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David Pichler

Former Research Assistant

David was a research assistant at Bruegel focusing on macroeconomic related topics, fiscal and monetary policy. Before joining Bruegel, David worked as a trainee at the European Central Bank as well as at the European Investment Bank. He obtained a Master’s degree in Economics from Warwick University after completing his undergraduate programme in Economics at University of Graz, Austria.

David has been working for the Austrian NGO Childrenplanet which supports projects in education, clean drinking water provision and health care in Cambodia. He is a native German speaker, fluent in English and has good knowledge in Spanish.

Contact information

[email protected]

Content related to David Pichler

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Blog Post

Whose (fiscal) debt is it anyway?

The authors map how much fiscal debt is in the hands of domestic and foreign holders in the euro area. While the market for debt was much more international prior to the crisis, this trend has since been reversed. At the same time, central banks have become important holders of fiscal debt.

By: Maria Demertzis, David Pichler and Bruegel Topic: Macroeconomic policy Date: February 6, 2019
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External Publication

Analysis of developments in EU capital flows in the global context

The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, aims to analyse capital movements in the European Union in a global context.

By: Grégory Claeys, Maria Demertzis, Konstantinos Efstathiou, Inês Goncalves Raposo, Alexander Lehmann and David Pichler Topic: Macroeconomic policy Date: January 17, 2019
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Policy Contribution

European Parliament

Excess liquidity and bank lending risks in the euro area

In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialogue, the authors clarify what excess liquidity is and argue that it is not a good indicator of whether banks’ have more incentives in risk-taking and look at indicators that might signal that bank lending in the euro area creates undue risks.

By: Zsolt Darvas and David Pichler Topic: European Parliament, Macroeconomic policy, Testimonies Date: September 26, 2018
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Policy Contribution

The macroeconomic implications of healthcare

Health-care systems play a crucial role in supporting human health. They also have major macroeconomic implications, an aspect that is not always properly acknowledged. Using a standard method to measure efficiency, data envelopment analysis (DEA), the authors find significant differences between countries. This finding calls for policy responses.

By: Zsolt Darvas, Nicolas Moës, Yana Myachenkova and David Pichler Topic: Macroeconomic policy Date: August 23, 2018
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Blog Post

Robots, ICT and EU employment

Disruptive technologies based on ICT, robots, and artificial intelligence have transformed labour markets through their important effects on employment. As the number of industrial robots continues to rise, our results imply that some measures to facilitate workforce transition and accommodate the rise of automation might be needed to maintain satisfactory labour market outcomes.

By: David Pichler, Georgios Petropoulos, Francesco Chiacchio and Bruegel Topic: Digital economy and innovation Date: June 15, 2018
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Working Paper

The impact of industrial robots on EU employment and wages: A local labour market approach

In theory, robots can directly displace workers from performing specific tasks (displacement effect). But they can also expand labour demand through the efficiencies they bring to industrial production (productivity effect). This working paper adopts the local labour market equilibrium approach developed by Acemoglu and Restrepo to assess which effects dominate and the impact of robots on wage growth and employment rate in Europe.

By: Francesco Chiacchio, Georgios Petropoulos and David Pichler Topic: Digital economy and innovation Date: April 18, 2018
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Blog Post

An update: sovereign bond holdings in the euro area – the impact of quantitative easing

Since the European Central Bank’s announcement in January 2015 of its quantitative easing programme, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating calculations that we published initially in May 2016.

By: Pia Hüttl and David Pichler Topic: Macroeconomic policy Date: October 10, 2017
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Blog Post

Employment in Europe and the US: the EU’s remarkable strength

The common narrative that the US labour market outperforms the EU is not as trustworthy as overall unemployment figures imply. There is a complex interaction between job creation, labour force participation and unemployment. Jobseekers leaving the labour market altogether was an important factor behind the reduction in US unemployment, while Europe’s job growth has been accompanied by increased labour force participation.

By: Zsolt Darvas and David Pichler Topic: Global economy and trade Date: September 28, 2017

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