The early takeoff of space innovation

The conventional account of US space sector transformation credits the post-2005 entry of SpaceX, Blue Origin, and other commercial firms with revitalising a stagnant industry.

Not all foreign exchange reserves are created alike

The motives for the accumulation and management of foreign exchange reserves are a key topic in international economics. This column highlights an aspect of the

Immigration restrictions and natives’ intergenerational mobility: Evidence from the 1920s US quota acts

Much of the debate over the consequences of immigration restrictions for labour market outcomes of native-born workers focuses on short-run wage competition. This column exploits

FDI and growth in the age of global value chains

Existing evidence indicates that foreign direct investment promotes growth only when host economies have the human capital and deep financial markets to absorb spillovers. This

Navigating the complex world of non-tariff measures

For decades, global trade debates have centered on tariffs – the duties countries impose on imported goods. Today, a new, more complicated set of trade

Political polarisation drives talent away: Evidence from Spain’s health sector

Given the growing prevalence of political and social polarisation, understanding its effects on society is of paramount importance. This column discusses the effects of an

Bilateral trade in services: A new research database

While trade debates focus on tariffs and goods, services have quietly defied deglobalisation and become an increasingly important driver of growth. Services trade not only

The Federal Reserve, the new administration, and the outlook for the economy and monetary policy

The new US administration has made the Federal Reserve’s monetary policymaking more complicated both because of the elevated uncertainty regarding administration policies and because of