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Global imbalances are back—raising new risks for financial stability and trade.

Join Hélène Rey, @wederdim.bsky.social & @jzettelmeyer.bsky.social for the online launch of The 4th Paris Report: The New Global Imbalances.

📅 13 April ⏰ 15:00 CEST
🔗Register: ow.ly/Xz2R50YBCaO
#EconSky

1 week ago 1 1 1 0
4th Tilburg Finance Summit: Asset Pricing and Behavioral Finance The objective of this conference is to bring together a small group of researchers in a stimulating and pleasant atmosphere. We are inviting high quality submissions of both theoretical and empirical nature on topics related to asset pricing and investments, with special consideration for papers in behavioral finance. Submission deadline: 11 April 2026 The conference will be held at Tilburg University on Thursday 11th June 2026. Organisers: Stefano Cassella (Tilburg University and CEPR) and Rik Frehen (Tilburg University and CEPR)

4th Tilburg Finance Summit: Asset Pricing and Behavioral Finance The objective of this conference is to bring together a small group of researchers in a stimulating and pleasant atmosphere. We are inviting high quality submissions of both theoretical and empirical nature on topics related to asset pricing and investments, with special consideration for papers in behavioral finance. Submission deadline: 11 April 2026 The conference will be held at Tilburg University on Thursday 11th June 2026. Organisers: Stefano Cassella (Tilburg University and CEPR) and Rik Frehen (Tilburg University and CEPR)

📢 #CallForPapers - 4th Tilburg Finance Summit: Asset Pricing and Behavioral Finance
Keynote speaker: Raman Uppal (EDHEC Business School and CEPR)
⌛Deadline: 11 April
📆 11 June 2026 |📍 @tilburg-university.bsky.social
Organisers: Stefano Cassella & Rik Frehen
ow.ly/1rcY50YywaJ
#EconSky

2 weeks ago 1 1 0 0

⌛Final reminder! Submit a paper for the 9th Salento Macro Meetings before 12 April.
#EconSky #EconConf

2 days ago 1 0 0 0
The upper panel shows the share of survey respondents who use generative AI for work. The lower panel reports the share of last week’s working hours spent using generative AI. For daily usage, respondents could indicate (i) no usage, (ii) less than 15 minutes, (iii) 15–60 minutes, (iv) 1–4 hours, or (v) more than 4 hours. To obtain the total minutes spent using generative AI, the authors assume daily usage of 0, 7.5 minutes, 37.5 minutes, 2.5 hours, and 4 hours for each option, respectively. Weekly usage is calculated by combining daily usage with the reported number of days used. If respondents report using generative AI on ‘some days’ (rather than one or all days), the authors assume they used it on half of their working days. For non-users, the share of work hours using generative AI is mechanically 0. The economic impact of generative AI will depend on the speed and breadth of adoption by workers and firms. Drawing on a survey of workers in the US and six European countries and a firm survey covering 32 European countries, this column explores the speed of AI adoption across countries and whether an ‘AI gap’ will exacerbate existing productivity differences between the US and Europe. There are large differences in AI adoption across countries, much of which are accounted for by management practices. Higher AI adoption rates are associated with faster productivity growth but not with changes in employment.

The upper panel shows the share of survey respondents who use generative AI for work. The lower panel reports the share of last week’s working hours spent using generative AI. For daily usage, respondents could indicate (i) no usage, (ii) less than 15 minutes, (iii) 15–60 minutes, (iv) 1–4 hours, or (v) more than 4 hours. To obtain the total minutes spent using generative AI, the authors assume daily usage of 0, 7.5 minutes, 37.5 minutes, 2.5 hours, and 4 hours for each option, respectively. Weekly usage is calculated by combining daily usage with the reported number of days used. If respondents report using generative AI on ‘some days’ (rather than one or all days), the authors assume they used it on half of their working days. For non-users, the share of work hours using generative AI is mechanically 0. The economic impact of generative AI will depend on the speed and breadth of adoption by workers and firms. Drawing on a survey of workers in the US and six European countries and a firm survey covering 32 European countries, this column explores the speed of AI adoption across countries and whether an ‘AI gap’ will exacerbate existing productivity differences between the US and Europe. There are large differences in AI adoption across countries, much of which are accounted for by management practices. Higher AI adoption rates are associated with faster productivity growth but not with changes in employment.

