BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 15.1//EN BEGIN:VTIMEZONE TZID:Eastern Standard Time BEGIN:STANDARD DTSTART:20251102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Eastern Standard Time TZOFFSETFROM:-0400 TZOFFSETTO:-0500 END:STANDARD BEGIN:DAYLIGHT DTSTART:20250301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Eastern Daylight Time TZOFFSETFROM:-0500 TZOFFSETTO:-0400 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:The Moynihan Institute’s program for Trade\, Development and Po litical Economy welcomes \;Aaron Flaaen from the Federal Reserve Board .Paper AbstractWe study how tariffs affect prices along the supply chain u sing product-level data from a large U.S. wine importer during the 2019-20 21 U.S. tariffs on European wines. Combining confidential transaction pric es with foreign suppliers\, U.S. distributors\, and retail prices\, we tra ce tariff pass-through from producers to consumers. Pass-through at the bo rder is incomplete\, yet consumers paid more than the tariff revenue colle cted. The dollar markups per bottle for the importer contracted\, but expa nded for the combined distributor-retailer segment. Price changes along th e chain reached consumers after one year. We also document tariff engineer ing that biases unit values in trade statistics.Co-authorsAli HortascuFeli x TintelnotNicolas UrdanetaDaniel XuAaron Flaaen is a principal economist and group manager in the Research and Statistics Division of the Board of Governors of the Federal Reserve System in Washington\, D.C. \;In addi tion to studying the industrial sector and supply chain linkages\, his boa rd-related work centers on exploring expanded economic measurement with no n-traditional data sources. \;His academic research has been published in a variety of peer-reviewed journals and focuses on the causes and cons equences of multinational firms and global trade. \; More recently\, h is work has focused on the effects of the 2018-2019 U.S.-China trade dispu te on consumer prices and the U.S. manufacturing sector. \;In 2015\, h is research was awarded the \;Young Economist Essay award by the World Trade Organization. \;Findings from his research have been summarized in major news outlets such as \;The \;New York Times\, \;The Wall Street Journal\, the \;Economist\, and \;The Washington Post.  \;Flaaen is also an adjunct professor at Georgetown University\, wher e he has taught international trade theory and policy since 2017. He holds a Ph.D. in economics from the University of Michigan. DTEND:20260330T210500Z DTSTAMP:20260510T231944Z DTSTART:20260330T194500Z LOCATION: SEQUENCE:0 SUMMARY:Aaron Flaaen | Who Pays for Tariffs Along the Supply Chain? Evidenc e from European Wine Tariffs UID:RFCALITEM639140375844893356 X-ALT-DESC;FMTTYPE=text/html:

The Moynihan Institute’s program for Trade\ , Development and Political Economy welcomes \;Aaron Flaaen from the F ederal Reserve Board.

Paper Abstract

We study how tariffs af fect prices along the supply chain using product-level data from a large U .S. wine importer during the 2019-2021 U.S. tariffs on European wines. Com bining confidential transaction prices with foreign suppliers\, U.S. distr ibutors\, and retail prices\, we trace tariff pass-through from producers to consumers. Pass-through at the border is incomplete\, yet consumers pai d more than the tariff revenue collected. The dollar markups per bottle fo r the importer contracted\, but expanded for the combined distributor-reta iler segment. Price changes along the chain reached consumers after one ye ar. We also document tariff engineering that biases unit values in trade s tatistics.

Co-authors

Aaron F laaen is a principal economist and group manager in the Research and Statistics Division of the Board of Governors of the Federal Reserve S ystem in Washington\, D.C. \;

In addition to studying the indust rial sector and supply chain linkages\, his board-related work centers on exploring expanded economic measurement with non-traditional data sources.  \;His academic research has been published in a variety of peer-revie wed journals and focuses on the causes and consequences of multinational f irms and global trade. \; More recently\, his work has focused on the effects of the 2018-2019 U.S.-China trade dispute on consumer prices and t he U.S. manufacturing sector. \;

In 2015\, his research was awar ded the \;Young Economist Essay award by the World Trade Organization.  \;Findings from his research have been summarized in major news outle ts such as \;The \;New York Times\, \;Th e Wall Street Journal\, the \;Economist\, and \; The Washington Post. \;

Flaaen is also an adjunct professor at Georgetown University\, where he has taught international trade theory and policy since 2017. He holds a Ph.D. in economics from the University of Michigan.

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