The renewed decline in GDP in the first quarter and the recent deterioration in leading indicators have increased concerns that the aftermath of the energy crisis and the tightening of monetary policy may weigh more heavily on the economy than expected. However, all in all it is more likely that...

The recovery of the global economy from the Covid crisis came to an end in 2022 amid high energy prices and great uncertainty. While the energy crisis is easing, the effects of monetary policy, which was tightened rather late but then very quickly, are now increasingly weighing on growth. World...

This paper examines the rise of non-bank financial intermediaries (NBFIs) and its implications for financial stability and monetary policy transmission in the Euro Area and the United States. While the U.S. financial system has long been market-based, the Euro Area has experienced a striking...

The United States experienced an unprecedented increase in unemployment insurance (UI) claims beginning in March 2020. State UI-benefit systems were strained beyond their administrative capacity to process the dual challenge of an unprecedented increase in claims and changes to UI benefits. In...

The importance of policy coordination between fiscal and monetary policy authorities has become more apparent, in the face of unexpected economic shocks and persistent macroeconomic challenges. In this paper, we employ the Set-Theoretic Approach (STA) to explicitly measure the presence of...