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Second Quarter 2022

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Posted 2022-04-21

Global Supply Chain Disruptions and Inflation During the COVID-19 Pandemic

by Ana Maria Santacreu and Jesse LaBelle

We investigate the role supply chain disruptions during the COVID-19 pandemic played in U.S. producer price index (PPI) inflation. We exploit pre-pandemic cross-industry variation in sourcing patterns across countries and interact it with measures of international supply chain bottlenecks during the pandemic.

Posted 2022-04-21

Who Should Work from Home During a Pandemic? The Wage-Infection Trade-off

by Sangmin Aum, Sang Yoon Lee, and Yongseok Shin

Shutting down the workplace is an effective means of reducing contagion but can induce large economic losses. We harmonize the American Time Use Survey and O*NET data to construct a measure of infection risk (exposure index) and a measure of the ease with which a job can be performed remotely (work-from-home index) across both industries and occupations.

Posted 2022-04-21

Failing to Provide Public Goods: Why the Afghan Army Did Not Fight

by Rohan Dutta, David K. Levine, and Salvatore Modica

The theory of public goods is mainly about the difficulty in paying for them. Our question here is this: Why might public goods not be provided, even if funding is available?

Posted 2022-04-21

Venture Capital: A Catalyst for Innovation and Growth

by Jeremy Greenwood, Pengfei Han, and Juan M. Sánchez

This article studies the development of the venture capital (VC) industry in the United States and assesses how VC financing affects firm innovation and growth. The results highlight the essential role of VC financing for U.S. innovation and growth and suggest that VC development in other countries could promote their economic growth.

Posted 2022-04-21

On the Relative Performance of Inflation Forecasts

by Julie Bennett and Michael T. Owyang

Inflation expectations constitute important components of macroeconomic models and monetary policy rules. We investigate the relative performance of consumer, professional, market-based, and model-based inflation forecasts.