A Bick, A Blandin, D Deming, N Fuchs-Schündeln, & J Jessen find large differences in AI adoption across countries, much of which are accounted for by management practices. Higher adoption rates are associated w/ + productivity growth but not w/ employment changes.
cepr.org/voxeu/column...
#EconSky

2 days ago 12 6 0 1
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✍️Register now for the 5th Finance and Productivity Conference!
2026 theme: Corporate Finance and Productivity in Times of Geopolitical Fragmentation
📆24-25 April 2026 | 📍Tokyo, Japan and Online
🗣️Keynote speaker: Laura Alfaro
ow.ly/pQFZ50Ypx10
#EconSky #EconConf #Finance #Geopolitics

1 month ago 1 1 0 0
Figure shows how across the 16 countries in the sample, estimated elasticities range from 0.075 to 1.9, with an average of roughly 0.79. This implies that a 10% increase in the net-of-tax rate raises reported taxable income by around 8% on average. Debates on corporate taxation hinge crucially on how firms respond to changing tax incentives. This column uses administrative tax data from 16 countries and a unified empirical framework to estimate corporate taxable income elasticities. It shows that the responsiveness of corporate taxable income varies widely across economies, and there are large differences in efficiency costs of corporate taxation as well. The differences are linked to tax system design, firm characteristics, and economic fundamentals. The results imply that identical tax reforms can produce very different revenue and efficiency outcomes.

Figure shows how across the 16 countries in the sample, estimated elasticities range from 0.075 to 1.9, with an average of roughly 0.79. This implies that a 10% increase in the net-of-tax rate raises reported taxable income by around 8% on average. Debates on corporate taxation hinge crucially on how firms respond to changing tax incentives. This column uses administrative tax data from 16 countries and a unified empirical framework to estimate corporate taxable income elasticities. It shows that the responsiveness of corporate taxable income varies widely across economies, and there are large differences in efficiency costs of corporate taxation as well. The differences are linked to tax system design, firm characteristics, and economic fundamentals. The results imply that identical tax reforms can produce very different revenue and efficiency outcomes.

@katarzynabilicka.bsky.social, E Patel & N Seegert show the responsiveness of corporate taxable income varies widely across economies, w/ large differences in efficiency costs of corporate taxation. Identical reforms can produce very different revenue/efficiency outcomes.
ow.ly/gThO50YFtkr
#EconSky

3 days ago 4 3 0 0
The chart reports marginal fixed effects estimates associated with parental education, that is, the percentage point difference in probabilities to achieve tertiary education between individual’s grown-up in high/low-educated families relative to those grown up in middle-educated families. Regressions control for sex, migration background, age and region of residence. All estimates are statistically significant (at least at the 10% level). Understanding levels and patters of intergenerational social mobility can help in designing policy mixes that enhance both drivers of economic growth and equality of opportunity. This column provides new cross-country estimates of intergenerational social mobility for 29 OECD countries. Parental background exerts a significant influence on offsprings’ socioeconomic outcomes, though with a different extent across countries. Education is a key channel of intergenerational mobility.

The chart reports marginal fixed effects estimates associated with parental education, that is, the percentage point difference in probabilities to achieve tertiary education between individual’s grown-up in high/low-educated families relative to those grown up in middle-educated families. Regressions control for sex, migration background, age and region of residence. All estimates are statistically significant (at least at the 10% level). Understanding levels and patters of intergenerational social mobility can help in designing policy mixes that enhance both drivers of economic growth and equality of opportunity. This column provides new cross-country estimates of intergenerational social mobility for 29 OECD countries. Parental background exerts a significant influence on offsprings’ socioeconomic outcomes, though with a different extent across countries. Education is a key channel of intergenerational mobility.

