Stablecoins and the macroeconomy: Bank disintermediation versus fiscal space
Stablecoins compete with banks for households’ holdings of safe and liquid assets, while creating additional demand for government debt. Building on a novel quantitative macroeconomic
Don’t drain the swamp! Populism, bureaucracy, and economic performance
Populist leaders increasingly cast public sector experts, oversight bodies, and career civil servants as illegitimate ‘elites’ standing in the way of the popular will. But
