Finding new international suppliers and reconfiguring supply chains takes time and money. As Grossman et al. (2024) and Baldwin and…
As climate change intensifies and policy responses evolve, there is a growing consensus in the literature that climate risk is…
In a family of canonical macroeconomic models, fluctuations in consumption are explained by changes in real fundamentals – technology, factor…
Tariffs announced on 2 April 2025 by the US administration marked a clear change in global trade relations. All trading…
The great long-run economic impact of the COVID-19 pandemic may be the permanent rise in working from home (Rauh et…
As governments around the world combatted COVID-19, the US witnessed unprecedented levels of funding transfers from the federal government to…
From 1922 to 1923, over 1.2 million Greek Orthodox migrated from Anatolia to Greece. This column examines whether the human…
Sweeping US tariff increases in 2025 are upending global trade. This column draws on new data and simulations to show…
In the event of dysfunction in dollar funding markets, the Federal Reserve can supply liquidity through standing central bank swaps.…
The fight against inflation has largely been won in the euro area, after a sharp but short-lived inflation episode over…