Report
Poor households!
After the COVID crisis and the war in Ukraine, households in OECD countries are suffering from both: A decline in real wages, with nominal wages rising much more slowly than prices; A very high inflation tax, both on money balances and on bond holdings, since nominal interest rates remain very low. The overall levy of these crises on OECD households (decline in real wages, inflationary tax) is therefore huge, and would lead to a massive fiscal deficit if it were to be compensated.
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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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