The energy crisis and the German manufacturing sector: Structural change but no broad deindustrialisation to be expected
Historically, despite being high in international comparison, European energy prices did not constitute an insurmountable obstacle to industrial expansion because of the exceptional energy efficiency
Monetary policy, inflation, and crises: New evidence from history and administrative data
With year-on-year inflation rates reaching 10% in 2022, central banks in Europe and the US have been raising interest rates to ensure price stability. These
Banks’ exposures to high-carbon assets may represent a medium-term vulnerability for the financial system
Climate change is rapidly being recognised as a potential source of financial risk by regulators and supervisors (Claessens et al. 2022, FSB 2022, ESRB 2021a,
Public service deprivation and the rise of the far right
Far-right parties across the globe have made significant electoral gains in recent years. Some of them have even been able to defeat traditional cordons sanitaires that actively
Model-based regulation: Lending in times of COVID-19
Bank lending is inherently pro-cyclical. This is because, during upswings in the business cycle, banks tend to overestimate the creditworthiness of their borrowers, often resulting
Responses to COVID-19: The role of policy space
In early 2020, as COVID-19 morphed into a global pandemic, countries faced multifaceted challenges: a health crisis from a poorly understood disease, a financial crisis
Openness to trade and regional growth: Evidence from Italy during the First Globalisation
The economic, social, and political consequences of globalisation have been a hot topic in the public debate over the last decades. The international integration of
The safe asset potential of EU-issued bonds
Modern financial systems rely on safe assets. A ‘safe asset’ is defined by three characteristics (Brunnermeier et al. 2016, 2017, Brunnermeier and Huang 2018, Gorton
How to fix the European Union’s proposed Data Act
The draft European Union Data Act, proposed by the European Commission in February 2022, aims to fill a big gap in data regulation. It is intended
Has the Digital Markets Act got it wrong on app stores?
Apple’s iPhone and Google’s Android mobile operating system dominate the smartphone market. The two companies also control the app stores consumers use when downloading apps