Data across 29 OECD countries show that parental background exerts a significant influence on offsprings’ socioeconomic outcomes, though with a different extent across countries. Education is a key channel of intergenerational mobility.
T Tanaka, M Nguyen, O Causa
ow.ly/HX1c50YFtkf
#EconSky

3 days ago 13 7 0 1
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CEPR Discussion Papers Week Ending 05/04/2026 -

https://ow.ly/OpjN50YERq4

3 days ago 0 0 0 0
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📆 14 Apr @ 17:00 CEST Media Plurality #Webinar Session 15
Giulia Caprini (Sciences Po) presents "Deceptive News"
Followed by a discussion with Andrea Ciccarone @columbiabusiness.bsky.social
Organisers: Julia Cagé & @felipelauritzen.bsky.social cepr.org/events/decep...
#EconSky

3 days ago 1 1 0 0
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8 Apr @17:00 CEST International Macro History Online Seminar #IMHOS
🗣️Victor Degorce (@princetonecon.bsky.social) presents 'Exchange Control and the Segmentation of International Currency Markets'
Chair: Alain Naef (ESSEC)
✍️ cepr.org/events/event...
#EconSky

3 days ago 1 0 0 0
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Figure shows event-study estimates of the effect of platform entry on annual crime rates across French police jurisdictions, for individuals aged 15–54. The vertical dashed line marks the year of platform entry. Post-entry percentage changes shown below each panel. Food delivery platforms lower barriers to legal work for disadvantaged groups. Using the staggered rollout of Deliveroo and Uber Eats across France, this column shows how expanding access to legal income for such groups can reduce crime even when the jobs are temporary, flexible, and low-paid. The policy goal should be to pair accessible entry-level work with pathways to skill development and stable employment.

Figure shows event-study estimates of the effect of platform entry on annual crime rates across French police jurisdictions, for individuals aged 15–54. The vertical dashed line marks the year of platform entry. Post-entry percentage changes shown below each panel. Food delivery platforms lower barriers to legal work for disadvantaged groups. Using the staggered rollout of Deliveroo and Uber Eats across France, this column shows how expanding access to legal income for such groups can reduce crime even when the jobs are temporary, flexible, and low-paid. The policy goal should be to pair accessible entry-level work with pathways to skill development and stable employment.

Using the staggered rollout of Deliveroo & Uber Eats in France, H Allouard, G Cecere, J De Sousa, @econom.bsky.social, & I Picard show how expanding access to legal income for disadvantaged groups can reduce crime even when jobs are temporary, flexible, & low-paid.
cepr.org/voxeu/column...
#EconSky

4 days ago 8 2 1 0
The panels show from top clockwise kernel-weighted local polynomial regressions of product complexity scores (PCI), the logarithm of the number of products, the logarithm of unit prices (a measure of product quality), and markups on the share of knowledge jobs employment at the firm-level. 95% confidence intervals around the estimates are shown. Firms can shape demand by designing attractive products, managing quality, adapting to regulations, and deploying effective marketing strategies. This column argues that a set of jobs – knowledge jobs – are critical for firms to influence demand on top of helping firms to be cost efficient. These jobs are positioned high in the firm and horizontally aside upper-tier managers but are not managerial in nature. While they include R&D jobs, an important share consists of different tasks such as legal services, IT, marketing, or economic modelling.

The panels show from top clockwise kernel-weighted local polynomial regressions of product complexity scores (PCI), the logarithm of the number of products, the logarithm of unit prices (a measure of product quality), and markups on the share of knowledge jobs employment at the firm-level. 95% confidence intervals around the estimates are shown. Firms can shape demand by designing attractive products, managing quality, adapting to regulations, and deploying effective marketing strategies. This column argues that a set of jobs – knowledge jobs – are critical for firms to influence demand on top of helping firms to be cost efficient. These jobs are positioned high in the firm and horizontally aside upper-tier managers but are not managerial in nature. While they include R&D jobs, an important share consists of different tasks such as legal services, IT, marketing, or economic modelling.

