Competitiveness Research Network (CompNet)

CompNet news

Description of CompNet activities

"A competitive economy, in essence, is one in which institutional and macroeconomic conditions allow productive firms to thrive. In turn, the development of these firms supports the expansion of employment, investment and trade."
(Mario Draghi, 2012)

Our objective is to identify

  • what drives the dynamics of competitiveness and productivity in EU countries and firms;
  • how such indicators relate to policy outcomes (e.g. exports, economic growth).

This research is relevant for

  • supporting EU country surveillance analysis,
  • identifying factors that may hamper efficient monetary transmission in the euro area.

In order to achieve our objective we address competitiveness issues, taking a broad perspective, encompassing macro, firm-level and cross-border aspects and exploiting cross-country information. These two aspects of CompNet – its multi-dimensional and cross-country approach to competitiveness – are what make it a unique forum for research.

The Competitiveness Research Network (CompNet) was established in March 2012. The network has participants from all EU national central banks, as well as from international organisations interested in competitiveness issues.

Synthetic description of CompNet activities

Source: ECB.

Data

If you wish to contact us, please write to compnet@ecb.europa.eu .

Data Governance Rules

Organisation

CompNet is organised into three work streams:

  1. Aggregate Measures of Competitiveness
  2. Firm-Level
  3. Global Value Chains

Work stream 1 (WS1) – Aggregate-macro indicators

Workstream 1 handles the macro-aggregate analysis, which relies on competitiveness measured at the country level. This includes all analyses aimed at explaining trade results that are dependent on price factors and non-price factors.

First results

Research has shown that on the aggregate, macro side, additional "non-price" factors are confirmed as playing a key role in explaining trade results. CompNet has developed a number of indicators that are more sophisticated than the ones traditionally used for policy analysis. These indicators include:

  • quality-adjusted export prices:
  • product and geographical sophistication:
  • the barometer of competitiveness pressure:
  • the extensive and intensive margins of trade.
Ongoing projects
  • Competitiveness Assessment Toolkit (aimed at building a coherent framework to link trade outcomes and indicators)
  • Case study of the automotive sector (research across work streams)
  • Trade elasticities (augmented for considering intra- and extra-euro area trade)
  • Unit labour costs and exports (jointly with Deutsche Bundesbank and Oesterreichische Nationalbank)
  • Transmission of shock in capital flows and competiveness in selected European economies (Eesti Pank and De Nederlandsche Bank)
Relevant papers - work stream 1

Work stream 2 (WS2) - Firm-level

Work stream 2 concentrates on research based on firm-level data. This analysis draws on the rather extensive literature, which includes a very high number of contributions by NCBs, assessing the relationship between the internationalisation of production, firm-level costs and productivity on the one hand, and additional firm characteristics, such as the financial position of the firm, on the other. The focus is on cross-country comparisons, as well as the interaction between firm-level and aggregate information.

First results

CompNet research has confirmed the existence of significant heterogeneity in firms’ performance even within narrowly defined sectors in all countries. The dynamics in terms of employment creation or unit labour cost and total factor productivity growth are very different for low and high productivity firms, even when they are operating in the same industry. In order to make progress in this field, CompNet has created an active network of 13 country teams, which will soon be expanded to include four more. These teams are independently running a common algorithm to compute indicators related to sectoral labour and total factor productivity dynamics, unit labour costs and allocative efficiency; this approach was chosen in order to deal with firm-level data confidentiality.

Firm-level indicators highlight three main stylised facts:

  • firms’ productivity is highly heterogeneous across sectors, but even more so within sectors;
  • allocative efficiency varies widely across countries and time periods;
  • a positive relationship exists between labour productivity and size, and with export activities.

These results imply that there is considerable potential to boost overall productivity by fostering the reallocation of resources within and across industries, over and above enhancing the productivity of incumbent firms.

Ongoing projects
  • Another round of the DO.file is being developed, aimed at providing answers to specific policy questions ("Modules"). This round will add new variables, especially financial indicators and others related to trade. Other variables related to GVC are also being considered.
  • An important issue to be tackled by the new DO.file round: estimating mark-ups at the firm level so differences between exporting and non-exporting firms can be analysed.
Relevant papers - work stream 2

Work stream 3 (WS3) – Global value chains (GVC)

Work stream 3 concentrates on the globalisation of production processes and its impact on traditional assessments of trade and competitiveness. The work stream has heavily drawn from databases and analyses developed in a number of international organisations, members of the network, which are leading in the field, such as the OECD, the United States International Trade Commission and the World Bank. Against this background, the work stream is currently working on the development of GVCs in Europe, as well as separating out the impact of GVCs on competitiveness assessments.

