Search Results
From Partner to Rival: Understanding China’s Technological Rise through Patent Data
A new measure of patent similarity shows China shifting its international patents toward technology-intensive industries traditionally dominated by developed nations.
Discussion Paper
The Sectoral Evolution of China’s Trade
Since 2018, Chinese officials have been emphasizing the need for China to achieve greater self-reliance. As discussed in de Soyres and Moore (2024), China has reduced its reliance on imported inputs, while simultaneously becoming more dependent on foreign demand to absorb its manufactured goods. In this Note, we look at the evolution of the sectoral composition of China's exports and imports and investigate its similarity with the sectoral composition of the trade baskets of advanced economies (AEs). First, using a gravity model, we show that bilateral trade flows are significantly influenced ...
Discussion Paper
An investigation into the economic slowdown in the euro area
Euro-area economic performance has been subdued since around 2018, and especially so in more recent years. As discussed in both Enrico Letta's and Mario Draghi's reports, the euro area economy faces notable structural challenges that were exacerbated by the pandemic and the disruption to energy markets that ensued from the Russian invasion of Ukraine.
Working Paper
Expanding the Labor Market Lens: Two New Eurozone Labor Indicators
We present a principal component analysis of euro area labor market conditions by combining information from 22 labor market indicators into two comprehensive series. These two novel indicators provide a systematic view of the current state and forward-looking direction of the euro-area labor market, respectively, and demonstrate superior forecasting performance compared to existing indicators. Crucially, we find significant implications for monetary policy design: a local projection analysis reveals that ECB monetary policy shocks have attenuated effects on both inflation and unemployment ...