The monitoring and analysis of the business cycle is a central element of inputs to monetary policy decision-making. This report contributes to the analysis of business cycles in the euro area in three dimensions. First, in terms of business cycle dating, it proposes automated procedures to...

The article analyses recent developments in business investment for a large group of EU countries, using a broad set of analytical tools and data sources. We find that the assessment of whether or not investment is currently low varies across benchmarks and countries. At the euro area level and...

This paper builds an unobserved components model that combines a multivariate filter approach with a Cobb-Douglas production function. This combination allows potential output estimates to incorporate more economic structure than the traditional production function approach, while retaining the...

Altpapier ist bereits seit Längerem ein gefragter Sekundärrohstoff. In der Papierproduktion kommt er in großem Umfang zum Einsatz und wird zugleich mittels etablierter Erfassungssysteme in Deutschland in hohem Maße getrennt von anderen Fraktionen zurückgeholt. Zwar unterliegen die Preise...

[Einleitung] Telekommunikation ist eine Basistechnologie für wirtschaftliche Aktivitäten. Ein dynamischer, effizienter und innovativer Telekommunikationssektor leistet somit wesentliche Beiträge zum Wachstum einer Volkswirtschaft. In Deutschland war das Telekommunikationsangebot mit Ausnahme...

This paper investigates to what extent yield spreads on bonds issued by sub-sovereign entities within federations are driven by bailout expectations and investors’ risk appetite, as opposed to fundamental values related to default risk. The question is analysed both across and within...

This paper aims to provide understanding of the relative trade performances and technological competitiveness, with particular emphasis on product quality, innovation and skills. The firm-level case studies support the conclusions arising from the aggregate analysis. Germany spends more on...

Macroeconomic studies suggest that employment-output elasticities in the euro area increased during the recovery from the crisis, especially in those countries that implemented reforms. In this paper, we use micro (individual-level) data from the Eurostat Labour Force Survey to investigate...

Productivity performance in European countries has been a policy concern for some time. This paper shows that productivity can be enhanced by product market policies which, by increasing competition and efficiency, facilitate higher rates of firms' entry and exit (i.e., firm churning). Drawing...

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...