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2022 / No. 27
Posted 2022-09-28

A Growth-Accounting Perspective on the Post-Pandemic Economy

by Kevin L. Kliesen

Real GDP has increased at a 2.8% annual rate over the past four quarters, much faster than the 2009-20 expansionary period.

2022 / No. 26
Posted 2022-09-26

Loan Evergreening: Recent Evidence from the U.S.

by Miguel Faria e Castro, Pascal Paul, and Juan M. Sánchez

Banks may have incentives to keep lending to firms to avoid losses on past loans to those firms.

2022 / No. 25
Posted 2022-09-02

Inflation, Part 3: What Is the Fed’s Current Goal? Has the Fed Met Its Inflation Mandate?

by Carlos Garriga and Devin Werner

Despite recent inflationary pressures, the Fed has historically done a good job maintaining inflation close to 2%.

2022 / No. 24
Posted 2022-08-23

Liquidity Dries Up

by Julian Kozlowski and Samuel Jordan-Wood

The Federal Reserve has been increasing the federal funds rate, but the interest rates banks pay on deposits have stood still, leading to outflows of bank deposits and the drying up of liquidity.

2022 / No. 23
Posted 2022-08-03

The Allocation of Immigrant Talent in the United States

by Serdar Birinci, Fernando Leibovici, and Kurt See

Immigrants account for close to 20% of the U.S. labor force, but they often do not have an easy time navigating U.S. labor markets.

2022 / No. 22
Posted 2022-07-29

Profit Shifting Through Intellectual Property

by Ana Maria Santacreu and Jesse LaBelle

Patent data can give us insights on profit shifting due to multinationals moving intellectual property to tax havens.

2022 / No. 21
Posted 2022-07-13

Neighborhood Types and Intergenerational Mobility

by Victoria Gregory and Elisabeth Harding

Neighborhoods that differ demographically also exhibit differences in how intergenerational mobility relates to job growth.

2022 / No. 20
Posted 2022-06-30

Can Population Aging Explain Rising Healthcare Spending Across Countries?

by Siddhartha Sanghi

A low-income country spends about 5.3% of its output on healthcare, while a higher-income country spends closer to 7.5% of its output on healthcare.

2022 / No. 19
Posted 2022-06-29

The Rule of Law, Firm Size, and Family Firms

by Francisco J. Buera, Siddhartha Sanghi, and Yongseok Shin

Countries with a weaker rule of law tend to have more family-run firms, which tend to be small and grow slowly.

2022 / No. 18
Posted 2022-06-24

Using Beige Book Text Analysis to Measure Supply Chain Disruptions

by Kevin L. Kliesen and Devin Werner

Simple, automated text analysis can extract useful metrics about supply chain disruptions from the Beige Book.

2022 / No. 17
Posted 2022-06-23

City Segregation and the College Degree Gap

by Hannah Rubinton and Maggie Isaacson

For a 0.1 increase in the dissimilarity index, the average racial gap in college attainment increases by 1.64 percentage points.

2022 / No. 16
Posted 2022-06-22

Inflation, Part 2: How Do We Construct and Choose an Index?

by Carlos Garriga and Devin Werner

Both the CPI and the PCE price indexes measure the prices of consumer goods and services— but they differ in important ways.

2022 / No. 15
Posted 2022-06-21

Inflation, Part 1: What Is it, Exactly?

by Carlos Garriga and Devin Werner

Inflation measures the rate of change of a price index over time.

2022 / No. 14
Posted 2022-06-17

Long-Term Trends in Gasoline Prices

by B. Ravikumar and Iris Arbogast

Average annual CPI inflation from 1990 to 2021 was 2.4%, while average annual gasoline price inflation was 3.9%.

2022 / No. 13
Posted 2022-06-03

Does the Beige Book Reflect U.S. Employment and Inflation Trends?

by Charles S. Gascon and Devin Werner

Simple, automated text analysis can extract useful metrics from the Beige Book.

2022 / No. 12
Posted 2022-06-01

Neighborhood Types and Demographics

by Victoria Gregory and Elisabeth Harding

U.S. neighborhoods can be organized into five types, which have very different demographics and geographical locations.

2022 / No. 11
Posted 2022-05-12

Supply Chain Disruptions and Inflation During COVID-19

by Ana Maria Santacreu and Jesse LaBelle

Supply chain disruptions have contributed to large increases in PPI inflation during the COVID-19 pandemic.

2022 / No. 10
Posted 2022-04-27

The Russian Invasion, Oil and Gasoline Prices, and Recession

by Christopher J. Neely

The Russian invasion of Ukraine has substantially increased commodity prices, increasing risk to global economic activity.

2022 / No. 9
Posted 2022-04-04

Geographic Dispersion in U.S. Employment

by B. Ravikumar, Iris Arbogast, and Jesse LaBelle

In the U.S., 112 of more than 3,000 counties accounted for 50% of employment in 2020.

2022 / No. 8
Posted 2022-03-29

Hires and Separations During the COVID-19 Crisis by Firm Size

by Serdar Birinci and Aaron Amburgey

The negative effects of the COVID-19 crisis were larger for firms with under 50 employees, even with loans from the Paycheck Protection Program.

2022 / No. 7
Posted 2022-03-28

The Large Gap in Stock Market Participation Between Black and White Households

by Julie Bennett and YiLi Chien

White households participate in the stock market far more than Black households, contributing to the large wealth gap between them.

2022 / No. 6
Posted 2022-03-21

The COVID-19 New Business Boom

by Guillaume Vandenbroucke and Victoria Yin

Business applications increased across all sectors in the 12 months after February 2020, but the retail trade sector saw the largest increase.

2022 / No. 5
Posted 2022-03-18

Inflation and Shipping Costs

by Hannah Rubinton and Maggie Isaacson

Imports that are more reliant on ocean freight have seen higher import price inflation since the start of the pandemic.

2022 / No. 4
Posted 2022-03-04

The Great Resignation vs. The Great Reallocation: Industry-Level Evidence

by Serdar Birinci and Aaron Amburgey

Some workers have experienced the Great Resignation, but others have gone through the Great Reallocation— transferring from one job to another.

2022 / No. 3
Posted 2022-02-16

School District Expenditures and Race

by Hannah Rubinton and Maggie Isaacson

On average, spending per student is very similar for Black and White students, yet schools with a higher share of Black students spend less per student on instruction.

2022 / No. 2
Posted 2022-02-09

Supply Chain Disruptions During the COVID-19 Recession

by Ana Maria Santacreu and Jesse LaBelle

A combination of demand and supply forces caused unprecedented supply chain disruptions during the COVID-19 recession and recovery.

2022 / No. 1
Posted 2022-01-06

Asset Returns and Labor Force Participation During COVID-19

by Miguel Faria e Castro

One factor that may have enabled an increase in retirements during the pandemic was rising asset values during this period.