What Is a Tariff Shock? Insights from 150 years of Tariff Policy

https://www.frbsf.org/research-and-insights/publications/working-papers/2025/11/what-is-a-tariff-shock-insights-from-150-years-of-tariff-policy/

Régis Barnichon and Aayush Singh

Federal Reserve Bank of San Francisco

November 13, 2025