Research priorities at the European Central Bank

ECB wide economic research priorities for the coming year are adopted by the Research Coordination Committee (RCC) and approved by the ECB Executive Board.

The Director General Research chairs the RCC, which mainly consists of the heads of all business areas or their deputies interested in economic research on the supply or demand side.The priorities can be structured along seven general headings. The priority areas for 2008 are listed below:

1.    Forecasting and Model Development
1.    DSGE Modelling
2.    Short-term Forecast Tools
3.    Tools for the Projection Exercises
4.    The New Area-Wide Model Development
5.    A Multi-Country DSGE Model for the Euro Area

2.    Monetary Policy Analysis
1.    Enhancing the Monetary Analysis
2.    Supporting the Real Time Assessment of the Monetary Policy Stance with Quantitative and Model-Based Indicators
3.    Understanding the Transmission Mechanism of Monetary Policy

1.    Wage Developments in the Euro Area
2.    Housing Markets
3.    Household Finances and Consumption
4.    Central Bank Communication
5.    The Transmission of Monetary Policy: Where do we stand?
6.    Monitoring and Analysing Financial Market Developments
7.    Heterogeneity and Convergence: Economic Diversity, Competitiveness, Adjustment and Convergence Across EU Countries
8.    Structural Policies and Reforms
9.    Labour Market Heterogeneity
4.    Financial Stability
1.    Monitoring and Assessing Financial Stability
2.    Financial Stability and Monetary Policy
3.    Macro Stress Testing

5.    The Efficiency of the European Financial System
1.    European Financial Integration and Development
2.    Understanding the Money Market and the Impact of Different Designs for Operational Frameworks

6.    International
1.    Globalisation
2.    International Role of the Euro
3.    A Global Model for International Policy Analysis

7.    Fiscal
1.    Long-run and Short-run Aspects of Fiscal Policies