Related papers: Measuring the Euro Area Output Gap
Australian house prices have risen strongly since the mid-1990s, but growth has been highly uneven across regions. Raw growth figures obscure whether these differences reflect persistent structural trends or cyclical fluctuations. We…
In our paper we analyze the relationship between the day-ahead electricity price of the Energy Exchange Austria (EXAA) and other day-ahead electricity prices in Europe. We focus on markets, which settle their prices after the EXAA, which…
In many European countries the growth of the real GDP per capita has been linear since 1950. An explanation for this linearity is still missing. We propose that in artificial intelligence we may find models for a linear growth of…
Research and development (R&D) of countries play a major role in a long-term development of the economy. We measure the R&D efficiency of all 28 member countries of the European Union in the years 2008--2014. Super-efficient data…
We have studied the efficiency of research in the EU by a percentile-based citation approach that analyzes the distribution of country papers among the world papers. Going up in the citation scale, the frequency of papers from efficient…
Wholesale electricity markets are increasingly integrated via high voltage interconnectors, and inter-regional trade in electricity is growing. To model this, we consider a spatial equilibrium model of price formation, where constraints on…
Recent advances in the urban science make broad use of the notion of scaling. We focus here on the important scaling relationship between the gross metropolitan product (GMP) of a city and its population (pop). It has been demonstrated that…
We propose a new model for the joint evolution of the European inflation rate, the European Central Bank official interest rate and the short-term interest rate, in a stochastic, continuous time setting. We derive the valuation equation for…
As the European countries strive to meet their ambitious climate goals, renewable hydrogen has emerged to aid in decarbonizing energy-intensive sectors and support the overall energy transition. To ensure that hydrogen production aligns…
The European Union Emissions Trading System (EU ETS) is a key policy tool for reducing greenhouse gas emissions and advancing toward a net-zero economy. Under this scheme, tradeable carbon credits, European Union Allowances (EUAs), are…
As the European countries strive to meet their ambitious climate goals, renewable hydrogen has emerged to aid in decarbonizing energy-intensive sectors and support the overall energy transition. To ensure that hydrogen production aligns…
In order to mitigate the impacts of the energy crise, the European Union has proposed various measures. For the power sector a directive prescribes a shift of 5% of the demand in 10% of the peak hours, plus a voluntary 10% overall demand…
Economic shocks due to Covid-19 were exceptional in their severity, suddenness and heterogeneity across industries. To study the upstream and downstream propagation of these industry-specific demand and supply shocks, we build a dynamic…
In wholesale electricity markets, prices fluctuate widely from hour to hour and electricity generators price-hedge their output using longer-term contracts, such as monthly base futures. Consequently, the incentives they face to drive up…
Credit risk management in Italy is characterized, in the period June 2008 to June 2012, by frequent (frequency=0.5 cycles per year) and intense (peak amplitude: mean=39.2 billion Euros, s.e.=2.83 billion Euros) quarterly contractions and…
The integration of Central and Eastern European (CEE) countries into the European Economic Area serves as a valuable experiment for the regional economic development theory. The long-lasting convergence of these economies with more advanced…
We study the frictions in the patterns of trades in the Euro money market. We characterize the structure of lending relations during the period of recent financial turmoil. We use network-topology method on data from overnight transactions…
An integrated European Research Area (ERA) is a critical component for a more competitive and open European R&D system. However, the impact of EU-specific integration policies aimed at overcoming innovation barriers associated with national…
We estimate the dynamic distributional effects of financial shocks in the Euro Area using survey-based microdata on personal incomes. We find that positive financial shocks increase inequality, with heterogeneity across different income…
This paper investigates how institutional rigidities shape inflation persistence in transition economies, focusing on labor market institutions and exchange rate regimes. Using a large panel of transition countries over the period…