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Debt mainly held by non-residents in half of the EU Member States

Eurostat/Debt mainly held by non-residents in half of the EU Member States/20 June 2017 Significant differences can be observed across the European Union (EU) regarding the sector in which government debt is held. Among Member States for which data are available, the share of public debt held by non-residents in 2016 was highest in Cyprus (79%), followed by Latvia (72%), Austria (71%), Finland (70%) and Lithuania (69%). In contrast, the …Read More

Estimating the impact of shocks to bank capital in the euro area

Kanngiesser, Derrick, Martin, Reiner, Maurin, Laurent, Moccero, Diego, (2017), “Estimating the impact of shocks to bank capital in the euro area”, ECB, June We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a Bayesian VAR model identified with sign restrictions. The variables included in the VAR are those typically used in monetary policy analysis, extended to include aggregate banking …Read More

Price levels varied by almost one to three across the EU Member States

Eurostat/Price levels varied by almost one to three across the EU Member States/15 June 2017 In 2016, price levels for consumer goods and services differed widely in theEuropean Union (EU). Denmark (139% of the EU average) had the highest price level, followed by Ireland (125%), Luxembourg and Sweden (both 124%), Finland and the United Kingdom (both 121%). At the opposite end of the scale, the lowest price level was found …Read More

Industrial production up by 0.5 % in euro area

Eurostat/Industrial production up by 0.5% in euro area/14 June 2017 In April 2017 compared with March 2017, seasonally adjusted industrial production rose by 0.5% in the euro area (EA19) and by 0.2% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In March 2017 industrial production rose by 0.2% in euro area and by 0.3% in the EU28. In April 2017 compared with April …Read More

Euro area international trade in goods surplus €17.9 bn

Eurostat/Euro area international trade in goods surplus €17.9 bn/15 June 2017 The first estimate for euro area (EA19) exports of goods to the rest of the world in April 2017 was €167.7 billion, a decrease of 3% compared with April 2016 (€172.5 bn). Imports from the rest of the world stood at €149.8 bn, a rise of 3% compared with April 2016 (€145.9 bn). As a result, the euro area …Read More

Employment up by 0.4% in both the euro area and in the EU28

Eurostat/Employment up by 0.4% in both the euro area and in the EU28/14 June 2017 The number of persons employed increased by 0.4% in both the euro area (EA19) and in the EU28 in the first quarter of 2017 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2016, employment increased also by 0.4% …Read More

Global Economic Outlook, June 2017

OECD, (2017), “Global Eonomic Outlook”, June The mood in the global econom has brightened during the lat year. Confidence indicators, industrial production, headline measures of employment, and cross-border trade flows have improved in most economies, However, this still-modest cyclical expansion is not yet robust enough to yield a durable improvement in potential output or to reduce persistent inequalities. Relevant Posts OECD, (2017), “Greece Economic Forecast (June 2017)”, June International Monetary …Read More

The macroeconomic impact of the ECB’s expanded asset purchase programme (APP)

Gambetti, Luca, Musso, Alberto, (2017), “The macroeconomic impact of the ECB’s expanded asset purchase programme (APP)”, ECB Working Paper Series No 2075, Ιούνιος This paper provides empirical evidence on the macroeconomic impact of the expanded asset purchase programme (APP) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination of sign, timing and magnitude restrictions in the context of …Read More

Jobs gap closes but recovery remains uneven

OECD, (2017), “Jobs gap closes but recovery remains uneven”, 13 June The job market continues to improve in the OECD area, with the employment rate finally returning to pre-crisis levels. But people on low and middle incomes have seen their wages stagnate and the share of middle-skilled jobs has fallen, contributing to rising inequality and concerns that top earners are getting a disproportionate share of the gains from economic growth, …Read More

Monetary-fiscal interactions and the euro area’s malaise

Jarociński, Marek, Maćkowiak, Bartosz, (2017), “Monetary-fiscal interactions and the euro area’s malaise”, ECB, June 2017 When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent euro area data. We specify an alternative configuration of monetary and fiscal …Read More