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Real and financial cycles in EU countries : stylised facts and modelling implications
Rünstler, Gerhard (contributor);  … - European System of Central Banks / Working Group on … - 2018
This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...
Persistent link: https://www.econbiz.de/10011779865
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Digitalisation : channels, impacts and implications for monetary policy in the euro area
2021
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … lagging behind the United States and Japan. Rising digitalisation has rendered price measurement more challenging, owing to …
Persistent link: https://www.econbiz.de/10012626753
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Virtually everywhere? : digitalisation and the euro area and EU economies : degree, effects, and key issues
Anderton, Bob; Jarvis, Valerie; Labhard, Vincent; … - 2020
Digitalisation can be viewed as a major supply/technology shock affecting macroeconomic aggregates that are important for monetary policy, such as output, productivity, investment, employment and prices. This paper takes stock of developments in the digital economy and their possible impacts...
Persistent link: https://www.econbiz.de/10012254362
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Understanding low inflation in the euro area from 2013 to 2019 : cyclical and structural drivers
Koester, Gerrit; Lis, Eliza Magdalena; Nickel, Christiane; … - 2021
From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …
Persistent link: https://www.econbiz.de/10012650860
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Economic structures 20 years into the euro
Consolo, Agostino; Gunnella, Vanessa; Koester, Gerrit; … - 2019
Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and sovereign debt crises exposed the limited resilience of the euro area’s economic structures. Economic growth was masking underlying weaknesses in several euro area countries....
Persistent link: https://www.econbiz.de/10012020340
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Evolution of the ECB's analytical framework
Holm-Hadulla, Fédéric; Musso, Alberto; Rodriguez … - 2021
for economic activity and inflation. Furthermore, its focus has strengthened with regard to structural trends in shaping …
Persistent link: https://www.econbiz.de/10012650792
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Understanding low wage growth in the euro area and European countries
Nickel, Christiane (ed.); Bobeica, Elena (ed.);  … - 2019
Despite notable improvements in the labour market since 2013, wage growth in the euro area was subdued and substantially overpredicted in 2013-17. This paper summarises the findings of an ESCB expert group on the reasons for low wage growth and provides comparable analyses on wage developments...
Persistent link: https://www.econbiz.de/10012063794
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The euro area business cycle and its drivers
Rodriguez Palenzuela, Diego; Grigoraș, Veaceslav; … - 2024
The monitoring and analysis of the business cycle is a central element of inputs to monetary policy decision-making. This report contributes to the analysis of business cycles in the euro area in three dimensions. First, in terms of business cycle dating, it proposes automated procedures to...
Persistent link: https://www.econbiz.de/10014634620
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Revisiting the monetary presentation of the euro area balance of payments
Aguilar, Carmen Picón; Soares, Rodrigo Oliveira; … - 2020
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar...
Persistent link: https://www.econbiz.de/10012165260
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The distribution of excess liquidity in the euro area
Baldo, Luca; Hallinger, Benoît; Helmus, Caspar; … - 2017
Since 2008, excess liquidity - defined as the sum of holdings of central bank reserves in excess of reserve requirements and holdings of equivalent central bank deposits - has tended to accumulate in specific euro area countries and in a small, slowly changing group of credit institutions....
Persistent link: https://www.econbiz.de/10011747703