First results

At the cross-border level, CompNet research aims at examining the impact of integration within global value chains (GVCs) on the assessment of competitiveness. CompNet has functioned as a hub for databases and methodologies by collaborating with institutions worldwide that have conducted advanced research on constructing appropriate databases.

Focusing on European countries, CompNet has computed a number of indicators, including

  • the decomposition of the added value embedded in national exports;
  • their degree of integration within GVCs;
  • their position in GVCs.
Ongoing projects
  • The role of the impact of extra-euro area economic shocks on intra-euro area imbalances;
  • Project focusing on the impact of GVCs on the assessment of competitiveness (involving output from WS1);
  • Project focusing on the use of firm-level data to assess participation in GVCs and to discuss the role of domestic linkages in the performance of exporting firms (involving output from WS2, in the context of the DO.File exercise).
Relevant papers - work stream 3

Research questions

The following specific research questions underline the work of CompNet and indicate the progress achieved so far.

How can we enrich the traditional framework for assessing competitiveness?

Traditional macro indicators – mostly price/cost based – have increasingly exhibited lower explanatory power for trade developments and related imbalances. CompNet’s objective is to enhance the strength of indicators regularly used, drawing from three perspectives;

  • Aggregate-macro indicators
  • Firm-level
  • Global Value Chains (GVCs)

On the macro front , new indicators are being developed based on detailed six-digit product-level statistics, which mainly investigate non-price competitiveness aspects. On the micro front , efforts are being dedicated to the creation of a new database suitable for providing cross-country indicators on firm-level productivity and its drivers. At the cross-border level , new indicators break down the added value incorporated at various stages of production internationally in order to gauge the necessary changes in the traditional competitiveness assessment.

The ultimate aim is to create a comprehensive view of a country’s competitiveness by providing information from indicators at all levels of analysis: macro, micro and cross-border.

What is the quantitative impact of competitiveness drivers on policy outcomes, such as trade, employment and growth?

The ultimate aim of CompNet is to provide empirical and theoretical support for the link between outcomes and drivers at the macro, micro and cross-border levels.

At the macro level , a purely empirical exercise (based on a Bayesian Model Selection approach) is being undertaken to quantify the relative importance of various macroeconomic, structural and institutional indicators for trade outcomes. On the micro front, the following links are currently being investigated:

  • distribution of productivity – trade;
  • trade – productivity – regulation;
  • trade – productivity – financial constraints.

On the cross-border front , special attention is being paid to the impact on employment of participation in GVCs.

What is the relationship between the accumulation of external imbalances and competitiveness dynamics?

Accumulations of external imbalances and persistently diverging economic developments across Member States have a strong impact on the effectiveness of monetary policy across euro area countries. However, depending on their nature, external deficits are not necessarily a sign of a loss of competitiveness and may not require policy intervention (e.g. in the case of economies that are "catching up").

Currently CompNet research is investigating the complex link between competitiveness enhancement and the adjustment of macroeconomic imbalances, complementing traditional macro analysis with insights from firm-level data on productivity; furthermore, it places the problem of adjusting imbalances in the context of increasing integration in GVCs and an increased import content within exports.

What are the drivers of resource reallocation across and within sectors in order to improve the productivity performance of a country?

A major aim of the Network is to underline the importance for policy to look at the shape of firm-level productivity distribution, rather than to the simple average. The main reasons are that the impact of a given shock might differ depending on the underlying distribution of firms’ performance. Moreover, existing high heterogeneity and skewness of firm distribution gives scope to enhance overall productivity via resource reallocation across firms. To this purpose, the research output consists first in developing synthetic indicators of allocative efficiency across countries and second in identifying the policies that can improve resource reallocation with minimum adjustment costs.

How can micro-founded performance indicators be reconciled and used in parallel with macro indicators of competitiveness?

The ongoing projects aim at using the micro data that has been gathered to validate the available macro statistics. With our firm-level data we can improve the understanding of the dynamics that profit shares and mark-ups have created in some (periphery) countries since the beginning of the crisis. In addition, we can provide superior labour productivity levels and growth rates that do not suffer from the problems that stem from using aggregate figures. Furthermore, we can improve the forecasting power of macro models by using micro forecasts of productivity growth.

