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BSE 2026 Working paper
Industrial Policies, Global Imbalances and Technological Hegemony
Ambrogio Cesa-Bianchi, Andrea Ferrero, Luca Fornaro and Martin Wolf
Cesa-Bianchi, A. & Ferrero, A. & Fornaro, L. & Wolf, M., “Industrial Policies, Global Imbalances and Technological Hegemony,” BSE Working Paper 1558; CEPR Discussion Paper 21253 (2026).
Industrial-policy sentiment
The authors use NL Analytics to construct a country-year indicator of positive industrial-policy discussion in earnings calls. The measure records positive industrial-policy mentions as a share of earnings-call sentences and is related to industrial policy, current-account balances and technological leadership.