Reproduction

Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

Retrieved on: 
Saturday, February 17, 2024
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This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

Key Points: 
  • This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
  • We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

Creative Learning Platform Skillshare Helps Creative Professionals Maximize the Highly Anticipated Animation App Procreate Dreams™ with New Partnership and Exclusive Content from its Top Teachers

Retrieved on: 
Friday, February 16, 2024

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Skillshare, the world's largest online community for creatives, has teamed up with the new animation app Procreate Dreams™ to develop a customized series of content that teaches students how to use and optimize tools from the highly anticipated animation software.

Key Points: 
  • Each Skillshare teacher brings their own unique style and engages an audience of creative professionals and hobbyists who want to expand their creative skills.
  • "This partnership underscores the powerful synergy between Procreate and Skillshare, both dedicated to bringing creative education and exploration to the fore," comments Alicia Hamilton-Morales, SVP of Content, Community and Marketing with Skillshare.
  • "Together, we aim to empower individuals to explore and enhance their skills with the newly released app, Procreate Dreams.
  • Procreate CMO Nathan Clegg comments, "Procreate Dreams marks a major chapter for both Procreate and the animation industry.

Creative Learning Platform Skillshare Helps Creative Professionals Maximize the Highly Anticipated Animation App Procreate Dreams™ with New Partnership and Exclusive Content from its Top Teachers

Retrieved on: 
Friday, February 16, 2024

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Skillshare, the world's largest online community for creatives, has teamed up with the new animation app Procreate Dreams™ to develop a customized series of content that teaches students how to use and optimize tools from the highly anticipated animation software.

Key Points: 
  • Each Skillshare teacher brings their own unique style and engages an audience of creative professionals and hobbyists who want to expand their creative skills.
  • "This partnership underscores the powerful synergy between Procreate and Skillshare, both dedicated to bringing creative education and exploration to the fore," comments Alicia Hamilton-Morales, SVP of Content, Community and Marketing with Skillshare.
  • "Together, we aim to empower individuals to explore and enhance their skills with the newly released app, Procreate Dreams.
  • Procreate CMO Nathan Clegg comments, "Procreate Dreams marks a major chapter for both Procreate and the animation industry.

Procedural advice to applicants/marketing authorisation holders on re-examination of CVMP opinions (according to Regulation (EU) 2019/6)

Retrieved on: 
Friday, February 16, 2024

6 February 2024

Key Points: 
    • 6 February 2024
      EMA/CVMP/321528/2017 ? Rev.3
      Committee for Veterinary Medicinal Products (CVMP)

      Procedural advice to applicants/marketing authorisation
      holders on re-examination of CVMP opinions

      Table of contents
      1.

    • Assessment of the applicant?s/marketing authorisation holder?s detailed grounds for reexamination of the CVMP opinion ................................................................................ 5
      4.4.1.
    • Timetable for re-examination of opinions for work-sharing procedures, variations
      requiring assessment, referrals and establishment of maximum residue limits ................... 7
      4.4.3.
    • This document describes the procedure and gives guidance for the re-examination of
      different types of opinions of the Committee for Veterinary Medicinal Products (CVMP).
    • The conclusions reached and the reasons for those conclusions shall be annexed to its
      opinion and shall form an integral part thereof.
    • Within 15 days of the re-examination of its opinion, the Agency shall forward its opinion to the
      Commission and the applicant.
    • The re-examination procedure is not applicable for CVMP opinions on procedures according to
      Articles 54(8), 130(4), 141(1)(c) or (e) of Regulation (EU) 2019/6 as this is not foreseen in the
      legislation.
    • Applicant?s/marketing authorisation holder?s request for reexamination
      Within 15 calendar days of receipt of the CVMP opinion (date of receipt by applicant/MAH as
      documented by Eudralink), the applicant/MAH may request a re-examination of the CVMP opinion.
    • For further
      details see CVMP rules on appointment and responsibilities of the CVMP rapporteur and co-rapporteur
      in accordance with Article 140(6) of Regulation (EU) 2019/6, and peer reviewer.
    • Day 80
      Day 90

      Adoption of final CVMP opinion and assessment report (following an oral
      explanation by applicant to the CVMP, if applicable).

    • Day 50
      Day 60

      Adoption of final CVMP opinion and assessment report (following an oral
      explanation by applicant/MAH to the CVMP, if applicable).

    • Oral explanation at CVMP meeting
      The applicant/MAH has the right to be heard by the CVMP in an oral explanation.
    • CVMP final opinion on re-examination
      The procedure for adoption of the final CVMP opinion at the CVMP meeting follows the principles
      described in the CVMP rules of procedure.
    • Information to be made available to the public
      The start of a re-examination procedure will be mentioned in the CVMP meeting highlights.
    • summary of opinion, EPAR,
      refusal EPAR, questions and answers on referrals, all annexes of the CVMP opinion, etc.).

