Gross Fixed Capital Formation in the Euro Area During the COVID-19 Pandemic
Mirko Licchetta () and
Eric Meyermans ()
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Mirko Licchetta: European Commission
Eric Meyermans: European Commission
Intereconomics: Review of European Economic Policy, 2022, vol. 57, issue 4, 238-246
Abstract This paper examines the impact of the COVID-19 pandemic on gross fixed capital formation across the euro area. The empirical analysis suggests that the intensity of the lockdown measures to contain the spread of the virus and the country-specific structure of the economy along with other traditional drivers, in particular falling output, can explain a large part of the contraction. The bold policy response at the national and EU level mitigated the impact of COVID-19 and supported the recovery. The faster-than-expected rebound in economic activity suggests that the negative economic impact of the pandemic will be more contained than initially feared. However, uncertainty over future health developments remains high, especially given the risks of new more transmissible variants.
Keywords: E22; E50; E60; H54 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:intere:v:57:y:2022:i:4:d:10.1007_s10272-022-1058-1
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