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Economy Education Employment Featured World

From coal dust to green jobs: The employment imperative in the low-carbon transition

The last coal mine in Wałbrzych, Poland closed in the 1990s, leaving a region that had long relied on mining facing severe economic disruption. Unemployment soared, local businesses suffered, and an entire way of life built around the coal industry seemed to disappear overnight. By 2000, only one-tenth of the jobs lost in the mining […]

Economy Business Featured Finance

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 standard theoretical playbooks. Using euro area survey data, the authors find that households interpret policy through a lens shaped by recent crises – such as the energy shock following Russia’s […]

trade Featured Finance News World

The 2025 trade war: Dynamic impacts across US states and the global economy

In 2025, the US government announced a series of tariff increases targeting major trading partners, including Canada, China, and Mexico. This column estimates the economic consequences of these proposed tariffs to the US and globally. According to this model, real wages in the US decline by 1.4% in 2028 and GDP falls by approximately 1%, […]

Productivity Economy Featured Finance Innovation

Anatomy of the Phillips curve

The Phillips curve describes the relationship between inflation and real economic activity over the business cycle. This column challenges the notion that the Phillips curve is flat. Using pre-pandemic Belgian micro data, it shows that inflation responds to variations in production costs but is insensitive to variations in output. The flatness of the conventional output-gap […]

Climate Energy Environment Featured

The unequal costs of carbon pricing in European regions

Carbon pricing has become a central tool in Europe’s strategy to mitigate climate change. This column presents new evidence on the impact of carbon pricing across European regions. The authors find that an increase in carbon prices is associated with a significant decline in output and a rise in unemployment. Carbon pricing also has important […]