ECB Research Bulletin by Juan Castellanos, Andrew Hannon and Gonzalo Paz-Pardo.
Read more: https://www.ecb.europa.eu/press/research-publications/resbull/2025/html/ecb.rb250116~b428fdb4db.en.html
The Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience.
The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.