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The mounting geopolitical threats make the EU governments’ holding on to national defence policies increasingly outdated.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,
Central bank independence: Views from history and machine learning
Economists overwhelmingly support the idea of an independent central bank. This column introduces a new data set on central bank independence since 1800. It documents
Draghi is right on many issues, but he is wrong on telecoms
The recently published Draghi report on European competitiveness offers radical proposals to reverse Europe’s competitive decline compared to China and the US. This column argues
From shadows to sunrise: How to overcome the middle-income trap
Poland has emerged as a standout performer among Eastern European economies. But the country’s journey from lower-middle-income to high-income status remains an exception. This column
Local decline and populism
Support for right-wing populist parties in many advanced democracies is characterised by considerable regional heterogeneity. This column uses data on high-street vacancies in the UK
The long and variable lags of monetary policy: Evidence from disaggregated price indices
Monetary policy is said to impact the economy with long and variable lags. This column studies how monetary policy affects subcomponents of the Personal Consumption
Growth stabilises debt and reduces fiscal inflation: A new perspective on monetary-fiscal interactions
Traditional views on monetary-fiscal interactions suggest that fiscal deficits can be stabilised through changes in taxes, government spending, or inflation. This column examines how economic
Global environmental cooperation and innovation
In the ongoing debate on climate change, one of the most pressing challenges is fostering effective international cooperation. This column examines the success of the
