In 2019, President Trump called on the U.S. Federal Reserve to cut interest rates to depreciate the U.S. dollar, which, according to the IMF, is overvalued by between 6 and 12 percent. This paper uses an intertemporal general equilibrium model to explore what would likely happen if the...

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, or the switch...

This study examines two multilateral initiatives, the World Health Organization's Framework Convention on Tobacco Control (FCTC) and the United Nations Secretary-General's Global Compact. These are two efforts to engage transnational corporations in the development process and in the...

We estimate a multi-country, multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020-23 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...

It is well known fact that all good things, as also bad things, come to an end and business cycles pass through good and bad economic times. Economically 2010 was a year of transition from economic recession to recovery. Economies were improving in some countries and industries were showing...

This working paper draws on historical and contemporary data on tariffs, non tariff barriers, and transportation costs (for the United States and its major trading partners) to estimate the role of policy liberalization in US merchandise trade growth over the period 1980 to 2006. Both partial...

This article discusses the place of both the World Trade Organization (WTO) and the Energy Charter Treaty (ECT) and their role in global energy governance in the light of the fragmentation debate roughly twenty years after their establishment. The Energy Charter Secretariat (ECS), the...

When firms trade in “tasks” rather than in final products, the weight of tariffs and transportation costs on factory prices and on international competitiveness is magnified. With goods crossing national borders many times before reaching the final consumer, these trading costs are also...

The rise of global supply chains has had profound effects on individual economies and the global trading system, thereby complicating standard macroeconomic analyses. For many of the new and challenging questions brought about by this phenomenon, such as its impact on the global business cycle...