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Working papersOriol Aspachs

Now that macroeconomic conditions are being normalized on both sides of the Atlantic, it is time for central banks to dismantle the arsenal of measures they have implemented over the past few years. However, the uncertainty around the forecasts’ scenario is relatively high, risks continue to be significant. Among them, it could be highlighted those characterized by the macro-financial and the geopolitical nature. In addition, in recent years, a third risk factor that has appeared and which is
conditioning the monetary policy of the main central banks is the uncertainty on the inflation forecasts. The proper assessment of each risk factor is not easy, but it is essential for the monetary normalization process to be undertaken it smoothly. Document in Spanish.

This article has been written for Funcas, “Papeles de Economía Española: El negocio bancario tras las expansiones cuantitativas”, (2018), nº 155, abril de 2018.

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