29 Oct
Chapter News

ECB | Working Paper Series: Asymmetric monetary policy spillovers: the role of supply chains, credit networks and fear of floating

Abstract: This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynamic general equilibrium model featuring: (i) occasionally binding collateral constraints in the financial sector with significant cross-border exposure; and (ii) global supply chains, allowing us to match the asymmetry of spillovers across contractionary versus expansionary monetary policy shocks. We find clear asymmetries in the transmission...

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29 Oct
Chapter News

ECB | What consumers think is the main driver of recent inflation: changes in perceptions over time

Prepared by Pedro Baptista, Colm Bates, Omiros Kouvavas, Pedro Neves and Katia Werkmeister Understanding how consumers perceive drivers of inflation is crucial for interpreting shifts in their inflation expectations, which can significantly influence real economic decisions. The narratives consumers construct to explain inflation play a key role in shaping their expectations, with different drivers – such as wages or profits – implying different degrees of inflation persistence. To explore this further, in June 2023 and March 2024 the ECB’s Consumer Expectations Survey...

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28 Oct
Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar – The upcoming U.S. election, cybersecurity at U.S. ports, the Review of Maritime Transport 2024, a view on decarbonization goals, and mitigating supply chain disruptions.

Will the upcoming U.S. elections disrupt supply chains? Potentially. A few concerns include growing geopolitical uncertainty, strikes, and fluctuating consumer behavior. A new administration could also introduce regulations around sustainability, trade, and manufacturing, all of which would require businesses to adapt quickly. Some experts feel technologies like AI and supply chain collaboration can help companies stay agile and resilient. Another way to mitigate risk might be to diversify suppliers in readiness for any potential policy changes or trade restrictions. A new...

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28 Oct
Member News

Offit Kurman | Lost in Translation: Blunder #6 in International Estate Planning – Leaving the U.S.? Don’t Overlook Your Kids’ Plans

Blog post by Diane Roskies | Welcome to "Lost in Translation: Blunders in International Estate Planning." This blog series explores the intricacies of international estate planning, uncovering potential pitfalls and providing insights to navigate complexities.   Blunder No. 6: Leaving the United States? Consider Your Kids’ Plans When U.S. citizens or foreign nationals living or working in the U.S. decide to return to their home country or relocate abroad, their children may have different plans. High school or college-age children might prefer...

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28 Oct
Chapter News

OECD | Joint report explores scope for co-ordinated approaches on climate action, carbon pricing, and policy spillovers

Five international organisations today released a landmark report that outlines pathways for co-ordinated approaches on climate action, carbon pricing, and the cross-border effects of climate change mitigation policies with a view to achieving global climate goals. The report was presented on 23 October by the Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers, convened by the World Trade Organization and joined by the International Monetary Fund, the Organisation for Economic Co-operation and Development, United Nations Trade and...

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28 Oct
Chapter News

ECB | Occasional Paper Series: Geopolitics and trade in the euro area and the United States: de-risking of import supplies?

Abstract: Based on granular data at the product level, this paper looks at whether and how the euro area and the United States have modified their import sourcing strategies since 2016, the role played by geopolitical tensions and the potential impact on import prices. It considers two different, but not mutually exclusive, changes to sourcing strategies for a given product: (i) increasing the number of sourcing countries and (ii) reducing the import market share of the main supplier country. Data...

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28 Oct
Chapter News

IMF | Transcript of Western Hemisphere Economic Outlook October 2024 Press Briefing

Participants: Rodrigo Valdes, Director, Western Hemisphere Department (WHD), IMF Ana Corbacho, Deputy Director, WHD, IMF Luis Cubeddu, Deputy Director, WHD, IMF Moderator: Julie Ziegler, Senior Communications Officer, IMF MS. ZIEGLER: Good morning. Welcome everyone. This is the press briefing for the Regional Economic Outlook for the Western Hemisphere. My name is Julie Ziegler, and I am with the Communications Department at the Fund. I'm going to introduce our panel today. To my immediate left is Rodrigo Valdes, who. the Director of the Western Hemisphere Department. And...

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28 Oct
TRIA News

EXIM Bank | Export-Import Bank of the United States and European American Chamber of Commerce Sign Memorandum of Understanding

MOU Strengthens Transatlantic Cooperation on Financing in Low- and Middle-Income Countries in Variety of Sectors Including Climate, Transportation and Energy New York, NY – Today, the Export-Import Bank of the United States (EXIM) and the European American Chamber of Commerce New York (EACCNY) signed an agreement to strengthen transatlantic cooperation on infrastructure financing in low- and middle-income countries across sectors such as digital infrastructure, climate and energy, health, transport, and education. In a ceremony at EACCNY Offices in Manhattan, EXIM...

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25 Oct
Chapter News

IMF | As Inflation Recedes, Global Economy Needs Policy Triple Pivot

Growth is projected to hold steady, but amid weakening prospects and rising threats, the world needs a shift in policy gears Blog Post by Pierre-Olivier Gourinchas | Let’s start with the good news: it looks like the global battle against inflation has largely been won, even if price pressures persist in some countries. After peaking at 9.4 percent year-on-year in the third quarter of 2022, we now project headline inflation will fall to 3.5 percent by the end of next...

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25 Oct
Chapter News

ECB | Cross-border deposits: growing trust in the euro area

By Matthias Rumpf | People have tended to be quite hesitant to trust banks abroad. That seems to be changing. In a post featuring interactive charts for you to explore, The ECB Blog shows that cross-border bank deposits of private households have picked up recently. To what extent are euro area households making use of cross-border deposits? Are households in smaller countries more likely to open accounts abroad and, if they do so, which countries do they choose? This ECB...

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