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Productivity Economy Featured Finance Innovation

Anatomy of the Phillips curve

GLOBAL BUSINESS AND FINANCE MAGAZINE
June 5, 2025
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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

GLOBAL BUSINESS AND FINANCE MAGAZINE
May 5, 2025
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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 […]