Many European countries have adopted the American model of doctoral training and academic evaluation. While this model suits America’s vast, mobile labour market, in Europe it has created perverse incentives and distorted research priorities. This column argues that Europe needs a more pluralistic, socially grounded, and inclusive system for the training of economists. It proposes […]
The transaction represents the fourth successful public benchmark issuance completed by TAEF in 2025. MENA-focused The Arab Energy Fund (TAEF), formerly known as APICORP, recently delivered a $600 million long five-year issuance that was priced at SOFR +75 basis points (bps). The transaction represents the fourth successful public benchmark issuance completed by TAEF in 2025, […]
Central banks have increasingly engaged with climate-related topics in their public communication, but little is known about the drivers and effects of this shift. This column presents a comprehensive analysis of climate-related central bank communication using a novel dataset of over 35,000 speeches from 131 central banks spanning 1986-2023. The authors find that climate communication […]
By some criteria, the post-pandemic disinflation was a triumph for central banks in advanced economies: inflation fell sharply from 40-year highs while unemployment rates remained low, the combination of which generated historically low sacrifice ratios (output losses per inflation reduction). These standard metrics for success, however, ignore adjustments in the price level, which rose by […]
Numerous central banks started to build the countercyclical capital buffer as bank profitability began to soar during the recent tightening cycle. Recent evidence suggests that building the buffer when there is headroom for doing so does not harm lending in the short-term and tends to increase it at longer horizons. This column proposes a quantitative […]
Investors and policymakers increasingly rely on verbal guidance rather than policy moves. This column examines whether the emotional sentiment of the chair of the Federal Reserve’s voice in press conferences affects the probability of a sudden, significant drop in bank stock prices. A more positive vocal tone by the Fed chair reduces the risk of […]
