Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/322024 
Year of Publication: 
2025
Series/Report no.: 
ECB Working Paper No. 3015
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper examines the great supply shock following the pandemic and the invasion of Ukraine, using a novel suite of supply indices. The suite has indices for the euro area total economy, euro area industries, sectors and countries. The suite also computes the contributions to the indices from supply drivers at origin, in transport, or at destination. The results from the suite show that the supply shock has had wide-spread effects, and that their dynamics have been industry-, sector- and country-specific. Supply conditions have been tighter for longer in the euro area than other areas, in automobile than digital and food industries, in services relative to other sectors, and in some countries than others. The drivers at home appear to account for an increasing share of the specificity at the end of the sample, and a broader data set helps to better capture these drivers. The results also confirm that the supply indices in the suite lag supply shocks and lead variables susceptible to the effects of supply shocks.
Subjects: 
supply conditions
supply chains
industries
sectors
euro area countries
JEL: 
C43
C82
E66
R32
R41
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7002-0
Document Type: 
Working Paper

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