Linda Yueh
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lindayueh.bsky.social
Linda Yueh
@lindayueh.bsky.social
Economist at St Edmund Hall, University of Oxford & London Business School

Author of The #GreatCrashes & #GreatEconomists
https://www.amazon.co.uk/gp/aw/d/024198808X/

LinkedIn: linkedin.com/in/lindayueh

IG: instagram.com/lindayueh

W: www.lindayueh.com
Pinned
The Great Economists and The Great Crashes are both economic history books that draw lessons from history to help with current challenges and opportunities

www.lindayueh.com/books

www.amazon.co.uk/Great-Econom...

www.amazon.co.uk/Great-Crashe...
Catch my take at 6:05am on the UK Budget #bbc5live and again as presenter’s friend from 5-6pm #channel5news
November 26, 2025 at 5:24 AM
Friday All Change for Gyles Brandreth (Radio 4 Extra, 10.30)
Brandreth sets out to find out if change is good for our wellbeing by talking to the economist Linda Yueh, the fashion consultant Melanie Rickey and the political strategist Alastair Campbell.
www.thetimes.com/culture/tv-r...
The best podcasts and radio shows of the week
Not sure what to listen to? This is your ultimate audio guide, updated weekly by our critics
www.thetimes.com
November 24, 2025 at 7:56 AM
When policy rates are negative, banks often pay deposit rates above policy rates, eg Switzerland, Scandinavia, and the euro area. In fact, banks often pay deposit rates above policy rates not only when policy rates are negative, but also when they are low.
cepr.org/voxeu/column...
Monetary policy transmission through cross-selling banks
When central banks raise or lower policy rates, banks typically pass these changes through only incompletely to the interest rates they pay on customer deposits. As a result, customers tend to reduce their bank deposits following policy rate hikes and increase them following cuts. This column proposes a new framework that reconciles incomplete pass-through and deposit losses. The authors show how banks optimise not just current deposit profits but also the lifetime value of each client, and how this matters for the transmission of monetary policy.
cepr.org
November 22, 2025 at 12:04 PM
Almost 2/3rds of current EU budget devoted to the Common Agricultural Policy (CAP) & Cohesion Policy. EC proposes to radically change this by relatively boosting competitiveness, research & innovation, digital, defence, while still giving agriculture, cohesion a major share
cepr.org/voxeu/column...
Assessing the Commission’s Multiannual Financial Framework proposal: First-order principles
Since the European Commission’s 2028-34 Multiannual Financial Framework proposal in July, much has been written about its ambitions, the levels of funding involved, and its structure and priorities. This column argues that the proposal scores high on composition and flexibility, but poorly on size. The EU budget will likely fall prey of the logic of the ‘juste retour’ that is heightened by the identity politics prevailing in most EU countries. Keeping the public’s attention alive on the geopolitical and economic challenges will be key to reduce that risk.
cepr.org
November 22, 2025 at 12:01 PM
India has a long history of supporting credit access for micro, small, and medium-sized enterprises. In 2006, the government expanded access for these schemes by raising the size threshold for eligibility. Long-term loan balances increased by 12% for newly eligible firms.
cepr.org/voxeu/column...
Credit and product innovation in emerging markets: Evidence from India
Access to finance is an important driver of innovation in developed countries. This studies a 2006 reform in India that expanded credit access for many small Indian manufacturing firms, and finds a nuanced relationship between credit and innovation. Among firms that face few non-financial barriers, credit access fosters innovation, as in advanced economies. But for the average firm, additional barriers hinder their ability to translate credit into new and better products, diluting the effect of credit on innovation. Instead, these firms use credit to scale their existing operations and fully utilise current capacity.
cepr.org
November 22, 2025 at 11:59 AM
In jurisdictions with AI adoption, financial institutions most commonly use AI for customer service, fraud detection, and anti-money laundering (AML)/combating the financing of terrorism (CFT) and know your customer (KYC) compliance
cepr.org/voxeu/column...
November 22, 2025 at 11:53 AM
Research finds that publicly funded but privately owned patents – just 2% of all US patents – account for around 20% of medium-term fluctuations in productivity & GDP growth. They argue America’s innovation edge rests on the visible hand of public support for basic research.
cepr.org/voxeu/column...
Public money, private innovation: How government funding built – and sustains – America’s technological leadership
The US has long been the world’s innovation powerhouse, based on a system that combines public funding with private initiative. Yet this model is under strain. Using newly digitised US patent data since 1950, this column shows that publicly funded but privately owned patents – just 2% of all US patents – account for around 20% of medium-term fluctuations in productivity and GDP growth. As funding cuts threaten the most productive funders of public R&D, the authors argue that America’s innovation edge rests on the visible hand of public support for basic research.
cepr.org
