Reviewing the Impact of Energy Sanctions on Russia
Neely, Christopher J.; Dunn, Jason (2023-02-16)
So far, Western sanctions on Russian oil and gas exports appear to be working. But in the longer term, Russia may find ways to evade the price cap imposed on its oil sales.
On the Economy

Working Paper
Navigating the Waves of Global Shipping: Drivers and Aggregate Implications
Leibovici, Fernando; Dunn, Jason (2024-02)
This paper studies the drivers of global shipping dynamics and their aggregate implications. We document novel evidence on the dynamics of global shipping supply, demand, and costs. Motivated by this evidence, we set up a dynamic model of international trade with a global shipping market where shipping firms and importers endogenously determine shipping supply and costs. We find the model successfully accounts for the dynamics of global shipping observed in the aftermath of COVID-19 as well as at business cycle frequencies. We find that accounting for global shipping is critical for the ...
Working Papers , Paper 2023-002

Journal Article
Decoupling Where it Matters? US Imports from China in Critical Sectors
Leibovici, Fernando; Dunn, Jason (2024-01-19)
The US has decreased its dependence on imports from China, dropping 7.7 percentage points in the share of total imports since 2017. Critical goods in communications and information technology have been most affected.
Economic Synopses , Issue 1 , Pages 3 pages

The Dynamics of International Shipping Costs
Leibovici, Fernando; Dunn, Jason (2022-01-03)
Is the recent rise in international shipping costs due to higher demand for goods during COVID-19, or are other disruptions also at play?
On the Economy

Trade Linkages in the Shadow of the Russia-Ukraine War
Dunn, Jason; Leibovici, Fernando (2022-03-29)
Skeptics have raised questions about the future of globalization. Could divisions over the war provide insights into the strength of global trade ties?
On the Economy

Working Paper
Navigating the Waves of Global Shipping: Drivers and Aggregate Implications
Leibovici, Fernando; Dunn, Jason (2024-08)
This paper studies the drivers of global shipping dynamics and their aggregate implications. We document novel evidence on the dynamics of global shipping supply, demand, and costs. Motivated by this evidence, we set up a dynamic model of international trade with a global shipping market where shipping firms and importers endogenously determine shipping supply and costs. We find the model successfully accounts for the dynamics of global shipping observed in the aftermath of COVID-19, at business cycle frequencies, and following shipping disruptions in the Red Sea. Accounting for global ...
Working Papers , Paper 2023-002

Journal Article
Systemic Financial Risks, Macroprudential Tools and Monetary Policy
Neely, Christopher J.; Dunn, Jason (2023-07-10)
An analysis describes macroprudential tools used to reduce systemic financial risks and examines how such tools could be useful adjuncts to monetary policy.
The Regional Economist

Shipping Disruptions in the Red Sea: Ripples across the Globe
Dunn, Jason; Leibovici, Fernando (2024-02-15)
Recent attacks on cargo vessels in the Red Sea have disrupted a major shipping lane. This analysis looks at the impact on shipping costs and global trade flows.
On the Economy

Journal Article
International Shipping Costs: Determinants and Outlook
Leibovici, Fernando; Dunn, Jason (2022-11-21)
The COVID-19 period saw a huge rise in international shipping costs, but price pressure is likely to ease further as containerships on order are built and delivered.
The Regional Economist

How U.S. Import Shipping Costs Vary across Countries and Industries
Dunn, Jason; Leibovici, Fernando (2023-04-17)
Shipping costs vary greatly across countries and industries. So surging costs likely have a greater impact on imports from distant sources and imports of large, low-value goods.
On the Economy