of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of … output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more …

materialize, the Bank of Japan (BoJ) should act swiftly through further and/or longer- dated asset purchases. Communication should … coming years with uncertain net effects—higher exports and capital outflows—in the short term. As long as Japan continues …

The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the … core. This paper puts recent demand patterns in France, Germany, and Belgium into historical perspective. We find that …-specific factors matter in some cases, demand patterns in these countries are largely driven by common determinants. Third …

dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes … ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove …

rotation back to domestic demand-led growth, the current account deficit is widening again, while inflation remains above …