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The neutral interest rate is a key indicator for the orientation of monetary policy, the evolution of the financial markets and, in general, the formation of economic agents’ expectations. We delve into its definition and the level at which it stands today.

2022 will be remembered not only for the intensification and persistence of inflationary pressures but also for the sudden shift in the direction of monetary policy, bringing to an end more than a decade of low rates and ultra-dovish policies.

The high level of public debt will be one of the macroeconomic imbalances that we will inherit from the COVID-19 crisis. Solving it will require sustained economic growth and the redesign of certain fiscal policies. 

NGEU represents an extraordinary opportunity to give the Spanish economy a new modernising boost, but effective institutional mechanisms will be essential in order to make the most of it.

In recent years, European inflation has been stubbornly below the ECB’s desired rate, and since 2018 it has been slipping even further away. This weakness has intensified with the COVID-19 crisis. Will this weakness be temporary or permanent?

Optimism surrounding artificial intelligence (AI) has been a key driver in the US stock market rally of recent months, helping the S&P 500 and the Nasdaq to record gains for the third consecutive year in 2025. Part of this expansion was explained by increased earnings, although the S&P 500 has recorded greater growth relative to these profits. In this rally, various analysts and investors have seen reminiscences of events from the year 2000 during the dot-com boom, sparking a debate about whether or not we are in a bubble. Although answering this question in real time is like trying to untie a Gordian knot by hand, in this article we analyse how the S&P 500 today compares with that of the dot-com bubble, and how feasible the expectations underpinning current stock market valuations are.

The composition of European final demand includes 2% Chinese goods and services, while the dependence rises to 6% in manufacturing, most notably in sectors such as textiles and electronics. But how much does China depend on the EU?

«It's tough to make predictions, especially about the future». This was said by a worldly man, Yogi Berra, and he's still absolutely right, especially at uncertain times like the present. This article attempts to explain why 2021 is going to be a very different year from 2020 and specifically in which aspects.

Since the outbreak of the COVID-19 pandemic, American households have been much more pessimistic than one would expect given the current state of the US economy. Why is this? Is the same thing happening in Europe?

The pandemic has led to cash being replaced by card payments, as shown by an analysis using anonymised internal CaixaBank data. This substitution effect is seen both at the aggregate level and at the sector level, particularly in purchases of food and durable goods.