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Chapter 1: Macroeconomic Conditions and Outlook

Author

Listed:
  • Torben M. Andersen
  • Giuseppe Bertola
  • Clemens Fuest
  • Cecilia Garcia-Peñalosa
  • Harold James
  • Jan-Egbert Sturm
  • Branko Uroševic

Abstract

Chapter 1 provides an in-depth analysis of the economic situation of the European Union and the world, as well as forecasts where possible - the latter is particularly difficult in times of corona, as time horizons are short and uncertain and measures change as the virus evolves. In the first half of 2020, global gross domestic product (GDP) fell by almost 10 percent, but economic production picked up strongly in the summer of 2020. However, it was still more than 2 per cent below pre-crisis levels in advanced economies in the third quarter and then the second wave hit. The chapter specifically looks at regional differences, which were fairly pronounced in the different countries.

Suggested Citation

  • Torben M. Andersen & Giuseppe Bertola & Clemens Fuest & Cecilia Garcia-Peñalosa & Harold James & Jan-Egbert Sturm & Branko Uroševic, 2021. "Chapter 1: Macroeconomic Conditions and Outlook," EEAG Report on the European Economy, CESifo, vol. 0, pages 10-30, February.
    • Handle: RePEc:ces:eeagre:v::y:2021:i::p:10-30
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    Cited by:

    1. Régis Barnichon & Geert Mesters, 2023. "Evaluating policy institutions -150 years of US monetary policy-," Economics Working Papers 1873, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Regis Barnichon & Geert Mesters, 2020. "Identifying Modern Macro Equations with Old Shocks," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(4), pages 2255-2298.
    3. Régis Barnichon & Geert Mesters, 2020. "Optimal policy perturbations," Economics Working Papers 1716, Department of Economics and Business, Universitat Pompeu Fabra.
    4. Koh, Rachel & Kern, Jordan & Galelli, Stefano, 2022. "Hard-coupling water and power system models increases the complementarity of renewable energy sources," Applied Energy, Elsevier, vol. 321(C).
    5. Prakash, Kushneel & Kumar, Sanjesh, 2021. "“Smoking your child’s job away”: Parental smoking during one’s childhood and the probability of being employed in adulthood," Journal of Business Research, Elsevier, vol. 136(C), pages 86-98.
    6. Budi, Rizki Firmansyah Setya & Sarjiya, & Hadi, Sasongko Pramono, 2021. "Multi-level game theory model for partially deregulated generation expansion planning," Energy, Elsevier, vol. 237(C).
    7. Régis Barnichon & Geert Mesters, 2020. "A Sufficient Statistics Approach for Macro Policy Evaluation," Working Papers 1171, Barcelona School of Economics.

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