Transformation of activities and risks between bank and non-bank financial intermediaries
Non-bank financial intermediaries have surpassed banks as the largest global financial intermediaries, yet they remain lightly regulated. This column argues that the intermediation activities and
Open science as a means for development aid: Fostering scientific research and innovation
Access to existing work and technical information is key to the emergence of new scientific knowledge and innovation. But access to academic publications is particularly
Unlocking efficiency: Optimal monetary policy when capital misallocation matters
The design of monetary policy has traditionally considered aggregate total factor productivity as an exogenous variable over which the central bank has no control. This
The impact of higher interest rates on UK firms
Firms across many advanced economies have faced a significant increase in the interest rates paid on borrowing and received on deposits since 2021. This column
Sailing through storms: The fallout of Red Sea disruptions for global trade and inflation
Attacks by Houthi rebels in the Red Sea are jeopardising trade in a crucial maritime shipping route. This column discusses the consequences for oil prices,
Cool cities: The value of urban trees
Cities are warming faster than their rural surroundings. But the ecosystem support provided by urban forestry is often omitted from climate policies due to the
The impact of exchange rates on Japan’s machinery exports since 1990
Japan produces and exports a sophisticated basket of machinery and capital goods. Following the global crisis, it offshored manufacturing of parts and components to Asian
Using spatial integrated assessment models to understand the local and global economic impact of climate change
Climate change is a spatial phenomenon. While it will be very costly at equatorial latitudes, where it is already very hot, it will have more
Nurturing childhood curiosity to enhance learning: A randomised pedagogical intervention
Teaching practices that respond to the specific needs of students and leverage their love of learning are likely to be effective, but most traditional teaching
Price and output responses to supply disruptions in times of high uncertainty
Price setting has become more flexible following a string of large adverse shocks. This column argues that a shift to a high-uncertainty regime incentivises firms
