European Central Bank 220d ago

ECB Research Bulletin by Stefano Corradin, Alessandro Fontana, Christian Kubitza and Angela Maddaloni. Read more: https://www.ecb.europa.eu/press/research-publications/resbull/2025/html/ecb.rb251120~d4d50e9bd2.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.