Globalization, Populism, & the Politics of Resentment
How did hyper-globalization fuel populist backlash?
How did hyper-globalization fuel populist backlash?
Despite the Supreme Court’s 2023 decision banning affirmative action in college admissions, and mounting pressure on corporations to eliminate their diversity, equity and inclusion programs, the top 50 Fortune 500 companies continued to diversify their boards in 2024.
Despite the Supreme Court’s 2023 decision banning affirmative action in college admissions, and mounting pressure on corporations to eliminate their diversity, equity and inclusion programs, the top 50 Fortune 500 companies continued to diversify their boards in 2024.
We study the heterogeneous pass-through of monetary policy across firms with different labor shares. The goal is to obtain evidence on a labor-intensity transmission channel that should in fact be operating for other kinds of demand shocks as well. Our basic idea is that labor is special: unlike capital, it cannot be pledged against loans as collateral due to property rights.
Following the Global Financial Crisis of 2007-8, Ireland, Slovenia, and Spain set up public Asset Management Companies (AMCs), purchasing delinquent loans equal to 44%, 16%, and 10% of GDP, respectively. Though deemed successful, it’s unclear if this was de facto traditional capital and liquidity support. We show that AMCs have a systematic advantage in reducing pecuniary externalities and costs associated with loan delinquencies.
Homeownership rates and holdings of housing wealth differ immensely across countries. Using micro data from five economies, we estimate a life-cycle model with illiquid housing in which households face a discrete–continuous choice between renting and owning a house. We use the model to decompose the cross-country differences in the homeownership rate and the value of housing wealth into three groups of explanatory factors: house price expectations, the institutional set-up of the housing market and preferences. We find that all three groups of factors matter, although preferences less so.
The digitalisation of payments has accelerated over the last decades with the internet and ever faster and cheaper computing. Now, many believe that decentralised finance (“DeFi”) offers fundamentally new possibilities for trading, payments and settlement. Moreover, for a few years central banks have launched work on what has been called retail and wholesale central bank digital currencies (“CBDC”). Concurrent to the rise of innovative technologies has been the advent of new terminology, which is widely used, but which often seems to be biased, confusing, or is used inconsistently.
DeepSeek's appearance is changing the AI landscape in more ways than we might think.
Some Black consumers may be breaking up with Target this February.