Not your average firm: Heterogeneous cross-border financial allocations
International financial integration is often measured through national totals. Yet these totals can conceal very different experiences across firms. Using comprehensive French microdata, this column
China’s real estate reckoning: Lessons from Japan’s lost decade
A growing debate has emerged over whether China risks repeating elements of Japan’s post-real estate bubble stagnation of the 1990s. This column compares China’s current
The rise and retreat of US inflation: An update
During the pandemic, annual CPI inflation in the US rose sharply to a peak of 9% in June 2022. This column argues that the rise
Agreed and disagreed uncertainty: Rethinking the macroeconomic impact of uncertainty
The conventional wisdom is that uncertainty leads to economic contractions, but recent evidence challenges this assumption. This column introduces two novel concepts of uncertainty –
Who supplies and demands safe assets – and why it matters
21 Apr 2025 Safe assets are the building blocks of modern financial markets. This column examines the sectoral dynamics of safe assets across advanced economies
