Demographic changes in the euro area have led to a decrease in the working-age population in the recent decade, and long-term projections point to the labour force shrinking further in the future. Population ageing can have a significant impact on the real economy in the short and long run. As...

We compute a common factor summarising asymmetries in the expected distributions of a large set of survey-based economic data series for the euro area. This expected skewness factor is distinct from lower-moment factors and can help improve forecasts of risks to economic activity. In addition,...