The impact of global sanctions on cross-border mergers and acquisitions
The use of sanctions has grown steadily over the past seven decades, with well-documented effects on bilateral trade. This column analyses the effects of sanctions
Monetary policy under multiple financing constraints
A longstanding puzzle in monetary economics is that policy tightening has stronger effects than easing. This column shows that the multiplicity of financing constraints notably
Research value-added in elite economics PhD programmes
The 2025 US university endowment tax hike, together with other financial pressures, is pushing the wealthiest universities to shrink their doctoral cohorts. This column exploits
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
Should the European Central Bank slow down quantitative tightening?
The ECB could slow down QT in response to currently tight financial conditions, but should communicate its intentions with care. Since early 2023, the European
Buyer beware: a taxonomy of the risks of international carbon credits
As the EU reintegrates international carbon credits into its climate framework, understanding the associated risks is essential. For more than a decade, international carbon credits
The impact of trade wars on firms in third countries
Bilateral trade shocks may reallocate demand and competition across countries, creating spillovers for firms in bystander countries. To study how firms respond to trade shocks
The design and effect of tariff retaliation: Evidence from the EU
As global trade policy becomes increasingly protectionist, the threat of tariff retaliation looms large. This column analyses how the EU’s 2018 response to US steel
Fiscal rules compliance and sovereign borrowing costs: Some evidence from the euro area
Governments with well-designed fiscal rules generally enjoy lower yields but less is known about whether investors price compliance with these rules. Using a panel of
The impact of geopolitical risk on the euro area economy: Past experience and future prospects
Geopolitical risk has become a key driver of macroeconomic fluctuations. This column analyses the macroeconomic costs of the Russo-Ukrainian war for the euro area, and
