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The cyber threat landscape changed dramatically in April 2026 with the emergence of frontier AI models from OpenAI and Anthropic. Access to these models
This paper studies how willingness to pay for information depends on risk aversion. We model a decision maker who faces background risk and can
Emerging market economies that are expected to perform well may attract more foreign capital, making it difficult to establish the causal effects of capital
We study whether investor voice can help address global externalities under fragmented regulation. In our setting, a multinational firm generates externalities across jurisdictions, national
Appointing more women to corporate boards is widely expected to also raise firms' environmental, social, and governance (ESG) performance. We provide the first meta-analysis
The global adoption of IFRS 9 requires banks to recognize loan loss provisions based on forward-looking credit loss estimates. While these rules enhance the
Reaching net-zero CO2 emissions by 2050, as prescribed by the Paris Agreement, is hard to imagine without a carbon tax. This column estimates that
This paper provides novel evidence on the causal effects of juvenile incarceration on long-run labor market outcomes and family spillovers. We link criminal justice
We study the joint determination of tax evasion and charitable giving. A simple model in which individuals derive a warm glow from contributing to
We analyze the relative importance of push and pull factors for flows by foreign investors benchmarked to the J.P. Morgan GBI-EM Global Diversified index
How socially distinct are competing political parties' candidate pools? Since names encode cultural milieu, lineage, linguistic origin, and ancestry that standard socioeconomic variables miss,
With public debt at high peacetime levels, how advanced economies can reduce debt burdens is again at the centre of policy debate. This column
We construct a two-country New Keynesian model in which the U.S. enjoys an “exorbitant privilege” as its government bonds are desired by banks both
We study the macroeconomic and trade-policy implications of disruptions to U.S.-bound shipping routes. Standard models treat them as iceberg-cost shocks, conflating the shock with
In March 2025, Apple chartered cargo flights to deliver 600 tonnes of iPhones from India to the United States. A year earlier, four in
This paper documents large indirect mortality impacts of climate change. Exploiting natural global temperature variability, we find that 1°C of warming increases annual mortality
The chat logs of AI companies are often used to measure what work AI actually does. This column uses a nationally representative US survey
How far can minimum wages rise without damaging jobs and output? This column uses evidence from France to show that firms respond not only
Manisha Shah discusses factors driving intimate partner violence and the effects of policies to reduce it in low- and middle-income countries.
Many modern organizations use knowledge hierarchies, where frontline workers try to resolve tasks and pass those they cannot resolve to experts. But the implications
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