Finding new international suppliers and reconfiguring supply chains takes time and money. As Grossman et al. (2024) and Baldwin and Freeman (2022) emphasise, finding new
As climate change intensifies and policy responses evolve, there is a growing consensus in the literature that climate risk is already significant for banks in
In a family of canonical macroeconomic models, fluctuations in consumption are explained by changes in real fundamentals – technology, factor productivities, resource endowments, or external
Tariffs announced on 2 April 2025 by the US administration marked a clear change in global trade relations. All trading partners, including Europe, face higher