Robust Economic Activity in the Euro Area

Andreas Breitenfellner, Johannes Elsinger () and Klaus Vondra ()
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Johannes Elsinger: Oesterreichische Nationalbank
Klaus Vondra: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2007, issue 3, 10–26

Abstract: Global economic activity continued to look robust at mid-2007. In the U.S.A., however, it is currently uncertain how large the impact of the August 2007 crisis in the real estate sector on the real economy will be. Strong growth in the second quarter of 2007 was primarily characterized by dynamic net exports but also by a very modest rise in private consumption. The U.S. Federal Reserve System first reacted to short-term liquidity constraints by unexpectedly cutting its discount rate. After having identified risks to growth, it later reduced the federal funds rate and again cut the discount rate. Economic recovery is slowing in Japan............

Keywords: global outlook; euro area; central and (south-)eastern Europe; Austria. (search for similar items in EconPapers)
JEL-codes: D12 D14 D91 (search for similar items in EconPapers)
Date: 2007
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