The supply side of monetary policy: How floating-rate loans blunt the ECB’s fight against inflation
Central banks raise interest rates to reduce aggregate demand and bring inflation down. This column uses credit register data and product-level price data from the
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
Early job mentoring, placement, and training boost refugee integration without high costs
The number of people fleeing war and persecution worldwide has nearly tripled since the early 2010s, challenging European policymakers to ensure swift integration of asylum
What does it mean to live in a country that is 0.517 poor?
According to the UNDP’s Global Multidimensional Poverty Index (MPI), the Republic of Chad has a poverty score of 0.517. But what does this number mean? Is it
The macroeconomic effects of introducing a central bank digital currency
Central bank digital currencies are gaining traction as a potential innovation in central banking, with numerous countries considering their implementation. However, given the limited real-world
How firms navigate parental leave: Evidence from Austria
Faced with declining fertility rates and persistent gender gaps, governments have expanded policies to support working families. But sudden increases in allowable parental leave can
US dollar stablecoin mercantilism is an opportunity to promote payment multilateralism and the international role of the euro
The EU and the US have taken starkly different approaches to the regulation of new monies issued using distributed ledger technology. The current US administration
How fund design affects volatility – by shaping both trading and investor composition
Exchange-traded funds and open-ended mutual funds have grown rapidly, and they are increasingly expanding into illiquid asset classes such as corporate bonds. This column argues
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
Regulation and growth: Lessons from nearly 50 years of product market reforms
Product market regulation reforms directly affect firm entry, innovation and reallocation, and thus productivity and economic growth. This column leverages the 2025 update of the
