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The Dollar in an Era of International Retrenchment

Chahrour, Ryan; Valchev, Rosen - National Bureau of Economic Research - 2023

Recent trends suggest the world economy may be tending towards an equilibrium with two distinct trading blocs, each … internally integrated, but with significant isolation between the blocs. This paper uses a quantitative theory to explore how far … this bifurcation would need to go to pose a threat to the special role of the dollar in international exchange. The theory …

Persistent link: https://www.econbiz.de/10014322792

Empirical Tests of the Green Paradox for Climate Legislation

Norman, Maya A.; Schlenker, Wolfram - National Bureau of Economic Research - 2024

The Green Paradox posits that fossil fuel markets respond to changing expectations about climate legislation, which limits future consumption, by shifting consumption to the present through lower present-day prices. We demonstrate that oil futures responded negatively to daily changes in the...

Persistent link: https://www.econbiz.de/10014544684

On the Effectiveness of Foreign Exchange Reserves During the 2021-22 U.S. Monetary Tightening Cycle

Ahmed, Rashad; Aizenman, Joshua; Saadaoui, Jamel; … - National Bureau of Economic Research - 2023

This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....

Persistent link: https://www.econbiz.de/10014226132

The US, Economic News, and the Global Financial Cycle

Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023

We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...

Persistent link: https://www.econbiz.de/10014247914

How Far Goods Travel : Global Transport and Supply Chains from 1965-2020

Ganapati, Sharat; Wong, Woan Foong - National Bureau of Economic Research - 2023

. Participation of emerging economies in world trade and longer-distance trade between countries contribute to this usage increase …

Persistent link: https://www.econbiz.de/10014250184

Global Sourcing and Multinational Activity : A Unified Approach

Antràs, Pol; Fadeev, Evgenii; Fort, Teresa C.; … - National Bureau of Economic Research - 2022

Multinational firms (MNEs) accounted for 42 percent of US manufacturing employment, 87 percent of US imports, and 84 of US exports in 2007. Despite their disproportionate share of global trade, MNEs' input sourcing and final-good production decisions are often studied separately. Using newly...

Persistent link: https://www.econbiz.de/10013388806

Global Trends in Income Inequality and Income Dynamics : New Insights from GRID

Guvenen, Fatih; Pistaferri, Luigi; Violante, Giovanni L. - National Bureau of Economic Research - 2022

The Global Repository of Income Dynamics (GRID) is a new open-access, cross- country database that contains a wide range of micro statistics on income inequality, dynamics, and mobility. It has four key characteristics: it is built on micro panel data drawn from administrative records; it fully...

Persistent link: https://www.econbiz.de/10013388880

Global Supply Chain Pressures, International Trade, and Inflation

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - National Bureau of Economic Research - 2022

We study the impact of the Covid-19 pandemic on Euro Area inflation and how it compares to the experiences of other countries, such as the United States, over the two-year period 2020-21. Our model-based calibration exercises deliver four key results: 1) Compositional effects - the switch from...

Persistent link: https://www.econbiz.de/10013334457

The Aggregate Effects of Global and Local Supply Chain Disruptions : 2020–2022

Alessandria, George A.; Khan, Shafaat Yar; … - National Bureau of Economic Research - 2023

We study the aggregate effects of supply-chain disruptions in the post-pandemic period in a heterogeneous-firm, general equilibrium model with input-output linkages and a rich set of supply chain frictions: uncertain shipping delays, fixed order costs, and storage costs. Firms optimally hold...

Persistent link: https://www.econbiz.de/10013537743

The Macroeconomic Implications of US Market Power in Safe Assets

Choi, Jason; Kirpalani, Rishabh; Perez, Diego J. - National Bureau of Economic Research - 2022

detriment of the rest of the world. Finally, we study the implications of increasing competition in safe assets from other …

Persistent link: https://www.econbiz.de/10013477212