Macroeconomy
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Artículo
Monetary policy changes: Scale and implications
Fecha:
July 2024
The ECB’s recent rate cut contrasts with the Fed’s recent decision to leave its target rate range unchanged, reflecting the divergent attitudes of the main central banks to inflation, with potential implications for the global economy. Going forward, clear central bank communication remains key to mitigating market volatility and strengthening economic stability in an increasingly complex environment.
Artículo
Cambios en la política monetaria: recorrido e implicaciones
Fecha:
July 2024
Este artículo examina las
decisiones recientes del BCE y la Fed en sus políticas monetarias.
Artículo
Deposits and the transmission of monetary policy
Fecha:
June 2024
Bank deposits have been shown to play a role in shaping monetary policy and access to credit. Crucially, firms entering the tightening cycle relying on credit from lenders with higher duration gaps could be significantly less likely to obtain funding as tightening starts, with this likelihood becoming increasingly lower for banks experiencing deposit outflows.
Artículo
Interest rate risk hits central banks
Fecha:
June 2024
The interest rate risk deriving from the mismatch between asset and liability maturities and/or repricing, which had spread across the US banking system one year ago, has now hit the central banks – with some reporting zero profit, or even losses in 2023. While this phenomenon is not expected to have implications for financial markets stability, there may be important implications related to fiscal policy and monetary policy settings going forward.