role in modern economies. Firms use natural gas as fuel for heating throughout production processes and as an input in the production of chemicals and fertilizers. Many households also use natural gas for cooking and heating. While most countries need natural gas to various degrees, not all of them have sources of natural gas to supply their domestic economies. These countries face a few alternatives. One option is to rely on alternative sources of fuel that might substitute for natural gas; but for some uses there are no close substitutes. In such cases, international trade can often come to the rescue, by allowing countries without natural gas sources to either (1) purchase gasdependent goods from countries with those sources or (2) purchase natural gas across borders. Until recently, international trade of natural gas had been largely restricted to the use of cross-country pipelines. While expanding access for countries without sources of natural gas, pipelines require costly investments and limit the countries from which gas can be purchased to those that are relatively close in proximity. The physical properties of gas make it otherwise hard to store or move in its natural state. However, over the past 30 years, technological developments have increased the tradability of natural gas by making it easier to turn it into liquid form. The shipping industry has taken advantage of such developments by increasingly using liquefied natural gas (LNG) fleets and terminals. The logistics involved are starkly different from those involved in the conventional trade of goods. To be shipped overseas, natural gas is first liquefied at the source port and then stored in liquid form with an LNG fleet that will carry it to a destination. At its destination port, the natural gas is “regasified” at a dedicated terminal. Each step of this process is necessary and costly, often involving large-scale, long-term investments. We document recent developments in the tradability of natural gas and investigate potential bottlenecks that may limit the development of this growing market. The Increased Tradability of Natural Gas
{"title":"The Increased Tradability of Natural Gas","authors":"Fernando Leibovici, Jason Dunn","doi":"10.20955/es.2022.32","DOIUrl":"https://doi.org/10.20955/es.2022.32","url":null,"abstract":"role in modern economies. Firms use natural gas as fuel for heating throughout production processes and as an input in the production of chemicals and fertilizers. Many households also use natural gas for cooking and heating. While most countries need natural gas to various degrees, not all of them have sources of natural gas to supply their domestic economies. These countries face a few alternatives. One option is to rely on alternative sources of fuel that might substitute for natural gas; but for some uses there are no close substitutes. In such cases, international trade can often come to the rescue, by allowing countries without natural gas sources to either (1) purchase gasdependent goods from countries with those sources or (2) purchase natural gas across borders. Until recently, international trade of natural gas had been largely restricted to the use of cross-country pipelines. While expanding access for countries without sources of natural gas, pipelines require costly investments and limit the countries from which gas can be purchased to those that are relatively close in proximity. The physical properties of gas make it otherwise hard to store or move in its natural state. However, over the past 30 years, technological developments have increased the tradability of natural gas by making it easier to turn it into liquid form. The shipping industry has taken advantage of such developments by increasingly using liquefied natural gas (LNG) fleets and terminals. The logistics involved are starkly different from those involved in the conventional trade of goods. To be shipped overseas, natural gas is first liquefied at the source port and then stored in liquid form with an LNG fleet that will carry it to a destination. At its destination port, the natural gas is “regasified” at a dedicated terminal. Each step of this process is necessary and costly, often involving large-scale, long-term investments. We document recent developments in the tradability of natural gas and investigate potential bottlenecks that may limit the development of this growing market. The Increased Tradability of Natural Gas","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87009560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Where Do You Keep Your Liquid Wealth—Bank Deposits or T-bills?","authors":"J. Kozlowski, Samuel Jordan-Wood","doi":"10.20955/es.2022.33","DOIUrl":"https://doi.org/10.20955/es.2022.33","url":null,"abstract":"","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83520546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Geographic Dispersion in U.S. Employment","authors":"B. Ravikumar, Iris Arbogast, J. LaBelle","doi":"10.20955/es.2022.9","DOIUrl":"https://doi.org/10.20955/es.2022.9","url":null,"abstract":"","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76514361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
the federal funds rate at its past four meetings; at both its July and August meetings the rate increased 75 basis points, the two largest single rate increases in over 25 years. The federal funds rate is the main way the FOMC implements monetary policy. The standard explanation is that when the federal funds rate increases, borrowing rates that banks offer increase (both mortgages as well as other loans). Thus, fewer people want to borrow, due to higher borrowing costs.
{"title":"Liquidity Dries Up","authors":"J. Kozlowski, Samuel Jordan-Wood","doi":"10.20955/es.2022.24","DOIUrl":"https://doi.org/10.20955/es.2022.24","url":null,"abstract":"the federal funds rate at its past four meetings; at both its July and August meetings the rate increased 75 basis points, the two largest single rate increases in over 25 years. The federal funds rate is the main way the FOMC implements monetary policy. The standard explanation is that when the federal funds rate increases, borrowing rates that banks offer increase (both mortgages as well as other loans). Thus, fewer people want to borrow, due to higher borrowing costs.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85968046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"School District Expenditures and Race","authors":"Hannah Rubinton, M. Isaacson","doi":"10.20955/es.2022.3","DOIUrl":"https://doi.org/10.20955/es.2022.3","url":null,"abstract":"","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"231 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80882654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
chain has been racked by disruptions. A shortage of semiconductor chips has crimped the production of automobiles and other consumer durable goods; a shortage of workers has caused difficulties both producing and transporting goods; and lockdowns in China are likely to compound these and other existing issues. Economists at the Federal Reserve Bank of St. Louis and elsewhere have been studying the economic effects of global supply chain disruptions since the onset of the pandemic.1 One of the most pernicious effects has been a rapid acceleration in CPI inflation, which reached a 40-year high in May. Higher inflation reflects both a surge in demand—fueled in part by aggressively expansionary monetary and fiscal policies—and a reduction in supply, which many economists have attributed to supply chain disturbances.
