Linda Yueh

The distributional consequences of cost-sharing in universal healthcare Copayments and user fees are widely used across European health systems as a way to limit public expenditures and influence utilisation. This column exploits a policy reform in Norway that increased t...

Copayments and user fees are widely used across European health systems as a way to limit public expenditures and influence utilisation.
cepr.org/voxeu/column...

Rethinking existing tax schemes for political giving and charitable donations Charitable and political donations are both eligible for tax relief in many countries. This column uses survey data from France to examine responses to different fiscal incentives for donations. The a...

Political donors are significantly less sensitive to the cost of giving than charitable donors; matching subsidies increase donation amounts both for political and charitable giving, but reduce the probability of giving to a charity
cepr.org/voxeu/column...

The venture capital challenge for Europe In recent decades, European firms’ share of global venture investment activity has remained flat or even declined. This gap is linked to a lower rate of return of European venture funds and concentrat...

In recent decades, European firms’ share of global venture investment activity has remained flat or even declined. This gap is linked to a lower rate of return of European venture funds and concentrated AI investments by the US and China.
cepr.org/voxeu/column...

Creating high-opportunity neighbourhoods: Evidence from the HOPE VI programme Income segregation in the US has increased over the past four decades, restricting access to opportunity for many low-income families. This column reports on a programme to replace high-poverty public...

Income segregation in the US has increased over the past four decades, restricting access to opportunity for many low-income families.
cepr.org/voxeu/column...

The gender wage gap and what firms have to do with it Early explanations for gender wage gaps focused on human capital or career choices. This column uses data from the US and ten European countries to examine the role of firms. Across all countries cons...

US and 10 European countries to examine the role of firms. Across all countries considered, firms account for between 10% and 30% of the gender wage gap, mainly reflecting women being more likely to work at firms that pay less to all employees, irrespective of their skills.
cepr.org/voxeu/column...

Geopolitical risk and supply chain diversification Geopolitical risks are reshaping global production, yet little is known about how firms reallocate their supply chains in response. Using parent-affiliate matched data on Japanese multinational corpor...

Using parent-affiliate matched data on Japanese multinational corporations from 2009–2022, research shows that firms respond to rising geopolitical risk by diversifying production from China to ASEAN economies, rather than engaging in full decoupling or reshoring.
cepr.org/voxeu/column...

Ruling for the rich: Evidence of a pro-wealthy bias on the US Supreme Court There have long been concerns that US Supreme Court decisions increasingly favour economic elites. This column analyses 1,782 cases from 1953 to 2022 to examine how justices’ rulings directly shift ec...

In 1950s, Democratic- & Republican-appointed justices both sided with the wealthy in ~40% to 45% of cases. By 2022, the average Republican-appointed justice voted pro-rich roughly 70% of the time while the average Democratic-appointed justice did so about 35% of the time.
cepr.org/voxeu/column...

The work-from-home wage premium Studies have found that workers typically value the option to work from home and are willing to accept sizable wage cuts in exchange for it, yet a growing literature finds that workers who work from h...

A growing literature finds that workers who work from home earn on average higher wages than workers who do not. An important part of this premium reflects occupational and educational differences since higher-paying occupations and better-educated workers more likely to WFH
cepr.org/voxeu/column...

Export bans that weren't really bans: How Russia kept importing military goods Despite comprehensive export sanctions from Western allies against Russia, Western components continue to appear in Russian weapons. This column uses transaction-level Russian customs data combined wi...

Russia's invasion of Ukraine triggered the most comprehensive export sanctions the EU and its Western allies have ever imposed. Thousands of products – from semiconductors to precision machinery – were banned
cepr.org/voxeu/column...

Mortgage borrower actions dampen the impact of higher rates on monthly payments The surge in inflation following the COVID-19 pandemic prompted many central banks to raise interest rates sharply. This column combines data from a large German bank, a borrower survey, and a letter ...

A key feature of German mortgages is the separation between the overall maturity of the loan and the length of the interest-rate fixation period. When the fixation ends, borrowers typically refinance onto a new contract.
cepr.org/voxeu/column...

A tale of two financial centres: Brexit uncertainty and the fragility of cross-border capital flows The UK vote to leave the EU in 2016 led to an immediate rise in economic policy uncertainty. This column examines how Brexit-related policy uncertainty affected cross-border capital flows to the UK us...

Brexit uncertainty dampened Swiss foreign investment flows to the UK. The decline is concentrated in debt flows, particularly short-term debt. Equity flows, by contrast, show no systematic or persistent response to the Brexit vote in either direction.
cepr.org/voxeu/column...

Geopolitics in the evaluation of international scientific collaboration International collaboration is one of modern science’s quiet superpowers. Increasingly, it is also a geopolitical flashpoint. This column presents new experimental evidence that shows both US policyma...

Science likes to picture itself as a republic of letters — open borders, shared standards, disputes settled by evidence rather than passports.
cepr.org/voxeu/column...

How X’s algorithm shifts political attitudes Algorithms curate what users of social media see, raising concerns that they may distort attitudes and affect social and political outcomes. This column reports on an experiment conducted on X in the ...

Switching from a chronological to an algorithmic feed significantly shifted political opinions in a pro-Republican direction, while switching the algorithm off had no comparable effect. This asymmetry arose because the algorithm affected which accounts users chose to follow
cepr.org/voxeu/column...

