The Week That Was in Europe By cover art

The Week That Was in Europe

By: Klaus Adam & Dirk Schumacher
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  • Summary

  • Every week, we discuss topical economic themes from a European perspective and provide perspective on key macro data news.
    Klaus Adam
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Episodes
  • The Neutral Interest Rate: A Moving Target

    The Neutral Interest Rate: A Moving Target
    Apr 26 2024

    The neutral rate is relevant for understaning the stance of monetary policy and for the fiscal outlook, as it determines the financing conditions for government debt. We explain how the neutral rate is defined, discuss its economic determinants and provide estimates of how it has changed since the pre-pandemic period. Increased government debt supply appears to have excerted substantial upward pressure on the neutral rate.

    We make reference to the following papers:

    Thiago Ferreira and Samer Shousha titled “The supply of safe assets and global interest rates” , Journal of International Economics, 2023.

    Atif Mian, Ludwig Straub, and Amir Sufi. titled “What explains the decline in r*? Rising income inequality versus demographic shifts.” Proceedings of the Jackson Hole Symposium, 2021.
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    19 mins
  • Dark Clouds Over Euro Area Fiscal Policy

    Dark Clouds Over Euro Area Fiscal Policy
    Apr 19 2024

    We review the fiscal position of France, Germany, Italy and Spain, discuss the need for consolidation and how it could be implemented with minimal harm to output.
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    22 mins
  • Review of the ECB Meeting: April 2024

    Review of the ECB Meeting: April 2024
    Apr 12 2024

    Provided wage growth moderates and inflation develops as expected, the ECB will start cutting interest rates in June. We discuss the uncertainties around this outlook and recent headwinds on the inflation front.
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    12 mins
Business & Careers Politics & Government
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