On the fragility of the nonlinear Phillips curve interpretation of recent inflation
The inflationary episode from 2021 to 2023 reignited the debate on the nonlinearity of the Phillips curve. Aggregate and city-level data indicate a non-linear relationship,
Use it or lose it: How cognitive skills change with age
Cognitive skills are commonly assumed to begin deteriorating from the age of 30, which could pose a significant challenge for rapidly ageing populations. But this
Partisan politics and global supply chains: How CEO political alignment shapes trade decisions
Against a backdrop of escalating geopolitical tensions and rapidly shifting global alliances, policymakers are advocating strategies such as ‘friendshoring’ to safeguard supply chain resilience. This
International trade suppression and the demand for US Treasuries
The trade war launched by the Trump administration follows a longer-term pattern of geo-economic fragmentation, but it dwarfs all prior expectations. This column looks beyond
Pentagon to end $5.1 billion in contracts with Accenture, Deloitte, others
U.S. Defense Secretary Pete Hegseth has ordered the termination of several information technology services contracts valued at $5.1 billion, including companies such as Accenture, Booz
Stronger Penalties and Timely Targets Could Make Sustainability-Linked Bonds More Effective
New research highlights structural flaws in sustainability-linked bonds that weaken their ability to promote meaningful environmental and social outcomes. Sustainability-linked bonds are gaining attention as
Why the tariffs caused turmoil in financial markets
On 2 April 2025, the US administration triggered a global shock by announcing sweeping new tariffs. This column describes how what began as a trade
Rethinking public–private partnerships to bridge the infrastructure gap
The EU faces a significant investment challenge to meet its ambitious goals of decarbonising the economy, modernising infrastructure, strengthening defence, and improving social services. Public–private
The economics of distributed ledgers and the limits of decentralised money
Distributed ledgers are the embodiment of the vision of a decentralised notion of money. The key idea is to harness a network of self-interested ‘validators’
Monetary policy spillovers and the role of the dollar
In the literature on monetary policy spillovers, countries that would otherwise operate independently are connected through bilateral trade relationships, and it is assumed that there
