A sober look at the case for common European Union debt
More EU debt will not lower public borrowing costs or deepen markets without fiscal-union features, permanent issuance and credible fiscal backstops. Proposals for common European
The macroeconomic impact of the Recovery and Resilience Facility: An analysis for Italy, Spain, and Greece
The EU Recovery and Resilience Facility was launched to support post-Covid recovery while accelerating structural transformation through investment and reform. This column provides a preliminary
Oil prices fall as markets weigh impact of US strikes on Iran
– Oil prices fell on Thursday as markets assessed the impact of U.S. strikes on Iran that could hinder progress on talks to end their war and
Cutting the cost of sending money home: Fast payment systems, digital access, and the future of remittances
Every month, millions of migrant workers send a portion of their earnings home to support their families — often providing the most reliable source of
The perceived inflation wedge: Why households experience inflation differently from official statistics
Households often report inflation perceptions and expectations that differ markedly from official measures. This column proposes a new measure of perceived inflation, which uses disaggregated
Early-life experiences of labour markets faced by others can leave permanent scars on men’s willingness to work
Labour force participation among prime-aged American men has fallen for over half a century, and standard explanations leave much of the decline unaccounted for. This
ChatGPT’s financial advice: Supply, demand, and the life cycle
The rise of generative AI has raised hopes that high-quality, personalised financial advice might finally become cheap and universally accessible. This column develops a method
When trust in official statistics declines
Trust in official economic statistics has become an increasingly salient policy issue, including in the US where the Commissioner of the Bureau of Labor Statistics
Independent central banks take more risk, not less
The fiscal dominance view holds that politically captured central banks are more likely to be pushed into taking risky positions, while independent ones resist. This
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