Against this background, a competitiveness diagnostic toolkit is currently being designed to serve monitoring and policy purposes; this toolkit comprises both macro and firm-level indicators that are able to shed light on the salient features of the European economies..

How do GVCs (architecture, integration, position) affect the assessment of competitiveness?

The ongoing CompNet work makes use of indicators based on added value (computed using global input-output tables) in order to assess the impact of GVCs on competitiveness outcomes, such as RCAs, employment and GVC income. Therefore, in this new light, a macro -mapping of trade patterns and partners within the euro area can be redrawn. A promising approach is to assess the drivers of GVC participation at the firm level .

Research output

CompNet Initial Quality Report

CompNet Recent and Forthcoming Journal Publications

CompNet approach to competitiveness: Results and policy use

Compendium on the diagnostic toolkit for Competitiveness

Pipeline

CompNet Interim Report

CompNet Policy Briefs

CompNet events

Past CompNet events

25-25 June 2015: CompNet conference “Enhancing competitiveness and fostering sustainable growth: methodological issues and empirical results”, European Central Bank, Frankfurt

26 - 27 March 2015: CompNet Workshop, Banco de Espana, Madrid

Thursday, 26 March 2015

  • Keynote speech by Luis Garicano, London School of Economics (LSE) “Can slow IT adoption explain productivity slowdown? Firm size and organizational change” Presentation

Plenary I: Foreign Direct Investment

  • “Who owns Europe’s firms? Globalization and foreign investment in Europe”, S. Kalemli-Özcan, V. Korsun, B. Sorensen
  • “How does multinational production and competitiveness affect the measurement of competitiveness?”, S. Federico, Presentation

Plenary II: Use of firm-level data for policy analysis

  • "Growing like Spain 1995 - 2007", M. García-Santana, E. Moral-Benito, J. Pijoan, Presentation
  • “Determinants of corporate investment and the financial crisis exploiting the micro CompNet data in the regression analysis framework”, MH. Felt, H. Chen & A. Ferrando, Presentation

Friday, 27 March 2015

  • Keynote speech by Gilbert Cette, Banque de France “Productivity trends from 1890 to 2012 in advanced countries”, Presentation

Plenary III: Trade

  • “Determinants of outward internationalisation mode choices of enterprises”, Siedschlag & G. Murphy
  • “Crisis severity and international trade network”, M.Endresz & F. Skudelny, Presentation
  • “Asymmetric shocks and asymmetric distributions”, F. Di Mauro & C. Vlad, Presentation

General discussion and wrap-up (Final Report Draft)

Workstream discussions (Days 1 and 2)

Workstream 1

  • “Measuring quality and selling capacity at a country-product level”, Francesco di Comite, Presentation
  • “Measuring the effectivenss of price cost competitiveness”, Styliani Christodoulopoulou, Presentation
  • “Current account and GDP a VAR approach”, Robert Vermeulen, Presentation
  • “Empirical Link between Firm-Level Indicators and Target Variables of Competitiveness: Bayesian Model Averaging Approach”, Benjamin Bluhm, Presentation
  • “Domestic demand and export performance in the euro area countries: Does export concentration matter?”, Paulo Soares Esteves, Presentation

Workstream 2

  • “Matching CompNet with WDN’s data”, Maddalena Ronchi
  • “Assessing the cleansing effect of the Great Recession across European countries”, Bartelsman, Lopez-Garcia and Presidente
  • “Financial frictions, misallocation and gains from trade”, Berthou, Manova and Sandoz, Presentation
  • “Spanish exporting firms. Stylised facts and recent trends”, González and Martín
  • “The cyclical behaviour of mark-ups: composition and changes in pricing strategies”, Lacuesta, Fernández, Montero and Urtasun Presentation
  • “Exchange rate movements, firm-level exports and heterogeneity”, Berthou, Demian and Dhyne, Presentation

Workstream 3

  • “FDI Impact on the productivity and employment of Spanish manufacturing firms”, Patrocinio Tello (Bank of Spain) and Antonio Rodrigues (Bank of Spain), Presentation
  • “FDI flows to advanced economies: to what extent do the structural factors matter?”, Selin Özyurt (ECB) and Guillaume Compeyron (ECB), Presentation
  • “Has the crisis changed the DNA of Belgian economy?”, Emmanuel Dhyne (National Bank of Belgium) and Cédric Duprez (National Bank of Belgium)

