European Central Bank Research

Insights, analysis and other news from @ecb researchers. Authors' views are their own, and not necessarily those of the European Central Bank.

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by P. Di Casola & M. Grothe “Housing wealth and monetary policy transmission: cross-country evidence” https://t.co/DnOiTZcKXs

[European Central Bank Research @ECB_Research]

The main lesson here is that financial stability risk related to AI is not just about speed or automation. It depends on how AI agents learn, reason, and form beliefs. Architecture is a first order determinant of market outcomes. 5/5

[European Central Bank Research @ECB_Research]

🧵New @ecb Research Bulletin by K. Anand, S. Kazinnik, A. Leonello & E. Panetti “Financial stability in the age of artificial intelligence: the role of algorithmic architecture” https://t.co/45zUs0L68D 1/5

[European Central Bank Research @ECB_Research]

LLM investors behave differently. They reason through the equilibrium structure and are largely unaffected by default risk, but they form heterogeneous beliefs about what others will do, weakening coordination and predictability. 4/5

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by M. Andersson, N. Battistini & A. Bobasu “Heatwaves, coldwaves, floods, and droughts: the short-term impact of extreme weather events on economic activity” https://t.co/NhhIxfTb1i

[European Central Bank Research @ECB_Research]

We close the International Research Forum on Monetary Policy with a panel discussion featuring @ecb Philip R. Lane, @federalreserve Christopher J. Waller & @RefetGurkaynak. Tune in at 14:00 CET: https://t.co/MSGxqDqpKh

[European Central Bank Research @ECB_Research]

Keynote by G. Corsetti @EUI_EU “Trade wars, exchange rates and monetary policy” at the @ecb @federalreserve EABCN International Research Forum on Monetary Policy starts at 11:00 CET. Don’t miss it! https://t.co/MSGxqDpRUJ

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by M. Ferrari Minesso, L. Lebastard & O. Triay Bagur “Interlinking payment systems and trade flows” https://t.co/LPEBqiLNGe

[European Central Bank Research @ECB_Research]

‼️DAY 2 of the @ecb @federalreserve EABCN International Research Forum on Monetary Policy starts at 9:00 CET. Don’t miss the keynote by G. Corsetti @EUI_EU “ Trade wars, exchange rates and monetary policy” at 11:00 CET. Follow live: https://t.co/MSGxqDpRUJ

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by K. Barauskaitė Griškevičienė, C. Brand & A. Dinh Minh Nguyen “Pandemic-era inflation dynamics in the euro area: the role of policy and non-policy demand and energy and non-energy supply factors” https://t.co/NBqrK20WYi

[European Central Bank Research @ECB_Research]

‼️DAY 1 of the @ecb @federalreserve EABCN International Research Forum on Monetary Policy starts at 9:30 CET. Follow live: https://t.co/bKPG4GGHlC

[European Central Bank Research @ECB_Research]

🗓️Countdown to the International Research Forum on Monetary Policy! Tune in Monday at 9:30 CET to the @ecb @federalreserve EABCN conference. Featuring G. Corsetti @EUI_EU P. Lane, C. Waller, @RefetGurkaynak. Check the programme 👇https://t.co/owBec1nRTW

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by C. Altavilla, M. Boucinha, L. Burlon, R. Adalid, R. Fortes & F. Maruhn “Stablecoins and monetary policy transmission” https://t.co/il2NPmBFfo

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by C. Montes-Galdón, J. Paredes & E. Wolf “A robust approach to tilting: parametric relative entropy” https://t.co/pmv5MzSRKF

[European Central Bank Research @ECB_Research]

New @ecb Working Paper by J-C. Bricongne, B. Meunier, J. Macalos, J. Milis & T. Pical “Can satellites predict oil demand?” https://t.co/78x8uvee66

[European Central Bank Research @ECB_Research]

Tune in on 18 May to see @BrzozaBrzezina present the paper at the International Research Forum on Monetary Policy 5/5 https://t.co/bKPG4GG9w4

[European Central Bank Research @ECB_Research]

🧵New @ecb Working Paper by @BrzozaBrzezina & Rodolfo Rigato "The Great Redistribution that Wasn’t: a HANK-OLG Perspective on Monetary Policy” https://t.co/jxCLd6JkTz 1/5

[European Central Bank Research @ECB_Research]

But by keeping rates low until mid-2022, the ECB largely offset this redistribution. Monetary accommodation boosted labor income and welfare of younger households, at the cost of only mild losses for older agents. 4/5