The impact of interest: How loan rates shape firm investment
Monetary policy moves aggregate investment, but the underlying drivers remain unclear. This column opens the black box with a German firm survey. A one percentage
Households’ inaction in the deposit market
The sharp rise in interest rates since 2021 has not been matched by equal increases in household savings rates in advanced economies. This column uses
Details matter: How loan pricing affects monetary policy transmission in the euro area
Classifying loans as fixed-rate or floating-rate fails to fully capture their distinct sensitivity to changes in ECB policy rates. This column analyses the maturity of
Communicating monetary policy by a committee: Echoes that move markets
Central banks rarely speak with one voice. At the Federal Reserve, for instance, each official brings a distinct perspective, and markets parse every speech for
