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The Post‑Pandemic Global R*

The Post‑Pandemic Global R*

In this post we provide a measure of “global” r* using data on short- and long-term yields and inflation for several countries with the approach developed in “Global Trends in Interest Rates” (Del Negro, Giannone, Gianno...

Who Is Paying for the 2025 U.S. Tariffs?

Who Is Paying for the 2025 U.S. Tariffs?

Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent. In this blog post, we ask how much of the tariffs were paid by the U.S., using import data through November 2025. We find...