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Covid-19 and the environment 9/8/2020

Covid-19 and the outlook for inflation 7/22/2020

COVID-19 causes balance sheet disruption 5/28/2020

Central banks: the need for re-assessing the objectives 2/26/2020

Negative interest rates and the paradox of saving 10/28/2019

On the Same Theme

The global economy faces multiple shocks 5/18/2022
William De Vijlder outlines the main points of focus for the first half of the year. Inflation is a major issue as the global economy – still recovering from the Covid-19 shock – now faces a new shock with the war in Ukraine and its implications for supply chains and the energy market.
The complex relationship between financial conditions, nominal and real interest rates 5/6/2022
Financial conditions reflect whether monetary policy acts as a support to growth or as a headwind. They can be assessed by looking at the level of short and long-term interest rates, corporate bond spreads, the exchange rate. Sometimes equity markets and bank lending survey data are also taken into account.
From one crisis to another, how does Europe respond? 4/22/2022
As a result of the war in Ukraine, the energy shock experienced in Europe is questioning the economic recovery. It also highlights the urgent need for a transition to carbon neutrality.
Decoupling, deglobalisation and the inflation outlook 4/15/2022
The Covid-19 pandemic has confronted us with the fragility of long, complex global value chains and the war in Ukraine shows that geopolitics can be a major cause of supply disruption. 
Geopolitical uncertainty, monetary and fiscal policy 3/4/2022
The war in Ukraine is impacting the global economy in various ways: higher commodity prices, international trade, financial markets as well as an increase in geopolitical uncertainty, which is a key channel of transmission. It influences decisions by households and companies because the full effect of the jump in oil and gas prices is not yet visible and because of concern about further increases in commodity prices.
Inflation: a cycle in three phases 2/4/2022
Over the past two years, the world economy has suddenly moved from too little to too much inflation.
OECD Team 1/26/2022
The OECD team presents its focus for 2022. You will find its economists throughout the year for in-depth analyses of the economic situation in France, the eurozone, Europe, the United States, etc. and on issues such as climate change.
Euros in our pockets: looking back, looking ahead 1/7/2022
20 years ago, on 1 January 2002, the biggest cash changeover in history took place when 12 EU countries introduced euro banknotes and coins. Today, the euro is the currency of 19 EU countries and more than 340 million people.
Beyond interest rates: the role of fiscal, financial and monetary conditions 12/17/2021
The list of factors that need to be taken into account when assessing the influence of monetary policy on growth and inflation has grown over the years. Long gone are the days that it was sufficient to look at interest rates against the background of the gap of inflation versus target and unemployment versus its natural rate. Forward guidance and management of the balance sheet (quantitative easing or tightening) are now part of the standard toolkit of central banks.
United States: PPP government-guaranteed loans are largely converted into public subsidies 12/3/2021
In response to the Covid-19 pandemic, the US Congress established the Paycheck Protection Program (PPP) in April 2020 to provide loans backed by the Federal government to small and medium-sized enterprises (SME). Several aspects of this programme differ from France’s state-backed loan programme (PGE), especially its fiscal cost. This is mainly due to the forgiveness of PPP loans by the Federal government, even when borrowers remain solvent.

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ABOUT US Three teams of economists (OECD countries research, emerging economies and country risk, banking economics) make up BNP Paribas Economic Research Department.
This website presents their analyses.
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