Report
Has the COVID crisis so far been primarily a supply- or demand-side crisis? A Phillips curve approach
We begin with Phillips curve s for the United States and the euro zone. If the dominant effect of the COVID crisis has been a fall in supply, inflation must be higher than expected inflation; if it has been a fall in demand, inflation must be lower than expected inflation. Since the start of 2020, the dominant effect has been: The fall in demand in the United States; The fall in supply in the euro zone.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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