Finance, Money and Climate Change

As fighting climate change becomes the world’s top post-pandemic priority, financial intermediaries, their regulators and central banks have all been called to contribute. A major new research report exploring the scope and limits of green finance and the possibility of ‘greening’ monetary policies will be launched at an online panel discussion hosted by Europe’s leading […]

Lockdown and Voting Behaviour during the Pandemic

Parts of France under more stringent lockdown restrictions in the spring of 2020 had patterns of voting behaviour and electoral outcomes that were significantly different from those in places with softer measures. According to new research by Tommaso Giommoni and Gabriel Loumeau, a larger proportion of voters turned out in hard lockdown municipalities, and they […]

Technology and Early Retirement Push Older Workers Out of Employment

New research examines how technological change and access to early retirement pathways reinforce each other in pushing older workers out of employment. The study by Naomitsu Yashiro, Tomi Kyyrä, Hyunjeong Hwang and Juha Tuomala analyses data from Finland to show that the probability of leaving employment is higher for individuals who are in occupations with higher […]

A Market for Work Permits

New research explores the scope for managing migration using a government-regulated competitive market for work permits. Michael Lokshin and Martin Ravallion propose that host-country workers should be granted the legal option to rent out the ‘work permits’ that effectively come with citizenship for a period of their choice, while foreign workers can purchase taxable time-bound […]

Pressures to Make Central Banks Independent

While central banks have become increasingly more independent over the last five decades, there is still a large variation across regions. New research by Davide Romelli (Trinity College Dublin) investigates what drives the timing, pace and magnitude of legislative changes in central banking for a set of 155 countries over the period from 1972 to […]

The Rise of Corporate Zombies

The share of so-called ‘zombie firms’ among listed non-financial companies in the advanced economies has risen dramatically over the past three decades – from just 4% in the late 1980s to more than 17% today. New research by Ryan Banerjee and Boris Hofmann examines the anatomy and life cycle of these weak and unprofitable firms […]

Public Support for Mutual Economic Assistance within the EU

At the height of the Covid-19 wave in Italy and Spain in March and April 2020, there was substantial public support for assistance packages for EU countries hit by economic decline as a consequence of the coronavirus crisis. Survey evidence from France, Germany, Italy, the Netherlands and Spain, collected by Roel Beetsma and colleagues in […]

Clear Promotion Incentives Boost Public Sector Productivity

Promotion incentives that layout clear and objective thresholds that must be achieved to make career progress can be a key motivating tool to foster the productivity of high-skilled public employees. That is the conclusion of new research by Marco Nieddu (University of Cagliari and CRENoS) and Lorenzo Pandolfi (University of Naples and CSEF). Making use […]

Long-Lasting Job Losses Likely from the Covid-19 Disruption of New Business Startups

The pandemic and associated lockdowns have hit new businesses hard. According to new research by Cristiana Benedetti-Fasil (Joint Research Centre of the European Commission), Petr Sedláček (University of New South Wales and Oxford University) and Vincent Sterk (University College London), even if the disruption to startups is short-lived, it could lead to large aggregate employment […]