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The role of supply and demand in the post-pandemic recovery in the euro area

Author

Listed:
  • De Santis, Roberto A.
  • Stoevsky, Grigor

Abstract

Since 2020 the euro area has been hit by a succession of extraordinary adverse shocks: the coronavirus (COVID-19) pandemic, global supply chain strains, Russia’s invasion of Ukraine and the related energy price hike. This article reviews the main developments in economic activity between the beginning of 2020 and the end of 2022. Empirical analysis shows that demand forces related to the reopening of the economy, the strong policy support over that period and, more recently, the absorption of the adverse shocks have contributed to the post-pandemic recovery. JEL Classification: E31, E37, E62, E63

Suggested Citation

  • De Santis, Roberto A. & Stoevsky, Grigor, 2023. "The role of supply and demand in the post-pandemic recovery in the euro area," Economic Bulletin Articles, European Central Bank, vol. 4.
    • Handle: RePEc:ecb:ecbart:2023:0004:1
    Note: 185689
    as

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    More about this item

    Keywords

    Business cycle; energy; uncertainty; pandemic; savings; supply chain;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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