Quantifying financial repression through the lens of portfolio choice: A century of evidence
With public debt at high peacetime levels, how advanced economies can reduce debt burdens is again at the centre of policy debate. This column examines
Anatomy of a rise: Monetary policy and the post-Covid surge in long-term interest rates
The sharp rise in long-term interest rates since 2020 is difficult to explain from slow-moving fundamentals. This column shows that narrow windows around nonfarm payroll
How currency hedging moves exchange rates
Foreign investors’ growing holdings of dollar-denominated bonds have created a large demand to hedge dollar risk. Using outstanding FX forward and swap positions for seven
Why more information can make macroeconomic expectations less accurate: Global evidence from 47 countries
Households do not simply choose how much macroeconomic information to acquire; they choose among sources that differ in representativeness and credibility. Using a survey of
The exorbitant privilege of the periodic table
Trade in critical metals essential for electrification has become centred on China over the last three decades. This column introduces a new framework in which
When the news you watch shapes the inflation you expect
Central banks lean on communication to anchor inflation expectations. But most households learn about the economy from the news rather than from policy statements, and
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
