Technological Innovations and Global Trade of Services
Monge-Naranjo, Alexander; Sun, Qiuhan (2020-12-29)
Technological innovations may give the U.S. a significant advantage in the global trade of services, which could potentially help the U.S. close its trade deficit.
On the Economy

Early U.S. Trade Deficits and Industrialization
Wen, Yi; Reinbold, Brian (2020-07-20)
Trade deficits during the country’s first phase of industrialization did not inhibit U.S. development and may have facilitated industrialization.
On the Economy

The Role of Innovations in Global Trade: The Shipping Container
Monge-Naranjo, Alexander; Sun, Qiuhan (2020-12-28)
A simple trade innovation—the use of shipping containers—may have contributed to the rapid expansion of global trade over the past 50 years.
On the Economy

Discussion Paper
Is the United States Relying on Foreign Investors to Fund Its Larger Budget Deficit?
Wang, Linda; Klitgaard, Thomas (2018-11-28)
The federal tax cut and the increase in federal spending at the beginning of 2018 substantially increased the government deficit, requiring a jump in the amount of Treasury securities needed to fund the gap. One question is whether the government will have to rely on foreign investors to buy these securities. Data for the first half of 2018 are available and, so far, the country has not had to increase the pace of borrowing from abroad. The current account balance, which measures how much the United States borrows from the rest of the world, has been essentially unchanged. Instead, the tax ...
Liberty Street Economics , Paper 20181128

Trade and U.S. Gold Reserves during the Classical Gold Standard Era
Wen, Yi; Reinbold, Brian (2020-08-31)
During the period from around 1870 to the outbreak of World War I, changes in a nation’s gold reserves were closely linked to changes in its trade balances.
On the Economy

Shifts in U.S. Trade Balance and Industrialization
Wen, Yi; Reinbold, Brian (2020-07-21)
As the U.S. has industrialized, changes in comparative advantage relative to those of other nations have led to periods of persistent trade surpluses and deficits.
On the Economy

Working Paper
The Adjustment of Global External Imbalances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter?
Sheets, Nathan; Gust, Christopher J. (2006-01)
This paper assesses whether partial exchange rate pass-through to trade prices has important implications for the prospective adjustment of global external imbalances. To address this question, we develop an open-economy DGE model in which firms set their prices with an eye toward maintaining their competitiveness against other producers; this feature of the model generates a variable desired markup and, hence, pass-through that is less than complete. With trade price elasticities of unity or greater, we find that for a given move in the exchange rate the nominal trade balance adjusts more ...
International Finance Discussion Papers , Paper 850

Speech
Making globalization work: remarks at the Central Bank of Brazil, São Paulo, Brazil
Dudley, William (2018-03-01)
Remarks at the Central Bank of Brazil, So Paulo, Brazil.
Speech , Paper 276

Trade and Gold Reserves after the Demise of the Classical Gold Standard
Wen, Yi; Reinbold, Brian (2020-09-01)
After the early 1920s, the relationship between gold reserves and trade flows was tenuous at best as the international payments system experienced heightened uncertainty and significant change.
On the Economy

Journal Article
Will Tech Improvements for Trading Services Switch the U.S. into a Net Exporter?
Monge-Naranjo, Alexander; Sun, Qiuhan (2020-10-14)
Innovations gave the U.S. a trade advantage in goods many years ago. Can innovations do the same for trade in services for the U.S.?
The Regional Economist , Volume 28 , Issue 4