In particular, a disproportionate part of the investment boom of the nineties can be attributed to investment in computers, software, and communications equipment, so that an important step toward explaining the overall boom in investment is explaining the surge in these high-tech categories.
A reassessment of the ECB’s monetary policy strategy is all the more necessary given both the long-term low inflation – or ‘lowflation’ – and the damage wrought by the Covid-19 pandemic.1 The strategy review will cover a wide range of subjects, including climate change and digitalization, and it is supported by in-depth analyses of the forces that drive inflation dynamics today – or rather, slow them down.