Immigration restrictions and natives’ intergenerational mobility: Evidence from the 1920s US quota acts
Much of the debate over the consequences of immigration restrictions for labour market outcomes of native-born workers focuses on short-run wage competition. This column exploits
Why inflation may respond faster to big shocks: The rise of state-dependent pricing
Macroeconomic models distinguish time-dependent pricing, where firms change prices at fixed intervals, from state-dependent pricing, where firms change prices in response to changing demand or
The Bank of England’s capital mistake?
On 2 December 2025, the Bank of England’s Financial Policy Committee announced it would be lowering the capital requirement for UK banks. This column argues
What we can learn from public debt reductions in OECD countries
Public debt-to-GDP ratios have risen substantially over the past 25 years, and multiple spending pressures threaten to increase them further. This column outlines the lessons
The impact of uncertainty on corporate borrowing in the euro area
Uncertainty in the global economy has been elevated following trade tariff disputes, economic policy changes, and geopolitical risks. This column examines the impact of uncertainty
Why information campaigns may backfire: Voter heterogeneity and network effects
Political information campaigns that perform well in focus groups and pilot studies may backfire when applied at scale. This column uses a field experiment in
Multinational firms and global innovation
Multinational companies are at the heart of two key globalisation trends: the fragmentation of production and the internationalisation of innovation. This column studies the global
Brexit migration shifts: Benchmarking the UK to Germany
Brexit has been one of the most consequential institutional shocks to a major European economy in recent decades. This column examines how Brexit reshaped the
Sterling drops as inflation cements BoE cut expectations, dollar up before US inflation
British consumer price inflation fell to 3.2% in November, its lowest since March, from 3.6% in October, official figures showed. Sterling fell on Wednesday after
Dollar remains firm as markets await ECB, BoE rate announcements
The yen dipped 0.1% to 155.85, extending a 0.6% slide on Wednesday. The dollar inched higher against its major counterparts on Thursday as markets positioned
