Ryan Niladri Banerjee

Principal Economist

Monetary and Economic Department, Economic Analysis

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

All BIS publications (34)

BIS Bulletin No 131 5 Aug 2026

Energy shocks and inflation: challenges for monetary policy

The recent energy shock ranks among the most significant since the 1990s. Structural factors and initial conditions influence…

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Ryan Niladri Banerjee

Principal Economist

Fields of interest

All BIS publications (34)

Energy shocks and inflation: challenges for monetary policy

Credit supply in the wake of distressed bank acquisitions

Elasticity of money in production networks, working capital, credit lines and financial conditions

Monetary policy transmission to exchange rates: the role of currency carry trades

The rise of non-bank financial institutions: implications for monetary policy

Elasticity in the monetary system

Commodity prices and monetary policy: old and new challenges

Monetary policy and housing markets: insights using a novel measure of housing supply elasticity

Credit and resource allocation in EMEs: taking stock of two decades of falling interest rates

All external publications (18)

Macroprudential governance: lessons from policies to mitigate housing market risks

Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels

Dampening the financial accelerator? Direct lenders and monetary policy

Whither the walking dead? The consequences of artificial intelligence for zombie firms

Inflation at risk in advanced and emerging market economies

Unanticipated and backward-looking: Deflations and the behaviour of inflation expectations

Corporate investment and the exchange rate: the financial channel

Corporate zombies: anatomy and life cycle

The real effects of relationship lending

All videos (2)

The financial vulnerabilities driving firms to the exit

The rise of zombie firms: causes and consequences

All podcasts (1)

Zombie firms: the plight of the corporate undead

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