We provide evidence for a causal link between the US economy and the global financial cycle. Using a unique intraday dataset, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity...

Climate change is one of the greatest economic challenges of our time. Given the scale of the problem, the question of whether a carbon tax should be introduced is hotly-debated in policy circles. This paper studies the design of a carbon tax when environmental factors, such as air...

Climate change is one of the greatest challenges facing the planet in the 21st century, and this event will provide insight for academics, policymakers and educators about challenges and insights that economics can provide relating to climate change. Event lead by the RES Education and Training...

We present evidence that the rise in inflation in Japan since 2014 is a result of a hidden stagflation: the relative prices of durable consumption and ICT investment goods stopped declining, reflecting technology stagnation and exerting an inflationary pressure on the economy and; the real side...

Professors Eric Ghysels, Massimiliano Marcellino and Jonas Straukas will a three-day course entitled “What's New in Mixed Frequency Data (MIDAS), with Applications to Machine Learning and Big Data”. The focus of the course is the use of mixed frequency data in economics and finance. A...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

IZA would like to encourage new research work in the important area of climate change. Global warming is increasing the frequency of extreme climatic conditions across the world. Despite efforts to mitigate the extent of climate change, exposure to extreme events such as heatwaves, floods, and...

Der Erhalt der natürlichen Lebensgrundlagen ist eine ‚Generationenaufgabe‘ der kommenden Jahrzehnte. Vor dem Hintergrund sozialer und digitaler Veränderungen sowie gesellschaftlicher Pluralisierung und politischer Polarisierung stellt sich die Frage, wie der Schutz der Natur und...

Professors John Hassler and Per Krusell will teach the course. It is primarily aimed at participants in the Euro Area Business Cycle Network but applications will also be considered from doctoral students, post-doctoral researchers and economists working in central banks and government...

This paper investigates whether foreign direct investment (FDI) inflows are higher in countries ruled by trustworthy-looking or competent-looking leaders. After collecting pictures of 276 nondemocratic leaders in office between 1975 and 2010, we use a computer-based survey to assess how these...