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
Tax policy considerations for the circular economy
EU fiscal systems still favour linear production, as virgin extraction stays largely unpriced and labour-intensive repair is penalised. About 88 percent of materials are thrown
How to lend and spend money to increase the gains from international migration
It has long been argued that even relatively small increases in global migration could result in gains that far exceed the total of all foreign
New jobs in 140 years of data: Why the AI displacement fear is overstated — and what to worry about instead
Forecasts of AI-driven job destruction rest on counting automatable tasks. But labour markets hire, pay, and fire whole occupations, not tasks – and occupations have
How exchange rate policy reshapes global supply chains and productivity growth
Global current account imbalances are widening again. This column argues that currency undervaluation, supported by reserve accumulation under capital controls, can permanently reshape industrial structure
Financial engineering is no substitute for interest rates: Lessons from Türkiye
The Turkish central bank cut interest rates over 2021-2023, on the politically driven view that higher rates cause inflation. This column analyses the policies used
Small and stuck: Why European firms can’t scale
In 2008, the US stock market was worth $3 trillion more than the combined European stock market; in 2023, the gap was $34 trillion. This
A nascent international financial channel of China’s monetary policy transmission
China is the world’s second-largest economy, and its monetary policy can affect global demand and trade. Using granular mutual fund data, this column finds that
When statistics lie: Using satellite data to track Russia’s wartime economy
Official Russian statistics report a mild recession in 2022 following the full-scale of Ukraine but suggest that Russia has since fully recovered. This column argues
