期刊文章

We document a novel feature of active exchange-traded funds (AETFs): they serve as a disciplinary tool for investors to remove underperforming portfolio managers. Unlike mutual fund shares, ETF shares can be shorted, which enables investors to bet...

Cryptocurrencies and decentralised finance (DeFi) aim to replicate many of the economic functions of traditional finance (TradFi), but their distinctive features introduce new financial stability risks. We analyse these features, and examine key d...

How do climate anomalies affect GDP growth, and how do trade connections help understand this impact? We address these questions exploring local fluctuations in temperature and precipitation coupled with data on supply chain linkages between munic...

Proposals for new payment system architectures abound. To understand their opportunities and challenges, it is paramount to be able to describe and compare them in a consistent and standardised manner. This paper therefore proposes a formally defi...

本研究围绕江苏省氢能产业的发展现状、政策支持体系、产业链 构建及重点企业案例展开深入分析，并探讨了氢能在新型电力系统中的协同作用 及未来发展方向。江苏省作为中国经济发达省份，能源消费总量大，形成了以煤 电为主、新能源快速发展的多元能源格局。截至 2024 年底，全省发电装机容量 突破 2 亿千瓦，新能源装机占比超 40%。在“双碳”目标驱动下，江苏积极推动绿 电交易和氢能产业发展，出台多项支持政策，初步构建了涵盖制氢、储运、应用 的完整氢能产业链。本研究指出，江苏在氢能技术创新、产业集群建...

The discussion on Artificial Intelligence (AI) often centers around its impact on productivity, but macroeconomic evidence for Europe remains scarce. Using the Acemoglu (2024) approach we simulate the medium-term impact of AI adoption on total fac...

The transition to a net-zero economy presents significant social and economic challenges, particularly for industries and regions reliant on high-carbon activities, hence the need for a just transition. This paper examines exposure to just transit...

Trade-offs between price and financial stability can occur when inflation is above target andfinancial stress is rising. Use of central bank liquidity tools and other financial stability policies may, under somecircumstances, allow central banks t...

This paper examines the uneven global impact of AI, highlighting how its effects will be a function of (i) countries’ sectoral exposure to AI, (ii) their preparedness to integrate these technologies into their economies, and (iii) their access t...

Immigrants currently account for 3.3% of the world’s population. We know that migration is demographically important, but what are its implications for the labour market, public finance and political landscape? To answer these questions, this repo...

On 29 March 2017, the United Kingdom (UK) Government notified its exit to the EU in accordance with Article 50 of the EU Treaty.1 Brexit is therefore officially initiated. On 29 April, the Heads of State and Government of the European Council adop...

We investigate the degree of (a)symmetry of macroeconomic fluctuations within the euro area (EA). Our findings indicate, first, a high degree of co-movement of cyclical GDP across EA member states. However, the amplitudes of national business cycl...

In the international economic policy debate Germany is criticized heavily for its current account surplus. This paper describes the factors that have led to the surplus and discusses the policy implications. The current account surplus is mainly a...

This paper discusses various options for reforming fiscal governance in the Eurozone. We focus on two possible reform approaches referred to as the ‘Maastricht model’ and the ‘US model’. The Maastricht model implies that ultimate responsibility fo...

t One-quarter of married, fertile-age women in Sub-Saharan Africa report not wanting a pregnancy and yet do not practice contraception. We collect detailed data on the subjective beliefs of married, adult women not wanting a pregnancy and estimate...

As technological advances accelerate and labour demands shift, the ability of workers to reallocate across occupations will be crucial for shaping labour market dynamics, inequality, and effective policy design. In this paper, we develop a tractab...