And of course, there is the very real risk of second round effects, that I will come to later. * At the same time, growth is slowing down. According to the flash estimate, euro area real GDP grew by 0.2% q-o-q in the third quarter of this year.
I don't know how the authors could go about testing whether the backgrounds of MPC members are systematically related to differences in forecasts or in risk assessments, but surely these are important possibilities. I was also struck by the finding that the output gap did not play a significant role in policy decisions.