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Advanced economies are undergoing a structural transformation from manufacturing to services. We document that … structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in … service inputs. We argue that structural transformation and services deepening affect the transmission of monetary policy by …
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We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...
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Im Sommer 2023 deuten Stimmungsindikatoren auf einen weltweiten Aufschwung in den Dienstleistungsbranchen, die Konjunktur im Verarbeitenden Gewerbe bleibt aber schwach. Hohe Inflation und gestiegene Leitzinsen dämpfen die Konjunktur in den meisten Weltregionen. In Europa belasten auch im...
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