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Author:Jeon, Sharon 

Discussion Paper
Why is the US GDP recovering faster than other advanced economies?

Economic performance since the onset of the COVID-19 pandemic has been very heterogenous across countries. While real GDP in the U.S. has already returned to its pre-pandemic trend, advanced foreign economies (AFEs) experienced a much weaker recovery, both relative to the U.S. and to their own pre-pandemic trend.
FEDS Notes , Paper 2024-05-17

Discussion Paper
Developments in Chinese Chipmaking

The global semiconductor industry has become a key source of global economic and geopolitical risks. Due to a combination of huge fixed costs, highly specialized human capital, and a high degree of geographic concentration at different stages of production, chipmaking exhibits extremely low substitutability throughout the value chain. Consequently, the industry is vulnerable to supply chain shocks, which, given the role of semiconductors as a necessary input to a huge array of manufactured goods (figure 1), can have large and persistent global effects. Moreover, chips are also viewed as ...
FEDS Notes , Paper 2025-01-17

Discussion Paper
An Assessment of China’s Innovative Capacity

Over the past two decades, China has become a manufacturing powerhouse while quadrupling its per capita output and significantly closing the large per capita income gap with developed economies, with China's per capita income now about 20 percent of U.S. per capita income, compared to just over 5 percent in 2004. (Figure 1a). However, China's economic growth has been declining in recent years.
FEDS Notes , Paper 2025-08-05-1

Discussion Paper
Trade-offs of Higher U.S. Tariffs: GDP, Revenues, and the Trade Deficit

In recent years, protectionist trade policies have gained momentum globally, reversing decades of increasing globalization. This shift is driven by growing skepticism about the benefits of free trade, national security concerns, geopolitical considerations, and efforts to enhance economic resilience in the wake of COVID-19.
FEDS Notes , Paper 2025-07-07-1

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