In contrast to the conventional Fisherian view that inflation reduces real debt positions, we show that significant increases in inflation are strongly associated with financial crises. In the spirit of Jord`a et al. (2020), countries with free and fixed exchange rates can be compared to differe...
The EU uses long-term budgets, currently covering seven years, known as multiannual financial frameworks (MFFs). This audit focused on the flexibility tools that allow the EU budget to finance additional expenditure in the 2021-2027 MFF. We assessed whether these tools were well designed, and th...
China’s data security and privacy laws – the CSL, DSL, and PIPL – create compliance challenges for European companies, especially SMEs. Strategic ambiguity in legislation allows discretion in enforcement, varying across regions and sectors. Cross-border data transfer rules add complexity, with H...
China’s data security and privacy laws – the CSL, DSL, and PIPL – create compliance challenges for European companies, especially SMEs. Strategic ambiguity in legislation allows discretion in enforcement, varying across regions and sectors. Cross-border data transfer rules add complexity, with H...
The EIB Group (the ‘EIBG’ or the ‘Group’’) does not fall within the scope of application of the European Union (EU)’s legislation applicable to credit institutions, in particular the Capital Requirements Directive and Regulation (Directive 2013/36/EU or ‘CRD’, Regulation 575/2013 or ‘CRR’, as am...
Firms respond heterogeneously to aggregate fluctuations, yet standard linear models impose restrictive assumptions on firm sensitivities. Applying the Generalized Random Forest to U.S. firm-level data, we document strong nonlinearities in how firm characteristics shape responses to macroeconomic...
This report considers the main risks and vulnerabilities associated with investment funds and other financial institutions (OFIs), as well as crypto-assets and associated intermediaries, in 2024. It presents an activities-based view of financial market segments commonly associated with non-bank ...
Andersen and Sánchez Serrano (2024) define a methodology for building a map of the euro area financial system using data from the quarterly sectoral accounts of the euro area (complemented with data from other sources). This map can be useful for macroprudential authorities in regularly monitori...
This paper examines the effects of trade policy shocks on the US economy using a novel identification strategy that combines narrative information with stock market data. We construct a new dataset of daily trade policy statements from 2007 to 2019, enabling us to capture a broad range of policy...
Standard methods for constructing error bands around impulse response functions consider them in isolation, neglecting the estimation uncertainty that arises across variables and time horizons due to the joint nature of the underlying structural parameters. For example, one approach to assessing...
