Since March 2020 the Eurosystem has provided subsidies to Euro-Area banks, via its Targeted Longer-Term Refinancing Operations (TLTRO). Under this program, banks can borrow from the Eurosystem at a rate as low as -1%, conditional on their lending to the real economy. This paper uses a simple...

Since March 2020 the Eurosystem has provided subsidies to Euro-Area banks, via its Targeted Longer-Term Refinancing Operations (TLTRO). Under this program, banks can borrow from the Eurosystem at a rate as low as -1%, conditional on their lending to the real economy. This paper uses a simple...

[fre] Sans remettre en cause le caractère principalement cyclique des destructions nettes d’emplois observées lors de la crise de 2007-2009, cette étude montre que la réactivité du marché du travail américain à l’activité constatée depuis est relativement similaire à celle...

[fre] Alors que les perspectives d’inflation aux États-Unis donnent lieu à des avis divergents, cette étude conduit à écarter à la fois le risque de déflation et celui de « spirale inflationniste ». Malgré de fortes fluctuations des prix de l’énergie ces derniers mois, leur effet...

Based on a dataset of 112 emerging economies and developing countries, this paper addresses the question whether the accumulation of international reserves has effectively protected countries during the 2008-09 financial crisis. More specifically, the paper investigates the relation between...