Easy money does not win elections
Politicians have long pressed central banks for lower interest rates in the belief that easy money wins elections. This column tests that premise using 385
Job seekers’ beliefs and preferences over wages and benefits: Experimental evidence from online job boards
From employer wage-setting power to the consequences of pay transparency and the role of benefits in compensation inequality, many core questions about labour markets hinge
Bank executive pay: Compensation design can help reduce excessive risk-taking
Bankers may benefit from the upside of risk-taking through bonuses, while taxpayers may ultimately bear the costs when things go badly wrong. After the Global
A network approach to geopolitics
In international affairs, what a country does depends on its own interests and on what its partners do. This column uses data on political institutions
Repo is the new dollar safe asset
US Treasuries have long been the benchmark dollar safe asset, and the convenience yield they command is the price the world pays for dollar liquidity.
AI is writing more research code Who is reviewing it?
AI agents can now write substantial amounts of research code. In a recent self-selected survey, 39 percent of economists reported using coding agents more than
Beyond goods and commuting: How transport infrastructure expands service markets
Governments and international organizations collectively invest trillions of dollars each year in transport infrastructure — roads, railways, tunnels, bridges. When those investments are appraised, two
South Asia’s demographic shift is an opportunity—but only if the region acts now
One in five workers worldwide lives in South Asia, where 1.17 billion people are in their prime working years. This represents an enormous economic opportunity.
Stablecoins and the macroeconomy: Bank disintermediation versus fiscal space
Stablecoins compete with banks for households’ holdings of safe and liquid assets, while creating additional demand for government debt. Building on a novel quantitative macroeconomic
Stablecoins as a vehicle for dollarisation: Evidence from capital controls and currency crises
Stablecoins could make payments and remittances cheaper and faster, but policymakers worry they could also help residents, particularly in emerging markets, circumvent capital controls and