Knowledge jobs, incl. R&D, legal services, IT, marketing, & economic modelling, are critical for firms to influence demand. These jobs specialise in processing information and transforming it into usable knowledge.
@ericmengus.bsky.social @tomkmichalski.bsky.social
cepr.org/voxeu/column...
#EconSky

4 days ago 3 1 0 0
The figure shows the timeline for CBAM phase-in and ETS free allocation phase-out. The EU’s Carbon Border Adjustment Mechanism seeks to address carbon leakage and ensure fair competition between EU and non-EU producers as EU climate policy tightens. This column uses input-output tables and sector-level carbon intensity data to estimate the carbon fees implied by the mechanism for member states and trading partners. While the direct impact of the current design is modest, its effects are concentrated in key sectors – such as iron, steel, and aluminium – and among a small group of suppliers, underscoring its political significance. Future expansions in sectoral coverage and higher carbon prices could amplify the Carbon Border Adjustment Mechanism’s influence on trade costs and global climate policy.

The figure shows the timeline for CBAM phase-in and ETS free allocation phase-out. The EU’s Carbon Border Adjustment Mechanism seeks to address carbon leakage and ensure fair competition between EU and non-EU producers as EU climate policy tightens. This column uses input-output tables and sector-level carbon intensity data to estimate the carbon fees implied by the mechanism for member states and trading partners. While the direct impact of the current design is modest, its effects are concentrated in key sectors – such as iron, steel, and aluminium – and among a small group of suppliers, underscoring its political significance. Future expansions in sectoral coverage and higher carbon prices could amplify the Carbon Border Adjustment Mechanism’s influence on trade costs and global climate policy.

Though the direct impact of the current design of the EU's Carbon Border Adjustment Mechanism is modest, its effects are concentrated in key sectors and among a small group of suppliers, underscoring its political significance.
Geoffroy Dolphin & Gianluigi Ferrucci
cepr.org/voxeu/column...
#EconSky

4 days ago 2 1 0 0
This figure plots the evolution of total government bond issuance (in billion US dollars) over the period 2000-2023. The orange bars show Chinese central government bond issuance and the blue bars show central government bond issuance by the other 19 countries in our dataset. Emerging market debt has surged since the pandemic, renewing concerns about rollover risk and fiscal vulnerability. This column uses a new auction-level dataset covering sovereign bond issuance events across 20 emerging markets to study the evolution, currency composition, and maturity of emerging market bond issuance. The majority of issuance is in local currency and has a maturity of five years or less. Furthermore, local-currency borrowing is mainly driven by rollover needs, while foreign-currency issuance is timed around global financial conditions. These findings underscore the importance of developing deep domestic bond markets as core infrastructure for macroeconomic resilience.

This figure plots the evolution of total government bond issuance (in billion US dollars) over the period 2000-2023. The orange bars show Chinese central government bond issuance and the blue bars show central government bond issuance by the other 19 countries in our dataset. Emerging market debt has surged since the pandemic, renewing concerns about rollover risk and fiscal vulnerability. This column uses a new auction-level dataset covering sovereign bond issuance events across 20 emerging markets to study the evolution, currency composition, and maturity of emerging market bond issuance. The majority of issuance is in local currency and has a maturity of five years or less. Furthermore, local-currency borrowing is mainly driven by rollover needs, while foreign-currency issuance is timed around global financial conditions. These findings underscore the importance of developing deep domestic bond markets as core infrastructure for macroeconomic resilience.

Ka Lok Wong, @markya.bsky.social‬ & @upanizza.bsky.social study sovereign bond issuance events across 20 EMDEs. The majority of issuance is in local currency and has a maturity of 5 years or less. Deep domestic bond markets are key for macroeconomic resilience.
cepr.org/voxeu/column...
#EconSky

4 days ago 3 3 0 0
Topics of interest are related (but not limited) to the following aspects: - Drivers and barriers to firm growth, and productivity dynamics in advanced and developing economies - Tangible and intangible capital accumulation and their role in sustaining long‑run growth - Technology adoption within production networks and its implications for firm‑level and spatial growth - Interactions between frontier innovation and its diffusion across firms, sectors, and countries - The role of science for technological innovation, technology transfer activities and startup creation - Industrial policy design to foster firm growth and aggregate productivity - The role of artificial intelligence in shaping firm performance and competitive dynamics

