[FREE TO READ] Former policymaker at the Federal Reserve, IMF and World Bank also taught generations of students

Harvard University Professor Stefanie Stantcheva won the 2025 John Bates Clark Medal young economist award for her work on the impact of taxes and subsidies on private decisions.

Public speeches by leaders can serve as a cost-effective tool for fostering peace, yet their effectiveness remains uncertain, particularly in divided societies experiencing violent conflict. This paper examines the impact of the Catholic Pope's peace-promoting speeches on conflict dynamics in Africa. To investigate this, we construct a novel dataset covering all papal speeches explicitly addressing violent conflict events in Africa between 1997 and 2022. Using event-study methods, we find that papal speeches reduce overall conflict by 23% on average. However, these effects vary significantly depending on the Pope delivering the speech. While Pope John Paul II and Pope Francis's speeches are associated with substantial reductions in conflict, Pope Benedict XVI's speeches show no significant overall effect but are linked to increased battles and religious violence. We further explore four mechanisms driving these heterogeneous effects. First, the impact of papal speeches is significantly stronger in areas with a Catholic presence, where violence drops by up to 69%. Second, the effectiveness of a speech depends on the bishops' ideological alignment with the Pope's vision, with speeches delivered by a Pope who appointed the current bishop being 17% more effective. Third, political leaders play a crucial role in amplifying the Pope's message, as violence significantly declines in birth regions of national leaders. Finally, the response of armed groups varies depending on their religious affiliation and prior history of violence.

Garbage in, tariffs out

Alcohol increases the release of chemical sex signals and makes males more attractive to females.

Le fondateur du mensuel « Alternatives économiques » a soutenu sa thèse de doctorat le 21 mars à l’âge de 82 ans. Le couronnement d’une vie consacrée à la pédagogie et engagée contre les inégalités.

Anatomy of a bad idea