Standard portfolio theory predicts strong investor responses to changes in the equity premium, but empirical evidence has found much lower sensitivity. This column studies the
Climate change and the transition to net zero are reshaping the macroeconomy, with important implications for monetary policymakers’ core price-stability objectives. As physical hazards become
The role of non-bank financial intermediaries (NBFIs) in the financial system has increased markedly over recent decades. Research has highlighted both the benefits of this
Pension fund investors have been typically viewed as some of the most dependable investors in global bond markets. Their long-term obligations make government and corporate