Publications

Firms have absorbed the higher costs for gas and electricity with energy savings and price increases for customers. The higher energy prices are expected to lead to only a limited number of additional loss-making firms. →

Interest rates have been trending downward since at least 1980s in developed economies, including the euro area. In fact, real rates (the real rate is the interest rate adjusted for inflation) are now at historically low levels. →

Most of the short-run decline in consumption during the first wave was a voluntary response to the health risks. →

The question is no longer if, but when and how unconventional monetary policy will be phased out. The undoing of the unconventional policies will affect European economies, just as their build up stimulated the euro area economy. →