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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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Okun in the euro : new evidence from structural Okun law’s estimates for the euro area, 1979-2019
Campos, Nauro; Macchiarelli, Corrado; Mitropoulos, Fotios - 2024
This paper provides new estimates of Okun’s unemployment-output relationship in euro area countries between 1979 and 2019. We find our structural estimates are stable but substantially lower than the reduced-form estimates that tend to characterise the literature and that the responsiveness of...
Persistent link: https://www.econbiz.de/10015052585
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Robustness and Real Consequences of Nominal Wage Rigidity
Fehr, Ernst; Goette, Lorenz - 2021
Recent studies found evidence for nominal wage rigidity during periods of relatively high nominal GDP growth. It has been argued, however, that in an environment with low nominal GDP growth, when nominal wage cuts become customary, workers' opposition to nominal cuts would erode and, hence,...
Persistent link: https://www.econbiz.de/10013321298
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Does the Euro-Zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation
Flaig, Gebhard; Wollmershaeuser, Timo - 2021
This paper presents a stress indicator for the eurozone that summarizes developments of trends and cycles in real GDP … and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short … that stress in the eurozone is mainly due to different trend growth rates and that for most of the Euro-zone countries …
Persistent link: https://www.econbiz.de/10013317182
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Economic recovery and inflation : this policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Mon...
Dąbrowski, Marek - 2018
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed - in particular, the new financial regulations (which led to a deep decline in the money multiplier)....
Persistent link: https://www.econbiz.de/10011852813
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Decomposing the Co-Movement of the Business Cycle : A Time-Frequency Analysis of Growth Cycles in the Euro Area
Crowley, Patrick M. - 2006
This article analyses the frequency components of European business cycles using real GDP by employing multiresolution decomposition (MRD) with the use of maximal overlap discrete wavelet transforms (MODWT). Static wavelet variance and correlation analysis is performed, and phasing is studied...
Persistent link: https://www.econbiz.de/10012734874
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Jobless Recovery is no Recovery : Prospects for the US Economy
Papadimitriou, Dimitri B. - 2011
The US economy grew reasonably fast during the last quarter of 2010, and the general expectation is that satisfactory growth will continue in 2011-12. The expansion may, indeed, continue into 2013. But with large deficits in both the government and foreign sectors, satisfactory growth in the...
Persistent link: https://www.econbiz.de/10013128529
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Jobless Recoveries : Stagnation or Structural Change?
Burger, John D. - 2016
Within the existing literature on jobless recoveries a bit of a puzzle is emerging. On the one hand there is evidence of dynamic structural change including off-shoring/globalization and skill-biased technological advances. Other studies emphasize a less dynamic economy with slower growth,...
Persistent link: https://www.econbiz.de/10012989422
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Beyond Okun's law : output growth and labor market flows
Lim, Guay C.; Dixon, Robert J.; Ours, Jan C. van - 2018
This paper studies the relationship between the change in the unemployment rate and output growth using an approach based on labor market flows. The framework shows why the Okun coefficient may be constant/time-varying and/or symmetric/asymmetric and that the outcome lies with the behavior of...
Persistent link: https://www.econbiz.de/10011940045
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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