From European public goods to a European safe asset: A pragmatic roadmap
The search for a European safe asset has generated no shortage of proposals, but these proposals require, from the outset, a degree of mutual trust
The global minimum tax: More winners than losers – even without the US
A landmark shift in the international corporate tax system is taking shape. The introduction of a 15% global minimum tax aims to reduce profit shifting
The transatlantic divide in labour’s share of income
Across advanced economies, workers have been receiving a smaller share of national incomes. This column compares the evolution of labour’s share of income in Europe
The impact of geopolitical risk on the euro area economy: Past experience and future prospects
Geopolitical risk has become a key driver of macroeconomic fluctuations. This column analyses the macroeconomic costs of the Russo-Ukrainian war for the euro area, and
Literature support and the capabilities of autonomous research agents
A central weakness of modern machine-learning systems is that performance tends to deteriorate outside the support of the training distribution. This column uses a tournament-style
Global trade linkages and the cross-country distribution of the gains from AI
Productivity gains from AI are expected to be significant, but how international trade shapes the cross-country distribution of these gains remains an open question. This
The word is not enough: Testing the effects of information treatments on perceived corruption in Ukraine
Despite significant progress in fighting corruption since 2014, corruption perceptions in Ukraine are extremely high, while the government’s willingness to fight it is seen as
The inefficient pricing of news
The main obstacle to market efficiency is whether investors can read, process, and quickly extract genuinely new information from articles. This column uses large language
Industrial policy, tariffs, and the return of global imbalances
Has the rise of industrial policy driven an increase in global current account imbalances? Can tariffs fix them? This column revisits these questions. Looking at
Corporate net zero targets: Neither greenwashing nor a gamechanger
Net zero commitments have become a central feature of corporate climate strategy. This column analyses whether firms adopting such targets subsequently reduce emissions or strengthen
