"Regional Economic Modelling Newsletter" Newsletter Issues

TEDAM participation in international conferences in 2023 (23/08/2023)

The JRC sponsored the 2023 conferences of the European Regional Science Association (ERSA) and of its Italian branch (AISRE)

2023 EIB Group Annual Results (23/01/2024)

The results of a RHOMOLO-EIB analysis were included in the key figures published on January 23rd, 2024

Nine new TEDAM working papers (24/01/2024)

The TEDAM team published nine working papers between August 2023 and February 2024

Journal articles presenting TEDAM work (19/02/2024)

In the last six months, nine journal articles have been published that include work carried out by the TEDAM team

Ex-post Impact Assessment of Horizon 2020 (29/01/2024)

RHOMOLO has been used for the ex-post Impact Assessment of Horizon 2020 published by DG RTD on January 29th, 2024

The TEDAM activities from August 2023 to February 2024 (23/02/2024)

This Newsletter summarises the recent activities of the Territorial Data Analysis and Modelling team

TEDAM participation in two international conferences in 2023 (13/07/2023)

The JRC will sponsor the 2023 conferences of the European Regional Science Association (ERSA) and of its Italian branch (AISRE)

Six new TEDAM working papers (13/07/2023)

The TEDAM team published six working papers in the first half of 2023

DG EMPL's Employment and Social Developments in Europe 2023 (13/07/2023)

A RHOMOLO analysis is featured in the latest ESDE report

Journal articles presenting TEDAM work (13/07/2023)

In the first six months of 2023, two articles have been published that include work carried out by the TEDAM team

DG REGIO ex-ante evaluation of the impact of 2021-2027 cohesion policy (13/07/2023)

RHOMOLO has been used for an ex-ante evaluation of the macroeconomic impact of the 2021-2027 cohesion policy funds

The TEDAM activities of the first half of 2023 (13/07/2023)

This Newsletter summarises the recent activities of the Territorial Data Analysis and Modelling team

DG RTD's ERA industrial technology roadmap for circular technologies and business models in the textile, construction and energy intensive industries (25/01/2023)

A REMO analysis on 2014-2020 ERDF beneficiaries using text mining analysis to identify circular economy projects is included in the report

Three economic modelling working papers (21/12/2022)

Three economic modelling articles were published in the last six months of 2022

TEDAM participation in three international conferences in 2022 (21/10/2022)

The JRC sponsored the 2022 conferences of the Italian and Spanish Associations of Regional Science

Journal articles presenting TEDAM work (10/01/2023)

In the last six months of 2022, two articles were published which include work carried out by the TEDAM team

The TEDAM activities of the second half of 2022 (09/02/2023)

This Newsletter summarises the activities of the Territorial Data Analysis and Modelling team

The TEDAM activities in the first half of 2022 (12/07/2022)

This Newsletter summarises the activities of the TEDAM team

TEDAM participation in three international conferences (05/09/2022)

The JRC is sponsoring the 2022 conferences of the Italian and Spanish Associations of Regional Science, and the TEDAM team is organising two special sessions at the European Week of Regions and Cities 2022

DG GROW's Annual Single Market Report (12/07/2022)

The impact of the regulation of the European Services Sector estimated with RHOMOLO is included in the 2022 Single Market Report

DG REGIO's Eighth Cohesion Report (12/07/2022)

RHOMOLO results are featured in three different chapters of the latest Cohesion Report

Journal articles presenting TEDAM work (13/04/2022)

In the first six months of 2022, a number of articles were published which include work carried out by the TEDAM team

Four Technical Reports on Cohesion policy (15/06/2022)

In the first six months of 2022, we published four Technical Reports analysing Cohesion policy with the RHOMOLO model

Three Technical Reports on the RRF and Smart Specialisation (17/05/2022)

In the first six months of 2022, we published three Technical Reports studying the RRF and Smart Specialisation

DG RTD's ERA industrial technology roadmap for low-carbon technologies in energy-intensive industries (22/11/2018)

A REMO analysis on 2014-2020 ERDF beneficiaries using text mining analysis to identify projects in low-carbon technologies is included in the report

DG EMPL's Employment and Social Developments in Europe 2022 (12/07/2022)

A RHOMOLO analysis is featured in the latest ESDE report

External Working Paper series presenting TEDAM work (22/11/2018)

The work of the TEDAM team was published in the working paper series of the ‘Office for Strategy and Studies of Economy and Maritime Affairs’ (GEE) of the ‘Portuguese Ministry of Economy’.

