r* may be lower than you think
Many market participants, analysts, and policymakers believe that interest rates will remain significantly higher than in the pre-pandemic era after the current monetary policy cycle
How Russian firms use international risk-sharing to mitigate the effects of sanctions
The recent economic sanctions imposed on Russia and several other countries, including Syria, Iran, Venezuela, and North Korea, have reignited interest in the use of
Consumer demand for central bank digital currency as a means of payment
What factors could drive transactional demand for central bank digital currency? This column analyses payment survey data to arrive at a framework for understanding the
Mission completed: Empowering local communities to shape their own destinies
Despite the billions of dollars spent on development assistance annually, disagreements persist about the impact of foreign aid on developing countries. This column explores a
Carbon price uncertainty
In an attempt to encourage firms to decarbonise their activities, many countries have started to impose a price on carbon emissions. However, carbon price uncertainty
Behind the scenes of survey disagreement: Interpreting experts’ judgement
Consensus survey forecasts by professionals, often reported in media outlets, hide heterogeneous responses. This may be because respondents use different models to make forecasts, or
The drivers of post-pandemic inflation
Many observers have linked the sharp rise in prices in the US and Europe since 2021 to supply chain disruptions and increasing energy costs. This
The impact of de-risking by correspondent banks on international trade
The sharp decline in correspondent banking over the past decade has raised concerns that the associated disruptions in cross-border payments could hamper international trade and
Post-pandemic US inflation: A tale of fiscal and monetary policy
During the recent monetary policy tightening cycle, US inflation has proven persistent, with discussions emerging about the effectiveness of monetary policy with respect to previous
Investing in defence as a European public good
The mounting geopolitical threats make the EU governments’ holding on to national defence policies increasingly outdated. Defence fulfils the standard properties of a public good,
