WASHINGTON, Sept. 13 (TNSRep) -- The Federal Reserve issued the following white paper in September 2025 by Colin Weiss entitled "De-Dollarization? Diversification? Exploring Central Bank Gold Purchases and the Dollar's Role in International Reserves". Here are excerpts: * * * 1 Introduction I use data on net purchases of U.S. assets by foreign official investors to study the relationship between central bank demand for gold and U.S. assets at the country level. In popular discussion, a cent more PR

WASHINGTON, Sept. 13 (TNSRep) -- The Federal Reserve issued the following white paper in August 2025 by Colin Caines and Amartya Lahiri entitled "Explaining World Savings". Here are excerpts: * * * 1 Introduction Data on the world saving distribution reveals that cross-country differences in saving rates are significant and persistent. This is problematic for the standard model with time-additive preferences. Without equal rates of time preference, the asymptotic distribution of world wealt more PR

WASHINGTON, Sept. 13 (TNSRep) -- The Federal Reserve issued the following white paper in August 2025 by Friederike Niepmann and Leslie Sheng Shen entitled "Geopolitical Risk and Global Banking". Here are excerpts: * * * 1 Introduction Geopolitical risk has escalated in recent years, fueled by events such as Russia's invasion of Ukraine, rising tensions between China and the West, and conflicts in the Middle East. The potentially adverse economic consequences of heightened geopolitical risk more PR

WASHINGTON, Sept. 13 (TNSRep) -- The Federal Reserve issued the following white paper in August 2025 by Marcos Mac Mullen and Soo Kyung Woo entitled "Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks". Here are excerpts: * * * 1 Introduction Recent years have seen important advances in the literature on the real exchange rate (RER) dynamics, a foundational topic in international economics. In particular, a growing body of work has shown that financial shocks can explain  more PR

WASHINGTON, Sept. 13 (TNSRep) -- The Federal Reserve issued the following white paper in August 2025 by Anil K. Jain and Siddharth Kothari entitled "Why are Manufacturing Plants Smaller in Developing Countries? Theory and Evidence from India". Here are excerpts: * * * 1. Introduction The typical size distribution of manufacturing establishments in developing countries has a thick left tail compared to developed countries. For instance, as shown in figure (1) in India, six out of ten manufac more PR