RHOMOLO team reorganisation, and 2021 activity (05/07/2021)

The team managing the RHOMOLO model has been recently enlarged and renamed as Territorial Data Analysis and Modelling (TEDAM). Its work is organised along two pillars, RHOMOLO and REMO.

TEDAM team participation in two international conferences (08/09/2021)

The JRC sponsored the 2021 conferences of the Italian and Spanish Associations of Regional Science

Employment and Social Developments in Europe 2021 (16/06/2021)

Some results obtained with the RHOMOLO model were included in the 2021 ESDE report published by the European Commission's DG EMPL.

ESF crucial for European economies and jobs (16/02/2021)

The RHOMOLO model was used to evaluate the potential impact of the European Social Fund (ESF) and the Youth Employment Initiative (YEI).

Cohesion as a value of the European Union (18/10/2021)

The RHOMOLO model was used to provide a quantitative analysis included in the report by the Committee of the Regions (CoR) on cohesion as an overall value of the European Union.

Macroeconomic Impact of the European Fund for Strategic Investments (30/06/2021)

The RHOMOLO-EIB model was used to evaluate the impact of the European Fund for Strategic Investments (EFSI).

Economic modelling to evaluate Smart Specialisation: an analysis of research and innovation targets in Southern Europe (16/06/2021)

This Regional Studies article makes the case for a technology-enabled approach to Smart Specialisation policymaking aimed at increasing its effectiveness by assessing the general equilibrium effects of the European Cohesion Policy objectives contained in the regional Operational Programmes prepared by the regional policymakers.

Quality of government and regional trade: evidence from European Union regions (13/04/2021)

This Regional Studies articles focuses on the quality of government and institutions which is crucial in determining the socio-economic impact of policies.

Regional economic resilience in the European Union: a numerical general equilibrium analysis (14/09/2021)

This Spatial Economic Analysis article investigates the resilience of European Union regions under three alternative recessionary shocks, each activating different economic adjustments and mechanisms.

An Input–Output analysis of sectoral specialization and trade integration of the Western Balkans economies (15/12/2020)

This Economies article uses official Input–Output data for the Western Balkans economies to estimate the output and value added multipliers of the sectors identified as being either current or emerging strengths within the context of Smart Specialisation.

A GDP impact evaluation of R&D investments in Romania using the CGE model Rhomolo (22/11/2021)

The RHOMOLO model was used to evaluate the potential economic impacts of Research & Development (R&D) investments in Romania during the 2021-2027 policy cycle.

Do Cohesion Funds foster regional trade integration? A structural gravity analysis for the EU regions (14/10/2021)

This Technical Report uses a structural gravity model to explore the regional trade and welfare impact of the EU Cohesion Policy Transport Infrastructure Investment programme estimated using a novel data-set of the Generalised Transport Costs for the EU regions at the NUTS2 level.

Indirect jobs in activities related to coal, peat and oil shale: A RHOMOLO-IO analysis on the EU regions (20/12/2021)

This Technical Report contains the RHOMOLO-IO estimates of the number of jobs indirectly related to the energy production industry of coal, peat, and oil shale.

Where does the EU cohesion policy produce its impact? Simulations with a regional dynamic general equilibrium model (15/09/2021)

The RHOMOLO model was used to investigate the macroeconomic effects of the 2007–2013 cohesion policy investments in the EU with a focus on international spillovers.

Redistributive policies in general equilibrium (19/10/2021)

This Technical Report develops a general equilibrium OLG model to evaluate a wide menu of popular redistributive policies in a unified context.

A scenario analysis of the 2021-2027 European Cohesion Policy in Bulgaria and its regions (01/09/2021)

The RHOMOLO model was used to estimate the economic impact of the 2021-2027 Cohesion Policy in Bulgarian NUTS-2 regions and analyse the implications for growth and development in Bulgaria.

Linking the ‘Recovery and Resilience Plan’ and Smart Specialisation. The Portuguese case (10/08/2021)

Based on the case study of Portugal, the present study analyses the alignment of investments in the Portuguese ‘Recovery and Resilience Plan’ with the Smart Specialisation Strategies priorities (2021-2027).

