The aftermath of the 2007-2009 financial crisis resulted in the widespread adoption of tougher bank regulation, exemplified by the 2010 Accord of the Basel Committee on Banking Supervision, known as Basel III. However, a concern has emerged about the possibility that the effectiveness of the new regulation may be hindered by a shift of intermediation […]
The 1930s are the classic period of deglobalisation and protectionism: a trade policy disaster (Irwin 2011). And yet, detailed quantitative studies of interwar trade policy remain relatively scarce. Early studies, based on very aggregate measures such as average tariffs or trade bloc dummy variables, tended to conclude that the impact of protectionism was surprisingly small (Irwin 1998, […]
Technological and organisational change is seen as one of the most critical factors driving the decline in the employment share of routine jobs (i.e. jobs that are predominantly repetitive and prescriptive in the tasks required). This is illustrated in a strand of papers (e.g. Autor et al. 2003, Goos and Manning 2007, Acemoglu and Autor […]
A recent trend in research emphasises the implications of monetary policy not only for aggregate outcomes like inflation or the unemployment rate, but also for inequality. The trend has motivated, for example, several columns on Vox discussing the empirical impact of monetary shocks on the distribution of income and wealth (e.g. Ampudia et al. 2018, […]
The COVID-19 pandemic brought a large, lasting shift to work from home (Barrero et al. 2021b, Aksoy et al. 2022, and Schwellnus et al. 2022). Clearly, this shift reduces the amount of time that workers spend commuting. But how much time does work from home actually save? And how do workers allocate their time savings? […]
Since the late 1980s, many countries have reformed the legal frameworks governing central banks to protect these institutions from undue political influence and safeguard price (and financial) stability (Grilli et al. 1991, Cukierman et al. 1992, Romelli 2022). However, legal or de jure independence does not necessarily translate into actual or de facto independence. Laws […]
NAIROBI, Feb 3 (Reuters) – Kenya’s private sector activity rose for a third consecutive month in January, helped by improved business in agriculture, manufacturing, services and wholesale and retail sectors, a survey showed on Friday. The S&P Global Kenya Purchasing Managers’ Index (PMI) went up to 52.0 in January from 51.6 a month earlier. Readings […]
became aware of health and equity issues early in life, and it has given form to my work today. Growing up in North Carolina as the child of immigrant parents from India, I observed and experienced the impacts of racism in ways that have shaped my perspective and my purpose to this day. I learned […]
New World Bank research shows the agreement among 54 countries would likely draw more foreign direct investment, amplifying its benefits Imagine that a large African textile company wants to set up a new factory in a neighboring country to help establish a regional value chain for its production. It would likely face many months of […]
WASHINGTON, Feb 3 (Reuters) – The U.S. Treasury Department said Friday it will make more Tesla, Ford Motor, General Motors and Volkswagen electric vehicles eligible for up to $7,500 tax credits after it revised its vehicle classification definitions. The reversal by Treasury is a win for Tesla, GM, Ford and other automakers which had pressed the Biden […]