15 - 16 December 2014: CompNet Workshop, European Central Bank, Frankfurt

Monday, 15 December 2014

  • Keynote speech by E. Bartelsman, “Using micro-based data for research and policy analysis: lessons from 15 years of experience”, download keynote speech

Workstream discussions

Tuesday, 16 December 2014

  • Keynote speech by K. Manova: “The global production line position of Chinese firms”, download keynote speech
  • Plenary session: U. Cede, B. Chiriacescu, T. Lalinsky, J. Meriküll and Péter Harasztosi, “Export diversification and output volatility: Comparative firm-level evidence”, presentation , discussion
  • Conclusions of Advisory Board Meeting, download conclusions

18 – 19 September 2014: CompNet workshop, Banco de Portugal, Lisbon

Thursday, 18 September 2014

  • Keynote speech by Fabio Ghironi (University of Washington), "The Monetary Policy Implications of Market Reforms and Trade Integration", presentation

Session I - Monetary Policy and Firm Heterogeneity

Contributed papers:

  • Firm Heterogeneity, Access to External Financing and Firm Growth, presented by Iulia Siedschlag (European Commission, Joint Research Centre, Institute for Prospective Technological Studies), abstract
  • Firm-level Productivity and Exporting: Diagnosing the role of Financial Constraints, presented by Hylke Vandenbussche (European Commission), paper

Session II – Global Value Chains and International Trade (part I)

Contributed papers:

  • How Does Foreign Demand Activate Domestic Value Added? A Comparison Among the Major Euro-area Economies, presented by Rita Cappariello (Bancad’Italia), paper
  • The Value-added Trade Weighted Unit Labor Cost Indicator (TWULC) - An Alternative For Calculating Real Exchange Rates?, Presented by Maria Silgoner (Oesterreichische Nationalbank), abstract

Session II – Global Value Chains and International Trade (part II)

Contributed papers:

  • Firms and Aggregate Trade Performance (Higher moments), presented by Giorgio Barba Navaretti (University of Milan and Centro Studi Luca d’Agliano), abstract paper
  • Trade In Value Added And Multinational Groups, Presented by Carlo Altomonte (Bocconi University), presentation

Friday, 19 September 2014

Session III – Monetary Policy, financial Integration and firm/banks heterogeneity

  • Keynote speech by Dean Corbae (University of Wisconsin), presentation

Contributed papers:

  • The Risk-taking Channel Of Monetary Policy - Exploring All Avenues, Presented by Diana Bonfim (Banco De Portugal), paper
  • Competition in the Mexican Banking Industry, Presented by Bernardo Morais, paper

General discussion: CompNet Micro Database – Proposed Indicators and Ongoing Projects presentation

30 June – 01 July 2014: CompNet workshop, ECB, Frankfurt

Monday, 30 June 2014

  • K. Benkovskis et al., "Presentation of the CompNet compendium", presentation
  • N. Yamano, "Current developments and future expansions of the TiVA", presentation , paper
  • E. Dautovic et al., "Intra-industry trade between CESEE countries and the EU15", paper

Tuesday, 1 July 2014

Invited Speaker: Susanto Basu, "TFP: Consumption and investment technical change"

Session: Financial Flows

  • A. Hobza, S. Zeugner, "Current Accounts and financial flows in the euro area", presentation
  • C. Fons, Rosen et al., "Foreign Ownership, Selection, and Productivity", paper

Session: The new CompNet micro-based database II

  • N. Benatti et al, "The financial module I: Firms’ financing constraints, a multivariate approach", presentation

13-14 March 2014: CompNet workshop, Banca d’Italia, Rome

Thursday, 13 March 2014

  • Pre-meeting: Individual Workstream sessions | bilateral meetings
  • Welcome address by Eugenio Gaiotti (Director General for Economics, Statistics and Research, Banca D’italia)
  • Introduction Filippo di Mauro (Chairman CompNet)
  • Keynote speech by Gian Maria Milesi-Ferretti

Session I: Productivity and reallocation

  • Andrews, Criscuolo & Menon, "Do resources flow to innovative firms? Cross-country evidence from firm-level data"
  • E. Canton, "Business churn, sectoral performance and economic policy", paper , presentation
  • E. Dhyne, C. Fuss & P. Sevestre, "Export markets as Olympic games: It’s not only how high you jump but also whether you jump higher than others", presentation
  • Policy discussant: Eric Bartelsman (VU University Amsterdam) presentation
  • General discussion