Structural change and productivity growth in the European Union: Past, present and future (07/11/2021)

The aim of this Technical Report is to investigate the interplay between structural change, interpreted as the secular process of sectoral transformation, and labour productivity growth in the EU in several new dimensions.

Heterogeneous firms, R&D policies and the long shadow of business cycles (28/06/2021)

Events such as the Great Recession raise concerns that severe downturns may have detrimental implications for growth. If so, what policies may help alleviate such long-lasting effects of large recessions?

The impact of Covid-19 and of the earlier crisis on firms’ innovation and growth: a comparative analysis (21/06/2021)

The results of the Survey on the Access to Finance of Enterprises (2009 to 2020 editions) are used to assess the effect of the Covid-19 pandemic on the probabilities of firm to innovate and grow.

A general equilibrium analysis of the effects of the 2014-2020 European Cohesion policy in the Portuguese regions (06/06/2021)

The RHOMOLO model has been used to analyse the impact of the investments related to the European Structural and Investment Funds (ESIF) in Portugal over the 2014-2020 programming period.

Employment mobility and labour market flexibility in the EU (12/01/2021)

Does employment flexibility facilitate cross-regional adjustments via labour mobility? Or does it hinder cross-regional equilibration in the labour market instead?

Estimating foreign and national trade elasticities in the EU internal market using generalised transport costs (05/11/2020)

This Technical Report reports the simultaneous estimation of regional import elasticities of substitution within the EU, differentiating between imports from regions belonging to the same country and regions belonging to other EU countries.

The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model (23/12/2019)

In December 2019, this article written by Martin Christensen of JRC Seville and Georg Weiers and Marcin Wolski of the EIB was published on Investigaciones Regionales - Journal of Regional Research.

A new dataset of distance and time related transport costs for EU regions (14/01/2020)

This Policy Insight illustrates a new freely available dataset of estimated transport costs between all NUTS-2 EU regions.

Upward pressure on wages and the interregional trade spillover effects under demand‐side shocks (24/01/2020)

In January 2020, Papers in Regional Science has published an article authored by Patrizio Lecca, Martin Christensen, Andrea Conte, Giovanni Mandras, and Simone Salotti featuring a RHOMOLO analysis.

An Input-Output sectorial analysis of North Macedonia (26/02/2020)

The Regional Economic Modelling (REMO) team has published an updated Input-Output sectorial analysis of North Macedonia building on the Smart Specialisation work investigating the strengths of the economy done in 2018.

Economic modelling to evaluate Smart Specialisation: An analysis on research and innovation targets in Southern Europe (06/04/2020)

This Technical Report introduces a new methodology for the ex-ante macroeconomic impact assessment of Smart Specialisation using the RHOMOLO model and the information on R&D personnel targets contained in the Operational Programmes of the EU regions.

Spatial aggregation bias in wage curve and NAWRU estimation (16/04/2020)

This Technical Report argues that the estimation of wage curves and Non Accelerating Wage Rates of Unemployment (NAWRUs) at the country level suffers from spatial aggregation bias.

The importance of studying inter-regional spillover effects of European policies: application of the RHOMOLO model for Poland (28/04/2020)

This Technical Report contains a macroeconomic impact assessment of the European cohesion policy with a focus on Polish regions.

Regional economic resilience in the European Union: a numerical general equilibrium analysis (30/04/2020)

This Technical Report investigates the resilience of EU regions under three alternative recessionary shocks, each of them activating different economic adjustments and mechanisms.

Next Generation EU (27/05/2020)

Some RHOMOLO results related to the COVID-19 crisis have been used to draft the European Commission's proposal of Next Generation EU, the recovery plan announced on May 27th, 2020.

The territorial economic impact of COVID-19 in the EU. A RHOMOLO analysis (03/07/2020)

The RHOMOLO model has been used to analyse the potential economic impact of the COVID-19 crisis on the NUTS 2 regions of the EU.

RHOMOLO work in the first half of 2020 (07/07/2020)

This fourth Regional Economic Modelling newsletter showcases the RHOMOLO activities over the first six months of 2020.

Measuring subnational economic complexity: An application with Spanish data (01/07/2019)

This Technical Report develops a methodology to estimate economic complexity at the subnational level using a unique database on intra-national trade flows for Spain.

