Is Switzerland headed for a crisis?

We show that a one-sided price-adjustment rule, with free price cuts but a fixed daily reset for price increases, raises the reset price even under risk neutrality, mean-zero wholesale cost shocks, and perfect consumer information. The mechanism i...

The “tragedy of the horizon” captures the gap between long-horizon climate damages and the shorter horizons of corporate decision-making. We provide a contracting account of this idea using a deliberately standard CARA-normal moral-hazard model. U...

Six months of data since the Busan Accord shows China shipped the world more rare earth magnets than in any of the previous four years. A year earlier, China had threatened to restrict rare earth supply altogether. This briefing examines how those...

The proposed US-China Board of Trade failed to materialise at the May 2026 Trump-Xi summit. Statements by US officials now place the initiative in sharper relief. On examination, its scale is modest, its institutional necessity is unclear, and the...

Switzerland has reached an uncomfortable conclusion: that UBS has become too large for the state to comfortably stand behind. The government’s plan to force the bank to hold roughly $20 billion more in capital is an attempt to close that gap, even...

As the United States proposes a bilateral Board of Trade to govern its commercial relationship with China, the empirical record of managed trade arrangements that the United States negotiated with Japan in the 1980s provides a relevant precedent. ...