ECB Research Bulletin by Ander Perez-Orive, Yannick Timmer and Alejandro Van der Ghote. Read more: https://www.ecb.europa.eu/press/research-publications/resbull/2026/html/ecb.rb260623~d5784647c1.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.