Topics of interest are related (but not limited) to the following aspects: - Drivers and barriers to firm growth, and productivity dynamics in advanced and developing economies - Tangible and intangible capital accumulation and their role in sustaining long‑run growth - Technology adoption within production networks and its implications for firm‑level and spatial growth - Interactions between frontier innovation and its diffusion across firms, sectors, and countries - The role of science for technological innovation, technology transfer activities and startup creation - Industrial policy design to foster firm growth and aggregate productivity - The role of artificial intelligence in shaping firm performance and competitive dynamics

📢 #CallForPapers - Banca d'Italia/CEPR/EIEF/World Bank Conference on “Firm Dynamics, Investment and Aggregate Growth”
📆17-18 Sep |📍Rome
⌛Deadline: 19 April 2026
Organisers: F Bertolotti, R Fattal Jaef, A Linarello, F Lotti, G Macci, C Michelacci, B Ribeiro
cepr.org/events/firm-...
#EconSky

1 month ago 3 1 0 0
Figure shows rephrasing leads to substantially smaller distortions than removal, and the gap widens at lower toxicity thresholds, precisely where there is more substantive content to salvage alongside the inflammatory language. Online platforms face a fundamental tension between removing toxic content and preserving the plurality of online discourse. This column discusses a new methodology for measuring the distortions that content moderation introduces to the semantic composition of social media content. Based on a representative sample of 5 million US political tweets, the authors show that removing toxic content significantly alters the information landscape, equivalent to eliminating 4 out of 67 topics from the debate. Rephrasing toxic content with large language models, rather than deleting it, can reduce toxicity while mitigating these distortions.

Figure shows rephrasing leads to substantially smaller distortions than removal, and the gap widens at lower toxicity thresholds, precisely where there is more substantive content to salvage alongside the inflammatory language. Online platforms face a fundamental tension between removing toxic content and preserving the plurality of online discourse. This column discusses a new methodology for measuring the distortions that content moderation introduces to the semantic composition of social media content. Based on a representative sample of 5 million US political tweets, the authors show that removing toxic content significantly alters the information landscape, equivalent to eliminating 4 out of 67 topics from the debate. Rephrasing toxic content with large language models, rather than deleting it, can reduce toxicity while mitigating these distortions.

M Habibi & C Schwarz provide a quantitative tool to measure the trade-off between reducing toxicity & preserving the diversity of discourse. They find that rephrasing toxic content with LLMs, rather than deleting it, can reduce toxicity while mitigating distortions.
cepr.org/voxeu/column...
#EconSky

1 week ago 6 1 0 0
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📢New CEPR publication📚
World War Trade: Conflict, Containment, and the Emergent World Trading Order
@baldwinre.bsky.social offers a timely framework for understanding the evolving relationship between trade, policy, & international economic governance.
Free download ow.ly/41jX50YCaEF
#EconSky #ebook

1 week ago 5 1 0 1
Figure plots the decomposition across commodity categories (energy, industrial metals, precious metals, grains, soft, and livestock) of the Geopolitical Risk Theme for the period between 2001 and 2023. As geopolitical tensions from Ukraine to the Middle East disrupt global supply chains, understanding how diverse commodity shocks affect the broader economy has become increasingly important. This column argues that although oil has dominated policy discussions, recent events show that other commodities also play a critical role in shaping macroeconomic outcomes. The authors find the stagflationary impact of commodity supply disturbances originating outside the oil market to be at least as important for both output and inflation.

Figure plots the decomposition across commodity categories (energy, industrial metals, precious metals, grains, soft, and livestock) of the Geopolitical Risk Theme for the period between 2001 and 2023. As geopolitical tensions from Ukraine to the Middle East disrupt global supply chains, understanding how diverse commodity shocks affect the broader economy has become increasingly important. This column argues that although oil has dominated policy discussions, recent events show that other commodities also play a critical role in shaping macroeconomic outcomes. The authors find the stagflationary impact of commodity supply disturbances originating outside the oil market to be at least as important for both output and inflation.

