The reduction of the US Fed’s balance sheet: When, at what pace and with what impact?
By Paul Hubert US monetary policy began to tighten in December 2015, with the Fed’s key rate moving from a target range of 0 – […]
Monetary policy
Leave the euro?
By Christophe Blot, Jérôme Creel, Bruno Ducoudré, Paul Hubert, Xavier Ragot, Raul Sampognaro, Francesco Saraceno, and Xavier Timbeau Evaluating the impact of France leaving the euro zone (“Frexit”) is tricky, as […]
How negative can interest rates get?
By Christophe Blot and Paul Hubert On 11 June 2014, the European Central Bank decided to set a negative rate on deposit facilities and on […]
The ECB is extending its QE programme but mixes up its communications
By Paul Hubert On Thursday, March 10, after the meeting of its Governing Council, the European Central Bank (ECB) announced a series of additional measures […]
Do QE programmes create bubbles?
By Christophe Blot, Paul Hubert and Fabien Labondance Has the implementation of unconventional monetary policies since 2008 by the central banks created new bubbles that […]
Why can’t Greece get out of debt?
By Sébastien Villemot Between 2007 and 2015, Greece’s public debt rose from 103% to 179% [1] of its GDP (see chart below). The debt-to-GDP ratio […]
The secular stagnation equilibrium
By Gilles Le Garrec et Vincent Touzé The economic state of slow growth and underemployment, coupled with low inflation or even deflation, has recently been […]
European Semester: assessing the aggregate fiscal stance is good, discussing about its economic impact is better
by Raul Sampognaro On November the 26th, the ECFIN launched the European Semester and published the 2016 Annual Growth Survey and the Euro Area policy […]
The redistributive effects of the ECB’s QE programme
By Christophe Blot, Jérôme Creel, Paul Hubert, Fabien Labondance and Xavier Ragot Rising inequality in income and wealth has become a key issue in discussions […]
Argentina’s experience of debt crisis
By Augusto Hasman and Maurizio Iacopetta There is still a lot of uncertainty around the possible paths that Greece can follow in the near feature. […]