November 22, 2025 at 11:51 AM
Since 2016, many governments have issued ‘green’ debt instruments to support the transition to a low-carbon economy. A yield discount on green sovereign bonds, or ‘greenium’, exists but is very small, around 2 basis points in advanced economies, 13 bps in emerging markets.
cepr.org/voxeu/column...
The unbearable lightness of the sovereign greenium
Since 2016, many governments have issued ‘green’ debt instruments to support the transition to a low-carbon economy. This column shows that a yield discount on green sovereign bonds, or ‘greenium’, exists but is very small, around two basis points in advanced economies and 13 basis points in emerging markets. Still, the greenium rises when climate transition risks are salient and for issuers more vulnerable to climate change. Going forward, governments and international institutions should strengthen the credibility of green-bond frameworks, integrate climate priorities into the budget process, while also recognising that sovereign green bonds are not a fiscal panacea.
cepr.org
November 22, 2025 at 11:50 AM
On 25 June 2025, NATO’s 32 member states pledged to increase national defence spending to 5% of GDP annually by 2035, with 3.5% specifically allocated to core defence expenditures. This historic commitment marks a significant departure from the long-standing 2% benchmark.
cepr.org/voxeu/column...
November 22, 2025 at 11:35 AM
France, known for conflictual labour relations. For instance, 25% of dismissals for personal reasons (which were about 77% of all dismissals, as opposed to collective or economic dismissals) are litigated in labour courts, and about 60% of first-instance rulings are appealed
cepr.org/voxeu/column...
Conflict in dismissals: Evidence from ‘separations by mutual agreement’ in France
Dismissals are costly and are often subject to stringent employment protection regulations. This column explores how France’s 2008 introduction of separation by mutual agreement affected separation patterns. Despite fast and wide adoption of such agreements, they only replace a small share of dismissals and substitute more for quits rather than dismissals. Highly conflictual dismissals remain unchanged. The reform failed to improve employer–employee relations during separations and added costs to the unemployment insurance scheme.
cepr.org
November 22, 2025 at 11:33 AM
The EU economy grew stronger than expected in recent quarters and all member states are set to return to growth in 2025. Modest but steady economic growth is expected to continue in 2026 and 2027
cepr.org/voxeu/column...
November 22, 2025 at 11:27 AM
Data subjects receive many free (or heavily underpriced) digital services in return for vast amounts of free information about themselves, usually extracted without meaningful consent, knowledge. Digital policies doomed to remain inadequate as data subjects are not empowered
cepr.org/voxeu/column...
Innovation in the digital economy architecture: Ensuring regulatory simplification drives innovation and growth
Over the last decade, the EU has pioneered a world-leading framework for digital governance, but the result has been an increasingly complex regulatory landscape and a digital governance system that undermines the workings of economic markets. This column argues that while the European Commission’s Digital Omnibus package responds to this complexity, it treats the symptoms rather than the structural cause of market failure. The authors propose an ‘Innovation in the Digital Economy Architecture’ (IDEA) framework that meets the simplification aims of the Digital Omnibus proposal, while giving digital consumers more control over their personal data, strengthening digital rights, creating transparent data markets that reward trust, and promoting competition and innovation.
cepr.org
November 22, 2025 at 11:25 AM
From 2009-2017, US recorded receiving imports from China worth 17% more than China reported sending to US. Re-exports from Hong Kong likely accounted for some of the data gap, but under-reporting of exports also likely a factor due to China’s de facto export taxes
cepr.org/voxeu/column...
Tariff avoidance and import measurement: Lessons from the first US-China trade war
Until 2018, the US-China trade data gap was in line with the discrepancies found in the bilateral trade data of China and its other partners, but in 2018 the gap began to narrow. This column argues that higher and broader US tariffs on Chinese imports resulted in increased tariff avoidance and an underestimation of US imports from China, which played a significant role in narrowing the US-China trade data gap. Changes in China’s VAT regime may have also played a role.
cepr.org
November 22, 2025 at 11:24 AM
Marginal actuarial neutrality takes into account the fact that early retirement has a double impact on the pension system: downward impact on total contributions & upward impact on pensions to be paid. Symmetrically, later retirements generate a double benefit for the system
cepr.org/voxeu/column...
Pension design and general public finances: Beyond baseline actuarial neutrality
The design of pension rules must take into account, through an actuarial neutrality approach, the adjustments to pension levels that are necessary in the case of flexible retirement ages. This column argues that a change in the average retirement age has an impact not only on pension funding, but also on resources available for other public spending. All else equal, incorporating this externality would imply penalties for earlier retirement and bonuses for later retirement that are much higher than those designed to balance the pension system alone.
