Lifting the curtain on the EU’s debt
The EU’s far-reaching response to a series of major shocks has turned it into a major borrower on international financial markets. Debt issued by the
The inflation rate fell but many workers’ pay cheques did not keep up
Inflation in the US has receded from its 2022 peak. This column uses payroll records from 2016 to 2025 to show that many workers have
Commodity wealth demands a fiscal balancing act
Commodity booms are easy to celebrate but hard to manage. For resource-rich economies, commodity windfalls—if managed well—can finance investment, strengthen public finances and lift growth
The EU’s Recovery and Resilience Facility: Experience and lessons for the next multiannual financial framework
The EU’s Recovery and Resilience Facility has become a central test case for performance-based fiscal policy. Its experience offers lessons for the design of the
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
When travel restrictions became trade frictions: Evidence from Covid-era border closures
Covid travel restrictions limited movement of people but also made cross-border goods trade more difficult. This column uses a structural gravity model on global trade
G7 leaders pledge to enhance efforts to address global debt vulnerabilities
G7 leaders eye debt issues faced by middle-income countries. G7 leaders on Tuesday pledged to step up efforts to address high debt burdens among developing
One global shock, many inflation paths: Inflation persistence after the Great Moderation
The post-COVID inflation surge was global, but inflation persistence was not. This column argues that the key difference lies in how strongly external shocks fed
Making sense of conflicting labour market signals
Can policymakers rely on traditional labour market indicators when unemployment, vacancies, wages, and payroll growth appear to send conflicting signals? This column presents a new
How flexible work arrangements reshape mothers’ careers
Work from home expanded dramatically after the pandemic. This column presents evidence from Italy that this transformation may have reduced one of the most persistent
