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January/February 2010

Posted 2010-01-04

The Effects of Recessions Across Demographic Groups

by Kristie M. Engemann and Howard J. Wall

The burdens of a recession are not spread evenly across demographic groups. As the public and media noticed, from the start of the current recession in December 2007 through June 2009 men accounted for more than three-quarters of net job losses.

Posted 2010-01-04

Community Colleges and Economic Mobility

by Natalia A. Kolesnikova

This article examines the role of community colleges in the U.S. higher education system and their advantages and shortcomings. In particular, the author discusses the population of community college students and economic returns to community college education for various demographic groups. She offers new evidence on the returns to an associate’s degree.

Posted 2010-01-04

Alt-A: The Forgotten Segment of the Mortgage Market

by Rajdeep Sengupta

This article presents a brief overview of the Alt-A mortgage market with the goal of outlining broad trends in the different borrower and mortgage characteristics of Alt-A market originations between 2000 and 2006.

Posted 2010-01-04

The Relationship Between the Daily and Policy-Relevant Liquidity Effects

by Daniel L. Thornton

The phrase "liquidity effect" was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly monetary and reserve aggregates data led Hamilton (1997) to suggest that more convincing evidence of the liquidity effect could be obtained with daily data—the daily liquidity effect.