The origins of the multinational premium: Managerial talent, firm risk, and corporate taxation
Multinational firms tend to earn higher stock returns than purely domestic firms, raising questions about what drives their differential exposure to aggregate risk. This column
The AI premium
Artificial intelligence is already reshaping the economy and society. This column analyses how AI affects firms, markets, and workers using 380 trillion tokens of realised
Europe must prepare for a possible oil supply crunch
With falling commercial and emergency oil reserves, Europe’s oil price shock could soon become a volume crisis – a scenario for which it must prepare.
The unequal burden of oil shocks: Labour markets and monetary policy
The war in Iran has sent oil prices sharply higher, reviving the question of who bears the cost of energy shocks and how central banks
Metal prices surge as supply pressures intensify
Metal prices are surging again. The World Bank Group’s metals and minerals price index has jumped by about 20 percent since the start of the
AI to double data centre power and water consumption by 2030, UN researchers say
Unless governments heed the rising environmental costs of AI, the rapid rollout could also strain scarce land resources and create mountains of electronic waste, the
Why the post-pandemic US immigration surge barely moved inflation
The US experienced a large immigration surge between 2021 and 2024, which coincided with a period of high and then falling inflation. This column shows
South Asia opens up: How trade reforms impact households and sectors
Over the next decade, about 280 million people will come of working age in South Asia. The region needs a robust growth engine to create jobs
A more resilient Europe faces a renewed energy shock – but difficult trade-offs may resurface
The conflict in the Middle East has triggered a renewed energy shock for Europe. While the macroeconomic impact is currently expected to remain more contained
Mapping the household-level transmission of monetary policy
The monetary tightening that followed the post-pandemic inflation episode has revived long-standing debates about how monetary policy affects households. This column uses a survey of
