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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
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
Expectations are at the centre of modern macroeconomic theory and policymakers. In this paper, we examine the predictive ability and the consistency properties of macroeconomic expectations using data of the European Central Bank (ECB) Survey of Professional Forecasters (SPF)
Persistent link: https://www.econbiz.de/10012961331
In this paper, we evaluate the causal relationship between macroeconomic uncertainty indices, inflation and growth rate … for 17 Eurozone countries on a county level examination. In performing a series of linear and non-linear causality tests …
Persistent link: https://www.econbiz.de/10012945818
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
growth regime. Since the great financial crisis inflation developments have posed major puzzles to economists as inflation … paper analyses whether the wage-price pass-through may have contributed to these inflation puzzles. Applying the Threshold … or diminish the puzzle of the missing disinflation of the past two recessions suggesting that inflation should be …
Persistent link: https://www.econbiz.de/10012305400
This article analyzes the inflation dynamics of several countries belonging to the European Monetary Union and of the … UK. We estimate the two main parameters driving the degree of persistence in inflation and its uncertainty using a dual … long memory process. We also investigate the possible existence of heterogeneity in inflation dynamics across Euro area …
Persistent link: https://www.econbiz.de/10014055660
development, state employment, fiscal redistribution, and price stability are found to improve income inequality in a given … country. The positive impact of price stability on income distribution is nonlinear. The reduction in inflation from … hyperinflationary levels significantly lowers income inequality, while further reduction toward a very low level of inflation seems to …
Persistent link: https://www.econbiz.de/10012783401
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
The relationship between inflation and real GDP growth is one of the most widely researched topics in macroeconomics …, given the fact that low inflation in combination with high and sustained output growth should be the central objective of … banks all over the world have selected target levels for inflation and communicated them to the public. Against this …
Persistent link: https://www.econbiz.de/10014305101