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Antonio Fatas

@antoniofatas.bsky.social

Professor of Economics at INSEAD, Vice President CEPR and Editor in Chief VoxEU. Interested in global macroeconomic issues.

2770 Posts2784 Follower786 Folgt
John Burn-Murdoch@jburnmurdoch.ft.com · 5d ago

Yep, elements of all of those are visible in the data. US median wealth dipping much more deeply during the GFC was in part because the median American has much higher exposure to equities than the median European.

VoxEU @ CEPR@voxeu.org · 3w ago

Greater wage transparency is expected to narrow gender pay gaps with the new EU Pay Transparency Directive. Greatest gains are likely from where unequal pay among comparable workers is a key driver of the gap. S De Poli, S Maier, V Ivaškaitė-Tamošiūnė cepr.org/voxeu/column... #EconSky

Figure: The unadjusted and adjusted gender pay gap in the 27 EU member states. UGPG: Unadjusted gender pay gap (difference in average gross hourly wages between men and women, expressed as % of average men’s gross hourly wages). AGPG: Adjusted gender pay gap (difference in average gross hourly wages between men and women performing similar work, as % of average male average gross hourly wages). Equal pay for equal work has been a core EU principle since 1957, yet women across Europe continue to earn less than men, even in very similar jobs. As EU countries begin implementing the new Pay Transparency Directive, greater wage transparency is expected to narrow these gaps. This column explores the potential effects on the 27 EU countries. Equal pay could substantially narrow gender disparities, but the gains are greater where unequal pay among comparable workers is a key driver of the gender pay gap.
Daniel Knowles@dlknowles.bsky.social · 3w ago

Another great example of how AI is killing the incentive to actually provide any of the data AI requires to be any good at anything

Ken Tindell@kentindell.bsky.social · 3w ago

“Just before the launch of ChatGPT in 2022, there were more than 100,000 monthly questions asked on [Stack Overflow]; last month, there were fewer than 1,500. And the response rate, once around 80 per cent, has been cut in half.” Genuinely shocking. This is what LLMs were trained on, now it’s dead.

Antonio Fatas@antoniofatas.bsky.social · 4w ago

Silvana Tenreyro (Professor at LSE and @cepr.org fellow) to become IMF economic counsellor. Good news. www.imf.org/en/news/arti...

IMF Managing Director Kristalina Georgieva Names Silvana Tenreyro as IMF Economic Counsellor and Head of Research Department

Washington, DC – July 7, 2026: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), announced today the appointment of Silvana Tenreyro as the Fund’s Economic Counsellor a...

imf.org

VoxEU @ CEPR@voxeu.org · 2mo ago

Stephen Cecchetti, Dirk Niepelt, Hélène Rey & Xavier Vives introduce the 8th report in the Future of Banking series: Digital Money. The crypto system is no longer a sideshow. These monies will only be reliable if sound institutions & robust technology come together. cepr.org/voxeu/column... #EconSky

The crypto system is no longer a sideshow. Dollar stablecoins now put dollar claims into circulation well beyond the regulated US banking perimeter, and cryptoisation is beginning to transform the international monetary and financial system. This column argues that the changes crypto sets in motion will be shaped by institutions and technological innovation. Who issues money, who anchors it, and who bears the cost when things go wrong are central issues. But as money migrates onto programmable, cross-border rails, the resilience of the rail itself becomes part of what determines which monies are trusted. Digital money will be reliable only where sound institutions and robust technology come together.
VoxEU @ CEPR@voxeu.org · 3mo ago

M Rute, F Vandermeeren, & A Dumitrescu investigate the goals of a recalibrated EU industrial policy and its key components for success. Europe should rely more on directional and centrally designed strategies that enable more decisive action in strategic areas. cepr.org/voxeu/column... #EconSky

Figure shows the need for Europe to increasingly rely on more directional and centrally designed strategies that enable more decisive action in strategic areas. Europe is recalibrating its industrial policy in response to external challenges including China’s state-driven overcapacities and protectionist US tariffs, but also as an opportunity to address its economic security risks while at the same time moving beyond its middle-technology trap. This column investigates the goals of this recalibrated approach and key components for success. The findings point to the need for Europe to increasingly rely on more directional and centrally designed strategies that enable more decisive action in strategic areas.
VoxEU @ CEPR@voxeu.org · 3mo ago

