Recent patterns in global risk behaviour in financial markets
Following the US tariff announcements in early April, the US dollar strongly depreciated while US Treasury yields rose. This column zooms in on the April
Explaining firm-level reactions to macro shocks
Understanding differences in firm responses to macroeconomic shocks is key for designing policy actions. This column identifies 67 macro shocks using ‘jump’ days in the
Gender-neutral economics can no longer be the default
Economic research often treats tools such as tariffs, subsides, interest rates, monetary policy, and austerity measures as gender neutral. This column argues that when sex-disaggregated
Under pressure? Central bank independence meets blockchain prediction markets
The independence of monetary authorities from political interference is a foundational principle of modern central banking, and understanding whether threats to this independence affect expectations
The impact of the 2025 US tariff announcements on UK firms
In the first half of 2025, the US and some of its trading partners announced significant changes to import tariffs. This column uses newly designed
Stanley Fischer and the Annual Bank Conference on Development Economics: A tribute
Stanley Fischer, the World Bank’s chief economist from January 1988 to August 1990, passed away on May 31, 2025. Stan Fischer’s immense professional contributions to
Interlocking directorates and competition in banking
The presence of directors on the boards of competing firms (‘interlocking directorates’) raises concerns about collusion. This column studies the Italian corporate loan market and
Inflation targeting: Its current state and key challenges
Inflation targeting has emerged as the dominant monetary policy framework in advanced and emerging market economies. This column discusses three main challenges faced by inflation-targeting
The making of a supply shock: Tariff propagation via domestic production networks
President Trump’s “Liberation Day” announcement triggered a discussion of whether import tariffs can reduce trade deficits or boost certain industries. This column develops a model,
Households’ subjective expectations: Disagreement, common drivers, and reaction to aggregate shocks
Understanding how households interpret macroeconomic policy is vital to the effectiveness of central banks. This column demonstrates that the reactions of individual households frequently contradict