Alvin Lumbanraja, Sarah Mouabbi, @evgeniapassari.bsky.social & Adrien Rousset Planat find that the stagflationary impact of commodity supply disturbances originating outside the oil market to be at least as important for both output and inflation.
cepr.org/voxeu/column...
#EconSky

1 week ago 6 1 0 1
Figure: firms are ranked by information precision (highest to lowest on the x-axis) and average consumer risks (lowest to highest on the y-axis). The red solid line represents a linear fit between the two rankings. Firm IDs are displayed next to each dot. Efforts to reduce information asymmetries across firms are increasingly at the centre of Europe’s digital regulatory agenda. This column examines how differences in risk-rating precision, cost structures, and product differentiation among Italian auto insurers affect pricing and targeting strategies. It estimates large consumer surplus gains from greater information sharing, driven by reductions in premiums. The gains are concentrated among less informed firms, while losses are largest for those at the top of the information hierarchy. Policy interventions such as the creation of a centralised risk bureau can generate substantial welfare gains but need to preserve incentives for innovation.

Figure: firms are ranked by information precision (highest to lowest on the x-axis) and average consumer risks (lowest to highest on the y-axis). The red solid line represents a linear fit between the two rankings. Firm IDs are displayed next to each dot. Efforts to reduce information asymmetries across firms are increasingly at the centre of Europe’s digital regulatory agenda. This column examines how differences in risk-rating precision, cost structures, and product differentiation among Italian auto insurers affect pricing and targeting strategies. It estimates large consumer surplus gains from greater information sharing, driven by reductions in premiums. The gains are concentrated among less informed firms, while losses are largest for those at the top of the information hierarchy. Policy interventions such as the creation of a centralised risk bureau can generate substantial welfare gains but need to preserve incentives for innovation.

Data from the Italian auto insurance industry show that there are large consumer surplus gains from greater information sharing, driven by reductions in premiums. Gains are concentrated among less informed firms.
Marco Cosconati, Yi Xin, Fan Wu
cepr.org/voxeu/column...
#EconSky

1 week ago 2 1 0 0

Presentation featuring chapter authors Ravi Balakrishnan, Takeo Hoshi, Yiping Huang, Isabelle Mejean, Gian Maria Milesi-Ferretti & Maurice Obstfeld.

1 week ago 0 0 0 0
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Global imbalances are back—raising new risks for financial stability and trade.

Join Hélène Rey, @wederdim.bsky.social & @jzettelmeyer.bsky.social for the online launch of The 4th Paris Report: The New Global Imbalances.

📅 13 April ⏰ 15:00 CEST
🔗Register: ow.ly/Xz2R50YBCaO
#EconSky

1 week ago 1 1 1 0
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📢 #CallForPapers - 2nd Annual Interdisciplinary WZB Conference 2026
📆7-9 Oct | 📍 @wzb.bsky.social
⌛Deadline: 23 April
Papers from interested researchers of all social science disciplines are welcome.
cepr.org/events/2nd-a...
@steffenhuck.bsky.social @yaso.bsky.social #EconSky #EconConf

1 month ago 5 5 0 0
Figure shows annual clinical trials in China, the US, and Europe, 2010–2024. Left panel shows all trials; right panel shows high-novelty trials (above-median novelty score) using the novelty index in Dranove et al. (2022). China has become a serious contender at the frontier of pharmaceutical innovation. A key policy change was the 2016 National Reimbursement Drug List, whereby the government negotiated steep price cuts in exchange for guaranteed coverage and near-universal patient access. This column shows that the reform generated both static gains from expanding patient access to existing innovative drugs, and dynamic gains from stimulating the development of the next generation of therapies. The reform policy offers rare evidence that a well-designed insurance policy can help reconcile the tension between affordability and innovation incentives.

