The use and misuse of R&D subsidies and tax credits
R&D subsidies and tax credits are widely used around the world to encourage private sector R&D by reducing its cost for firms. This column argues
How countercyclical capital buffers travel: Internal capital markets and domestic borrowing
Macroprudential capital buffers are designed to make banking systems safer. This column shows that, at the bank–firm level, they do. But multinational firms respond: when
Quantifying the impact of the Iran war on US inflation
The outbreak of the Iran war in February 2026 has led to a major disruption to oil trade and a surge in oil prices. This
Connecting job seekers with buddies online
Supporting job seekers looking to change career has become particularly important as economies try to adjust to the digital and green transitions. This column reports
The macroeconomic consequences of undermining central bank independence: Evidence from governor transitions
In recent years, several high-profile episodes have renewed concerns about central bank independence in practice. This column constructs a new cross-country dataset of central bank
The effects of geopolitical supply chain shocks on policy preferences of firms
Do geopolitical shocks to supply chains make firms retreat from globalisation? Using new survey data from 1,855 manufacturing firms in Japan, this column shows that
Reconfiguring Europe in a fractured global economy: The Florence Report
The dramatic developments unfolding globally, spanning wars, geopolitical shifts, and trade disruptions, have caught Europe off balance. The 2026 Florence Report urges the EU to
The growing impact of political risk on financial markets
Risk associated with broad political changes can be quantified with a globally priced factor common across stocks, bonds and currencies. Political risk is increasingly driving
When public money multiplies, and when it does not: A guide to the catalytic effect of blended finance
Achieving sustainable development goals needs blended finance, where public money is used to crowd in larger private capital flows. The catalytic multiplier is a central
Geopolitical oil price shocks: Why these shocks hit harderGeopolitical oil price shocks: Why these shocks hit harder
When geopolitical crises strike, oil prices often surge, with consequences that extend far beyond energy markets. This column shows that oil price shocks associated with
