In his report on European competitiveness, Mario Draghi argued that “industrial, competition and trade policies interact closely, and must be aligned as part of an overall strategy”, a position that is reflected in the design of the new European Commission. This first in a two-column series sets out some foundational principles for a joined-up approach […]
Persistent differences in per capita incomes are usually attributed to productivity differentials. But countries also converge to widely different employment-to-population ratios. This column shows that in fact higher productivity growth in emerging market and developing economies tends to be associated with declines in the employment-to-population ratio (‘jobless development’). Convergence towards low steady-state employment ratios appears […]
Services can be supplied through cross-border trade, consumption abroad, commercial presence, and the presence of a natural person. The choice of delivery mode and the extent to which service traders can switch between modes (‘substitution elasticity’) can significantly affect how firms respond to trade barriers. This column analyses UK services trade following the Brexit referendum. […]
The event organizers shared some topics to discuss at the WOW Summit — and they are truly impressive. The WOW Summit is a global gathering for Web3 enthusiasts, offering a platform to explore, learn, and connect within the blockchain and Digital Assets ecosystem. The event showcases cutting-edge innovations, fosters collaboration, and provides opportunities for networking […]
Recent tensions between the US and China have raised the spectre of technological decoupling. This column explores the impact of US Entity List restrictions on Chinese firms’ innovation. It shows that US sanctions reduce the quantity and quality of patenting of the targeted Chinese firms, driven by reduced collaboration with US inventors. Sanctions in specific […]
International shipping faces significant challenges as emissions trading schemes expand, potentially leading to overlapping greenhouse gas pricing mechanisms. Concerns are rising among shipping companies that double pricing could reduce their competitiveness and raise costs. This column identifies three potential scenarios in which emissions from international shipping could become subject to multiple GHG pricing instruments, and […]
Anti-globalisation sentiment has risen significantly in recent decades. Focusing on French voting patterns since 1981, this column analyses the relationship between anti-globalisation votes and local exposure to exports and imports, and finds that anti-globalisation is driven by imports of final goods rather than intermediate goods. In fact, greater exposure of national employment to intermediate imports, […]
Industrial policy has been used by many countries throughout history. Yet, it remains one of the most contentious issues among policymakers and economists. This column outlines a theory-based empirical methodology that relies on estimating an industry equilibrium model to measure hidden subsidies, assess their welfare consequences for the domestic and global economy, and evaluate the […]
Central banks’ communication strategies are critical in shaping public inflation expectations, especially as inflation remains a pressing global concern. This column provides evidence from a survey experiment exploring how different communication mediums – text, photo, audio, and video – impact households’ inflation expectations. The findings suggest that dynamic audiovisual methods, like audio and video, are […]
Removing regulatory barriers to worker mobility such as non-compete agreements can influence worker-level outcomes. This column exploits the changes in the enforceability of non-competes to explore their interaction with investment in intangible assets and market imperfections. Banning these agreements disproportionately benefits workers employed in intangible-intensive firms. When firms develop intangible assets that give them a […]
