Mensuel de mars 2024 - Economie / Banques

go back Retour << Article précédent     Article suivant >>

How do central banks fix interest rates and can we estimate a long-term fair value?
By Guy ERTZ, Chief Investment Advisor, BGL BNP Paribas   Central Banks are facing a dilemma between economic growth and inflation. The purpose is to generate economic growth and a highest possible employment rate while maintaining the stability of prices and thus of purchasing power. The assumption being that the stability of inflation is the key to allow stable growth over time.   There is a dilemma because if economic growth exceeds a given threshold, price stability will be compromised through an increase in wages and input prices. The economic growth, which is compatible with prices stability, is known as the “potential” economic growth. The key instrument of the central bank is the interest rate.   Indeed, if economic...
Cette page n'est accessible qu'aux abonnés payants.
Veuillez vous identifier si vous êtes abonnés à la consultation de nos archives.
Nous vous invitons à souscrire un abonnement, ou à prendre contact avec nous.

This page is only accessible to paying subscribers.
Please identify yourself if you have subscribed to the consultation of our archives.
We invite you to take out a subscription, or to contact us.
Ces entreprises nous font bénéficier de  leur expertise en collaborant avec Agefi Luxembourg.

These companies give us the benefit of their expertise by collaborating with Agefi Luxembourg.
Generali Investements LU
Zeb Consulting
AXA IM Luxembourg
Loyens & Loeff
SOCIETE GENERALE Securities Services
Allen & Overy
VP Bank
MIMCO Capital
Square management
Lamboley Executive Search
Sia Partners
Pictet Asset Management
J. P. Morgan