output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. …

The financial crisis has highlighted the need for models that can identify counterparty risk exposures and shock … extend this accounting-based network of interlinked exposures to risk-based balance sheets which are sensitive to changes in … leverage and asset volatility. We conclude that the bilateral cross-sector exposures in the euro area financial system …

organisers of the conference 'Time for action — towards sustainable consumption and production in Europe'. Three sets of three … top-priority recommendations towards sustainable consumption and production (SCP) in Europe were developed at the …

The consumption of goods and services in EEA member countries is a major driver of global resource use — and associated … European consumption taking place beyond Europe. Food and drink, housing, mobility and tourism are responsible for a large part … of the pressures and impacts caused by consumption in the EU. Achieving significant reductions in environmental pressures …

of consumption and production patterns. It begins with a review of key recent environmental trends in the region, then … production and consumption patterns. Addressing environmental challenges in a sustainable manner requires a close review of …

This Country Focus studies the development of private consumption in France during the decade before the crisis. Are … French consumers greater spendthrifts than their European fellows? In this paper, we estimate a consumption function to show … that strong growth of private consumption in France during the pre-crisis decade is explained by the main determinants …

In Germany private consumption virtually stagnated for nearly a decade and clearly lagged behind GDP growth. This … Country Focus uses the estimation of a consumption function to show that the drop in employment is the most important factor … and the expiry of the more generous depreciation rules have also held back private consumption. Since these one-offs will …