Individual Workstream Sessions: Summary of morning meetings

  • P. Lopez-Garcia, V. Demian, I. Schott and N. Benatti Directorate, "The CompNet database 2.0: Some preliminary results", presentation

Friday, 14 March 2014

Session II: GVC and FDI

  • M. Timmer & de Vries, "Revealed comparative advantage at the task level – A GCV perspective", paper , presentation
  • R. Cappariello & A. Felettigh, "How does foreign demand activate domestic value added? A dashboard for the Italian economy", paper
  • V. Vicard, "Transfer pricing of multinational companies and aggregate trade"
  • Policy Discussion: Carlo Altomonte (Bocconi University) presentation
  • General discussion

Individual Workstream sessions

  • Pignatti, Pensa: Export competitiveness factors in the Eurozone countries: the Italian case, paper , presentation
  • Del Prete, Federico: Trade and finance: Is there more than just trade finance? Evidence from matched bank‐firm data, paper , presentation
  • D’Amato, Siangacomo, Tobal: Firms  Survival in Export Markets and Credit  Constraints ‐ Does foreign financing  matter? Evidence from micro data on  Argentine firms, paper , presentation
  • Verschelde, Dumont, Rayp, Merlevede: European competitiveness: A semipatric  stochastic metafrontier analysis at the firm  level, paper , presentation
  • Dhyne: The Belgian economy in the GVC – A microeconomic perspective, presentation
  • Blyde,  Molina:  Logistics  infrastructure  and  the  international  location  of  fragmented production, paper

Session III: External performance determinants: a cross-dimensional approach

  • C. Giordano & F. Zollino, "Measuring price competition and the impact on external performance of the largest economies in the euro area", presentation
  • M. Bugamelli & G. Barba Navaretti & E. Forlani & G. Ottaviano, "Firms and aggregate trade performance", presentation
  • Policy discussant: Fabiano Schivardi presentation
  • General discussion

Conclusions

12-13 December 2013: CompNet Workshop, European Central Bank, Frankfurt

    Thursday, 12 December 2013

    Session 1: Indicators for measuring competitiveness

    Session 2: Assessing External Imbalances

    Presentations within workstreams:

    WS1:

    WS2:

    WS3:

    Friday December 13, 2013

    • Invited Speaker: Kalina Manova (Stanford University), "Host Country Financial Development and MNC Activity"

    Session 3: Integration into GVCs

    19-20 September 2013: CompNet meeting at the Joint Vienna Institute, hosted by Oesterreichische Nationalbank, Vienna

    16-18 September 2013: CompNet training activity on Network Economics hosted by Oesterreichische Nationalbank, Vienna

    24-25 June 2013: CompNet meeting at the ECB, Frankfurt am Main

    Monday 24 June

    Session 1: Credit constraints: empirical micro studies

    Tuesday, 25 June

    Session 2: Trade in services

    Session 3: Global value chains

    Individual WS sessions – WS2

    16-17 April 2013: Joint CompNet-PIIE-World Bank Event, Washington, D.C.

    12-13 March 2013: CompNet meeting at the Central Bank of Ireland, Dublin

    Tuesday 12 March

    Session 1: Macro imbalances and competitiveness

    Session 2: Micro foundations of competitiveness

    Introduction and presentation of the interim report by Filippo di Mauro, Chairman of CompNet

    Wednesday, 13 March

    Session 3: Competitiveness and global value chains

    Individual WS sessions – WS1

    Individual WS sessions – WS2

    10-11 December 2012: CompNet meeting at the ECB, Frankfurt am Main

    Monday, 10 December

    Session 1

    Session 2

    Tuesday, 11 December

    Keynote Speech: Salvatore Rossi

    Session 3

    Individual WS sessions – WS2

    Individual WS sessions – WS3

     

    20-21 September 2012: CompNet meeting at the Banque de France, Paris

    Thursday, 20 September: Research Workshop

    Session 1: Microeconomic shocks and aggregate fluctuations

    Session 2: Trade and FDI

    Keynote speech: John Haltiwanger

    Session 3: Exporters’ dynamics

    Friday, 21 September: CompNet Sessions

    Session on services

    Individual WS sessions – WS1

    Individual WS sessions – WS2

     

