Press releases overview
  1. USA: The ‘Mid-cycle’ adjustment in key interest rates is done.
  2. Euro Area: Germany could be the weakest link
Quarterly Macroeconomic Outlook: Lower growth ahead
  • Global economic prospects further weakened as trade disputes remain unsolved. Deceleration has become increasingly synchronized.
  • Conflicting business cycle signals raise the uncertainty about the short-term Euro Area outlook. Sentiment and growth have been slowing, yet labor markets appear robust.
  • Austria’s economy is cooling. While household consumption and construction provide support, manufacturing industries herald a slowdown.
  • Central- and Eastern Europe continues to outpace growth in the Euro Area. It is unlikely that the region can fully decouple from the Euro Area business cycle, yet substantial improvements in labor markets have made CEE more resilient.
  • Leading central banks (ECB & Fed) have added monetary policy stimulus. Without a major reversal in monetary policy, the current low-yield environment will endure over the medium-term.
Macroeconomic effects of unconventional monetary policy & the ECB’s new stimulus package
  • New monetary stimulus package lowers the deposit facility rate to -0.5 % and restarts QE at a monthly pace of 20 billion Euro (open ended).
  • Previous unconventional monetary policy has led to a rise in inflation by 0.6 %-age points.
New ECB QE and its effects on interest rates
  • The ECB is expected to introduce new unconventional monetary policy measures.
  • First, we calculate the free-float of German government bonds, which has become very low.
  • In addition, we make use of recent evidence about QE effects on term premia to sketch monetary policy options.
Challenges for Monetary Policy: News from the Jackson Hole Economic Symposium
  • Trade policy uncertainty is the Fed’s main concern and cannot be easily incorporated into its monetary policy framework.
  • Further clarification of central bank communication can shield from the perception that monetary policy decisions might be politically motivated, Orphanides suggests.
  • Jordà and Taylor argue that central banks cannot escape adopting a global perspective in setting monetary policy.
  • An international perspective is also emphasized by Kalemli-Özcan who focuses on international spillovers of US monetary policy stressing the importance of changes in risk perception.
  • Krishanumurthy and Lustig emphasize the continued importance of the US dollar exchange rate in the global credit cycle, driven by the convenience yield of US Treasuries.
  1. Central Europe: Resilience weakens
  2. Russia: Growth variability
Load more

Welcome

to our Online Press Center for media and journalists with our latest press releases and downloads.


Sign up

If you would like to receive our latest press releases automatically, just sign up for our mailing list here:

Mailing list

Contact

UNIQA Group Communication
Untere Donaustraße 21 
1029 Wien
Austria
Tel: +43 1 211 75-3440
Fax: +43 1 211 75-3619 
E-Mail: presse@uniqa.at 

UNIQA Group Communication
Untere Donaustraße 21 
1029 Wien
Austria
Tel: +43 1 211 75-3440 
Fax: +43 1 211 75-3619 
E-Mail: presse@uniqa.at 

Gregor Markus Bitschnau, Konzern-Pressesprecher
 
Untere Donaustraße 21
1029 Wien
Tel: +43 1 211 75-3440
Mobil: +43 664 889 155 64
Fax: +43 1 211 75-3619

Norbert Heller

Untere Donaustraße 21
1029 Vienna
Tel: +43 1 211 75-3414 
Mobil: +43 664 112 02 37 
Fax: +43 1 211 75-3619 

Top Releases

UNIQA Capital Markets Weekly
      
  1. USA: The ‘Mid-cycle’ adjustment in key interest rates is done.
  2. Euro Area: Germany could be the weakest link

UNIQA Capital Markets Weekly
      
Quarterly Macroeconomic Outlook: Lower growth ahead
  • Global economic prospects further weakened as trade disputes remain unsolved. Deceleration has become increasingly synchronized.
  • Conflicting business cycle signals raise the uncertainty about the short-term Euro Area outlook. Sentiment and growth have been slowing, yet labor markets appear robust.
  • Austria’s economy is cooling. While household consumption and construction provide support, manufacturing industries herald a slowdown.
  • Central- and Eastern Europe continues to outpace growth in the Euro Area. It is unlikely that the region can fully decouple from the Euro Area business cycle, yet substantial improvements in labor markets have made CEE more resilient.
  • Leading central banks (ECB & Fed) have added monetary policy stimulus. Without a major reversal in monetary policy, the current low-yield environment will endure over the medium-term.

UNIQA Capital Markets Weekly
      
Macroeconomic effects of unconventional monetary policy & the ECB’s new stimulus package
  • New monetary stimulus package lowers the deposit facility rate to -0.5 % and restarts QE at a monthly pace of 20 billion Euro (open ended).
  • Previous unconventional monetary policy has led to a rise in inflation by 0.6 %-age points.