Andreas Breitenfellner () (Oesterreichische Nationalbank) Johannes Elsinger () (Oesterreichische Nationalbank) Klaus Vondra () (Oesterreichische Nationalbank)
Abstract
Global economic activity continued to look robust at mid-2007. In the U.S.A., however, it is currently uncertain how large the impact of the August 2007 crisis in the real estate sector on the real economy will be. Strong growth in the second quarter of 2007 was primarily characterized by dynamic net exports but also by a very modest rise in private consumption. The U.S. Federal Reserve System first reacted to short-term liquidity constraints by unexpectedly cutting its discount rate. After having identified risks to growth, it later reduced the federal funds rate and again cut the discount rate. Economic recovery is slowing in Japan............ JEL classification: D12, D14, D91
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