With a long-term projection of TFP growth of 0.2 per cent, a gradual decline in the work-age population and a static average workweek, we project a "baseline" average real GDP growth rate in the euro area of just 0.6 per cent over the next decade — even if the unemployment rate and investment...

Many countries experienced a residential credit bubble prior to the global financial crisis; however, by most criteria, the Irish residential and financial sector witnessed one of the most significant imbalances across contemporary western economies. The Irish property market had experienced a...