and productivity change; when expenditure on consumer durables is recorded as capital investment. The capitalization of … consumer durables impacts both the levels and growth rates of the capital stock, productivity and GDP. Our growth accounting … productivity growth in 1995-2004. ICT's impacts were larger, i.e., one-fifth of GVA growth and one-sixth of labour productivity …

technologies (ICT) for developments in productivity growth in the euro area. On the basis of the available data, there is evidence … overall productivity growth. This implies that there is no reason to believe that potential output growth in the euro area has …

triggers a drop in consumption. Net trade does not contribute to spillbacks because US monetary policy affects exports and …

trade data and GDP statistics. …

Financial globalisation and spillovers have gained immense prominence over the last two decades. Yet, powerful cross … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates … imply implausibly similar estimates of the global output spillovers from monetary policy in the US and the euro area. None …

-currency pricing (PCP) and local-currency pricing (LCP). In the model, under DCP the output spillovers from shocks that appreciate the … prediction from DCP the output spillovers from US dollar appreciation correlate negatively with recipient economies' export … commodity trade in US dollar invoicing. …

dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the … affects in particular the role of expenditure-switching and the US dollar exchange rate for spillovers: In case of a shock in …

Financial globalisation and spillovers have gained immense prominence over the last two decades. Yet, powerful cross … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates … imply implausibly similar estimates of the global output spillovers from monetary policy in the US and the euro area. None …