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
When the news you watch shapes the inflation you expect
Central banks lean on communication to anchor inflation expectations. But most households learn about the economy from the news rather than from policy statements, and
Digital banks, social media, and the competition for deposits
The rapid digitalisation of banking and the widespread use of social media are transforming competition for retail deposits. Using US branch-level data, this column shows
Mapping the world’s building regulations: new platform for smarter reforms
Every year, the world adds floor space equivalent to a city the size of Paris roughly every five days. Most of that construction happens in
Shared prosperity constitutes both income growth and inequality reduction
The vision of the World Bank is to end extreme poverty and boost shared prosperity on a livable planet. The number of people who live in extreme poverty — i.e.,
The hidden unfairness in your tax system and how to fix it
In many developing countries, two people can earn the same income and pay very different amounts of tax — not because of different rates, but
The economic footprint of Europe’s defence build-up
Defence policy is usually discussed as a national security issue, but its economic effects are often highly local. This column presents new evidence from 1,011
China’s accession to the WTO increased pollution via coal powerplants, not exporters or their suppliers and consumers
As countries consider trade deals to foster development, the question of how trade impacts pollution keeps resurfacing. This column examines how China’s rapid entry into
Less focus on poverty reduction? An evaluation of the EU 2028-2034 development aid plan
European Union development aid is emphasising poverty reduction less and directing attention to other geopolitical priorities. As part of the planned European Union budget for
Independent central banks take more risk, not less
The fiscal dominance view holds that politically captured central banks are more likely to be pushed into taking risky positions, while independent ones resist. This