FreezeM Raises $14.2M in Series A to Accelerate Market Expansion in the Insect Protein Industry

Retrieved on: 
Thursday, February 15, 2024

NAHSHONIM, Israel, Feb. 15, 2024 /PRNewswire/ -- FreezeM, an Agri-tech pioneering biotechnology company that offers Breeding-as-a-Service (BaaS) for Black Soldier Fly (BSF) protein factories, announced today the closure of $14.2 million in Series A funding. The funding round was led by a group of seasoned industrial investors and the prestigious European Innovation Council Fund (EIC Fund), along with FreezeM's existing investors and partners. The funding will be used to accelerate the growth of the company's breeding hubs network and commercialize its novel solutions at scale, accommodating the rapidly increasing market demand.

Key Points: 
  • Traditionally BSF breeding is a major bottleneck in industrial scale insect protein production, requiring unique bio-expertise to tackle inherent colony instabilities and technological gaps.
  • By eliminating these industry constraints, PauseM® not only promotes sector growth but also facilitates scaling of the global insect protein industry.
  • FreezeM takes the breeding hurdle out of the equation, streamlining insect protein production and making it more efficient and accessible from new entrants to veteran market players.
  • Our technology unleashes the insect market from its shackles and will propel the insect protein market to fulfill its true potential," said Dr. Yuval Gilad, Co-founder and CEO of FreezeM.

FreezeM Raises $14.2M in Series A to Accelerate Market Expansion in the Insect Protein Industry

Retrieved on: 
Thursday, February 15, 2024

NAHSHONIM, Israel, Feb. 15, 2024 /PRNewswire/ -- FreezeM, an Agri-tech pioneering biotechnology company that offers Breeding-as-a-Service (BaaS) for Black Soldier Fly (BSF) protein factories, announced today the closure of $14.2 million in Series A funding. The funding round was led by a group of seasoned industrial investors and the prestigious European Innovation Council Fund (EIC Fund), along with FreezeM's existing investors and partners. The funding will be used to accelerate the growth of the company's breeding hubs network and commercialize its novel solutions at scale, accommodating the rapidly increasing market demand.

Key Points: 
  • Traditionally BSF breeding is a major bottleneck in industrial scale insect protein production, requiring unique bio-expertise to tackle inherent colony instabilities and technological gaps.
  • By eliminating these industry constraints, PauseM® not only promotes sector growth but also facilitates scaling of the global insect protein industry.
  • FreezeM takes the breeding hurdle out of the equation, streamlining insect protein production and making it more efficient and accessible from new entrants to veteran market players.
  • Our technology unleashes the insect market from its shackles and will propel the insect protein market to fulfill its true potential," said Dr. Yuval Gilad, Co-founder and CEO of FreezeM.

Luis de Guindos: Monetary policy, financial stability and medium-term growth in the euro area

Retrieved on: 
Thursday, February 15, 2024

Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.

Key Points: 
  • Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.
  • The model provides estimates of market-based expectations for core inflation, as well as core inflation risk premia, at daily frequency, whereas core inflation expectations from surveys or macroeconomic projections are typically only available monthly or quarterly.

Piero Cipollone: Preserving people’s freedom to use a public means of payment: insights into the digital euro preparation phase

Retrieved on: 
Thursday, February 15, 2024

Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.

Key Points: 
  • Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.
  • The model provides estimates of market-based expectations for core inflation, as well as core inflation risk premia, at daily frequency, whereas core inflation expectations from surveys or macroeconomic projections are typically only available monthly or quarterly.

Measuring market-based core inflation expectations

Retrieved on: 
Thursday, February 15, 2024

Abstract

Key Points: 
    • Abstract
      We build a novel term structure model for pricing synthetic euro area core inflation-linked
      swaps, a hypothetical swap contract indexed to core inflation.
    • The model provides estimates of market-based expectations for core inflation, as
      well as core inflation risk premia, at daily frequency, whereas core inflation expectations from
      surveys or macroeconomic projections are typically only available monthly or quarterly.
    • We
      find that core inflation-linked swap rates are generally less volatile than headline inflationlinked swap rates and that market participants expected core inflation to be substantially
      more persistent than headline inflation following the 2022 energy price spike.
    • In this paper, we aim to infer market-based core inflation expectations, which are otherwise
      not directly observable because no financial asset directly tied to core inflation exists.
    • We deem this second assumption reasonable because HICP inflation itself is a linear combination
      of core as well as energy and food inflation.
    • The level of 2 percent and relatively low volatility of
      long-term inflation expectations suggests that inflation expectations are firmly anchored at the
      ECB?s 2 percent inflation target.
    • This assumption appears reasonably uncontroversial,
      as core inflation is a sub-component of headline inflation, which the observable headline ILS
      rates are tied to.
    • Our estimates of core ILS rates reflect both market participants? genuine core
      inflation expectations and a core inflation risk premium, but our model explicitly allows for
      this decomposition.
    • The model-implied estimates of core ILS rates appear reasonable along several dimensions:
      (i) like realized core inflation is less volatile than headline inflation, the core ILS rates are less
      volatile than headline ILS rates, (ii) core ILS rates comove less with oil prices than headline
      ILS rates, (iii) the core inflation expectations, as reflected in core ILS rates, typically evolve
      similarly as the core inflation projections by Eurosystem staff, and (iv) consistent with market
      commentary at the time, core ILS rates suggest that market participants expected core inflation
      to be substantially more persistent than headline inflation following the 2022 energy price spike.
    • To the best of our knowledge, we are the first to price core ILS rates and decompose them into
      market-based expectations for and risks around the core inflation outlook.
    • Our approach to inferring core ILS
      rates from headline ILS rates, realized headline and core inflation as well as survey expectations
      for headline and core inflation is also related to Ang et al.
    • Relative
      to their study, we separately measure core inflation expectations and risk premia, we provide
      core inflation expectations at a higher-frequency, and we provide evidence on the causal effects

