IIF which took a view (2010) of Europe, US & Japan concluded that a 2% increase by way of capital and liquidity would translate into increase in the lending spread by 132 basis points. Another study (2012–19) by IIF indicates a negative impact of 0.40%, 0.30% and 0.10% on the annual growth for Europe, Japan and the US respectively.
Note: probabilities inferred from inflation options; π<0 (π<1) is the probability of inflation being smaller than 0 (1) on average in the next 5 years; π>3 (π>4) is the probability of inflation being larger than 3 (4) on average in the next 5 years; 50-days moving averages.