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In a new paper, we build a new NKOE global network model and decompose the impact of tariffs on inflation, output, and exchange rate into channels of demand, supply, monetary policy, sectoral nominal rigidities, inflation-exchange rate expectations and global I-O linkages

We are excited to announce that GLL web page is now live! globallinkages.org GLL explores globalization—and the costs of trying to undo it. We undertake and fund cutting-edge research, support collaboration, and deliver academic insights to guide evidence based policy making

Tariffs do not bring jobs back and lead to a revival of manufacturing. The link between macro fundamentals and trade deficits is not well understood it seems. Tariffs can act as a consumption tax on demand side and cost push shock on the supply side, leading to lower consumption

“No government—regardless of which party is in power—should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue.” - President Alan Garber hrvd.me/GarberRespond3…

Looking forward to this event Weatherhead Center for International Affairs Harvard University ! wcfia.harvard.edu/event/special-…

Tariffs can be stagflationary in a global general equilibrium setting. The net impact of tariffs on inflation, employment, and the US dollar depends on the policy response of all countries in the trade war, from Sebnem Kalemli-Ozcan, Can Soylu, and Muhammed A. Yildirim

Excellent piece by Maury Obstfeld! economist.com/by-invitation/…

Come and work with us at GLL! globallinkages.org Be part of our colloborative hub and take part in scholarly research, seeking answers to global challenges, promoting evidence based international economic policies for global growth and welfare. Here are our post-doc and

Central banks in emerging markets have navigated crises in recent years well, but elevated global uncertainty presents new challenges. How can EMs manage the policy tradeoffs to weather these conditions and guide inflation back to target?

My Bloomberg TV March interview (after m. 4:30) higlights the damaging impact of large tariffs on the U.S. economy before ``Liberation Day'' tariffs unveiled, based on nber.org/papers/w33686 given shock to supply chains and uncertainty-led low demand: youtube.com/watch?v=grd7zu…

What should the Fed do with Trump Tariffs? New paper on 'Monetary Policy in Times of Tariffs' with Guido Lorenzoni & Veronica Guerrieri (link at end) We show the simplest most intuitive way to approach tariffs is actually correct: Tariffs = textbook cost-push shock 🧵1/N

#HappyMonday - before we dive into the week ahead, we’re still buzzing from last week’s #WorldTradeDialogue2025 in Hamburg! From navigating global uncertainty to rethinking Europe’s role in trade — the discussions were sharp, honest, and future-focused. What stood out? 🔹 Trade

Thanks to all the presenters, discussants, organizers and our host CBRT, Governor Fatih Karahan for making our NBER conference on monetary policy in emerging markets an amazing event! Gita Gopinath 's keynote posted here: imf.org/en/News/Articl… Videos of all the papers

Thank you Bank of Finland for inviting me to give a talk on tariffs and monetary policy, fantastic papers and conference: suomenpankki.fi/en/news-and-to…

It was a pleasure to join the world trade dialogue! These are hard times where we need to navigate global uncertainty created by US policies to de-globalize and eliminate knowledge-based economies by diminishing universities. These conversations help us remember how global

“We need to be very clear: this is an authoritarian government that is using the machinery of… the state as a weapon to punish, to bully, to silence,” argues Harvard Prof. Steven Levitsky, adding the targeting of Harvard “is part of a much broader attack on American democracy.”

Recep Tayyip Erdogan has always hoped to raise a new generation of pious youth. But Turkey’s Gen Z is not only less religious than the strongman expected. It may also pose the greatest threat to his rule econ.st/3StapF9

Welcome capital controls. Trump administration’s new tool to reduce aggregate trade deficit by crushing foreign investment into America. Should we assume they finally realized tariffs will not work? ft.com/content/b40000…

He was a great scholar and a very remarkable human being. Benevolent and always thinking of the public good. Influential economist Stanley Fischer dies ft.com/content/71cf53… via @ft

Thrilled to talk about emerging market monetary policies and financial stability at this great conference organized by FLAR | Fondo Latinoamericano de Reservas and hosted by Central Bank of Colombia: eventos.flar.net/annual-economi… Great talks from Richard Baldwin , Ricardo Reis , Francesco Bianchi , José Luis Escrivá .