The U.S. Treasury announced on Friday sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft and Surgutneftegaz, to try to curtail Moscow’s ability to fund its war with Ukraine. The sanctions also target over 180 tankers and dozens of oil traders, oilfield service providers, insurance companies and energy officials. Below are reactions from major […]
President-elect Donald Trump has promised to maximize U.S. oil and natural gas production – already at record highs – in part by clearing away what he deems as unnecessary regulation and bureaucracy. Here are some of the energy-related executive orders Trump could announce during his first days in office, as he seeks to follow through on that […]
Dangerously high winds were expected to resume on Monday in Los Angeles, potentially hampering efforts to extinguish two stubborn wildfires that have leveled whole neighborhoods and claimed the lives of at least two dozen people. Dry Santa Ana winds of up to 50 to 70 miles per hour (80 to 112 kph) were forecast to resume on Monday and […]
Artificial intelligence has diffused rapidly in recent years, but its impact on aggregate productivity is not clear. This column uses data from original surveys to estimate the impact of AI on macroeconomic productivity in Japan. Using data on the use of AI in the workplace and its impact on work efficiency, it estimates a 0.5-0.6% […]
The short-term implications of the new Trump administration for the US and the EU economies are potentially wide ranging. This column argues, however, that the ramifications in the medium to long term promise to be even more pervasive. From a domestic perspective, we may witness a gradual shift of the US corporate system to crony […]
Long-term trends in wealth inequality have been the object of considerable recent attention and their analysis allows for a better understanding of the causes (and consequences) of inequality today. This column provides an overview of top wealth shares in Western countries from ca. 1300. In the last seven centuries, wealth concentration increased continuously, with two […]
A key barrier to economic development is that while new technologies can offer substantial productivity gains, firms in poorer countries often do not adopt them. This column uses firm-level data to track the adoption of the key technology of the 19th century – the steam engine – during Sweden’s rapid industrial take-off. Much like in […]
The transition towards climate neutrality is creating both winners and losers. Renewable energy development often faces opposition from local communities concerned about potential environmental impacts without significant economic benefits. Using Italy as a case study, this column investigates whether such opposition translates into political costs at the polls. It finds that local governments authorising wind […]
Richard Easterlin, who passed away in December 2024, was a visionary economist whose pioneering research transformed how we think about economic growth, happiness and human wellbeing. This column, written by a friend and colleague, outlines some of the key contributions and impact of a long professional life mostly spent examining data on, and discussing the […]
Saudi Arabia’s crude oil supply to China is set to decline in February from the month before, trade sources said on Thursday, after the kingdom hiked its prices and as OPEC+ extended production cuts in the first quarter. State oil firm Saudi Aramco will ship about 43.5 million barrels to China in February, a tally of […]
