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real exchange rates in hard and soft sovereign defaults

Learn about our research and analysis into immigration and migration, trade flows, exchange rates of money and more factors influencing the global economy.

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Podcast
Aug. 20, 2025

Zach Edwards and Felipe Schwartzman share what they have learned about how much businesses have been passing along higher prices for their inputs — especially due to higher tariffs in 2025 — to the prices they charge their customers. They also discuss how this cost pass-through could affect overall inflation. Edwards is a research analyst and Schwartzman is a senior economist, both at the Federal Reserve Bank of Richmond.

Podcast
July 9, 2025

Marina Azzimonti discusses the complexities of measuring the regional and sectoral impacts of tariffs and reviews the rapid series of changes to U.S. trade policy since the beginning of 2025. Azzimonti is a senior economist and research advisor at the Federal Reserve Bank of Richmond.