    2-3 April 2012: CompNet meeting at the ECB, Frankfurt am Main

    Relevant External Events / Call for papers

    • 18-19 June 2015: Conference on “Structural reforms in the wake of recovery: Where do we stand?”, Banco de España, Madrid more
    • 23-25 October 2015 Comparative Analysis of Enterprise Data (CAED) Conference , Istanbul, Call for papers

    Staff and Particpants

    CompNet Structure

    Management

    Chairman: Filippo di Mauro

    • Workstream 1 Coordinators: Konstantins Benkovskis (Latvijas Banka), Pavlos Karadeloglou (ECB)
    • Workstream 2 Coordinators: Antoine Berthou (Banque de France), Paloma Lopez-Garcia (ECB)
      • Workstream 2 Financial Module Coordinator: Annalisa Fernando (ECB)
      • Workstream 2 Labour Module Coordinator: Paloma López-Garcia (ECB)
      • Workstream 2 Mark-up Module Coordinator: Joao Amador (Banco de Portugal)
      • Workstream 2 Trade Module Coordinator: Antoine Berthou (Banque de France)
    • Workstream 3 Coordinators: Joao Amador (Banco de Portugal), Frauke Skudelny (ECB)

    Participants

    Name Email / Website WS 1 WS 2 WS 3
    Banca d'Italia
    Matteo Bugamelli matteo.bugamelli@bancaditalia.it - X X
    Rita Cappariello rita.capariello@bancaditalia.it - - X
    Francesco Zollino francesco.zollino@bancaditalia.it X - -
    Banca Naţională a României
    Alexandru Leonte alexandru.leonte@bnro.ro X - -
    Bogdan Chiriacescu bogdan.chiriacescu@bnro.ro - X -
    Banco Central de la Republica Argentina
    Laura D´Amato ldamato@bcra.gov.ar - X -
    Maximo Sangiacomo maximo.sangiacomo@bcra.gov.ar X -
    Banco de España
    Cristina Fernández cfvidaurreta@bde.es - X -
    Cesar Martín cmartin@bde.es X -
    Carmen Martínez carmen.martinez@bde.es X -
    Jose Manuel Montero jmontero@bde.es X -
    Enrique Moral enrique.moral@bde.es X -
    Elvira Prades elvira.prades@bde.es X -
    Patrocinio Tello patry.tello@bde.es X -
    Banco de Portugal
    João Amador (Head WS3) Joao.Amador@bportugal.pt - X X
    Luca David Opromolla luca.opromolla@nyu.edu X -
    Pedro Portugal Jose.Pedro.Portugal.Dias@bportugal.pt X -
    Pedro Miguel Prego Pedro.Miguel.Prego@bportugal.pt X -
    Paulo Soares Esteves pmesteves@bportugal.pt X - -
    Elvira Prades ana.cristina.soares@bportugal.pt X -
    Bank of England
    Enrico Longoni Enrico.Longoni@bankofengland.gsi.gov.uk - - -
    David Ronicle David.Ronicle@bankofengland.gsi.gov.uk - - -
    Banka Slovenije
    Urska Cede urska.cede@bsi.si X X -
    Andreja Lenarcic andreja.lenarcic@bsi.si X X -
    Matija Lozej matija.lozej@bsi.si X - -
    Vesna Lukovic vesna.lukovic@bsi.si - X -
    Banque centrale du Luxembourg
    Muriel Bouchet muriel.bouchet@bcl.lu X - -
    David Dubois david.dubois@bcl.lu - - -
    Ladislaf Wintr Ladislav.Wintr@bcl.lu - X -
    Paolo Guarda palolo.guarda@bcl.lu - X -
    Banque de France
    Antoine Berthou (Head WS2) Antoine.berthou@banque-france.fr - X -
    Valérie Chauvin valerie.chauvin@banque-france.fr - - X
    Ladislaf Wintr Ladislav.Wintr@bcl.lu - - X
    Guillaume Gaulier Guillaume.GAULIER@banque-france.fr - X -
    Claude Lopez claude.lopez@banque-france.fr X - -
    Daniel Mirza Daniel.mirza@univ-tours.fr - X -
    Patrick Sevestre patrick.sevestre@banque-france.fr - X -
