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The digital economy and the euro area

Author

Listed:
  • Anderton, Robert
  • Jarvis, Valerie
  • Labhard, Vincent
  • Petroulakis, Filippos
  • Rubene, Ieva
  • Vivian, Lara

Abstract

Digitalisation – the diffusion of digital technologies, leading to a digital economy is “virtually everywhere”. It transforms economies, making it an important issue from a central banking perspective. Some of the key effects of digitalisation relevant to monetary policy relate to output and productivity, labour markets, wages and prices. This article summarises and updates the evidence on the euro area and the EU digital economy. This article also takes a closer look at the impact of the coronavirus (COVID-19) pandemic on the digital economy, both in the short term and beyond. JEL Classification: E22, E24, E31, E32, O33, O52

Suggested Citation

  • Anderton, Robert & Jarvis, Valerie & Labhard, Vincent & Petroulakis, Filippos & Rubene, Ieva & Vivian, Lara, 2021. "The digital economy and the euro area," Economic Bulletin Articles, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbart:2021:0008:3
    Note: 339014
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2021/html/ecb.ebart202008_03~da0f5f792a.en.html
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    Citations

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    Cited by:

    1. Modery, Wolfgang & Valderrama, Maria Teresa & Lopez-Garcia, Paloma & Albani, Maria & Anyfantaki, Sofia & Baccianti, Claudio & Barrela, Rodrigo & Bodnár, Katalin & Bun, Maurice & De Mulder, Jan & Falck, 2021. "Key factors behind productivity trends in EU countries," Occasional Paper Series 268, European Central Bank.
    2. Consolo, Agostino & Cette, Gilbert & Bergeaud, Antonin & Labhard, Vincent & Osbat, Chiara & Kosekova, Stanimira & Anyfantaki, Sofia & Basso, Gaetano & Basso, Henrique & Bobeica, Elena & Ciapanna, Eman, 2021. "Digitalisation: channels, impacts and implications for monetary policy in the euro area," Occasional Paper Series 266, European Central Bank.
    3. Koester, Gerrit & Lis, Eliza & Nickel, Christiane & Osbat, Chiara & Smets, Frank, 2021. "Understanding low inflation in the euro area from 2013 to 2019: cyclical and structural drivers," Occasional Paper Series 280, European Central Bank.

    More about this item

    Keywords

    covid19; digital technology; inflation; labour market; prices; productivity; technology shocks/adoption/diffusion;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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