Potential output is a measure of the longer-term production possibilities of an economy. Since this quantity cannot be observed directly, it must be determined on the basis of assumptions from existing data. The use of a production function was established in the European Commission's procedure...

While the U.S. and the U.K. are likely to experience an interest rate turnaround in the near future, monetary conditions in the euro area will remain highly accommodative for a long time. The qualitative and quantitative effects of diverging monetary positions between major central banks are...

The “Great Recession” has painfully demonstrated the impact of real estate prices on real economic activity. Hence, close examination of real estate price changes is important for business cycle analysis and economic policy. However, most real estate price indices for Germany either exhibit...

Der Aufschwung in Deutschland wird sich in der mittleren Frist fortsetzen. Die gesamtwirtschaftliche Expansion, die derzeit vom gesunkenen Ölpreis, der Abwertung des Euro und der sehr expansiv ausgerichteten Geldpolitik kräftige Impulse erhält, dürfte sich aber im Verlauf des...

Die Expansion der Weltwirtschaft hat in der zweiten Jahreshälfte 2014 an Schwung gewonnen. Die Belebung ging erneut von den fortgeschrittenen Volkswirtschaften aus. Insbesondere in den USA wurde die Produktion im zweiten Halbjahr deutlich stärker ausgeweitet als im ersten. Im Euro-Raum setzte...

In the academic debate there is a broad consensus that house price fluctuations have a substantial impact on financial stability and real economic activity. Therefore, it is important to have timely information on actual and expected house price developments. The aim of this paper is to measure...