A Long, Uneven and Uncertain Ascent

2020-11-16T10:48:03-05:00October 13, 2020|

By Gita Gopinath

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The COVID-19 pandemic continues to spread with over 1 million lives tragically lost so far. Living with the novel coronavirus has been a challenge like no other, but the world is adapting. As a result of eased lockdowns and the rapid deployment of policy support at an unprecedented scale by central banks and governments around the world, the global economy is coming back from the depths of its collapse in the first half of this year. Employment has partially rebounded after having plummeted during […]

Monetary Policy for all? Inequality and the Conduct of Monetary Policy

2020-10-02T10:55:54-04:00September 30, 2020|

By Niels-Jakob Hansen, Alessandro Lin, and Rui C. Mano

Inequality in both advanced economies and emerging markets has been on the rise in recent decades. The COVID-19 pandemic has exacerbated and raised awareness of disparities between the rich and poor.

Fiscal policies and structural reforms are long known to be powerful mitigators of inequality. But what role can the central bank play?

In new IMF staff research, we find a case for central bankers to take inequality specifically into account when conducting monetary policy.

A new view on monetary policy

Even though inequality remains outside central banks’ mandates, major central […]

Reopening from the Great Lockdown: Uneven and Uncertain Recovery

2020-06-25T09:17:07-04:00June 24, 2020|

By Gita Gopinath

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The COVID-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives, but also triggered the worst recession since the Great Depression. Over 75 percent of countries are now reopening at the same time as the pandemic is intensifying in many emerging market and developing economies. […]

Tentative Stabilization, Sluggish Recovery?

2021-05-13T12:56:12-04:00January 20, 2020|

By Gita Gopinath

عربي, 中文Español, Français, 日本語, PortuguêsРусский

In the October World Economic Outlook, we described the global economy as in a synchronized slowdown, with escalating downside risks that could further derail growth. Since then, some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit. […]

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