Jon_Ritchie/ShutterstockIn 2025 Britain is marking the 200th anniversary of the modern railway. Many will be quick to celebrate the legacy of steam engines and the old red lion railway logo, but there’s one bit of Britain’s railway that perhaps doesn’t get enough praise – British Rail.
Donald Trump’s first term as president saw some of the largest mass protests seen in the U.S. in over 50 years, from the 2017 Women’s March to the 2020 protests after George Floyd’s murder.
Business investment has grown less dynamically in the euro area than in the United States since the early 2000s, but in the aftermath of the pandemic the differential has been particularly marked. This box breaks business investment down by asset type and assesses some of the factors behind this disparity. Analysis suggests that demand, competitiveness, confidence and policy efficiency all contribute to higher tangible investment in the United States. Weaker investment growth in intangibles in the euro area seems to be related to less innovation at the firm level.
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.
We analyze the impact of negative reference rates on the interest rate behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending rates, deposit rates, the 3-month Euribor, and the ECB Deposit Facility Rate. We propose two hypotheses to evaluate the effects of negative 3-month Euribor on this vector.
Targeted longer-term refinancing operations (TLTROs)helped supporting bank lending to firms and to households in the course of the COVID-19 pandemic. The use of TLTRO funding for mortgage loans to households had explicitly not been included into the targeted loan categories of these schemes, thereby, limiting potential unintended side effects on residential real estate markets. This paper, by means of an empirical analysis, assesses the impact of the relaxation of TLTRO III conditions at the beginning of the COVID-19 pandemic on euro area banks' loan portfolio composition.
Targeted longer-term refinancing operations (TLTROs)helped supporting bank lending to firms and to households in the course of the COVID-19 pandemic. The use of TLTRO funding for mortgage loans to households had explicitly not been included into the targeted loan categories of these schemes, thereby, limiting potential unintended side effects on residential real estate markets. This paper, by means of an empirical analysis, assesses the impact of the relaxation of TLTRO III conditions at the beginning of the COVID-19 pandemic on euro area banks' loan portfolio composition.
We analyze the impact of negative reference rates on the interest rate behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending rates, deposit rates, the 3-month Euribor, and the ECB Deposit Facility Rate. We propose two hypotheses to evaluate the effects of negative 3-month Euribor on this vector.
We usually think of workplace deviance as linked to “bad apples”–the troublemakers who egregiously slack off, steal from the company or openly clash with coworkers. But what if deviant behaviour was also more subtle–daydreaming, taking long coffee breaks or cracking an edgy joke in a meeting? It turns out most employees engage in quieter patterns of minor misbehaviours, and it’s changing how we think about deviance on the job.
Diana Mower/ShutterstockA proposed reform to the way electricity is priced in Britain could see households pay a different bill based on their postcode.
