemi,
Arthur Saint Guilhem,
Yildiz Akkaya,
Rafael Gerke,
Galo Nuño,
Sebastian Rast,
Joni Heikkinen,
Paola Di Casola,
Gavin Goy,
Adriana Grasso,
Boryana Ilieva,
Noëmie Lisack,
Thomas McGregor,
Giuseppe Ferrero,
Simone Auer,
Lea Bitter,
Alexandre Carrier,
Michael Dobrew,
Alessandro Ferrari,
Niels D. Gilbert,
Christophe Kamps,
Birgit Niessner,
Oreste Tristani,
Kai Philipp Christoffel,
Sujit Kapadia,
Sujit Kapadia,
Thomas Vlassopoulos,
Roberto Motto,
Ramón Adalid,
Claus Brand,
Thomas Kostka,
Falk Mazelis,
Stefan Ruhkamp,
Anastasia Allayioti,
Carlo Altavilla,
Elena Angelini,
Ana Arencibia Pareja,
Eleni Argiri,
Aris Avgousti,
Katarzyna Bańkowska,
David Barkhausen,
Anna Bartocci,
Colm Bates,
Christoph Basten,
Ursel Baumann,
Nicola Benatti,
Marco Bernardini,
Tilman Bletzinger,
Elena Bobeica,
Diana Bonfim,
Jef Boeckx,
Benjamin Böninghausen,
Paolo Bonomolo,
Margherita Bottero,
Miguel Boucinha,
Dirk Broeders,
Katarzyna Barbara Budnik,
Lorenzo Burlon,
Ginters Buss,
Alessandro Cantelmo,
Giacomo Carboni,
José Cardoso da Costa,
Tomás Carrera de Souza,
Matteo Ciccarelli,
Julian-Baptiste Cinquin,
Mohammed Chahad,
Günter Coenen,
Agostino Consolo,
Agostino Consolo,
Pietro Cova,
Matias Covarrubias,
Olivier Georg De Jonghe,
Roberto A. De Santis,
Milan Deskar-Škrbić, Rodolfo Dinis Rigato,
Rubén Dominguez Diaz,
Stéphane Dupraz,
Michael Ehrmann,
Michaela Elfsbacka-Schmöller,
Rita Fernandes Vitorino Besugo,
Annalisa Ferrando,
Luís Fonseca,
Caterina Forti Grazzini,
José-Elías Gallegos,
Johannes Gareis,
Laura Gáti,
Dimitris Georgarakos,
Gabriel Glöckler,
Nicolò Gnocato,
Sandra Gomes,
Beatriz Gonzáles,
Robert Goodhead,
Sofia Gori,
Antonio Greco,
Alex Grimaud,
Johannes Groß,
Markus Haavio,
Tim Hagenhoff,
Casper Helmus,
Hannah Hempell,
Marie Hoerova,
Federic Holm-Hadulla,
Björn Imbierowicz,
Katti Irastorza,
Klodiana Istrefi,
Jip Italianer,
Pirkka Jalasjoki,
Kasper Jørgensen,
Gallegos Dago Jose Elias,
Rokas Kaminskas,
Peter Karadi,
Hanno Kase,
Danielle Kedan,
Mark Kerssenfischer,
Daniel Kienzler,
Juha Kilponen,
Inge Klaver,
Georgi Kocharkov,
Thore Kockerols,
Antoine Kornprobst,
Mika Kortelainen,
Georgi Krustev,
Vanessa Kunzmann,
Claudia Kwapil,
Olli-Matti Laine,
Jan Hannes Lang,
Wolfgang Lechtaler,
Wolfgang Lemke,
Stéphane Lhuissier,
Philipp Lieberknecht,
Tobias Linzert,
Matija Lozej,
Peeter Luikmel,
Frederik Lund-Thomsen,
Patrick Lünnemann,
Davide Malacrino,
Catalina Martínez Hernández,
Jaime Martínez-Martín,
Magali Marx,
Kostas Mavromatis,
Aidan Meyler,
Angeliki Momtsia,
Georg Müller,
Anton Nakov,
Kalin Nikolov,
Alessandro Notarpietro,
Meri Obstbaum,
Florens Odendahl,
Christian Offermans,
Maritta Paloviita,
Niki Papadopoulou,
Melina Papoutsi,
Matic Patriček,
Adrian Penalver,
Alexandru Penciu,
Martin Pintarić,
Sebastiaan Pool,
Romanos Priftis,
Dominic Quint,
Ansgar Rannenberg,
Tomas Reichenbachas,
Joost Röttger,
Valerio Scalone,
Alexander Scheer,
Jan Scheithauer,
Maximilian Schröder,
Julian Schumacher,
Fabian Schupp,
Bernd Schwaab,
Ifigeneia Skotida,
Christian Speck,
Arnoud Stevens,
Manuela Storz,
Martin Strukat,
Jacek Suda,
Marta Szablewksa,
Dominik Thaler,
Johannes Tischer,
Andrea Giorgio Tosato,
Alejandro Van der Ghote,
Georges Várhelyi,
Sofia Velasco,
Alexia Ventula-Veghazy,
Igor Vetlov,
Matjaz Volk,
Julian von Landesberger,
Leopold von Thadden,
Johannes Wacks,
Thomas Westermann,
Ladislav Wintr,
Srecko Zimic,
Andrejs Zlobins,
Klavs Zutis,
Elise Dupin,
Luca Ebener,
Ines Ferdandes De Almeida Lindoso,
Cian Hennigan,
Edoardo Pilla,
Anita Sammarini,
Tal Strauss,
