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
Moving toward an outcome-based approach for digital sovereignty
Digital sovereignty has become one of the most prominent – and contested – concepts shaping how lower-and-middle income countries approach an increasingly AI-driven world. At
From bilateralism to a system: Europe’s early trade treaties and lessons for EU trade policy in a contested world
As tensions rise between major powers and the global trading system becomes more contested, policymakers often frame the choice they face starkly: either deeper centralised
Stack battles: the US-China artificial-intelligence rivalry is moving beyond chips alone
China is challenging US leadership in both AI hardware and software, with Europe unlikely to catch up. Despite Chinese progress, the United States remains for
