Presented by: Daniel Bunn This year, a wave of new company tax disclosures is coming in response to increased transparency requirements from US accounting standards, the European Union, and Australia. Because the data will be messy and poorly suited for drawing strong conclusions, the data the new rules require companies to produce can easily be…
The author order was determined using the American Economic Association’s (AEA) randomized author order tool (confirmation code: 97bxnitDoKnK). The study was pre-registered in the AEA RCT Registry (AEARCTR-0016106). We are grateful for financial support from the Abdul Latif Jameel Poverty Action Lab (J-PAL) North America, the Texas A&M Bush School Seed Grant, and the Strada…
Letter from the Governor
We thank Anna Dreber Almenberg, Martha Bailey, Jonathan Cohen, Emma Duchini, Alex Frankel, Ryan Kellogg, Jack Mountjoy, Virginia Minni, Matt Notowidigo, Mikkel Plagborg-Møller, Charlie Rafkin, Shanthi Ramanth, Lutz Sager, and Witold Więcek for helpful conversations. We thank Giuseppe Cognata, Shravan Haribalaraman, Ari Jacob, Sedona Jolly, and Min Seo Kim for their excellent research assistance. Ganong…
Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. July 09, 2026 Federal Reserve Board issues enforcement action with TS Banking Group, Inc. and TS Contrarian Bancshares, Inc. For release at 11:00 a.m. EDT The Federal Reserve…
Facing a 7% GDP contraction, the socialist island nation opens up to private banking and investment. In June, the Cuban National Assembly unanimously passed 176 economic reforms aimed at staving off an economic crisis partly caused by U.S. sanctions. Prime Minister Manuel Marrero announced the reforms, which aim to reduce the state’s presence in the…
AI executives and companies are betting that spending millions in the 2026 midterm elections will allow them to influence AI bills being developed in Congress. As of the end of June, the two biggest artificial intelligence political action committees have dropped at least $44 million into 40 House and Senate candidates, per a CNBC analysis…
Canada’s financial system has functioned well through a challenging year. Households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks. However, vulnerabilities have increased in some parts of the system, and a more turbulent global environment poses risks to financial stability.
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How exposed are open economies to global demand shocks? In equilibrium, foreign booms can be absorbed either by domestic consumption (“quantities”) or by real exchange rate appreciation (“prices”). We show that failures of Ricardian equivalence and global financial market imperfections, two frictions popular in much recent work, have opposite effects on the split: while elevated…