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Discussion Paper
Bottlenecks, Shortages, and Soaring Prices in the U.S. Economy
Since the onset of the COVID-19 pandemic, sweeping production constraints, combined with surging demand in some industries, have led to shortages, severe congestion, and soaring prices. What will it take for these bottlenecks to resolve and for price pressures to ease?
Working Paper
The Local Impact of Containerization
We investigate how containerization impacts local economic activity. Containerization is premised on a simple insight: packaging goods for waterborne trade into a standardized container makes them dramatically cheaper to move. We use a novel cost-shifter instrument -- port depth pre-containerization -- to contend with the non-random adoption of containerization by ports. Container ships sit much deeper in the water than their predecessors, making initially deep ports cheaper to containerize. Consistent with New Economic Geography models, we find that counties near container ports grow an ...
Discussion Paper
Europe: Well-positioned to get through next winter without major gas shortages
Following Russia’s invasion of Ukraine in early 2022 and resulting international sanctions, natural gas imports from Russia to Europe declined drastically to well below their historical averages. This reduction raised concerns about Europe’s energy supply, given its dependence on Russian gas.
Discussion Paper
Inflation Expectations in the Recovery from the Great Depression
In this note, we draw on our recent research on the role of inflation expectations in the recovery from the Great Depression of the 1930s (Jalil and Rua, 2016a and 2016b) to provide insights into the actions that can successfully shift inflation expectations and stimulate economic recovery.
Discussion Paper
History of the Federal Reserve Board Statistical Releases
In this note, we describe the history of the Federal Reserve Board statistical publications presented in FEDS Paper 2016-016.