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Report
President’s Message: Trade and Globalization since the 1980s
Bullard, James B.
(2022)
St. Louis Fed President Jim Bullard discusses the growth of international trade since the 1980s and the reassessment of globalization in recent years.
Annual Report
Working Paper
Trade Costs and Inflation Dynamics
Cuba-Borda, Pablo A.; Queraltó, Albert; Reyes-Heroles, Ricardo M.; Scaramucci, Mikaël
(2025-03-04)
We explore how shocks to trade costs affect inflation dynamics in the global economy. We exploit bilateral trade flows of final and intermediate goods together with the structure of static trade models that deliver gravity equations to identify exogenous changes in trade costs between countries. We then use a local projections approach to assess the effects of trade cost shocks on consumer price (CPI) inflation. Higher trade costs of final goods lead to large but short-lived increases in inflation, while increases in trade costs of intermediate goods generate small but persistent increases in ...
Working Papers
, Paper 2508
Journal Article
Did Importers Try to Front-Run Recent Tariffs on China?
Cook, Thomas R.; Dzholos, Mariia
(2025-01-17)
Because tariffs are a tax on foreign goods, tariffs are thought to reduce imports. However, imports may actually increase after a tariff is announced if importers can stock inventories ahead of the tariff’s implementation. We find that after the announcement of additional tariffs on China in May 2024, imports from China increased by 15 percent for EV batteries, which are difficult to substitute.
Economic Bulletin
Briefing
Supply Chain Resilience and the Effects of Economic Shocks
Morales, Nicolas
(2025-01)
Supply chains have long been integral to the U.S. economy, allowing firms to capitalize on specialization and efficiency. However, recent developments like the COVID-19 pandemic, global geopolitical tensions and increasing climate risk have revealed their vulnerabilities as well as their abilities to propagate and amplify economic shocks. In response, firms and policymakers are increasingly focusing on strategies to bolster supply chain resilience. This article explores how economic shocks can propagate through the supply chain, the trade-offs associated with resilience investments, and ...
Richmond Fed Economic Brief
, Volume 25
, Issue 02
Working Paper
Financing Constraints, Firm Dynamics, and International Trade
Verani, Stéphane; Gross, Till
(2012-08)
There is growing empirical support for the conjecture that access to credit is an important determinant of firms' export decisions. We study a multi-country general equilibrium economy in which entrepreneurs and lenders engage in long-term credit relationships. Financial constraints arise in consequence of financials contracts that are optimal given information asymmetry. Consistent with empirical regularities, as firm age and size increase, the model implies decreasing mean and variance of fi rm growth and increasing fi rm survival. Exporters are larger, their survival in international ...
Finance and Economics Discussion Series
, Paper 2012-68
Journal Article
International Trade Dependence and Inventory Dynamics
Leibovici, Fernando; Dunn, Jason
(2023-08-16)
US manufacturers that source their intermediate inputs from abroad have been more likely to increase their inventories in the aftermath of unexpected events and heightened uncertainty.
Economic Synopses
, Issue 17
, Pages 3 pages
Working Paper
Structural Change in Sub-Saharan Africa: An Open Economy Perspective
de Vries, Gaaitzen; Yi, Kei-Mu; Mensah, Emmanuel; Kruse, Hagen; Vidogbena, Yabo
(2024-12-24)
We study the evolution of manufacturing value added shares in 11 sub-Saharan African (SSA) countries through the lens of an open economy model of structural change. Our analysis leverages recent developments in input-output tables in SSA countries. Our model allows for income effects via non-homothetic preferences, substitution and relative price effects, as well as comparative advantage and specialization effects. We calibrate our model to include each SSA country with nine other major economies for each year between 2000 and 2018. We also do a similar set of calibrations for 11 developing ...
Working Papers
, Paper 2418
Briefing
Tariff Update: Incorporating the April 9 Announcements
Azzimonti-Renzo, Marina; Edwards, Zach; Waddell, Sonya Ravindranath; Wyckoff, Acacia
(2025-04-16)
This article updates our previous analysis covering the potential effects of announced tariffs by the U.S. As the analysis is quite similar to our previous analysis, much of the text of the article is drawn from the previous article.In our April 2 article examining recent tariff announcements, we constructed a benchmark measure of the average effective tariff rate (AETR) based on detailed trade data for 2024. The analysis quantified the fiscal and trade effects of newly proposed tariffs through a series of counterfactual scenarios. These included tariffs on aluminum and steel, renewed duties ...
Richmond Fed Economic Brief
, Volume 25
, Issue 15
Journal Article
The Increased Tradability of Natural Gas
Leibovici, Fernando; Dunn, Jason
(2022-12-15)
Technological developments have increased the tradability of natural gas. Researchers Leibovici and Dunn identify potential bottlenecks that may limit growth in this market.
Economic Synopses
, Issue 32
, Pages 1-3
Journal Article
The Economic Impact of COVID-19 around the World
Martin, Fernando M.; Sanchez, Juan M.; Wilkinson, Olivia
(2023-04-10)
This article provides an account of the worldwide economic impact of the COVID-19 shock. In 2020, it severely impacted output growth and employment, particularly in middle-income countries. Governments responded primarily by increasing expenditure, supported by an expansion of the supply of money and debt. These policies did not put upward pressure on prices until 2021. International trade was severely disrupted across all regions in 2020 but subsequently recovered. For 2021, we find that the adverse effects of the COVID-19 shock on output and prices were significant and persistent, ...
Review
, Volume 105
, Issue 2
, Pages 74-88
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