Business cycles in advanced economies are increasingly driven by global rather than domestic shocks. This column shows that global shocks now account for about half
The relationship between inflation and economic slack, shown by the Phillips curve, has long been a cornerstone of economic policymaking. A steep Phillips curve suggests
Political polarisation in the US has increased dramatically in recent decades, both among political elites (Gentzkow et al. 2019) and citizens (Fiorina and Abrams 2008).