Figure shows annual clinical trials in China, the US, and Europe, 2010–2024. Left panel shows all trials; right panel shows high-novelty trials (above-median novelty score) using the novelty index in Dranove et al. (2022). China has become a serious contender at the frontier of pharmaceutical innovation. A key policy change was the 2016 National Reimbursement Drug List, whereby the government negotiated steep price cuts in exchange for guaranteed coverage and near-universal patient access. This column shows that the reform generated both static gains from expanding patient access to existing innovative drugs, and dynamic gains from stimulating the development of the next generation of therapies. The reform policy offers rare evidence that a well-designed insurance policy can help reconcile the tension between affordability and innovation incentives.

China's 2016 National Reimbursement Drug List generated both static gains from expanding patient access to existing innovative drugs and dynamic gains from stimulating the development of the next generation of therapies.
Panle Barwick, Hongyuan Xia, Tianli Xia
cepr.org/voxeu/column...
#EconSky

1 week ago 1 1 0 1
As overt discrimination has receded and human capital gaps have narrowed, economists have increasingly turned to gender norms to explain why women continue to earn less than men, shoulder the bulk of unpaid care work, and suffer earnings penalties following childbirth. This column discusses how gender norms – both those people internalise and those enforced by peers – act as powerful constraints on women’s labour market outcomes. Understanding how these norms form, persist, and can change has major implications for the design of effective labour market policy. The challenge is not merely to alter private preferences, but to shift shared expectations.

As overt discrimination has receded and human capital gaps have narrowed, economists have increasingly turned to gender norms to explain why women continue to earn less than men, shoulder the bulk of unpaid care work, and suffer earnings penalties following childbirth. This column discusses how gender norms – both those people internalise and those enforced by peers – act as powerful constraints on women’s labour market outcomes. Understanding how these norms form, persist, and can change has major implications for the design of effective labour market policy. The challenge is not merely to alter private preferences, but to shift shared expectations.

As overt discrimination recedes & human capital gaps narrow, P Cortes, J Hwang, J Pan, & U Schönberg turn to gender norms - internal and external - to explain why women continue to earn less, shoulder more unpaid work, & suffer earnings penalties after childbirth.
cepr.org/voxeu/column...
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1 week ago 2 1 0 0
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The CEPR Virtual Industrial Organisation Seminar #VIOS Series continues on 1 April at 15:00 CEST
Emilio Calvano (LUISS & CEPR) presents: 'Artificial Intelligence, Recommender Systems and Competition'
Discussant: Julian Wright (National University of Singapore)
cepr.org/events/artif...
#EconSky

1 week ago 1 1 0 0
Figure shows how increasing labour migration to reach a net migration rate of 0.61% by 2030 would almost perfectly compensate for the effect of increasing fertility up to instant replacement in countries such as France and Italy. After the early-2040s, the dividends of this strategy would also be sufficiently large to outperform the GDP per capita trajectory of the baseline scenario. Policymakers often promote higher fertility as a way to offset the impact of population ageing without increasing immigration. This column uses OECD and United Nations projections to argue, however, that higher fertility would depress GDP per capita growth for roughly 50 years. Mobilising women and older workers could avert this slowdown, but more births would likely lower force participation among these groups. Conversely, increased labour immigration can coexist with higher fertility. Simple simulations show that expanding migration can readily offset, and even neutralise, the negative growth effects of a fertility boost in countries with low net migration rates.

Figure shows how increasing labour migration to reach a net migration rate of 0.61% by 2030 would almost perfectly compensate for the effect of increasing fertility up to instant replacement in countries such as France and Italy. After the early-2040s, the dividends of this strategy would also be sufficiently large to outperform the GDP per capita trajectory of the baseline scenario. Policymakers often promote higher fertility as a way to offset the impact of population ageing without increasing immigration. This column uses OECD and United Nations projections to argue, however, that higher fertility would depress GDP per capita growth for roughly 50 years. Mobilising women and older workers could avert this slowdown, but more births would likely lower force participation among these groups. Conversely, increased labour immigration can coexist with higher fertility. Simple simulations show that expanding migration can readily offset, and even neutralise, the negative growth effects of a fertility boost in countries with low net migration rates.

