Search Results
Working Paper
Navigating the Waves of Global Shipping: Drivers and Aggregate Implications
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 prices. Motivated by this evidence, we set up a multi-country dynamic model of international trade with a global shipping market where shipping companies and importers endogenously determine shipping supply and prices. We find the model can successfully account for the dynamics of global shipping observed in the aftermath of COVID-19 and that accounting for these has important implications for the dynamics of aggregate ...
Journal Article
Systemic Financial Risks, Macroprudential Tools and Monetary Policy
An analysis describes macroprudential tools used to reduce systemic financial risks and examines how such tools could be useful adjuncts to monetary policy.
Journal Article
International Trade Dependence and Inventory Dynamics
US manufacturers that source their intermediate inputs from abroad have been more likely to increase their inventories in the aftermath of unexpected events and heightened uncertainty.
Journal Article
The Increased Tradability of Natural Gas
Technological developments have increased the tradability of natural gas. Researchers Leibovici and Dunn identify potential bottlenecks that may limit growth in this market.
Working Paper
Navigating the Waves of Global Shipping: Drivers and Aggregate Implications
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 ...
Journal Article
A Shutoff of Russian Natural Gas
A shutoff of Russian natural gas to Europe will produce heterogenous effects that reflect local winter weather, national dependence on such flows, and policy responses.
Trade Linkages in the Shadow of the Russia-Ukraine War
Skeptics have raised questions about the future of globalization. Could divisions over the war provide insights into the strength of global trade ties?
Journal Article
International Shipping Costs: Determinants and Outlook
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.
Working Paper
Navigating the Waves of Global Shipping: Drivers and Aggregate Implications
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 ...
Journal Article
The Impact of Inflation’s Wealth Transfer Effect
Recent inflation in a set of advanced economies significantly reduced the purchasing power of assets like checking accounts and transferred wealth from lenders to borrowers.