The politicization of Transatlantic Trade in Europe: explaining inconsistent preferences regarding free trade and the TTIP (01/07/2019)

This Technical Report studies the drivers of the EU citizens' preferences over free trade and the TTIP.

The RHOMOLO-IO modelling framework: a flexible Input-Output tool for policy analysis (01/08/2019)

This Technical Report illustrates the features of the RHOMOLO-IO model and describes a number of its most recent policy-relevant applications.

Does decentralization of governance promote urban diversity? Evidence from Spain (08/08/2019)

This Technical Report investigates whether governance decentralization in Spain has increased diversification and a more even city-size distribution during a period of continuous reductions in transport costs.

The impact of the Grand Paris Express on the European regions: a RHOMOLO analysis (15/08/2019)

This Technical Report illustrates a RHOMOLO simulation assessing the likely economic impact of the Grand Paris Express investments on the EU economies.

The 59th ERSA congress in Lyon (27/08/2019)

The Regional Economic Modelling (REMO) team participated in the ERSA congress in Lyon (France) and organised two special sessions.

The 2019 European Week of Regions and Cities in Brussels (07/10/2019)

The Regional Economic Modelling (REMO) team participated in the 2019 European Week of Regions and Cities (EWRC) and organised three special sessions.

RHOMOLO-EIB results mentioned by President Juncker at the European Parliament in October (22/10/2019)

The latest RHOMOLO-EIB results on the macroeconomic impact of the European Fund for Strategic Investments were mentioned by President Juncker in his last statement at the European Parliament on October 22nd, 2019.

The European Fund for Strategic Investments: the RHOMOLO-EIB 2019 update (23/10/2019)

This Policy Insight presents the latest set of simulations quantifying the estimated macroeconomic impact on EU GDP and employment of all EFSI-supported operations approved as of June 13, 2019.

The VII Regional Modelling Workshop in Barcelona (24/10/2019)

The VII Regional Modelling workshop took place in Barcelona (Spain) in October and it was co-organised with the AQR Research Group of the University of Barcelona.

RHOMOLO presentation at EPRS in Brussels (05/11/2019)

The RHOMOLO model was presented at a seminar at the European Parliament Research Service (EPRS) headquarters in Brussels (Belgium) in November.

The importance of studying inter-regional spillover effects of European policies: application of the RHOMOLO model for Poland (02/12/2019)

This book chapter contains an analysis carried out using the RHOMOLO model to demonstrate the importance of accounting for inter-regional spillover effects when studying European policies.

Coal regions in transition: the RHOMOLO-IO indirect jobs estimates (05/12/2019)

This Policy Insight presents the estimated number of jobs indirectly related to coal mining and energy production which could be potentially affected by the shrinkage of the coal sector in the context of decarbonisation in the EU.

RHOMOLO used for the Single Market Performance Report 2019 (17/12/2019)

The RHOMOLO model has been used for the Single Market Performance Report 2019 (SWD(2019) 444 final) in the context of the European Semester.

Economic modelling for the Single Market performance report 2019 (18/12/2019)

This Policy Insight contains a modelling analysis (with RHOMOLO and FIDELIO) assessing the impact of sector-specific reforms related to the EU Single Market.

The RHOMOLO activities in the second half of 2019 (18/12/2019)

This third Regional Economic Modelling newsletter showcases the activities related to the RHOMOLO model over the last six months.

The ESPON Workshop on modelling territorial scenarios (29/01/2019)

The ESPON Workshop took place in Milano (Italy) in January 2019.

Construction of interregional trade-linked Supply and Use Tables for the European NUTS 2 regions (30/01/2019)

In January 2019 a Technical Report was published explaining the construction of the dataset used both for the RHOMOLO model and for the RHOMOLO-IO analysis.

Upward pressure on wages and the interregional trade spillover effects under demand-side shocks (11/03/2019)

In March 2019 a Technical Report was published with an analysis on demand spillovers in the European NUTS 2 regions using the RHOMOLO model.

The EIB/JRC Workshop on jobs modelling (27/03/2019)

The Workshop on jobs modelling organised jointly by the European Investment Bank (EIB) and the Regional Economic Modelling (REMO) team of JRC Seville took place in Luxembourg in March 2019.

