Ratings, debt, and deficits: An exploration
What matters more for sovereign credit ratings – today’s debt or tomorrow’s deficits? This column explores how ratings weigh the two and finds that ratings
Ideas and firm dynamics when it takes two to tango
Innovation has increasingly become a team activity, while inventors have become more concentrated in large firms. This column argues that these trends are closely connected.
Fiscal populism and monetary policy rules
Populism may not only have contemporary but also long-term effects on the macroeconomy. Using data for advanced economies and emerging markets since 1960, this column
Your debt, my inflation: The role of trust in the ECB
High public debt in several euro-area countries has renewed the debate over a central question: can fiscal pressures in one member state affect inflation expectations
Financing the AI buildout before the risks go off balance sheet
The AI boom is usually discussed as a contest over models, chips, and productivity. This column argues that it is also a large physical infrastructure
Covered interest parity deviations and financial market frictions: Six decades of evidence
Persistent deviations from the covered interest parity no-arbitrage condition are viewed as evidence of the new and central role of balance sheet constraints and financial
A Mediterranean Community of Human Capital
Europe’s shrinking workforce is weighing on its productivity and welfare systems. Meanwhile, its southern Mediterranean neighbours currently produce growing numbers of graduates whom domestic labour
Protecting indigenous cultural resources from within the IP system
Across food, tourism, cosmetics, and luxury goods, indigenous language and heritage increasingly anchor premium market positions, but when it comes to trademarks, few jurisdictions have
The Danes, the Dutch, the Swedes and the feasibility of walking away from pay-as-you-go pensions
Prefunded pensions in Denmark, the Netherlands and Sweden pair income security with fiscal sustainability, but other EU countries need a faster route. This paper examines
Worker-managed firms can curb inequality and protect free markets
Rising income inequality in Western high-income countries threatens democratic governance and social cohesion, and AI risks making it worse. Drawing on a forthcoming book, this
