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In the oldest Japanese municipalities, close to half the residents are already over 65. As young people move to cities, the retailers close, then the clinics, then the bus that used to reach the next town. Rural Japan is not simply ageing: it is emptying.

Elisa Giannone (CREI, CEPR) and her co-authors have analysed Japan's 1,741 municipalities from 1980 onwards. The ol...


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Travel broadens the mind. So the Voxtalks visits a conference, we find the most interesting research from economists just starting out, and hand three of them a microphone. Ad that is today's episode, recorded at the CEPR Paris School of Economics Policy Forum 2026.

Listen to hear three findings that undercut conventional wisdom. Guido Lamarmora (University of Nottingh...


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Recorded at the PSE-CEPR Policy Forum 2026.

A country wants a stable exchange rate, it wants money to move freely across its borders, and it wants to set its own interest rates. It's a well-known trilemma. Central bankers must pick any two, because you cannot have all three. 

History, it turns out, did not read that memo.

Eric Monnet has spent years reading...


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If you run a business that exports to the United States, how big is the tariff you have to pay? In 2025 that question was hard to answer. Between February and December, 53 separate announcements introduced, delayed, reinstated or changed US tariffs, with different countries and products pulled in or exempted each time.

Kalina Manova (UCL, CEPR) and her colleagues built...


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Recorded at the PSE-CEPR Policy Forum, Paris School of Economics.

Tariffs move trade around, but so does economic power. When one economy dominates, other countries fall into step with it. They trade with the dominant economy, and also with each other. 

Alberto Martin (Barcelona School of Economics, CEPR) is one of a team that has tracked the influence of hegemon...


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