In many Germanic languages, the word for ‘debt’ also means ‘guilt’. Former French FM invoked this idea to explain Germany’s fiscal conservatism: “In Germany, debt is ‘die Schuld’. It’s both the financial debt and the fault. There’s a kind of guilt in debt” cepr.org/voxeu/columns/…

Although the euro area has a single currency and a common monetary policy, lending practices differ across euro area countries in several ways that shape the pass-through of monetary policy. cepr.org/voxeu/columns/…

US effective tariff rates: Customs duties relative to total spending on goods imported, 1929-2025 cepr.org/voxeu/columns/…

Chinese firms cut off from US inputs substantially increased R&D spending and patenting, and upstream Chinese suppliers of similar products to exposed firms increased patenting in related technologies. cepr.org/voxeu/columns/…

By paying interest on reserves, central banks can directly set the nominal interest rate, rather than steering it through the quantity of central bank money, showing that the nominal rate is an indeterminate variable without their intervention. cepr.org/voxeu/columns/…

Six thought-provoking reads for a sustainable future London Business School faculty (includes me) recommend the books that have inspired, informed and challenged their thinking around sustainability london.edu/think/six-thou…

#GSPLeadership Summit at British International Investment with: Syed Mahmood, Leslie Maasdorp (British International Investment), Vanessa Blackmore (Sullivan & Cromwell), Linda Yueh (University of Oxford), Hiroshi Shigemoto (Bank of Japan), Heikki Cantell (Nordic Investment Bank), Toby Lott (Lloyds Banking Group), Alexander Pivovarsky (The EBRD), Cheryl Buss (Absa Group),

Role of OBR in CfM-NIESR survey (includes me) Just under 1/2 of panellists believed that OBR’s influence over fiscal policy should be maintained as it currently is. Only 11% of respondents thought OBR should move to a single comprehensive forecast per year cfmsurvey.org/listsurveys/th…

The size of the informal economy among European countries is non-negligible, averaging around 30% of GDP in Southern European countries over the period 1999-2020 cepr.org/voxeu/columns/…

Most severe events reduce GDP in a region directly affected by a disaster by up to 2.2% relative to trend, with losses of ~1.7% persisting after 5 years. Most severe events – affecting at least 0.1% of pop – generate disproportionately larger output losses cepr.org/voxeu/columns/…

Data centres – the core infrastructure supporting AI models – are projected to account for 8% of US electricity demand by 2030, up from 3% in 2022. cepr.org/voxeu/columns/…

When a child’s income drops temporarily, altruistic parents draw down their own assets to smooth consumption; when loss is persistent, they increase saving to prepare for more transfers in the future. Parents step in only when children suffer income losses cepr.org/voxeu/columns/…

Research shows how an increase in polarisation results in lower attraction of human capital, especially for individuals with higher human capital scores. cepr.org/voxeu/columns/…

Over the past two decades, Africa’s public debt landscape has undergone a profound transformation. The continent’s total public debt has risen more than fourfold since the early 2000s, reaching $2 trillion in 2024. cepr.org/voxeu/columns/…

The stocks of US firms headquartered in ‘redder’ counties fell more, especially during the Liberation Day wave of tariff announcements. Stock indexes for industries with more firms headquartered in ‘redder’ counties also fell more. cepr.org/voxeu/columns/…

International Emergency Economic Powers Act: column argues tariffs do not meet 2 core requirements – measures are needed to respond to an “unusual and extraordinary threat” originating abroad, and that the measures undertaken must “deal with” that threat. cepr.org/voxeu/columns/…

Multi-issuer model for crypto asset stablecoins poses significant financial stability risks & regulatory challenges for EU. Electronic Money Token (EMT) — a stablecoin —is jointly issued by both EU-regulated institution & 1 or more third-country entities. cepr.org/voxeu/columns/…

Productivity growth in East Asia is slowing. In China, Indonesia, Malaysia, Philippines, Vietnam: most productive firms are no longer leading the charge. In fact, they are falling behind their global counterparts, especially in digital-intensive sectors cepr.org/voxeu/columns/…

Embrapa combined large-scale investments in R&D with researcher training programmes & established a network of research centres in the country. Brazil transitioned from being a major recipient of US food aid to one of most productive agricultural exporters cepr.org/voxeu/columns/…

One core message of this extensive body of research is particularly timely: economic progress is critically dependent on open intellectual inquiry, on the free exchange of ideas, and on a vigorous defence of scientific principles. cepr.org/voxeu/columns/…