The RHOMOLO impact assessment of the ERDF in Apulia, Italy (30/04/2019)

RHOMOLO has been used for the impact assessment of the R&I and Low-Carbon investment of the European Regional and Development Funds (ERDF) in Apulia, Italy.

The macroeconomic impact of Horizon Europe (30/04/2019)

The RHOMOLO model has been used for the Impact Assessment of Horizon Europe SWD(2018) 307 final published in June.

An assessment of the activities related to RHOMOLO in the first semester of 2019 (03/05/2019)

This second Regional Economic Modelling newsletter showcases the activities related to the development and use of the RHOMOLO model over the first semester of 2019.

The impact of job automation in the regions of the European Union (03/05/2019)

An analysis carried out with the RHOMOLO model is included in the OECD Regional Outlook 2019 published in March 2019.

JRC analysis included in the European Commission's contribution to the EU27 leaders' meeting in Sibiu (Romania) (09/05/2019)

The RHOMOLO-EIB results on the macroeconomic effects of the European Fund for Strategic Investments are featured in the official document of the European Commission's contribution to the informal EU27 leaders' meeting in Sibiu (Romania) on May 9th, 2019.

An assessment of IPA public investment in R&I in Albania (15/05/2019)

The Regional Economic Modelling (REMO) team has analysed the potential economic impact of the EU Instrument for Pre-accession Assistance (IPA) supporting reforms in Albania.

A trade hierarchy of cities based on transport cost thresholds (21/05/2019)

In February 2019 a Technical Report was published with empirical evidence explaining trade agglomerations over short distances using Spanish data.

Estimating road transport costs between EU regions (21/05/2019)

In March 2019 a Technical Report was published explaining the estimation of road transport data among the European NUTS 2 regions.

The RENIR Workshop on the impact of automation and AI on regional economies (27/05/2019)

The RENIR Workshop on the impact of automation and AI on regional economies took place in Torino (Italia) in May 2019.

The XX Conference on International Economics in Granada (27/06/2019)

The Regional Economic Modelling (REMO) team will participate in the XX Conference on International Economics in Granada (Spain).

The 27th International Input-Output Association Conference (30/06/2019)

The 27th IIOA Conference will be held at the Technology and Innovation Centre, University of Strathclyde in Glasgow in June and July 2019.

The EcoMod 2019 Conference (10/07/2019)

The EcoMod 2019 Conference will take place in Ponta Delgada (Portugal) in July 2019.

The 59th ERSA Congress (27/08/2019)

The Regional Economic Modelling (REMO) team will participate in the 59th Congress of the European Regional Science Association (ERSA) in Lyon (France) in August 2019 and will organise two special sessions.

The 2019 European Week of Regions and Cities (07/10/2019)

The Regional Economic Modelling (REMO) team will participate in the 2019 European Week of Regions and Cities (EWRC) in Brussels (Belgium) and will organise three special sessions.

The VII JRC Regional Modelling Workshop (24/10/2019)

The VII Regional Modelling workshop will take place in Barcelona (Spain) in October 2019 and will be a two-days event co-organised by the Regional Economic Modelling (REMO) team of JRC Seville and the Regional Quantitative Analysis group (AQR) of the University of Barcelona (UB).

The Workshop on New Economic & Statistical Perspectives on Urban & Territorial Themes (NESPUTT 2019) (21/11/2019)

The NESPUTT workshop will take place in Milan (Italy) in November 2019 and will be a two-days event co-organised by the Regional Economic Modelling (REMO) team of JRC Seville and the University of Milano Bicocca.

The XLIV International Conference on Regional Science (21/11/2019)

The Regional Economic Modelling (REMO) team will participe in the XLIV International Conference on Regional Science in Castellón (Spain) and will organise a special session.

A 2018 assessment of the activities related to RHOMOLO (19/11/2018)

This first Regional Economic Modelling newsletter showcases the activities related to the development and use of the RHOMOLO model over the last nine months.

Workshop on perceptions and attitudes of the European public opinion in Seville (10/12/2018)

The Regional Economic Modelling (REMO) team organised a workshop on perceptions and attitudes of the European public opinion in Seville (Spain).

The VI Regional Modelling Workshop in Seville (25/10/2018)

The VI Regional Modelling workshop took place in Seville (Spain) in October.