      ECB Working Paper Series No 2908

      6

      of monetary policy shocks on core inflation expectations and risk premia.

    • Specifically, we decompose the synthetic core ILS rates
      into average expected core inflation over the lifetime of the swap contract and a core inflation
      risk premium that compensates investors for core inflation risk.
    • In
      our model below, this term is constant over time and relatively small, so we will simply refer
      to the core inflation risk premium as the difference between the core ILS rate and the average
      expected core inflation over the lifetime of the swap contract.
    • 3.2

      Core ILS rates

      To have a joint model for headline and core ILS rates, we need one further assumption on the
      dynamics of realized core inflation.

    • The assumption that core inflation is driven by the same set of factors as headline inflation
      should be relatively uncontroversial: since headline inflation is a weighted average of core and
      food and energy inflation, it should reflect any factors driving core inflation.
    • If there are factors
      driving food and energy inflation, which do not show up in core inflation, then those factors
      should still show up in headline inflation.
    • In step two, to be able to infer the factor
      loadings of core inflation, we would regress realized core inflation onto the estimated latent
      factors to identify the additional parameters in equation (12).
    • Before the fourth
      quarter of 2016, the SPF did not ask respondents for their core inflation expectations, so we
      are not able to use survey-based information about core inflation before then.
    • Before
      2016, the fitted core inflation series is somewhat above the realized one, potentially reflecting
      that the model has limited information about core inflation over this early period due to the
      lack of information about core inflation from surveys.
    • This could have been the
      case if one of the factors moved core inflation and energy and food inflation in exactly offsetting
      direction, so the overall impact on headline inflation was exactly zero.
    • During 2021, for example, there were

      ECB Working Paper Series No 2908

      25

      Figure 7: Decomposition of synthetic core ILS rates
      2y core ILS

      5y core ILS

      5
      4

      5
      ILS

      premia

      exp

      4

      ILS

      premia

      exp

      3

      3

      2

      2

      1

      1

      0

      0

      -1

      -1

      -2
      2017 2018 2019 2020 2021 2022 2023

      -2
      2017 2018 2019 2020 2021 2022 2023

      10y core ILS

      5y5y core ILS

      5
      4

      5
      ILS

      premia

      exp

      4

      ILS

      premia

      exp

      3

      3

      2

      2

      1

      1

      0

      0

      -1

      -1

      -2
      2017 2018 2019 2020 2021 2022 2023

      -2
      2017 2018 2019 2020 2021 2022 2023

      Note: Synthetic core ILS rates decomposed into genuine core inflation expectations and core inflation risk
      premia.

    • ECB Working Paper Series No 2908

      26

      Figure 8: Decomposition of ILS rates
      2y ILS

      5y ILS

      5
      4

      5
      ILS

      premia

      exp

      4

      3

      3

      2

      2

      1

      1

      0

      0

      -1

      -1

      -2
      2006

      2010

      2014

      2018

      2022

      -2
      2006

      ILS

      2010

      10y ILS

      2018

      2022

      5
      ILS

      premia

      exp

      4

      3

      3

      2

      2

      1

      1

      0

      0

      -1

      -1

      -2
      2006

      2014

      exp

      5y5y ILS

      5
      4

      premia

      2010

      2014

      2018

      2022

      -2
      2006

      ILS

      2010

      premia

      2014

      2018

      exp

      2022

      Note: ILS rates decomposed into genuine core inflation expectations and core inflation risk premia.

    • We find that the headline inflation risk premium
      indeed does responds more strongly than the core inflation risk premium.
    • The key
      assumption underlying our approach is that traded headline ILS rates span core inflation, which

      ECB Working Paper Series No 2908

      35

      should be reasonably uncontroversial as core inflation is a sub-component of headline inflation.

    • We fit the model to euro area headline ILS rates, realized headline and core inflation, and
      both headline and core inflation expectations reported in the SPF.
    • Decomposing our core ILS rates into genuine core inflation expectations and core
      inflation risk premia shows that shorter maturities mainly reflect core inflation expectations,
      while the core inflation risk premium matters relatively more for longer maturities.
    • Our results suggest that a monetary policy tightening surprise significantly lowers
      near-term core inflation expectations, although less so than it lowers headline inflation expectations.