Mr. SEPTEMBER/ShutterstockThis year’s Christmas advert from UK department store John Lewis is notable for its emotional impact and captivating storytelling. In it, a middle-aged former raver is gifted a vintage vinyl record by his son. The focus is on this fairly modest gift, which quietly speaks a language of love amid the noise and excess of the festivities.
Between the public extravagances of today’s business icons and the recent trials of prominent CEOs, narcissistic managers have firmly taken the spotlight.
We study how financial integration shapes the transmission of monetary policy to consumer prices and output in the euro area. Using local projections, we document that the effect of financial integration is continuous: greater integration systematically strengthens the pass-through of monetary policy. When integration falls to low levels—around the first quartile of its historical distribution— transmission to both prices and output becomes statistically and economically insignificant. The amplification pattern is pervasive across member states and more pronounced in peripheral economies.
We study how financial integration shapes the transmission of monetary policy to consumer prices and output in the euro area. Using local projections, we document that the effect of financial integration is continuous: greater integration systematically strengthens the pass-through of monetary policy. When integration falls to low levels—around the first quartile of its historical distribution— transmission to both prices and output becomes statistically and economically insignificant. The amplification pattern is pervasive across member states and more pronounced in peripheral economies.
The president rolled out a $12 billion bailout for farmers as he makes the case that his policy is working — or will soon.
Silicon Valley is again betting everything on a new technology. But the mania is not a reboot of the late-1990s frenzy.
Pools for the extraction of lithium in Salinas Grandes, Jujuy, Argentina Brester IrinaFrom ancient slavery to the factory floor, progress has often relied on the exploitation of human beings. We might like to believe those days are well behind us. But in the digital age, AI and the metaverse risk repeating that pattern with new forms of invisible labour and inequality.
Foto Eak/ShutterstockFrom automatically generated overviews to chatbots in spreadsheets, so-called artificial intelligence is increasingly being integrated into our watches, phones, home assistants and other smart devices.
Most people care about fairness at work and want to support colleagues who face marginalization – for example, people of color, women and people with disabilities. Our research has found that 76% of employees want to be allies to co-workers who face additional challenges, and 84% value equity.
This study examines how euro area banks factor pollution-induced biodiversity risks into lending decisions, using data from 832 banks and 5,000 major polluters. Our results show that banks are increasingly pricing these risks by adjusting loan-to-value ratios and interest rates. Banks adjust lending conditions in line with EU pollution and biodiversity protection legislation, particularly for companies with large pollution footprints near biodiversity-protected areas or those contributing to Environmental Quality Standards failures of downstream surface waters.
