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How Did the 2018–19 U.S. Tariff Hikes Influence Household Spending?
Jun Nie, Alice von Ende-Becker, and Shu-Kuei X. Yang construct a tariff intensity measure to assess the uneven effects of the 2018–19 tariff increases across different types of households. They find that low-income households were more exposed to tariff increases than high-income households; younger households were more exposed than older households; Black households were more exposed than white or Asian households; and Hispanic households were more exposed than non-Hispanic households. In addition, they find that the tariff increases led to only a small shift in household spending from ...
Monetary Policy and Intangible Investment
Cooper Howes and Alice von Ende-Becker provide a simple framework to explain how the financing structure and depreciation rate of intangible investment cause it to respond differently to changes in interest rates and then analyze what these properties imply for the efficacy of monetary policy. Building on the findings of Döttling and Ratnovski (2021), they show that monetary policymakers may need to adjust their approach to managing the economy as the share of intangible investment continues to grow.