Inflation is usually treated as a national problem, to be managed through domestic monetary and fiscal policy. But its striking synchronization across countries suggests another story, one where it is shaped by global production, capital mobility, currency hierarchies, and the international distribution of economic power.

Edward Herbst and Karen PageMultiple-horizon forecast panels are increasingly used to infer perceived monetary policy rules, but inference depends on how coefficients are pooled across forecasters, dates, and horizons. We treat this pooling structure as the object of inference.

Daniel Beltran and Canlin LiWe develop a rich demand system framework to quantify the yield effects of shifts in U.S. Treasury supply and demand. Our model captures time-varying holdings shares and estimates sectoral demand elasticities using instrumental variables.

This paper examines how bank capital conditions the effect of competition on credit risk in lending markets, informing the debate on banking competition, deregulation, and risk-based supervision. Using ECB supervisory data for 146 euro area banks across 19 countries over 2020Q2–2025Q3, we analyze whether this relationship depends on banks’ regulatory capital positions. We find that greater market power is associated with higher subsequent credit risk, while stronger capitalization is associated with lower risk.