Does what you exported matter? We build a new global commodity-level export database for the previous era of globalization and find persistence in productive capabilities proxied by economic complexity, export diversification, and sophistication across a century. We also show that productive...

The explosive increase of the price of natural gas is a key driver of inflation in Germany. At the same time, physical gas shortages in the fall or winter are a plausible scenario. A policy response is urgently needed that protects households from skyrocketing heating costs while at the same...

The dominant view of inflation holds that it is macroeconomic in origin and must always be tackled with macroeconomic tightening. In contrast, we argue that the US COVID-19 inflation is predominantly a sellers' inflation that derives from microeconomic origins, namely the ability of firms with...

In the wake of the global energy crisis, many European countries used energy price controls to fight inflation and to stabilize the economy. Despite its wide adoption, many economists remained skeptical. In this paper, we argue that price controls should be part of the policy toolbox to respond...

In the wake of the global energy crisis, many European countries used energy price controls to fight inflation and to stabilize the economy. Despite its wide adoption, many economists remained skeptical. In this paper, we argue that price controls should be part of the policy toolbox to respond...

In the wake of the global energy crisis, many European countries used energy price controls to fight inflation and to stabilize the economy. Despite its wide adoption, many economists remained skeptical. In this paper, we argue that price controls should be part of the policy toolbox to respond...

Following Russia’s invasion of Ukraine, the risk of a prolonged physical supply shortage of natural gas is higher than ever before. While European Union (EU) institutions and member states are discussing the possibility of imposing an embargo or a gradual phase out in this sector, an abrupt...