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Common Sovereign Debt instruments: An Analytical Framework
This paper presents an integrated framework for the financial assessment of different types of common sovereign debt instruments.

The ECB Strategy Review - Implications for the Space of Monetary Policy
This paper analyses two central elements of the ECB’s 2021 monetary policy strategy review in an estimated open-economy structural macroeconomic (DSGE) model of the euro area: (1) explicit symmetry of the 2% inflation target, and (2) commitment to persistent monetary accommodation...

Unleashing Potential: Model-Based Reform Benchmarking for EU Member States
The paper quantifies the potential macroeconomic impact of structural reforms in the EU Member States employing a benchmarking approach, closing half the observed gaps in structural indicators.

The COVID-19 Recession on Both Sides of the Atlantic: A Model-Based Comparison
This paper compares post-COVID growth and inflation dynamics in the euro area and the US using an estimated macro model.

The Fiscal Effects of Terms-of-Trade-Driven Inflation
This paper presents simulations with the Commission’s QUEST model to examine whether rising inflation stemming from a terms-of-trade deterioration could reduce public debt-to-GDP ratios.

Domestic Medium-Term Budgetary Frameworks in the EU: Fit for Purpose and for the Future?
This discussion paper presents key findings on the implementation and functioning of MTBFs in the EU over the last decade and on identified past and future challenges.

Macrofinancial Dynamics in a Monetary Union
This paper presents a new macrofinancial general equilibrium model of the euro area economy.

The Development of Renewable Energy in the Electricity Market
This paper studies renewable electricity: its development in the past and in the future, public support schemes, alternative purchasing arrangements and its future competitiveness.

Reviewing the National Budgetary Frameworks: An Opportunity to Strengthen IFIs?
This paper reviews the institutional set-up of the National Productivity Boards and summarises the main findings of their latest annual reports.

National Productivity Boards: Institutional Set-up and Analyses of Productivity
This paper reviews the institutional set-up of the National Productivity Boards and summarises the main findings of their latest annual reports.