AI’s gains are large and rising, but unevenly shared
How large is the labour cost saved by AI, and how is it distributed across occupations? Using five waves of the Anthropic Economic Index from
Firms slice up global production to protect their knowhow
Imitation is a first-order concern for enterprises operating global production processes. Firms routinely source knowledge-intensive inputs from many countries, including those with weak intellectual property
How the rise of AI matters for fiscal policy
Predictions of the effects of AI on the economy and society tend to focus on productivity growth, job losses, and shifts in the distribution of
The origins of the multinational premium: Managerial talent, firm risk, and corporate taxation
Multinational firms tend to earn higher stock returns than purely domestic firms, raising questions about what drives their differential exposure to aggregate risk. This column
Baby busts and GDP booms: Demographic change and the macroeconomy
Globally declining birth rates have, over the last seven decades, slowed population growth and raised average ages. This column argues that despite widespread economic pessimism,
Dividend tax reforms: Why design shapes revenue and measured inequality
Governments increasingly look to capital income for both revenue and redistribution. This column compares two dividend tax reforms in Israel – a permanent rate increase
When France’s Légion d’honneur awards move stock prices: A market signal of political access
State honours are designed as symbols of merit and public recognition. But they may also convey information with economic value. This column explores the market
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
The impact of global sanctions on cross-border mergers and acquisitions
The use of sanctions has grown steadily over the past seven decades, with well-documented effects on bilateral trade. This column analyses the effects of sanctions
When central banks over-deliver, markets listen differently
Financial markets pay close attention to monetary policy, and surprise policy decisions can strongly affect asset prices and the real economy. This column shows that