RHOMOLO-EIB seminar at EPRS in Brussels (28/11/2018)

The RHOMOLO-EIB model was presented at a seminar at the European Parliament Research Service (EPRS) Headquarters in Brussels (Belgium) in November.

The XLIV International Conference on Regional Science in Valencia (21/11/2018)

The Regional Economic Modelling (REMO) team participated in the XLIV International Conference on Regional Science in Valencia (Spain) and organised a special session.

Workshop on European integration in Madrid (18/10/2018)

A workshop on regional convergence and European integration took place at the Real Instituto Elcano in Madrid (Spain) in October.

Bilateral meeting between the JRC and various cabinets of the Spanish government in Madrid (17/10/2018)

A bilateral meeting between the Regional Economic Modelling (REMO) team and several cabinets of the Spanish government took place in Madrid (Spain) in October.

The 2018 European Week of Regions and Cities in Brussels (08/10/2018)

The Regional Economic Modelling (REMO) team participated in the 2018 European Week of Regions and Cities (EWRC) in Brussels (Belgium) and organised a special session.

The 58th ERSA congress in Cork (28/08/2018)

The Regional Economic Modelling (REMO) team participated in the ERSA congress in Cork (Ireland) and organised a special session.

Taking stock of the Investment Plan for Europe (22/11/2018)

RHOMOLO has been used for the Impact Assessment of the third pillar of the Investment Plan for Europe and its results have been mentioned in the European Commission communication COM(2018) 771 final of the 22nd of November.

InvestEU: European Fund for Strategic Investments (22/11/2018)

RHOMOLO-EIB has been used for the Impact Assessment of the European Fund for Strategic Investments SWD(2018) 316 final published in June.

European Regional Development Fund and Cohesion Fund (22/11/2018)

RHOMOLO has been used for the Impact Assessment of the European Regional Development Fund (ERDF) and of the Cohesion Fund (CF) SWD(2018) 282 final published in May.

European Social Fund (22/11/2018)

RHOMOLO has been used for the Impact Assessment of the European Social Fund (ESF) SWD(2018) 289 final published in May.

Horizon Europe (22/11/2018)

RHOMOLO has been used for the Impact Assessment of Horizon Europe SWD(2018) 307 final published in June.

RHOMOLO V3: A spatial modelling framework (19/11/2018)

In 2018 a Technical Report with the mathematical description of the latest version of RHOMOLO was published.

The RHOMOLO impact assessment of the European Investment Bank Group (19/11/2018)

RHOMOLO has been used for the impact assessment of the European Investment Bank (EIB) portfolio, including the European Fund for Strategic Investments (EFSI) that is the first pillar of the Investment Plan for Europe.

The RHOMOLO impact assessment of the third pillar of the Investment Plan for Europe (19/11/2018)

RHOMOLO has been used for the impact assessment of the third pillar of the Investment Plan for Europe in the areas of the Capital Markets Union, the Single Market Strategy, the Digital Single Market, and the Energy Union.

The RHOMOLO impact assessment of the European Social Fund (19/11/2018)

RHOMOLO has been used for the impact assessment of the European Social Fund (ESF).

The RHOMOLO ex-post impact assessment of Cohesion Policy 2007-2015 (19/11/2018)

RHOMOLO has been used for the ex-post impact assessment of the Cohesion Policy 2007-2015.

The RHOMOLO-IO contribution to a study on the coal sector (19/11/2018)

RHOMOLO-IO (the Inter-Regional Input-Output version of RHOMOLO) has been used in a study on the coal sector in Europe.

The RHOMOLO impact assessment of the ERDF in Apulia, Italy (19/11/2018)

RHOMOLO has been used for the impact assessment of the R&I and Low-Carbon investment of the European Regional and Development Funds (ERDF) in Apulia, Italy.

A RHOMOLO analysis on the determinants of the spatial distribution of economic activity (22/11/2018)

In August 2018 the Review of International Economics has published an article authored by Patrizio Lecca, Francesco Di Comite, and D'Artis Kancs featuring a RHOMOLO analysis.

A RHOMOLO analysis on the social, economic, and fiscal effects of immigration into the EU (22/11/2018)

In March 2018 The World Economy has published an article authored by Patrizio Lecca and D'Artis Kancs featuring a RHOMOLO analysis.