Monetary policy under multiple financing constraints
A longstanding puzzle in monetary economics is that policy tightening has stronger effects than easing. This column shows that the multiplicity of financing constraints notably
Research value-added in elite economics PhD programmes
The 2025 US university endowment tax hike, together with other financial pressures, is pushing the wealthiest universities to shrink their doctoral cohorts. This column exploits
Exchange rate communication in practice: Evidence from two decades of ECB press conferences
Evidence is mixed on whether central banks can influence exchange rates simply by talking about them. This column explores this question by analysing more than
ChatGPT’s financial advice: Supply, demand, and the life cycle
The rise of generative AI has raised hopes that high-quality, personalised financial advice might finally become cheap and universally accessible. This column develops a method
Investing in the future: ensuring women-led small businesses can thrive
When we picture engines of economic growth and job creation, we tend to think of large multinational companies and global brands. Yet, in emerging and
From Strategic Investment to Tangible Results: Notable examples from the Human Capital Trust Fund
Two-thirds of the income gap between developed and developing countries can be attributed to disparities in human capital. Yet, budgets for critical human capital investments are
Precious metals retreat from record highs
Precious metal prices declined in 2026Q2 (q/q) after 14 consecutive months of gains through February, including a 24 percent increase in 2026Q1. By June, gold
Microfinance’s promise was oversold, not broken
The Wall Street Journal recently published a sobering account of microfinance’s shortcomings, documenting troubling cases of over-indebtedness, land loss, and borrower distress in countries such
Hedging interest rate risk when it matters: Evidence from Italian banks
Valuation losses can build quickly in response to higher interest rates, as demonstrated by the collapse of Silicon Valley Bank. This column shows that Italian
When trust in official statistics declines
Trust in official economic statistics has become an increasingly salient policy issue, including in the US where the Commissioner of the Bureau of Labor Statistics
