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Monetary and financial policies
No full textThe Washington Consensus helped forge a world view in which opening borders to capital flows was seen as an important way to increase economic efficiency. In the past decades, evidence accumulated of the shortcomings of a largely unmanaged financial system in which the volatility of capital flows was still seen as an exogenous feature of the world economy. This chapter sets the stage by discussing the characteristics of the global financial cycle (GFC) and the role of the United States Federal Reserve, to then discuss the influence of this cycle on the pass-through of domestic monetary policy to market rates for emerging markets (EMs) and advanced economies. It then sets out the implications of limited monetary policy pass-through for the validity of the trilemma in international finance. The chapter calls for the systematic use of macroprudential policy tools in advanced and EMs alike to complement credible monetary policy frameworks. It also emphasises the importance of the development of local currency bond markets. In some cases, capital controls may also be useful
Beyond the front page: in‐text citations to patents as traces of inventor knowledge
No full textResearch Summary: This study introduces in‐text patent‐to‐patent citations—references embedded in the body of patent documents—as a novel data source to trace knowledge flows. Unlike front‐page citations, which often reflect legal requirements, in‐text citations are more likely to originate from inventors and signal meaningful technological linkages. We show that they exhibit stronger geographic and semantic proximity, greater self‐referentiality, and closer alignment with inventor knowledge. Though less frequent than front‐page citations, they yield robust results in models of knowledge diffusion. We release a validated dataset and reproducible code to support future research. Our findings offer new opportunities for scholars interested in the microfoundations of innovation, the geography of knowledge flows, and the role of inventors in shaping firms' knowledge trajectories. Managerial Summary: This study introduces in‐text patent citations—references embedded in the technical description of patent documents—as a new way to trace how knowledge flows among inventors and firms. Unlike traditional front‐page citations, which often reflect legal formalities or examiner input, in‐text citations originate more directly from inventors and thus capture genuine technological linkages. Using large‐scale U.S. patent data, we show that in‐text citations connect geographically and thematically closer inventions and are more likely to involve the same firms or inventors. The dataset, released as open data, enables more accurate analyses of innovation dynamics and firm knowledge strategies. Managers can use these insights to better understand how ideas diffuse and where valuable inventive knowledge resides
The conventionality of geometry is merely incomplete
No full textThis article proves two no-go results against the conventionality of geometry. I then argue that any remaining conventionality arises from scientific incompleteness. I illustrate by introducing a new kind of conventionality arising in the presence of higher spatial dimensions, where the incompleteness is resolved by introducing new physical theories like Kaluza–Klein theory. Thus, conventional choices of this kind may guide scientific discovery, but if successful, they would dissolve the original conventional freedom
How long do wealth shocks persist? Less than three generations in England, 1700-2025
No full textWhat happens across generations to random wealth shocks? Do they endure and even magnify, or do they dissipate? By implication, how much of modern wealth is attributable to events before 1900? This paper uses random shocks to family size in England before 1880, that created wealth shocks for the children, to measure the persistence of random wealth shocks. Fertility for married couples in England before 1880 was not controlled but was a biological lottery. And for richer families, family size strongly influenced child wealth. This paper finds that such biology induced wealth shocks had no impact on descendent wealth by three generations later. Since wealth itself persisted strongly across more than five generations this implies that, in the long run, wealth mainly derives from sources other than wealth inheritance itself. The observed link between nineteenth century wealth and modern wealth does not lie in wealth transmission itself. Instead, wealth persisted because of the inheritance within families of behaviours and abilities associated with wealth accumulation and wealth retention
The new mass unenfranchised? Mapping unenfranchised adults and the case for residence-based voting in the UK
No full textUniversal suffrage is a defining feature of democracy. The UK electoral franchises, however, prohibit voting on the basis of some, but not all, nationalities. Residence-based voting involves allowing all adults who are legally resident in a country to vote. It has been introduced in Scotland and Wales for some elections. This article provides estimates of the number of unenfranchised adults in the UK. There has been an increase in the number of unenfranchised adults from 2.3 million in 2011 to 4.4 million in 2025. There are also 1.2 million unenfranchised adults in England and Northern Ireland. Unenfranchised adults tend to be concentrated in electoral constituencies in the UK, where they outnumber the number of votes cast for the sitting MP in 36 seats. If all residents could vote, 257 seats could have had a different outcome at the 2024 general election. This raises important political, constitutional and legitimacy questions about excluding those who contribute to society from the ballot box
Is motivated memory (just) a matter of mood?