The EU's path to service growth and clean tech The US is taking actions to reshore manufacturing while largely abandoning decarbonisation. This column argues that, in response, the EU should capitalise on the potential weakening of the US role in ...

Single Market integration is crucial for services firms’ competitiveness. Trade costs within the EU fell by 40% over the past 30 years, and EU GDP is now over €500 billion higher than without the Single Market
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Chinese exports to the EU
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Rising Unemployment in the UK Experts responding to the CfM-NIESR survey believe that UK government policies are a very important driver behind the rise in youth unemployment

A mix of views around whether the recent rise in unemployment was structural or cyclical, there was greater agreement around the role of government policies in the rise in young NEETs and youth unemployment: 47% of panel agreed that this was a very important factor
www.cfmsurvey.org/listsurveys/...

Tariffs, trade and transatlantic divergence | London Business School Tariffs, trade and Transatlantic divergence

Tariffs, trade and transatlantic divergence

Dr Linda Yueh unpacks inflation splits, Europe’s structural challenge and a landmark US court ruling
www.london.edu/news/tariffs...

Catch my take at 5:30 ET on the impact of the US Supreme Court ruling on US businesses #cnninternational

Catch my take at 10:15 on the US Supreme Court’s ruling on tariffs #skynews

Urban slums: Stepping-stone for some and traps (or shields) for others Rapid urbanisation has been accompanied by the expansion of urban slums, raising concerns about whether cities foster opportunity or entrench poverty. This column shows that slums can play a dual role...

According to the United Nations, roughly one in five people in developing countries lived in urban slums in 2020, and in some nations the slum population now exceeds the rural population.
cepr.org/voxeu/column...

Banking on inattention: When deposits hedge or amplify interest rate risk Deposits are US banks’ primary funding source, but they can also add to interest rate risk. This column presents new micro evidence that depositor inattention affects banks’ deposit pricing and intere...

Deposits are US banks’ primary funding source; they are typically cheap, abundant, and slow to reprice. Many households keep substantial balances in bank accounts that pay little or no interest.
cepr.org/voxeu/column...

Cohort changes in fertility patterns and the role of shifting priorities Low fertility rates in high-income countries defy traditional explanations based on a quality/quantity trade-off in the demand for children and the opportunity cost of women’s time. Analysing fertilit...

All OECD countries other than Israel now have a total fertility rate below 2
cepr.org/voxeu/column...

How AI is affecting productivity and jobs in Europe Artificial intelligence promises to reshape economies worldwide, but firm-level evidence on its effects in Europe remains scarce. This column uses survey data to examine how AI adoption affects produc...

Research finds that AI adoption increases labour productivity levels by 4% on average in the EU, with no evidence of reduced employment in the short run. The productivity benefits, however, are unevenly distributed.
cepr.org/voxeu/column...

EU capital markets reform should focus on innovation investment The European Commission has launched another attempt to reform capital markets, rebranded as the ‘Savings and Investment Union’. This column summarises findings from a new report by market participant...

The European Commission has launched another attempt to reform capital markets, rebranded as the ‘Savings and Investment Union’.
cepr.org/voxeu/column...

The economics of the Kalshi prediction market Kalshi has operated as a federally licensed prediction market in the US since 2021, free from the strict stake limits placed on previous legal prediction markets. This column analyses over 300,000 con...

While prediction markets like PredictIt or the Iowa Electronic Markets have been around for many years, the number of events you could wager on and the potential stake size both increased dramatically in the early 2020s
cepr.org/voxeu/column...

The distributional consequences of cost-sharing in universal healthcare Copayments and user fees are widely used across European health systems as a way to limit public expenditures and influence utilisation. This column exploits a policy reform in Norway that increased t...

In the US, policy commentators have highlighted how rising deductibles and copayments expose insured patients to substantial financial risk and discourage the use of care, including care that may be clinically appropriate
cepr.org/voxeu/column...

Rethinking existing tax schemes for political giving and charitable donations Charitable and political donations are both eligible for tax relief in many countries. This column uses survey data from France to examine responses to different fiscal incentives for donations. The a...

Charitable donations typically benefit from generous tax credits, justified by private giving helping finance public goods and corrects for underprovision.
Political donations also benefit from tax relief in many countries eg France, Germany, Italy, Spain
cepr.org/voxeu/column...

The venture capital challenge for Europe In recent decades, European firms’ share of global venture investment activity has remained flat or even declined. This gap is linked to a lower rate of return of European venture funds and concentrat...

The year 2025 saw a modest recovery of venture capital (VC) investment in Europe after three years of decline, with a total of €66.2 billion deployed. Even so, this was only 22% of the amount invested in the US, despite the two economies being of roughly equal size.
cepr.org/voxeu/column...

Trump tariffs live: US Supreme Court rules Trump’s sweeping tariffs are illegal Top court issues historic rebuke of US president’s use of emergency powers to impose duties on trading partners

President Donald Trump said he would impose a 10 per cent “global tariff” above existing US levies, using section 122 of the Trade Act of 1974 which allows the president to set import restrictions temporarily for up to six months.
www.ft.com/content/d00d...

No easy way out of China’s slowdown An unresolved property bust and US–China trade tensions will weigh on China’s growth in 2026, writes Linda Yueh.

An unresolved property bust and US–China trade tensions will weigh on China’s growth in 2026, writes Linda Yueh.