Historic monetary tightening, benign output dynamics: Rising R-stars across the Atlantic
Nominal interest rates increased significantly in the US and euro area following the post-pandemic inflation surge, yet economic activity and labour markets remained resilient. This
What happens to innovation after Big Tech buys a startup
Concerns abound that ‘killer acquisitions’ by tech giants could deter startup entry and stifle innovation. This column analyses patent data before and after 1,200 acquisitions
The mortality costs of climate change
Mortality is one of the most salient consequences of climate change. Existing estimates have largely focused on the direct effects of local heat exposure. This
71% of surveyed emerging-market firms use AI. How deeply are they adopting it?
Last year, we surveyed firms in emerging markets backed by private equity (PE) and venture capital (VC) funds, which we refer to as frontier firms,
Why downturns can make innovation greener
Green innovation is central for the transition to a low-carbon economy, but there are concerns that economic downturns may slow technological progress by reducing firms’
Opening the black box: What we now know about credit and poverty
For decades, one question has dominated debates about finance and poverty reduction: does access to credit reduce poverty? The idea that loans can help households
How climate policies can speed up manufacturing decarbonisation in the Western Balkans
Western Balkan firms are adopting measures to reduce environmental impacts, but smaller local firms need support to comply with EU regulations. The European Union’s carbon
Growth through innovation bursts: Why industrial policy should not bet on size
Industrial policy is back on the agenda across advanced economies, with a growing channelling support towards large incumbent firms on the premise that they are
The implications of climate change for monetary policy
Climate change and the transition to net zero are reshaping the macroeconomy, with important implications for monetary policymakers’ core price-stability objectives. As physical hazards become
Europe’s productivity is more dynamic than aggregate statistics suggest
Aggregate productivity growth in Europe has disappointed over the last two decades, fuelling concerns about competitiveness. This column argues that firm-level evidence points to a
