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
Regulation and growth reloaded: Lessons from 25 years of retail trade and professional services reforms
Retail trade and professional services employ a large share of workers across OECD countries and provide key intermediate inputs to downstream sectors. This column examines
Pension funds, unlisted firms, and Europe’s Capital Markets Union
Europe’s Capital Markets Union debate is again centred on how to turn savings into productive investment. This column uses Danish ownership and register data to
Three trends that could unlock a golden decade for developing economies
Barring a miracle, the 2020s will prove to be what their ominous opening foreshadowed: a lost decade—not just for a couple of outliers, but for
Blue finance: Making waves for sustainable oceans and freshwater resources
Water is a key pillar of life and livelihoods — but it is massively underfinanced. From oceans and rivers to water supply and sanitation systems,
The early takeoff of space innovation
The conventional account of US space sector transformation credits the post-2005 entry of SpaceX, Blue Origin, and other commercial firms with revitalising a stagnant industry.
Not all foreign exchange reserves are created alike
The motives for the accumulation and management of foreign exchange reserves are a key topic in international economics. This column highlights an aspect of the
Why the post-pandemic US immigration surge barely moved inflation
The US experienced a large immigration surge between 2021 and 2024, which coincided with a period of high and then falling inflation. This column shows
Size versus allocation in capital market development: evidence from pension funds and insurance companies
EU capital markets stay small as savings sit in deposits, making insurers and pension funds pivotal if portfolios shift into productive assets. The European Union’s
Cheaper machines, costlier buildings: The drag on long-run growth
The steady decline in the relative price of equipment has long been seen as a primary engine of long-run growth. This column documents a quieter,
