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The Perils of Narrowing Fiscal Spaces by Hanno Kase, Leonardo Melosi, Sebastian Rast, Matthias Rottner published by BIS (2/2026). When public debt is elevated, the fiscal cost of fighting inflation rises sharply, as interest rate hikes increase government interest…

Could a BRICS Currency Work? by Jim O’Neill published by Project Syndicate (2/2026). Economists have long dismissed the idea that a BRICS common currency could challenge the US dollar’s role in the global economy, and for good reason. But…

Why inflation may respond faster to big shocks: The rise of state-dependent pricing by Philip Bunn, Nicholas Bloom, Craig Menzies, Paul Mizen, Gregory Thwaites, Ivan Yotzov published by (2/2026). “Macroeconomic models distinguish time-dependent pricing, where firms change prices at fixed…

Banking on Nonbanks by Bruno Albuquerque, Eugenio Cerutti, Melih Firat, and Benedikt Kagerer published by IMF (2/2026). We study how banking groups adjust corporate credit supply in response to tighter macroprudential policies. Using granular data on syndicated corporate loans,…