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Discussion Paper
The U.S. Dollar's Global Roles: Where Do Things Stand?
Lerman, Robert; Goldberg, Linda S. (2019-02-11)
Previous Liberty Street Economics analysis and New York Fed research addressed the potential implications for the United States if the dollar’s global role changed, noting that the currency might not retain its dominance forever. This post checks the status of the dollar, considering whether any erosion in the dollar’s international standing has occurred. The evidence to date is that the dollar remains the world’s dominant currency by broad margins. Alternatives have not gained extensive traction, albeit this does not rule out potential future pressures.
Liberty Street Economics , Paper 20190211

Working Paper
“Conditional PPP” and Real Exchange Rate Convergence in the Euro Area
Wu, Jyh-Lin; Glick, Reuven; Bergin, Paul R. (2016-10-18)
While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange rates, the adjustment of real exchange rates toward their long-run equilibrium surprisingly became faster. To investigate, we distinguish between differing rates of purchasing power parity (PPP) convergence conditional on alternative shocks, which we refer to as ?conditional PPP.? We find that the ...
Working Paper Series , Paper 2016-29

Discussion Paper
The European Debt Crisis and the Dollar Funding Gap
Sarkar, Asani; Miu, Jason; Tepper, Alexander (2012-08-08)
Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention. The inability to borrow dollars has been partially responsible for European banks? decisions to sell dollar-denominated assets and reduce their lending activity in the United States, to the possible detriment of U.S. companies and global financial markets. In this post, we discuss the genesis of European banks? dollar funding gap problem and the steps taken by central banks to help fill this gap. While we focus on European banks in ...
Liberty Street Economics , Paper 20120808

Discussion Paper
Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown?
Cavallo, Michele; Lewis, Logan T.; Bodine-Smith, Tyler; Amiti, Mary (2015-07-02)
The decline in U.S. GDP of 0.2 percent in the first quarter of 2015 was much larger than market analysts expected, with net exports subtracting a staggering 1.9 percentage points (seasonally adjusted annualized rate). A range of factors is being discussed in policy circles to try to understand what contributed to this decline. Factors such as the strong U.S. dollar and weak foreign demand are usually incorporated in forecasters' models. However, the effects of unusual events such as extremely cold weather and labor disputes are more difficult to quantify in standard models. In this post, we ...
Liberty Street Economics , Paper 20150702

Discussion Paper
Is There Discount Window Stigma in the United Kingdom?
Sarkar, Asani; Lee, Helene (2016-09-12)
At the onset of the financial crisis in the summer of 2007, news that Barclays had borrowed from the Bank of England (BoE) received wide media coverage. This information triggered concerns that the BoE's lending facility may have become stigmatized, prompting market participants to interpret borrowing from the BoE as a sign of financial weakness. If such stigma discouraged borrowing, of course, it would defeat the purpose of the facility. We review the history of the BoE's lending facilities and experiences with stigma, both historically and in the recent period. We also compare the BoE's and ...
Liberty Street Economics , Paper 20160912

Discussion Paper
Do Asset Purchase Programs Push Capital Abroad?
Klitgaard, Thomas; Lucca, David O. (2015-08-12)
Euro area sovereign bond yields fell to record lows and the euro weakened after the European Central Bank (ECB) dramatically expanded its asset purchase program in early 2015. Some analysts predicted massive financial outflows spilling out of the euro area and affecting global markets as investors sought higher yields abroad. These arguments ignore balance of payments accounting, which requires any financial outflow from the euro area to be matched by a similar-sized inflow, absent a quick and substantial current account improvement. The focus on cross-border financial flows also is misguided ...
Liberty Street Economics , Paper 20150812

Discussion Paper
What If the U.S. Dollar's Global Role Changed?
Clark, Hunter L.; Goldberg, Linda S.; Choi, Mark (2011-10-03)
It isn’t surprising that the dollar is always in the news, given the prominence of the United States in the global economy and how often the dollar is used in transactions around the world (as discussed in a 2010 Current Issues article). But the dollar may not retain this dominance forever. In this post, we consider and catalog the implications for the United States of a potential lessening of the dollar’s primacy in international transactions. The circumstances surrounding such a possibility are important for the effects. As long as U.S. fundamentals remain strong, key consequences could ...
Liberty Street Economics , Paper 20111003

Discussion Paper
How Did China’s COVID-19 Shutdown Affect U.S. Supply Chains?
Heise, Sebastian (2020-05-12)
The COVID-19 pandemic has had a significant impact on trade between the United States and China so far. As workers became sick or were quarantined, factories temporarily closed, disrupting international supply chains. At the same time, the trade relationship between the United States and China has been characterized by rising protectionism and heightened trade policy uncertainty over the last few years. Against this background, this post examines how the recent period of economic disruptions in China has affected U.S. imports and discusses how this episode might impact firms’ supply chains ...
Liberty Street Economics , Paper 20200512

Discussion Paper
Is Chinese Growth Overstated?
Sala-i-Martin, Xavier X.; Clark, Hunter L.; Camacho, Maximo (2017-04-19)
For analysts of the Chinese economy, questions about the accuracy of the country’s official GDP data are a frequent source of angst, leading many to seek guidance from alternative indicators. These nonofficial gauges often suggest Beijing’s growth figures are exaggerated, but that conclusion is not supported by our analysis, which draws upon satellite measurements of the intensity of China’s nighttime light emissions—a good proxy for GDP growth that is presumably not subject to whatever measurement errors may affect the country’s official economic statistics.
Liberty Street Economics , Paper 20170419

Discussion Paper
The Impact of Import Tariffs on U.S. Domestic Prices
Heise, Sebastian; Kwicklis, Noah; Amiti, Mary (2019-01-04)
The United States imposed new import tariffs on about $283 billion of U.S. imports in 2018, with rates ranging between 10 percent and 50 percent. In this post, we estimate the effect of these tariffs on the prices paid by U.S. producers and consumers. We find that the higher import tariffs had immediate impacts on U.S. domestic prices. Our results suggest that the aggregate consumer price index (CPI) is 0.3 percent higher than it would have been without the tariffs.
Liberty Street Economics , Paper 20190104

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