In country after country, Mariapia Mendola and I show, the fraction of people who are wishing *and* planning *and also* preparing to migrate (in blue) generally *rises* across the income distribution (orange)

Exorbitant privilege is no more -- The US FDI income balance (US firms profits abroad net of foreign firms US profits) goes away once the excess profit US firms earn in low tax jurisdictions is stripped out ... Joint work with Michael Weilandt 1/x

I truly enjoyed the excellent speech delivered by Christine Lagarde for the Camdessus Lecture today. Her thoughts on monetary policy in a period of transformation is worth a close read here: imf.org/en/News/Semina…

IMF and WB are indispensable, from pandemic response to debt restructuring. Ahead of their 80th anniversary, really recommend reading US Treasury’s Jay C. Shambaugh recent remarks: home.treasury.gov/news/press-rel…

China’s cumulative contribution to climate change now exceeds that of Europe. Check out today's Chartbook Top Link for more content. Sign up here: tinyurl.com/mv98s9n2

1/ Two years ago, I stood in the dairy aisle of the last grocery in Pine Ridge, South Dakota. It's the poorest place in the US, with the lowest life expectancy. But the store, like a lot of independent retailers, was vibrant. Signs in English & Lakota. School pride gear on walls.

Time is not on Russia’s side, argues Finland’s foreign minister (from The Economist) economist.com/by-invitation/…

On this last day of the Biden administration, very deep thanks to the Biden economics team, from Janet Yellen to Cecilia Rouse to Jared Bernstein. I did not agree with all their decisions, but I never for a second doubted that their commitment to trying to improve the lives of

Debt service costs as a % of GDP for the 38 OECD countries climbed to 3.3% in 2024, up from 2.4% in 2021, according to the group’s Global Debt Report on Thursday. In contrast, the World Bank estimates that the same group spent 2.4 per cent of GDP on their militaries in 2023.

I get the jobs and econ boost, plus national security from critical minerals; but, these just don’t seem to outweigh the long-run benefits of wilderness and cultural preservation.