Communicating monetary policy by a committee: Echoes that move markets
Central banks rarely speak with one voice. At the Federal Reserve, for instance, each official brings a distinct perspective, and markets parse every speech for
US workers experience large month-to-month fluctuations in pay
Over the past decade, cities and states in the US have enacted ‘fair workweek’ laws to stabilise worker schedules. This column uses administrative data on
Infrastructure diplomacy in the shadow of the Belt and Road: Lessons from Japan’s experience
Infrastructure diplomacy has become a central arena for strategic competition. This column examines how China’s Belt and Road Initiative has reshaped Japan’s overseas infrastructure engagement
Dollar dominance and the Trump administration
There is general agreement that a currency’s safe-haven status can be gauged by its response to changes in financial volatility. This column documents how, in
Assessment of disruptive innovation in science and technology policy: Insights from meta-science research trends
Technological innovation, including disruptive innovation, is a driving force for economic growth and social change, but early identification of such technologies and assessments of their
Reforming the education of economists in Europe: Breaking the tyranny of the top five
Many European countries have adopted the American model of doctoral training and academic evaluation. While this model suits America’s vast, mobile labour market, in Europe
What corporate earnings calls reveal about the AI stock rally
The launch of ChatGPT in late 2022 marked a turning point in how firms and investors view generative artificial intelligence. This column measures the extent
Stock market participation and financial education in the digital age
Stock market participation remains low, especially among the older, less affluent, and less educated households, despite its clear benefits for wealth preservation and growth. Although
How the US South caught up: A century of manufacturing productivity convergence
Economic historians have long debated whether lagging regions can catch up in productivity with industrial leaders. This column shows that, under the right conditions, such
Classroom heat widens the achievement gap
Extreme heat events are becoming more frequent and intense with climate change. Children are particularly vulnerable to such environmental stressors. This column uses nationwide exam
