China’s trade surplus is widening, its manufactured exports are surging, and the political backlash is intensifying. This column argues that the widening trade surplus reflects
Geoeconomic risk has become a first-order concern for investors. This column shows that domestic US stocks expose investors to substantial geoeconomic risk through firms’ global
Europe’s output losses proved limited following the 2022 cutoff of Russian gas flows, yet inflation rose sharply. This column uses weather variation and gas-market events
Debate over whether buoyant equity markets reflect durable economic gains or a widening gap between Wall Street and Main Street has intensified with the AI
Professional judgement comes from learning by doing: junior workers in law, medicine, science, engineering, and consulting (among others) master foundational skills by performing core job
Geopolitical tensions are increasingly reshaping the flow of trade, investment and capital flows. This column documents that the same process is also reshaping bank lending.
The cyber threat landscape changed dramatically in April 2026 with the emergence of frontier AI models from OpenAI and Anthropic. Access to these models was
Emerging market economies that are expected to perform well may attract more foreign capital, making it difficult to establish the causal effects of capital inflows
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 reaching