Chain一直受到中断的困扰。半导体芯片的短缺影响了汽车和其他耐用消费品的生产;劳动力短缺给生产和运输造成了困难;而中国的封锁可能会加剧这些问题和其他现有问题。圣路易斯联邦储备银行(Federal Reserve Bank of St. Louis)和其他地方的经济学家一直在研究疫情爆发以来全球供应链中断对经济的影响最有害的影响之一是消费者价格指数(CPI)的快速上涨，5月份达到了40年来的最高水平。高通胀既反映了需求激增(部分是由积极的扩张性货币和财政政策推动的)，也反映了供应减少(许多经济学家将供应减少归因于供应链紊乱)。
{"title":"Using Beige Book Text Analysis to Measure Supply Chain Disruptions","authors":"Kevin L. Kliesen, Devin Werner","doi":"10.20955/es.2022.18","DOIUrl":"https://doi.org/10.20955/es.2022.18","url":null,"abstract":"chain has been racked by disruptions. A shortage of semiconductor chips has crimped the production of automobiles and other consumer durable goods; a shortage of workers has caused difficulties both producing and transporting goods; and lockdowns in China are likely to compound these and other existing issues. Economists at the Federal Reserve Bank of St. Louis and elsewhere have been studying the economic effects of global supply chain disruptions since the onset of the pandemic.1 One of the most pernicious effects has been a rapid acceleration in CPI inflation, which reached a 40-year high in May. Higher inflation reflects both a surge in demand—fueled in part by aggressively expansionary monetary and fiscal policies—and a reduction in supply, which many economists have attributed to supply chain disturbances.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"77 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76593170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Inflation, Part 3: What Is the Fed’s Current Goal? Has the Fed Met Its Inflation Mandate?","authors":"Carlos Garriga, Devin Werner","doi":"10.20955/es.2022.25","DOIUrl":"https://doi.org/10.20955/es.2022.25","url":null,"abstract":"","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83553203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
to aggregate U.S. output. But over the past decade, they have been become critical inputs in the production of a wide range of goods, such as computers, toys, appliances, and automobiles. Because of their critical nature in the production process and the difficulty (or impossibility) of finding viable substitutes, semiconductor shortages have had important global effects. These dynamics have also affected foreign policy. In October 2022, the U.S. Commerce Department’s Bureau of Industry and Security instituted a new round of restrictions on U.S. exports of various semiconductor manufacturing technologies to companies in the People’s Republic of China.1 This measure, which followed a series of bans and controls throughout 2022,2 was put in place to guard against the potential use of these technologies in the advancement of military weapons. To illuminate the bigger picture, we use data from the U.S. Census to examine the aggregate dynamics of semiconductor trade and the degree of U.S. dependence on foreign inflows of semiconductors.3 We list the key countries from which the U.S. imports semiconductors and the major destinations of U.S. semiconductor exports, with additional focus on China and Taiwan. U.S. Trade of Semiconductors: Cross-Country Patterns and Historical Dynamics
{"title":"U.S. Trade of Semiconductors: Cross-Country Patterns and Historical Dynamics","authors":"Fernando Leibovici, Jason Dunn","doi":"10.20955/es.2022.31","DOIUrl":"https://doi.org/10.20955/es.2022.31","url":null,"abstract":"to aggregate U.S. output. But over the past decade, they have been become critical inputs in the production of a wide range of goods, such as computers, toys, appliances, and automobiles. Because of their critical nature in the production process and the difficulty (or impossibility) of finding viable substitutes, semiconductor shortages have had important global effects. These dynamics have also affected foreign policy. In October 2022, the U.S. Commerce Department’s Bureau of Industry and Security instituted a new round of restrictions on U.S. exports of various semiconductor manufacturing technologies to companies in the People’s Republic of China.1 This measure, which followed a series of bans and controls throughout 2022,2 was put in place to guard against the potential use of these technologies in the advancement of military weapons. To illuminate the bigger picture, we use data from the U.S. Census to examine the aggregate dynamics of semiconductor trade and the degree of U.S. dependence on foreign inflows of semiconductors.3 We list the key countries from which the U.S. imports semiconductors and the major destinations of U.S. semiconductor exports, with additional focus on China and Taiwan. U.S. Trade of Semiconductors: Cross-Country Patterns and Historical Dynamics","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"130 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74605452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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