cepr.org
November 22, 2025 at 11:22 AM
Catch my take at 11:30 on UK inflation #skynews
November 19, 2025 at 9:25 AM
Over a century ago, the introduction of 8-hour workday represented one of the most transformative labour-market reforms in industrialised countries. Workday reduced to 8 hours from up to 10 hours, a decline of as much as 12 hours per week, the largest reduction in history
cepr.org/voxeu/column...
Lessons from Denmark’s eight-hour workday reform
In recent years, calls for shorter working weeks have re-emerged in Europe and elsewhere. This column examines how Denmark’s 1919 shift to the eight-hour workday affected labour market outcomes such as hourly wages, weekly earnings, and employment. Weekly earnings fell in provincial towns but less so in Copenhagen, where union membership was higher and hourly wages rose partly to offset shorter hours. Employment increased everywhere, especially among unskilled and female workers. Decentralised wage bargaining appears to have allowed for partial wage compensation and employment expansion.
cepr.org
November 15, 2025 at 12:07 PM
China uses a wide array of industrial policies, eg subsidies, regulations, to promote strategic economic sectors. This column estimates that the equivalent fiscal cost of industrial policy is about 4% of GDP per year, with support directed largely at the manufacturing sector
cepr.org/voxeu/column...
The hidden costs of China’s industrial policy
China uses a wide array of industrial policies, such as subsidies and regulations, to promote strategic economic sectors. This column estimates that the equivalent fiscal cost of industrial policy is about 4% of GDP per year, with support directed largely at the manufacturing sector. Different policy instruments have varying effects: subsidies tend to lead to inefficiently high production, while trade and regulatory barriers limit production to suboptimal levels. Overall, factor misallocation from industrial policies reduces domestic aggregate total factor productivity by about 1.2%. Scaling back industrial policy would lower fiscal costs and raise productivity.
cepr.org
November 15, 2025 at 12:01 PM
Unlike past demand-driven booms, 2022 surge powered by massive supply-side shocks. Russia’s invasion of Ukraine sent energy+food prices skyrocketing, compounding lingering supply chain bottlenecks+pandemic aftershocks, triggering sharpest rise in global inflation in decades
cepr.org/voxeu/column...
Navigating the 2022 inflation surge: Lessons for monetary policy frameworks
The 2022 global inflation surge tested inflation-targeting frameworks under severe supply shocks. This column shows that, despite earlier and sharper tightening, inflation targeting central banks did not achieve systematically better outcomes than their non-targeting peers. Instead, credibility and timely action mattered more than institutional labels. As supply shocks driven by geopolitics, climate change, and the energy transition become more frequent, inflation targeting frameworks will need to adapt and evolve to remain effective in this new environment.
cepr.org
November 15, 2025 at 11:59 AM
Swedish household debt-to-income ratio (%)
cepr.org/voxeu/column...
November 15, 2025 at 11:58 AM
India and Brazil have emerged as 2 success stories in digital finance, with innovations that help address financial inclusion, identity verification, safe sharing of data. India’s Unified Payments Interface (UPI), launched in 2016, has improved the efficiency of payments
cepr.org/voxeu/column...
Frontiers of digital finance, part 1: A global perspective
The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. This column, the first in a two-part series, offers an overview of major trends across the world. It highlights the successful implementation of payment systems in India and Brazil. Other parts of the world, such as sub-Saharan Africa, have also made significant progress but require stronger governance and institutional capacity. Finally, the US and euro area offer two models for digital payments in advanced economies, with important questions centring around who issues new forms of digital money and how to balance privacy and stability concerns.
cepr.org
November 15, 2025 at 11:57 AM
Federal Reserve began raising interest rates only when inflation had reached 7.9%, launching one of the steepest and fastest tightening cycles in its history, increasing policy rates by 5.25 percentage points over just 16 months.
cepr.org/voxeu/column...
Supply shocks and inflation: Timely insights from financial markets
Determining the drivers of inflation in real time is a central challenge for central banks. This column introduces a new financial markets-based model to identify the types of shocks driving changes in inflation expectations in near real-time. After the initial fall in demand in 2020, supply and policy factors became key drivers of inflation expectations. As the economy reopened in 2021, supply bottlenecks kept inflation elevated, until stronger demand became the main driver from mid-2022 onward. Furthermore, it shows that pass-through to inflation varies by shock type: global value chain disruptions are especially persistent, widespread, and inflationary.
cepr.org
November 15, 2025 at 11:55 AM