Demand shocks strongly influence eurozone profit levels: ECB paper
The cross-sector variation in profits experienced within the eurozone’s largest economies is strongly linked to size of demand shocks, according to a European Central Bank paper published on Tuesday.
Laurent Maurin, Moreno Roma and Igor Vetlov, the paper’s authors, use a small-scale vector auto-regression model to examine the behaviour of profits in the manufacturing, construction and service sector in Germany, France, Italy and Spain between 1988 and 2010. The authors note that analysing profit
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