Cultural norms matter for macroeconomic development
Interest in the role of cultural norms, institutions, and development has resurfaced in recent years especially post the 2024 Nobel Prize in Economics. This column
Venture capital – a global perspective
Existing views on what venture capital finances and how its markets are structured are primarily shaped by the experience of the US and a few
Hiding in the mean: AI is adding jobs and removing them at the same time
Estimates of AI’s employment effect disagree in size and even in sign. This column argues the disagreement is built into the measurement: AI substitutes for
Fed’s Williams sees no urgency for next Fed rate hike
Fed’s Williams says there’s time to parse data before raising rates again Federal Reserve Bank of New York President John Williams said on Tuesday that
When Wall Street drifts from Main Street: Consumption as an anchor for stock prices
Debate over whether buoyant equity markets reflect durable economic gains or a widening gap between Wall Street and Main Street has intensified with the AI
Lifting the curtain on the EU’s debt
The EU’s far-reaching response to a series of major shocks has turned it into a major borrower on international financial markets. Debt issued by the
Capital inflows boost output, even after accounting for expectations
Emerging market economies that are expected to perform well may attract more foreign capital, making it difficult to establish the causal effects of capital inflows
The smokestack illusion: Who really pays for net zero
Reaching net-zero CO2 emissions by 2050, as prescribed by the Paris Agreement, is hard to imagine without a carbon tax. This column estimates that reaching
Quantifying financial repression through the lens of portfolio choice: A century of evidence
With public debt at high peacetime levels, how advanced economies can reduce debt burdens is again at the centre of policy debate. This column examines
Measuring what work generative AI does: Survey evidence versus chat logs
The chat logs of AI companies are often used to measure what work AI actually does. This column uses a nationally representative US survey that
