Services trade and environmental sustainability
There is growing recognition that the specific characteristics of services sectors and services trade have important environmental implications. For example, services trade can foster technological
Climate change, firms, and aggregate productivity
Policy debates around climate change frequently focus on the trade-off between the near-term costs of reducing carbon emissions and the long-term benefits of mitigating climate
Households’ subjective expectations: Disagreement, common drivers, and reaction to aggregate shocks
Understanding how households interpret macroeconomic policy is vital to the effectiveness of central banks. This column demonstrates that the reactions of individual households frequently contradict
Liquidity crisis support made in Switzerland and the too-big-to-fail subsidy
Banking crises have repeatedly inflicted serious damage on the real economy. This column discusses a new proposal for a public liquidity backstop in Switzerland to
Pricing risks in bull and bear markets
Standard models of asset pricing assume that risky (safe) financial assets have higher returns because they have higher (lower) exposures to systematic risk factors. They
When supply shocks to essential inputs spur innovation: Lessons from the global rare earths disruption
Trade and industrial policies designed to support domestic industries can unintentionally kindle technological progress abroad. This column examines the case of rare earth elements –
From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending
The growing footprint of nonbank financial institutions in corporate credit markets raises important – but often overlooked – questions about how monetary and macroprudential policies
The 2025 trade war: Dynamic impacts across US states and the global economy
In 2025, the US government announced a series of tariff increases targeting major trading partners, including Canada, China, and Mexico. This column estimates the economic
