A new history of wealth inequality in the West
Western nations have seen remarkable per capita wealth growth over the 20th century and, in this period, wealth inequality has also fallen. This column explains
Central banks and the absorption of international shocks
Financial openness can constrain the monetary autonomy of central banks. This column uses a new dataset to study how central banks use their balance sheets
The ideological roots of technological transformation: Meiji Japan versus Imperial China
Japan and China both faced exposure to Western imperialism in the 19th century, but their responses were starkly different. Japan’s decentralised political system allowed more
Information can reduce the long-term financial consequences of part-time work for mothers
The ‘child penalty’ significantly reduces women’s lifetime earnings and pension savings, but whether this is the result of deliberate forward-looking decisions remains unclear. This column
Design-based fiscal stimulus transfers: Evidence and macro implications
In recent years, and during Covid-19 in particular, many countries have experimented with innovative approaches to fiscal stimulus. This column reports on an experiment in
A new index to measure geopolitical fragmentation in global greenfield foreign direct investment
Global foreign direct investment flows are increasingly mirroring the world’s geopolitical divides. This column introduces a new index for FDI fragmentation that differentiates flows within
Decoding DeFi lending: Motivations, risks, and investor behaviours
Decentralised finance lending platforms have experienced tremendous growth since 2020. This column uses transaction-level data to study the behaviour of investors in the market. It
Reviewing the ECB’s monetary policy strategy in the age of polycrisis
The ECB concluded its last monetary policy strategy review and adopted a new strategy in 2021, just before the unprecedented surge in inflation. Three years
Heterogeneous effects of monetary tightening in response to energy price shocks
Starting in mid-2021, energy prices soared to unprecedented heights. Initially driven by the global post-pandemic rebound, this was exacerbated by the Russian invasion of Ukraine.
Evaluation of a new international policy instrument to curb offshore tax evasion: Global information sharing of bank information
While the financial secrecy of offshore tax havens has historically created ample tax evasion opportunities for wealthy individuals, automatic information exchange between tax authorities is