K Rogoff & Y Yang study Japan's post-real estate bubble stagnation in the 90s to find parallels with China's experience. China's window to shape the outcome of its adjustment narrows as overcapacity, weak consumption, & negative sentiment reinforce one another. cepr.org/voxeu/column... #EconSky

National Bureau of Statistics of China and authors’ calculations. The price index is constructed using the National Bureau of Statistics’ monthly residential property resale price index for 70 large and medium-sized Chinese cities. For each city, the index is normalised to its historical peak (the series begins in 2011, with peaks occurring between 2017 and 2023 depending on the city). All other monthly observations are then expressed relative to this benchmark. A growing debate has emerged over whether China risks repeating elements of Japan’s post-real estate bubble stagnation of the 1990s. This column compares China’s current real estate adjustment with Japan’s experience and uncovers striking parallels in investment dynamics and consumption responses. The key lesson from both episodes is that overinvestment during a housing boom simply cannot be unwound quickly. Excess supply hangs over the economy, discouraging new investment and weighing on activity long after volumes and prices peak. China still has room to shape the outcome of its adjustment, but the window narrows as overcapacity, weak consumption, and negative sentiment reinforce one another.
VoxEU @ CEPR@voxeu.org · 3mo ago

T Takalo & O Toivanen find meaningful differences b/w R&D tax credits & subsidies. Tax credits can be more effective by ensuring sufficient uptake whereas subsidy policy would benefit from internalisation of application costs & reducing costs/uncertainty to firms. cepr.org/voxeu/column... #EconSky

Figure shows project-level R&D subsidy rates awarded in Finland. The horizontal axis shows the percentage of an applicant’s R&D project costs subsidized by the government agency and the vertical axis shows the fraction of applications for each subsidy rate decision. R&D subsidies and tax credits are widely used around the world to encourage private sector R&D by reducing its cost for firms. This column argues that these policy tools have meaningful differences that should be considered in innovation policy and by those conducting research on the topic. R&D tax credits are a rule-based registration system whereas R&D subsidies are a discretionary examination system. R&D tax credit policy can be made more effective by ensuring sufficient uptake and removing firm-specific caps, whereas R&D subsidy policy can be made more effective by internalising the application costs and reducing its costs and uncertainty to firms.
Justin Wolfers@justinwolfers.bsky.social · 3mo ago

The news out of the Middle East might have seemed less dire lately, but oil futures are now basically as pessimistic as they've ever been. This could be a concern that the current war continues, or it could be concern about a rising risk of future geopolitical shocks.

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VoxEU @ CEPR@voxeu.org · 4mo ago

Despite evidence that greater central bank independence leads to lower inflation, political pressure on central banks continues, most often through direct pressure, appointment of political allies, and partisan influences. Sylvester Eijffinger, Jakob de Haan cepr.org/voxeu/column... #EconSky

Central bank independence refers to the absence of political influence on monetary policymaking. It is widely accepted that independence acts as a commitment device to achieve price stability. Despite evidence that central bank reforms towards greater independence have led to lower inflation, this column shows that there is still ample evidence for political pressure on central banks. The pressure is most often to ease monetary policy and frequently has the intended effect. This occurs through direct political pressure, appointing political allies, and partisan influences. Legal independence is necessary but not sufficient to prevent political pressure.
Dow@dow.bsky.social · 4mo ago

It's not just that Warsh would be beholden to Trump. That is the most important thing, but it also overshadows the fact that his Fed calls down the years have been bad--not uniquely bad, but systematically bad. I'm old enough to remember when he wanted to hike rates in 2008

Antonio Fatas@antoniofatas.bsky.social · 4mo ago

And this might be the obvious next step if my logic was right: block access for everyone that that rest of the world puts pressure on Iran -- under the assumption that the cost is lower on the US. www.ft.com/content/55e4...

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Antonio Fatas@antoniofatas.bsky.social · 4mo ago

Does the US think this stalemate hurts others (Europe, China, Japan…) more, and is it willing to stretch it out a little longer even if it risks becoming an own goal? @javierblas.bsky.social