President Trump’s 2025 tariffs mark the onset of the post-American leadership era. This column introduces The Great Trade Hack, a new CEPR Rapid Response book arguing that Trump’s trade policy, driven by a ‘Grievance Doctrine’, is emotionally coherent but economically incoherent. Despite their failure to deliver real solutions, tariffs persist as ‘policy placebos’ that deflect […]
21 Apr 2025 Safe assets are the building blocks of modern financial markets. This column examines the sectoral dynamics of safe assets across advanced economies since the 1980s. It shows that foreign demand for these assets has steadily increased, with the financial sector playing a key role in meeting it. However, because financial institutions often […]
Adapting to climate change – finding ways to prevent the harshest effects or deal with crises when they occur – is a first-order issue. But research on the economics of adaptation has offered little guidance for policy. This column reviews the existing literature on adaptation and considers how it can more directly inform policy design […]