    Vincent Vicard Vincent.VICARD@banque-france.fr X X -
    Soledad Zignago Soledad.ZIGNAGO@banque-france.fr X X -
    BIS
    Giovanni Lombardo giovanni.lombardo@bis.org - - -
    Bocconi University
    Carlo Altomonte (consultant) carlo.altomonte@unibocconi.it - X X
    Central Bank of Croatia
    Gorana Lukinic gorana.lukinic@hnb.hr X X -
    Jurica Zrnc jurica.zrnc@hnb.hr - X -
    Central Bank of Cyprus
    Stephan Haroutunian StephanHaroutunian@centralbank.gov.cy X X -
    Central Bank of Ireland
    Martina Lawless martina.lawless@centralbank.ie X X -
    Central Bank of Malta
    Karen Caruana caruanak@centralbankmalta.org X X -
    Brian Micallef micallefb@centralbankmalta.org - X -
    Alfred Demarco demarcoa@centralbankmalta.org X X -
    Aaron Grech grecha@centralbankmalta.org - X -
    Central Bank of Turkey
    Soner Başkaya Soner.Baskaya@tcmb.gov.tr X X -
    Aslihan Atabek Demirhan aslihan.atabek@tcmb.gov.tr - X -
    Binnur Balkan Konuk Binnur.Balkan@tcmb.gov.tr - X -
    Česka Národni Banka
    Kamil Galuscak Kamil.Galuscak@cnb.cz X X X
    Danmarks Nationalbank
    Kim Abildgren kpa@nationalbanken.dk X - -
    De Nederlandsche Bank
    Eva Perridon e.a.perridon@dnb.nl - - -
    Steven Poelhekke s.poelhekke@dnb.nl - X X
    Robert Vermeulen r.j.g.vermeulen@dnb.nl X - -
    Deutsche Bundesbank
    Elena Biewen elena.biewen@bundesbank.de - X -
    Sven Blank sven.blank@bundesbank.de - X -
    Kirsten Lommatzsch kirsten.lommatzsch@bundesbank.de X - -
    Arne Nagengast arne.nagengast@bundesbank.de - - X
    EBRD
    Çağatay Bircan bircanc@ebrd.com - X -
    ECB
    Katarzyna Bankowska katarzyna.bankowska@ecb.europa.eu - X -
    Nicola Benatti Nicola.Benatti@ecb.europa.eu - X -
    Benjamin Bluhm benjamin.bluhm@ecb.europa.eu X - -
    Elena Bobeica Elena.Bobeica@ecb.int X - -
    Ettore Dorrucci (HoW1) ettore.dorrucci@ecb.int X - -
    Buelens Christian christian.buelens@ecb.europa.eu - - X
    Styliani Christodoulopoulou Styliani.Christodoulopoulou@ecb.europa.eu X - -
    Filippo di Mauro (Chair) filippo.di_mauro@ecb.europa.eu X X X
    Annalisa Ferrando annalisa.ferrando@ecb.int - X -
    Frauke Skudelny frauke.skudelny@ecb.europa.eu - - X
    Pavlos Karadeloglou (HoW1) pavlos.karadeloglou@ecb.int X - -
    Pierre Lamarche frauke.skudelny@ecb.europa.eu - - X
    Paloma López-García Paloma.lopez-garcia@ecb.europa.eu - X -
    Carlos Sanchez Munoz Carlos.Sanchez_Munoz@ecb.int - - -
    Roberta Serafini christian.buelens@ecb.europa.eu - X -
    Christian Buelens roberta.serafini@ecb.europa.eu - - X
    Tina Zumer tina.zumer@ecb.europa.eu - X -
    Juan Luis Diaz del Hoyo juan_luis.diaz_del_hoyo@ecb.europa.eu X - -
    Christophe Madaschi Christophe.Madaschi@ecb.europa.eu X - -
    Soren Radde Soren.radde@ecb.europa.eu X - -
    Giacomo Pongetti giacomo.pongetti@ecb.europa.eu X - -
    Eesti Pank
    Jaanika Merikyll jaanika.merikyll@eestipank.ee - X -
    Karsten Staehr karsten.staehr@eestipank.ee X - -
    Natalja Viilmann natalja.viilmann@eestipank.ee X - -
    EU Commission
    Erik Canton Erik.Canton@ec.europa.eu X - -
    Franceso Di Comite Franceso.DI-COMITE@ec.europa.eu - - -
    Isabel Grilo Isabel.Grilo@ec.europa.eu X X -
    Benedicta Marzinotto benedicta.marzinotto@ec.europa.eu X - -
