Worker-managed firms can curb inequality and protect free markets
Rising income inequality in Western high-income countries threatens democratic governance and social cohesion, and AI risks making it worse. Drawing on a forthcoming book, this
Beyond flows: How natural gas supply risk fuels inflation
Europe’s output losses proved limited following the 2022 cutoff of Russian gas flows, yet inflation rose sharply. This column uses weather variation and gas-market events
Competition or collusion: Entry decisions in the Swedish pharmaceutical market
Many countries have adopted different price regulations to contain pharmaceutical prices, even in markets exposed to generic competition. This column documents subtle pricing patterns in
Europe’s ungoverned space: Military AI and the autonomy that cannot be bought
European defence ministries and intelligence services run on infrastructure they do not control and cannot independently audit – a situation highlighted by the US administration’s
Beyond the 3 Percent Fiscal Deficit Rule: What India’s States Reveal About Fiscal Discipline
India’s states began adopting Fiscal Responsibility Laws (FRLs) in the mid 2000s to rein in deficits, put debt on a sustainable path, and restore fiscal
Electoral systems and immigration policies
Immigration has become one of the most salient issues in political debate. This column uses evidence from Italian municipal elections to highlight the role of
The EU fiscal framework undermines innovation and security
European member states may now exceed deficit limits if the borrowing finances defence. This column argues that this fiscal exemption is economically incoherent: it subsidises
House prices in big cities cannot be expected to come down any time soon
House prices have increased sharply in many advanced economies, often leading to populist revolt and social crises. This column argues that agglomeration externalities foster urbanisation
Trailing with a margin: Official macro forecasts in EU fiscal surveillance
Budgetary planning in the euro area involves a codified interaction between national governments and the European Commission where economic and fiscal forecasts play a crucial
The granular origins of inflation
Textbook monetary economics views inflation as fundamentally driven by aggregate shocks, such as money supply or policy rates. This column presents empirical evidence that inflation
