Latest analysis

Economy

Why monetary policy reaches households at different speeds

An evergreen guide to monetary transmission lags through mortgages, deposits, credit, exchange rates and expectations.

Economy

Housing supply is also a productivity question

How planning, construction capacity, commuting and labour mobility connect housing supply with economic productivity.

Policy

What fiscal rules can—and cannot—discipline

A practical explanation of fiscal-rule trade-offs, measurement uncertainty, investment and democratic accountability.

Markets

The hidden margins of trade fragmentation

An evergreen analysis of how trade fragmentation changes costs, inventories, investment, standards and resilience.

Data

Productivity is simple to define and difficult to measure

A guide to productivity measurement, output quality, intangible capital, hours worked and revision risk.

Policy

How inflation expectations become economically relevant

How household, firm and market expectations differ, and when they influence wages, pricing, saving and policy.