Flavia Ungarelli,
Benoît Nguyen,
Matthieu Bussière and
André Casalis
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), De Nederlandsche Bank, Bank of Finland - Research, European Central Bank (ECB), De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, Bank of Italy, European Central Bank (ECB), De Nederlandsche Bank - Research Department, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB) - Directorate General Economics, Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), European Central Bank (ECB), Bank of England, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, National Bank of Greece, Central Bank of Cyprus, European Central Bank (ECB), European Central Bank (ECB), Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banque Nationale de Belgique, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Latvijas Banka, Banca d’Italia, European Central Bank (ECB), affiliation not provided to SSRN, affiliation not provided to SSRN, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banca d’Italia, Banco de España, European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Hrvatska Narodna Banka, European Central Bank (ECB), Banco de España, Banque de France, European Central Bank (ECB), European Central Bank (ECB), affiliation not provided to SSRN, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banco de España, Central Bank of Ireland, European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), Suomen Pankki – Finlands Bank, Deutsche Bundesbank, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Banco de España, Banque de France, De Nederlandsche Bank, Suomen Pankki – Finlands Bank, European Central Bank (ECB), affiliation not provided to SSRN, Bank of Lithuania, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank, Suomen Pankki – Finlands Bank, De Nederlandsche Bank, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Suomen Pankki – Finlands Bank, European Central Bank (ECB), Deutsche Bundesbank, Oesterreichische Nationalbank (OeNB), Suomen Pankki – Finlands Bank, European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), Banque de France, Deutsche Bundesbank, European Central Bank (ECB), Central Bank of Ireland, Bank of Estonia, Danmarks Nationalbank (The Central Bank of Denmark), Banque Centrale du Luxembourg, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, De Nederlandsche Bank, European Central Bank (ECB), National Bank of Greece, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, Suomen Pankki – Finlands Bank, Banco de España, Deutsche Bundesbank, Suomen Pankki – Finlands Bank, Central Bank of Cyprus, European Central Bank (ECB), Banka Slovenije, Banque de France, European Central Bank (ECB), Croatian National Bank, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, National Bank of Belgium, Bank of Lithuania, Deutsche Bundesbank, European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, National Bank of Greece, Deutsche Bundesbank, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Central Bank of Malta, European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Banka Slovenije, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Banque Centrale du Luxembourg, European Central Bank (ECB) - Directorate General Research, Latvijas Banka, Latvijas Banka, European Central Bank (ECB), European Central Bank (ECB), affiliation not provided to SSRN, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Market Operations, Banque de France and National Bank of Slovakia
