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
Understanding country income: World Bank Group income classifications for FY26 (July 1, 2025–June, 2026)
Every year, the World Bank Group classifies the world’s economies into four income groups: low, lower-middle, upper-middle, and high. These classifications, updated each year on July
Keeping an eye on budgetary forecasts: The new Forecast Tracker of the Secretariat of the European Fiscal Board
Forecasts underpinning budgetary plans have a well-documented impact on fiscal performance especially when policymakers view the world through rosy lenses. Combined with inertia in the
European Commission to allow stablecoin interchangeability
The European Commission is set to clarify that the European Union’s crypto rules allow stablecoins issued by a company with an EU licence to be
Geopolitical risk in the euro area
Geopolitical risk is a key concern for the euro area, yet most available measures reflect a US perspective. This column introduces a new indicator of
