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Journal Article
Is commercial real estate reliving the 1980s and early 1990s?
Concern has been rising about the health of the U.S. commercial real estate market and any impact it may have on financial markets and institutions. It is too early to judge the full extent of any problems, but commercial real estate financing has been shaken by the financial market turmoil associated with recent residential mortgage defaults. The spreads of commercial mortgage-backed securities have widened relative to Treasury securities, and recent reports suggest that prices for many commercial properties are declining. In addition to the direct effects on construction activity, large ...
Journal Article
Dollar depreciation and the trade deficit
Journal Article
Consumer confidence after September 11
The terrorist attacks on September 11 dealt a serious blow to the U.S. economy. The damage included the tragic loss of human life, massive property destruction, and disruptions to the travel and shipping industries. But immediately after the attacks, many observers also worried about the possible harm to business and consumer confidence. Although the effects on business confidence are hard to measure, regular surveys of households make it easier to assess the effects on consumer confidence. These surveys show that consumer confidence was surprisingly resilient.> Faced with this resilience, ...
Journal Article
Will the real price of housing drop sharply in the 1990s?
Journal Article
Can IRAs cure the low national savings rate?
Journal Article
How useful are leading indicators of inflation?
Many economists expect inflation to rise in 1995. These expectations are based on various approaches to forecasting inflation. One approach is based on the standard economic theory that inflation rises when slack is eliminated from the economy and production exceeds capacity constraints. According to this view, measures of economic slack such as unemployment and capacity utilization provide useful information about the inflation outlook. But the relationship between slack and inflation is complicated and subject to variable lags.> Uncomfortable with this complex relationship, some analysts ...
Journal Article
How fast can the U.S. economy grow?
Journal Article
The effect of U.S. defense cuts on the standard of living
Journal Article
Tax reform and personal saving