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The labour share is a variable with important economic, political and social implications which is of particular interest to analyse in turbulent times like the present.

Where will inflation in advanced economies lie when the cycle that began with COVID-19, and which has continued with the war in Ukraine, comes to an end and what will happen with inflation targets?

Spain included 28.4 billion euros from the Recovery and Resilience Mechanism, NGEU’s main instrument, in the 2022 General Government Budget. Have expectations been met? Are the investments and reforms being implemented as planned?

Meeting climate targets depends heavily on public and private investment and their effects on the development of new technologies. Therefore, much of the economic momentum since COVID has focused on encouraging this ecological transition. In this article, we explore how the US government and, above all, the European Union and its Member States are incentivising it.

After months behind epidemiologists trying to decipher the implications of their diagnoses for the economic outlook, one of our favourite characters has suddenly reappeared on the scene: inflation. Depending on how it behaves, and how we react to its return, the long-awaited Economic Reconstruction could go one way or another.

The COVID-19 pandemic triggered a historic fall in household consumption in 2020. In the euro area, the decline reached 15.4% in Q2 of that year and stood at –8.1% for the year as a whole, with bigger reductions in the countries hardest hit by the first wave of the pandemic. Unlike previous crises, however, the declines in consumption were not accompanied by similar declines in households’ disposable income.

Having overcome the crisis triggered by the pandemic, which caused debt-to-GDP levels to skyrocket, debt ratios have now resumed the downward trajectory they were on prior to COVID. In particular, in the private sector, both businesses and households already have lower levels of debt than before the pandemic and much lower than they had during the financial crisis of 2008. All this, together with the greater weight of fixed-rate debt, puts them in a less vulnerable position to cope with the rise in interest rates.

On the eve of Black Friday, we analyse online consumption in Spain by sector and age group using anonymised internal CaixaBank data.

Has the COVID-19 affected the consumption habits of each generation or the same types of goods in equal measure? How did we consume before and during the pandemic?

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 Fed is considering including yield curve control in its toolkit to respond to the COVID-19 crisis. How effective is YYC and what risks does it pose?

The COVID-19 crisis would have led to a sharp increase in inequality if the actions taken by the public sector had not cushioned it to some extent. The high levels of inequality recorded during the peak of the crisis are gradually decreasing thanks to the recovery in business. 

A year ago, a race began in which the participants did not know the distance to be travelled or the height of the obstacles they would encounter along the way. Now, it has become clear that not everyone has faced the same race. Many are now running the final lap of a 10,000-metre race, while others still have the unforgiving last mile of a marathon ahead of them. The priority at present is for the maximum number of participants to reach the finish line safe and sound.

The Portuguese banking system faces the aftermath of the COVID-19 crisis with a more resilient position and greater room for manoeuvre in dealing with stress situations.