    Hylke Vandenbussche Hylke.VANDENBUSSCHE@ec.europa.eu - X -
    Iulia Siedschlag iulia.siedschlag@ec.europa.eu - X -
    Stefan Zeugner Stefan.ZEUGNER@ec.europa.eu X - -
    Hungarian Academy of Sciences
    László Halpern (consultant) halpern@econ.core.hu - X -
    London School of Economics and Political Science
    Katja Neugebauer K.Neugebauer@lse.ac.uk - - -
    Gianmarco Ottaviano g.i.ottaviano@lse.ac.uk - X X
    ISTAT
    Davide Zurlo zurlo@istat.it - X -
    Stefania Rossetti strosset@istat.it - X -
    Filippo Oropallo oropallo@istat.it - X -
    Latvijas Banka
    Konstantins Bankovskis (HoW1) konstantins.benkovskis@bank.lv X X -
    Oleg Tkacevs Olegs.Tkacevs@bank.lv X X -
    Latvijas Banka | IMF
    Rudolf Bems RBems@imf.org X X -
    Lietuvos bankas
    Vetlov Dabušinskas adabusinskas@lb.lt X - -
    Ernestas Virbickas evirbickas@lb.lt - X -
    Mihnea Constantinescu Mconstantinescu@lb.lt - - X
    Magyar Nemzeti Bank
    Marianna Endrész valentinyinem@mnb.hu - - -
    Péter Harasztosi harasztosip@mnb.hu X X -
    Národná banka Slovenska
    Tibor Lalinský tibor.lalinsky@nbs.sk - X -
    Narodowy Bank Polski
    Michal Gradzewicz Michal.Gradzewicz@nbp.pl X - -
    Jan Hagemejer Jan.Hagemejer@stat.fi - X -
    Wojciech Mroczek Wojciech.Mroczek@nbp.pl X - -
    National Statistics Institute of Finland
    Satu Nurmi satu.nurmi@stat.fi - X -
    Nationale Bank van België / Banque Nationale de Belgique
    Hans Dewachter hans.dewachter@nbb.be - X -
    Emmanuel Dhyne emmanuel.dhyne@nbb.be - X X
    Martine Druant martine.druant@nbb.be X - X
    Cédric Duprez cedric.duprez@nbb.be X - -
    Catherine Fuss catherine.fuss@nbb.be - X -
    Glenn Schepens Glenn.Schepens@nbb.be - X -
    Marie Denise Zachary mariedenise.zachary@nbb.be - X -
    OECD
    Koen de Backer Koen.DeBacker@oecd.org - - X
    Oesterreichische Nationalbank
    Doris Ritzberger-Gruenwald doris.ritzberger-gruenwald@oenb.at - X -
    Maria Silgoner maria.silgoner@oenb.at X - -
    Alfred Stiglbauer alfred.stiglbauer@oenb.at - X -
    Julia Wörz julia.woerz@oenb.at - X X
    Rheinisch-Westfälisches Institut für Wirtschaftsforschung e.V. (RWI)
    Ronald Bachmann Ronald.Bachmann@rwi-essen.de - - -
    Standford University
    Kalina Manova manova@stanford.edu - X X
    Statistical Office of Ireland
    Gavin Murphy gavin.murphy@esri.eu - X -
    Statistical Office of Luxembourg
    Anne Dubrocard anne.dubrocard@statec.etat.lu - X -
    Statistical Office of the Netherlands
    Michael Polder jm.polder@cbs.nl - X -
    Statistical Office of Sweden
    Eva Hagsten eva.hagsten@scb.se - X -
    Suomen Pankki
    Juuso Vanhala juuso.vanhala@bof.fi - X -
    Trinity College Dublin
    Fadi Hassan FHASSAN@tcd.ie - X -
    University of Maryland
    John Haltiwanger haltiwan@econ.umd.edu - X -
    University of Milan
    Giorgio Barba Navaretti barba@unimi.it - X -
    University of Paris
    Lionel Fontagné lionel.fontagne@univ-paris1.fr - X -
    University of Pavia
    Emanuele Forlani emanuele.forlani@eco.unipv.it - X -
    US International Trade Commission
    Robert Koopman robert.koopman@usitc.gov - - X
    Vrije Universiteit
    Eric Bartelsman e.j.bartelsman@vu.nl - X -
    WIIW
    Robert Stehrer stehrer@wiiw.ac.at - - X
    Lucia Orszaghova lucia.orszaghova@nbs.sk - - -