Discussion Paper
Developments in Chinese Chipmaking
Caines, Colin C.; Jeon, Sharon; Quijano, Cheyenne (2025-01-17)
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
Why is the US GDP recovering faster than other advanced economies?
de Soyres, Francois; Garcia-Cabo, Joaquin; Gornemann, Nils M.; Jeon, Sharon; Lofstrom, Grace; Moore, Dylan (2024-05-17)
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