Julian Reynolds Policymakers and market participants consistently cite geopolitical developments as a key risk to the global economy and financial system. But how can one quantify the potential macroeconomic effects of these developments? Applying local projections to a popular metric of geopolitical risk, I show that geopolitical risk weighs on GDP in the central case … Continue reading Quantifying the macroeconomic impact of geopolitical risk
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In 2020 and 2021, the wealthiest 1% of the world’s population took nearly two-thirds of all new wealth – six times greater than the wealth made by the poorest 90% of workers. And while billionaires get richer, global poverty is increasing, Oxfam warns.
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