Branded Economist

Ryan Niladri Banerjee

Principal Economist

CGFS – Committee on the Global Financial System

Ryan Banerjee’s current research interests cover corporate finance and monetary policy. His research agenda on the growth and impact of zombie firms, corporate reallocation and inflation risks has attracted significant interest in policy circles as well as the media. Ryan’s responsibilities have included preparing discussion papers for the BIS’s bimonthly Global Economy Meeting of central bank Governors and as the secretary to various cross-central bank working groups. Prior to joining the BIS in 2012, Ryan was a senior economist at the Bank of England, where his responsibilities included the quantitative easing programme and liquidity regulation. Ryan holds a PhD in economics from the University of Maryland, College Park.

Fields of interest

Corporate finance
Monetary policy
Prices and wages

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PUBLISHED PAPERS

19 Sep 2022
Borrower vulnerabilities, their distribution and credit losses
by Ryan Niladri Banerjee , Francesco Franceschi and Stéphane Riederer

BIS Quarterly Review | September 2022

07 Jul 2022
Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimes
by Ryan Niladri Banerjee , Valerie Boctor , Aaron Mehrotra and Fabrizio Zampolli

BIS Working Papers | No 1028

16 Feb 2022
Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels
by Viral V Acharya , Ryan Niladri Banerjee , Matteo Crosignani , Tim Eisert and Renée Spigt

BIS Working Papers | No 1002

22 Nov 2021
Dampening the financial accelerator? Direct lenders and monetary policy
by Ryan Niladri Banerjee and José María Serena Garralda

BIS Working Papers | No 979

25 Mar 2021
Liquidity to solvency: transition cancelled or postponed?
by Ryan Niladri Banerjee , Joseph Noss and Jose María Vidal Pastor

BIS Bulletin | No 40

07 Dec 2020
The financial vulnerabilities driving firms to the exit
by Ryan Niladri Banerjee and Enisse Kharroubi

BIS Quarterly Review | December 2020

13 Oct 2020
Bankruptcies, unemployment and reallocation from Covid-19
by Ryan Niladri Banerjee , Enisse Kharroubi and Ulf Lewrick

BIS Bulletin | No 31

12 Oct 2020
The outlook for business bankruptcies
by Ryan Niladri Banerjee , Giulio Cornelli and Egon Zakrajšek

BIS Bulletin | No 30

04 Sep 2020
Inflation at risk in advanced and emerging market economies
by Ryan Niladri Banerjee , Juan Contreras , Aaron Mehrotra and Fabrizio Zampolli

BIS Working Papers | No 883

02 Sep 2020
Corporate zombies: Anatomy and life cycle
by Ryan Niladri Banerjee and Boris Hofmann

BIS Working Papers | No 882

23 Jul 2020
Inflation at risk from Covid-19
by Ryan Niladri Banerjee , Aaron Mehrotra and Fabrizio Zampolli

BIS Bulletin | No 28

28 Apr 2020
Covid-19 and corporate sector liquidity
by Ryan Niladri Banerjee , Anamaria Illes , Enisse Kharroubi and José María Serena Garralda

BIS Bulletin | No 10

04 Feb 2020
Corporate investment and the exchange rate: The financial channel
by Ryan Niladri Banerjee , Boris Hofmann and Aaron Mehrotra

BIS Working Papers | No 839

23 Sep 2018
The rise of zombie firms: causes and consequences
by Ryan Niladri Banerjee and Boris Hofmann

BIS Quarterly Review | September 2018

07 Feb 2018
Deflation expectations
by Ryan Niladri Banerjee and Aaron Mehrotra

BIS Working Papers | No 699

27 Sep 2017
The real effects of relationship lending
by Ryan Niladri Banerjee , Leonardo Gambacorta and Enrico Sette

BIS Working Papers | No 662

24 Aug 2016
Housing collateral and small firm activity in Europe
by Ryan Niladri Banerjee and Kristian S Blickle

BIS Working Papers | No 575

30 Mar 2016
What drives the short-run costs of fiscal consolidation? Evidence from OECD countries
by Ryan Niladri Banerjee and Fabrizio Zampolli

BIS Working Papers | No 553

22 Jan 2016
Self-oriented monetary policy, global financial markets and excess volatility of international capital flows by Ryan Niladri Banerjee , Michael B Devereux and Giovanni Lombardo

BIS Working Papers | No 540

18 Mar 2015
(Why) Is investment weak?
by Ryan Niladri Banerjee , Jonathan Kearns and Marco Jacopo Lombardi

BIS Quarterly Review | March 2015

18 Dec 2014
SMEs, financial constraints and growth
by Ryan Niladri Banerjee

BIS Working Papers | No 475

21 Oct 2014
The impact of liquidity regulation on banks
by Ryan Niladri Banerjee and Hitoshi Mio

BIS Working Papers | No 470

October 2021 -The real effects of relationship lending
by E Sette, Enrico Sette, Leonardo Gambacorta, R Banerjee and Ryan Niladri Banerjee

in Journal of Financial Intermediation

September 2021 – Financial frictions, real estate collateral and small firm activity in Europe
by K Blickle and Ryan Niladri Banerjee

in European Economic Review

November 2019 -What drives the short-run costs of fiscal consolidation? Evidence from OECD countries
by Fabrizio Zampolli and Ryan Niladri Banerjee

in Economic Modelling

July 2018-The impact of liquidity regulation on banks
by H Mio and Ryan Niladri Banerjee

in Journal of Financial Intermediation

March 2022-Unanticipated and backward-looking: Deflations and the behaviour of inflation expectations by Aaron Mehrotra and Ryan Niladri Banerjee

in International Journal of Central Banking

February 2021-Disagreeing during deflations
by Aaron Mehrotra and Ryan Niladri Banerjee

in Journal of Money, Credit and Banking

February 2020 -Corporate investment and the exchange rate: The financial channel
by Aaron Mehrotra, Boris Hofmann and Ryan Niladri Banerjee

in BOFIT Discussion Papers

November 2016 -Self-oriented monetary policy, global financial markets and excess volatility of international capital flows
by Giovanni Lombardo, M Devereux and Ryan Niladri Banerjee

in Journal of International Money and Finance

2014 – Using changes in auction maturity sectors to help identify the impact of QE on gilt yields
by D Latto, N Mclaren and Ryan Niladri Banerjee

in The Economic Journal

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