Nie ma wersji polskiej
Stefan Schaefer
- 18 March 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2025Details
- Abstract
- This box compares euro area export performance in high-tech sectors with that of China and the United States. While the euro area has maintained market share in several fast-growing high-tech sectors, it has underperformed in large medium-high-tech sectors. The latter, by virtue of their size, drive overall export growth and account for most of the euro area’s losses and China’s gains in export market shares. Both the United States and China have introduced new policies to boost their exports in specific sectors, and the strong export performance of the United States may be attributed to incentives introduced by the Inflation Reduction Act and the CHIPS and Science Act.
- JEL Code
- F13 : International Economics→Trade→Trade Policy, International Trade Organizations
F14 : International Economics→Trade→Empirical Studies of Trade
F62 : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 21 June 2022
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 4, 2022Details
- Abstract
- In this box, we present a new measure of domestic inflation for the euro area that takes into account the import intensity of HICP items. For this new indicator, the import intensities of HICP items are derived using information from national accounts and input-output tables. The HICP items with a relatively low import intensity are subsequently aggregated to a “Low IMport Intensity” (LIMI) inflation indicator. Differently to the literature, an empirical assessment is used to determine an optimal threshold for these import intensities. While the ECB’s inflation target is formulated in terms of headline inflation, the concept of domestic inflation is of analytical relevance to monetary policy, as it features prominently in the monetary policy transmission mechanism. Common indicators of domestic inflation, such as the GDP deflator or core inflation, either include elements that are not directly related to consumer prices or exclude volatile components that may nonetheless be driven by domestic factors. The LIMI inflation indicator can complement the information provided by these other indicators in an assessment of the underlying inflationary pressures.
- JEL Code
- E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
J11 : Labor and Demographic Economics→Demographic Economics→Demographic Trends, Macroeconomic Effects, and Forecasts
J21 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure