IBM lowered its guidance. Now it’s time to deliver, analysts say.

Economics Jul 21, 2026 Jim O’Neill Some commentators on international affairs seem to think that “the West” and the BRICS+ do not really matter; only the United States and China do. Yet three factors complicate this simplistic framing, suggesting that even superpowers’ influence…

For helpful comments and questions, we thank Peter Ganong, Dmitri Koustas, Pascal Noel, Dhiren Patki, Evan Soltas, and numerous seminar participants. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and do not necessarily reflect the views or the official positions of the U.S. Department of the Treasury, the…

We study how residential-commercial zoning affects the allocation of urban space. Using property-level data from Taipei and 34 U.S. metropolitan areas, we infer neighborhood-level zoning wedges from the allocation of residents, workers, and floor space. We find substantially greater dispersion in these wedges in U.S. cities than in Taipei, where mixed-use development is pervasive. The…

Veteran venture capitalist Tim Draper weighs in on the AI bubble and four huge opportunities he missed.

This paper is prepared for the Handbook of the Economics of Identity; we thank the editors, George A. Akerlof and Rachel E. Kranton, for great support and comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.