Greenflation: The role of policy instruments and regional and sectoral heterogeneity
While the urgency for strict policy actions against climate change is widely recognised, the inflationary effects of the green transition are unclear. This column analyses
Building state capacity in fragile states: Evidence from Afghanistan
The Mobile Salary Payment reform in Afghanistan was an ambitious effort to build administrative capacity in one of the world’s most fragile states. This column
Ten years after the Swiss franc shock: Lessons on prices, expenditure switching, and inequality
The 2015 Swiss franc appreciation provided researchers with a unique empirical setting for understanding how large exchange rate movements shape economic outcomes. This column discusses
A European climate bond
Europe faces a large climate investment gap. This column proposes filling this gap through the joint issuance of European climate bonds. These bonds would be
Lumpy investment matters for the (heterogeneous) transmission of monetary policy
The investment decisions of firms is a key channel for the transmission of monetary policy. Yet, most firms invest infrequently and when they do, they
New approaches to measure (increasing) concentration in Europe
Concentration (the share of a market’s output produced by its largest firms) is a key proxy for measuring market competition. This column introduces a cross-country
Why UK gilt yields have risen since the US election and what the government might do
There has been a great deal of discussion about what recent moves in UK gilts mean for future spending and tax decisions. This column argues
Financial conditions matter more than interest rates: A new framework for monetary policy
Despite the sharp tightening of the Federal Reserve’s policy rate, the US economy has shown remarkable resilience, sparking a debate about whether monetary policy is
The drivers of investment funds’ allocation to green companies
Despite the rise of sustainable investing, recent evidence shows that emerging markets receive a very small fraction of the capital allocated by investment funds to
Housing wealth across countries: The role of expectations, institutions, and preferences
Homeownership rates and housing wealth differ immensely across countries. Using a life-cycle model with housing wealth estimated on micro data from five large economies, this
