When central banks over-deliver, markets listen differently
Financial markets pay close attention to monetary policy, and surprise policy decisions can strongly affect asset prices and the real economy. This column shows that
Private capital markets and inequality
Private capital markets have expanded rapidly, but access remains concentrated among wealthy investors. This column presents new evidence from the US which shows that high-net-worth
Trade restrictions, trade policy uncertainty and FDI flows
Trade policy has become a major source of macroeconomic risk. The sharp rise in trade restrictions and the growing unpredictability of trade rules are reshaping
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
The inefficient pricing of news
The main obstacle to market efficiency is whether investors can read, process, and quickly extract genuinely new information from articles. This column uses large language
Financial stability in the age of artificial intelligence: The role of algorithmic architecture
Artificial intelligence is rapidly transforming financial decision-making. This column explores the implications for financial stability using simulation-based experiments on two different AI architectures. Q-learning algorithms,
Dollar rises but still not far from pre-war levels, data awaited
Given the likelihood of elevated inflation readings, the CPI on Tuesday and PPI on Wednesday. The U.S. dollar extended gains for a second straight session
Why liquidity evaporates when it is most needed
A common feature of flash crash episodes in financial markets is that liquidity vanishes precisely when it is most needed. This column argues that this
The non-fungible token bubble: What investors actually earned
The non-fungible token market exploded in 2021, but by late 2022 prices had collapsed. This column uses blockchain records for two major non-fungible token platforms
Elevating the knowledge agenda for women entrepreneurs to boost jobs, growth, and access to finance
Women entrepreneurs represent a powerful yet largely untapped source of job creation and economic growth. Removing barriers faced by women entrepreneurs would significantly boost economic growth,
