Very interesting: „Monetary policy in response to tariff shocks“ by Paul Bergin and Giancarlo Corsetti.
„To sum up our main message: even if there is broad agreement that new Trump tariffs will likely be inflationary for the US, it is far from obvious that the optimal response of monetary policy to these tariffs should focus on fighting these inflationary effects via monetary contraction.“
Really cool!
„Two Centuries of Systemic Bank Runs„, a new „chronology of bank runs covering 184 countries… In addition, we assemble and harmonize a novel dataset of national banking sectors’ deposits“
by Rustam Jamilov, Tobias Konig, Karsten Müller, and Farzad Saidi
An important topic covered by one of the best experts in this field!
„Enhancing Financial Services with Permissionless Blockchains“ by Fabian Schär, University of Basel.
„This report examines the potential of public permissionless blockchains to enhance traditional financial services. It highlights the key advantages of utilizing an open base layer, including transparency, inclusivity, and increased competition, while addressing critical challenges such as scalability, privacy, transaction sequencing, finality, and governance.“
It is always stimulating to listen to Maurice Obstfeld!
The U.S. Current Account Deficit and the Global Capital Market Revisited
Introduced in 2023, the Goodfriend Memorial Lecture series honors the legacy of Marvin Goodfriend, long-time Richmond Fed economist, research director, and senior policy advisor.
Definitely worth reading!
„The Trouble with Rational Expectations in Heterogeneous Agent Models: A Challenge for Macroeconomics“ by Benjamin Moll
„The thesis of this essay is that, in heterogeneous agent macroeconomics, the assumption of rational expectations about equilibrium prices is unrealistic, unnecessarily complicates computations, and should be replaced.“
Wow, this is really cool!
„The new WTO Global Value Chains (GVCs) Sectoral Profiles provide insights into the interdependence of economies and industries in manufacturing supply chains.“
This new WTO report looks like a must-read!
„Trading with intelligence: How AI shapes and is shaped by international trade„
„AI is distinct from other digital technologies in several key ways, and it has the potential to affect international trade significantly. It is a general-purpose technology, capable of adapting to a wide range of domains and tasks with unprecedented flexibility and efficiency. It relies on large datasets to learn and improve its performance and accuracy. AI’s functions and efficiency can evolve rapidly, leading to dynamic shifts in its capabilities and autonomy. Finally, its inherent complexity and opacity, as well as its potential failures and biases, raise significant concerns related to matters such as how to understand the reasons for and basis of AI decisions and recommendations, or regarding ethics and broader societal implications.“
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