FEDS Note: A News-Based Approach to Measuring Shortages and Their Effects on the Global Economy

Federalreserve.gov - June 26, 2026

FEDS Note: A News-Based Approach to Measuring Shortages and Their Effects on the Global Economy

Dario Caldara and Matteo IacovielloThe conflict in the Middle East has severely constrained global supplies of oil and natural gas. The conflict is also disrupting the provision of other inputs critical to global supply chains, such as naphtha and fertilizers…

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