Geopolitical fragmentation and friendshoring
As geopolitical uncertainty rises – due to events ranging from Brexit and the increasing rivalry between major economies to Russia’s invasion of Ukraine – firms
The importance of information for tax design: Evidence from the French wealth tax
Many countries are considering introducing or reforming their wealth tax policies. This column studies the effects of a French wealth tax reform, which reduced reporting
US dollar stablecoin mercantilism is an opportunity to promote payment multilateralism and the international role of the euro
The EU and the US have taken starkly different approaches to the regulation of new monies issued using distributed ledger technology. The current US administration
Climate change, firms, and aggregate productivity
Policy debates around climate change frequently focus on the trade-off between the near-term costs of reducing carbon emissions and the long-term benefits of mitigating climate
Too much of a good thing: The role of the global US dollar
A confluence of negative forces – some the result of self-inflicted wounds and rising uncertainty about US policies and others relating to global developments and
How fund design affects volatility – by shaping both trading and investor composition
Exchange-traded funds and open-ended mutual funds have grown rapidly, and they are increasingly expanding into illiquid asset classes such as corporate bonds. This column argues
Campaign promises as political coupons: Future benefits sway – but don’t retain – voters
Campaign promises often capture headlines, but do they actually move votes? This column examines whether a promise to expand welfare for some mothers in Germany
Households’ subjective expectations: Disagreement, common drivers, and reaction to aggregate shocks
Understanding how households interpret macroeconomic policy is vital to the effectiveness of central banks. This column demonstrates that the reactions of individual households frequently contradict
Regulation and growth: Lessons from nearly 50 years of product market reforms
Product market regulation reforms directly affect firm entry, innovation and reallocation, and thus productivity and economic growth. This column leverages the 2025 update of the
Global action without global governance: A four-pillar strategy for climate and nature
Advanced economies alone can no longer determine climate outcomes. Emerging and developing economies – home to two-thirds of current emissions and most of the world’s
