The adjustment forĮstimated Bayesian vector autoregression model. Notes: The valuation estimate is the simple average of the price-to-income ratio and an Notes: Country data includes lending to all euro area households. Rubricprices are increasingly overvalued while lending remains buoyant An unconventional monetary policy shock is definedĪs the average of the long-term (4 to 20 years) OIS rate changes around a monetary policy Monetary policy shock is defined as the average of the short-term (1 week to 1 year) OIS rateĬhanges around a monetary policy event. A conventional Latest observation: 2021Q3 for HICP rents, 2021Q2 for the others. Notes: Response to a 10 basis point accommodative monetary policy shock. Monetary policy across euro area regions”. Source: Battistini, Falagiarda, Hackmann and Roma, 2021, “Navigating the housing channel of Owner-occupied housing price index (OOHPI) (impact on annual growth, pp) (annual percentage change) Monetary policy easing on house prices residential property prices and HICP rents Latest observations: August 2021 for Germany, France and Spain, June 2021 for Italy.Īsset purchases have a larger impact on house prices than policy rate changesĮffects of unconventional and conventional Owner-occupied housing, Inclusión, Seguridad Social y Migraciones. l’Emploi et de l’Insertion, Instituto Nazionale Previdenza Sociale (INPS), and Ministerio de Percentage of total income (Institut für Arbeitsmarkt- und Berufsforschung – IAB), ifo Institute, Ministère du Travail, deĮxposed to lockdown measures by income quintile. Notes: Based on Dossche, Kolndrekaj and Slacalek (2021). Sources: ECB calculations based on data from Eurostat, Institute for Employment Research Sources: EU-SILC, Eurostat Household Budget Survey and ECB staff calculations.
Rubricpolicy protected the most vulnerable parts of society during the pandemicĮxposure to lockdown measures Workers in job retention schemesīy income quintile (millions percentage of the labour force)Ġ-20 20-40 40-60 60-80 80-100 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21
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