Private equity beyond the target: How buyouts reshape supply chains
The importance of private equity for euro area firms is increasing, with annual growth rates in assets under management exceeding 10%. Private equity buyouts affect
The cost of job loss in carbon-intensive sectors: Evidence from Germany
In a green transition, workers will have to move from polluting, carbon-intensive sectors to other sectors and firms. To shed light on adjustment costs for
Small is beautiful 2050: Europe’s digital economy as a mesh, not a hub
In response to digital dependence, Europe has decided to think bigger. This includes AI gigafactories, tripling data centre capacity, and searching for domestic champions. However,
Not all geopolitical shocks are inflationary
Geopolitical tensions are often seen as a source of inflation. But this is only part of the story. This column shows that geopolitical shocks transmitted
Beyond flows: How natural gas supply risk fuels inflation
Europe’s output losses proved limited following the 2022 cutoff of Russian gas flows, yet inflation rose sharply. This column uses weather variation and gas-market events
How minimum wages reshape firms and their productivity from within
How far can minimum wages rise without damaging jobs and output? This column uses evidence from France to show that firms respond not only by
Beyond trade diversion: How the US-China trade war reshaped global production
Trade wars do not simply redirect exports; they also reshape the costs of production, disrupt supplier-customer relationships, and trigger adjustments within multinational firms’ global affiliate
How exchange rate policy reshapes global supply chains and productivity growth
Global current account imbalances are widening again. This column argues that currency undervaluation, supported by reserve accumulation under capital controls, can permanently reshape industrial structure
Inside the automotive supply chain: Empirical evidence from Italian business-to-business trade data
Europe’s automotive industry is undergoing a significant transformation. This column uses firm-to-firm data to map the Italian automotive supply chain, covering both direct suppliers and
The price elasticity of US shale oil supply: Insights from a natural experiment
The 2026 Iran war provides a natural experiment that allows model-free estimation of the price elasticity of US shale oil supply. This column argues that
