Industrial policy in complementary markets: Lessons from India’s 4G rollout

Governments increasingly use protection and targeted subsidies to promote domestic firms. These policies are usually evaluated in the market they target. This column uses India’s

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

Global trade linkages and the cross-country distribution of the gains from AI

Productivity gains from AI are expected to be significant, but how international trade shapes the cross-country distribution of these gains remains an open question. This