No full textIn recent years, there has been an increasing interest in motivated memory as a psychological determinant of economic outcomes. According to motivated memory, people tend to better recall pleasant information because it serves their psychological needs. Another phenomenon, however, predicts the same pattern: According to mood congruence, pleasant information is easier to recall for individuals in nonnegative mood, regardless of any psychological needs. Since most people tend to have some need for self-esteem and to experience more positive than negative feelings during the day, the two phenomena predict similar outcomes in most ordinary situations, but not all. To test the predictive power of these two phenomena, we collect data from a laboratory experiment and from a nationally representative survey. We study how individuals in a temporarily induced negative mood (via a video clip) or those who report a low baseline mood (relative to the population) recall negative feedback. Our results meet the predictions of motivated memory: Individuals better recall positive than negative feedback, even when they are in negative mood. Motivated memory is not just a matter of mood
GAWI: an ancestral Rarámuri dream on the care of Mother Earth
No full textGAWI is a virtual reality dream experience co-created by Myriam Hernandez (Atlantic Fellow for Social and Economic Equity) and the Rarámuri, an indigenous community of northern Mexico. GAWI is a Rarámuri word that can be interpreted as "Land" or "Territory", and caring for it is at the heart of the Rarámuri wa of life. The traditions of the indigenous peoples remain to this day in spite of external threats. Isabel, a Rarámuri leader, guides you through the places and ancestral traditions of her community – inviting us to (re)learn about their ways of caring for and loving the earth
Precarity and pills in a pandemic: online abortion care-seeking in Poland during COVID-19
No full textCOVID-19 and subsequent policy measures (e.g., lockdowns) impacted abortion care-seeking and provision, including availability and accessibility of care services. We examine the impact of COVID-19 on abortion-seeking in Poland using quantitative and qualitative secondary data from abortion care-seekers’ (n=8,577) online consultations (April-Dec 2020) with an abortion telehealth provider working in Poland. COVID-19 amplified job and financial insecurity and precarity, influencing abortion decision-making. COVID-19 measures like lockdowns limited privacy, exacerbating the need for secrecy as a key element in abortion care-seeking, particularly when at risk of interpersonal violence. Personal support systems, often essential in pregnancy, birthing, and parenting, were altered by COVID-19. The loss of key family members (e.g., wage earners or carers) heightened financial and social vulnerability. This collapsing of support systems and networks during the pandemic, shaped abortion decision-making. Pregnancy during COVID-19 potentially exposed people and their families to greater precarity and forms of structural violence, making it a ‘cliff edge’. Locating abortion experiences in Poland within macro-level intersections of the pandemic, neoliberal policies, and shifting abortion governance (e.g., further restricting of abortion), we highlight the difficulties in accessing abortion care and support. Shifting away from predominant health or rights framings of abortion, we offer new empirical evidence that explores how the pandemic heightened existing structural violence and precariousness, shaping abortion care-seeking and decision-making
Gender, sexuality, warfighting & the making of American citizenship post-9/11
No full textThe so-called global war on terror marked a pivotal moment in the intersection of gender, sexuality, military service, and U.S. warfighting. This essay explores, via paradigmatic empirical incidents, three key dimensions of gendered warfare–military service, support for the military, and protest/dissent–to reveal a central paradox in the post-9/11 U.S. gender-war system. While military service has declined overall, efforts to formally include women and LGBTQ+ people in the armed forces have coincided with the ongoing valorization of a narrow, gendered ideal of soldiering and citizenship (often cisgender, heterosexual, masculine, and white). Despite (potentially temporary) increased formal equality and inclusion, the global war on terror reinforced the existing U.S. heteropatriarchal sex-gender order, characterized by a mandatory heterosexuality and binary, deterministic account of gender. This model of gendered, martial citizenship promotes civilian deference to the military and subverts the democratic oversight of the armed forces