A Bassanini argues higher fertility would depress GDP per capita growth for 50 years as women & older workers leave the labour force. Complementing higher fertility w/ increased labour immigration would help offset the negative growth effects of a fertility boost.
cepr.org/voxeu/column...
#EconSky

1 week ago 4 2 0 0
The figure shows the identified Chinese domestic shocks using a structural vector autoregression (SVAR) framework. Domestic negative demand shocks are identified as those associated with declines in both activity and prices, while domestic negative supply shocks correspond to falling activity paired with rising prices. China’s economy is deeply embedded in global supply chains and fluctuations in its growth can have worldwide repercussions. Combining novel Chinese demand and supply shocks with both country- and firm-level data, this column shows that: (i) global GDP responds more to Chinese supply shocks than to Chinese demand shocks; (ii) both supply and demand slowdowns in China reduce partner-country GDP and firm revenue, especially where trade links to China are stronger; and (iii) supply shocks have larger impacts on countries and firms that are more reliant on Chinese inputs, while demand shocks have larger impacts on those more reliant on selling to Chinese firms and consumers.

The figure shows the identified Chinese domestic shocks using a structural vector autoregression (SVAR) framework. Domestic negative demand shocks are identified as those associated with declines in both activity and prices, while domestic negative supply shocks correspond to falling activity paired with rising prices. China’s economy is deeply embedded in global supply chains and fluctuations in its growth can have worldwide repercussions. Combining novel Chinese demand and supply shocks with both country- and firm-level data, this column shows that: (i) global GDP responds more to Chinese supply shocks than to Chinese demand shocks; (ii) both supply and demand slowdowns in China reduce partner-country GDP and firm revenue, especially where trade links to China are stronger; and (iii) supply shocks have larger impacts on countries and firms that are more reliant on Chinese inputs, while demand shocks have larger impacts on those more reliant on selling to Chinese firms and consumers.

Alexander Copestake, Melih Firat, Davide Furceri, & Chris Redl show that Chinese spillovers into the global economy are far-reaching, with effects depending on the type of shock and the degree to which countries are linked to China.
cepr.org/voxeu/column...
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1 week ago 1 1 0 0
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📆 31 March @ 16:00 CEST
The Spring 2026 VDEV/CEPR/BREAD seminars continue with Maria Micaela Sviatschi @princetonecon.bsky.social presenting "Debiasing Law Enforcement Officers: Evidence from an Expressive Arts Intervention in India"
Moderator: Nishith Prakash
ow.ly/X9nu50YnYqZ
#EconSky

1 week ago 2 0 0 0
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Topics of particular interest for this year's conference include, but are not limited to: Fintech and Financial Institutions Regulatory framework revisions CBDC blockchains, and stablecoins Sovereign bonds and sovereign bond capital regulation Payment systems and European sovereignty Safe assets and exchange rate dynamics under world polarization Private credit and financial stability Climate regulation U-turn and implications for climate finance Defence policy needs and European financial architecture

Topics of particular interest for this year's conference include, but are not limited to: Fintech and Financial Institutions Regulatory framework revisions CBDC blockchains, and stablecoins Sovereign bonds and sovereign bond capital regulation Payment systems and European sovereignty Safe assets and exchange rate dynamics under world polarization Private credit and financial stability Climate regulation U-turn and implications for climate finance Defence policy needs and European financial architecture

📢 #CallForPapers - 3rd SAFE-CEPR Frankfurt Hub Conference
@safefrankfurt.bsky.social & 3 CEPR RPNs invite papers for a joint conference on European Economic Policy, Fintech and Digital Currencies, and European Financial Architecture.
⌛Deadline: 31 March
cepr.org/events/3rd-s...
#EconSky #EconConf

2 weeks ago 4 3 0 0

⌛Final reminder! Submit a paper for the 6th WE_ARE_IN Macroeconomics and Finance Conference before 18:00 BST tomorrow. #CallForPapers #EconSky #EconConf

1 week ago 2 0 0 0