VoxEU✓

The economic consequences of the second Trump administration: A preliminary assessment @GaryGensler @baselinescene @upanizza @bweder

For three decades, software companies have paid independent researchers to identify security vulnerabilities in their code. But how effective are bug bounty programmes, and how is AI changing the way software flaws are discovered? In the latest episode of VoxTalks Economics, Tim Phillips speaks with @tkretschmer_LMU (@ImperialBiz and CEPR) about his research into the design and effectiveness of bug bounty programmes. Drawing on data from the Bugcrowd platform, they discuss the trade-offs between open and invitation-only programmes. Opening programmes to more researchers can increase the number of vulnerabilities discovered, but also brings more duplicate and lower-quality submissions, increasing the burden of reviewing them. They also consider what AI-assisted vulnerability detection means for the future of bug bounties, and why evaluating submissions remains a crucial part of software security. 🎧 Listen to the episode: #VoxTalksEconomics #Cybersecurity #ArtificialIntelligence #Economics

Labour market origins of experimentation and growth: Why Europe is falling behind Renato Faccini & Seho Kim @nationalbanken, Javier Miranda @UniJena @IWH_Halle

Coming of age under populists: The zero-sum legacy of populist rule Nicolas Ajzenman @Nicolas_Ajz @mcgillu @JPAL, Cevat Giray Aksoy @cevatgirayaksoy @EBRD @Kingspol_econ, Harry Pickard @UniofNewcastle

In the fourth episode of the Economic Policy Series on #VoxTalks Economics, Tim Phillips is joined by @alejandrowerne7 (@GUAmericas) to discuss new research with Nicolás Magud and Antonio Spilimbergo examining more than 50 years of populist governments in Latin America. The conversation looks at what happens after populist leaders take office. Comparing populist and non-populist governments, the research finds differences across a range of economic and institutional outcomes, including government expenditure and fiscal deficits, institutional strength, international reserves and, over time, inflation. They also discuss why Latin America’s most recent wave of populist governments was able to remain in power for longer than many of its predecessors, including the role played by favourable commodity prices. 🎧 Listen now: #VoxTalksEconomics #EconomicPolicy #PoliticalEconomy #Macroeconomics

Easy money does not win elections Yao Chen @YChen_ks, Felix Ward @econfward, Florian van Genderen @ErasmusESE

Monetary policy in times of high public debt Stéphane Dupraz @banquedefrance, Anna Rogantini Picco @AnnaRogantiniPi @ecb

Bank executive pay: Compensation design can help reduce excessive risk-taking Gaston Gelos @ggelos1, Bertrand Rime, Kevin Tracol @BIS_org

Job seekers’ beliefs and preferences over wages and benefits: Experimental evidence from online job boards Andreas Beerli @KOFETH_en @ETH_en, Stefano Fiorin @fiorin_econ @Unibocconi, Andreas Gulyas @andreas_gulyas @univienna, Daniel Kopp @GewerkschaftSGB, Mahsa Khoshnama @Princeton, Michael Siegenthaler @KOFETH_en @ETH_en

Repo is the new dollar safe asset Miguel Chumbo @Stanford, Arvind Krishnamurthy @ProfArvindKrish @StanfordGSB

A network approach to geopolitics Ernest Liu @ErnestLiuEcon @PrincetonEcon, Bennett Smith-Worthington @PrincetonEcon, Stephen Redding @StanfordEcon, David Yang @david_yang @HarvardEcon

Stablecoins and the macroeconomy: Bank disintermediation versus fiscal space Boris Hofmann @BIS_org, Matthias Kaldorf @bundesbank, Matthias Rottner @MatthiasRottner @bundesbank

When judges move markets: Ideological shifts in the Supreme Court and macroeconomic expectations Thomas Drechsel @td_econ @JohnsHopkins, Naixin Zhang @GWUEconomics @GWtweets

The boom before the bust: From the Roaring Twenties to the Great Depression Harold Cole, Stefano Cravero, Jeremy Greenwood @Penn @penneconomics

Stablecoins as a vehicle for dollarisation: Evidence from capital controls and currency crises Marco Reuter @IMFNews

What if tackling inequality starts with changing who owns the firm? In a new episode of #VoxTalks Economics, Tim Phillips speaks with Francesco Caselli (@LSEEcon and CEPR) about his forthcoming book, Cooperatives in the Twenty-First Century. While pay at the top has continued to climb, wages for middle- and lower-income workers have seen little growth over the past two generations. Could worker-owned cooperatives offer an alternative to traditional approaches to tackling inequality? They discuss how cooperatives could change the way profits are distributed, the economic case for worker ownership, and which objections to the cooperative model hold up under scrutiny. 🎧 Listen to the episode: 📖 Read the VoxEU Column: #VoxTalksEconomics #Cooperatives #Inequality #Economics

AI to the rescue: How the countries of Europe and Central Asia can grow more prosperous as they grow older Ivailo V. Izvorski & Filip Jolevski @WorldBankGroup

Assessing China as a technological innovator Josh Lerner @HarvardHBS, Namrata Narain @nummoose @BUQuestrom, Dimitris Papanikolaou @NorthwesternU @KelloggSchool, Amit Seru @HooverInst @StanfordGSB @SIEPR, Zunda Winston Xu @Stanford

Buying innovation vs buying protection: What we know about public procurement of innovation Olga Chiappinelli @o_chiappinelli @UniBarcelona @ubeconomics, Leonardo M. Giuffrida @leomargiu @BRGexpert, Giancarlo Spagnolo @EconTorVergata

The US dollar has long been the world's anchor currency, but has that position started to become less secure? In the third episode of the four-part series from Economic Policy: Papers on European and Global Issues, Tim Phillips is joined by Tarek Hassan (@bu_economics) to discuss new research into what makes a currency a global anchor, and what could cause that status to change. Economic size might only be part of the story. What also matters is an economy's integration with the rest of the world and the extent to which its shocks affect global prices. With the rise in US tariffs potentially weakening the dollar's safe-haven status, could deeper European economic integration make the euro a potential alternative? 🎧 Listen to The Dollar Anchor is Slipping to learn more: The research: Openness, Integration, and the International Monetary Order, by Tarek A. Hassan, Thomas M. Mertens, Jingye Wang and Tony Zhang, forthcoming in Economic Policy. #VoxTalks #Economics #InternationalFinance #ExchangeRates #Trade

Company wage policy in a low-wage labour market Giulia Giupponi @giulia_giupponi @Unibocconi, Stephen Machin @s_machin_ @LSEnews @LSEEcon