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Journal Article
Income and Living Standards within the Eighth District
In this article, we have look at the distribution of living standards in terms of the purchasing power of real per capita personal income by county using RPPs. Adjusting income for cost of living allows us to evaluate inequality in income?s local purchasing power instead of income per se. We see that overall inequality is not so severe in the District once adjusted for the cost of living, both across counties and in comparison to the nation. We also see that living standards tend to be higher within MSAs than outside them. In general, inequality is less severe when measured by living ...
Journal Article
Housing Costs and Regional Income Inequality in China and the U.S.
In this article, we look at regional per capita disposable income data for China, a developing nation, and the U.S., an advanced economy, to see how income inequality compares between two large countries with a substantial income gap.
Journal Article
Changing Trade Relations May Affect U.S. Auto Exports in Long Run
The proposed trade agreement USMCA and trade disputes with China may have an impact on the U.S. auto sector.
Journal Article
Is the Phillips Curve Still Alive?
A.W. Phillips's discovery that inflation is negatively correlated with unemployment served as a heuristic model for conducting monetary policy; but the flattening of the Phillips curve post-1970 has divided debate on this empirical relation into two camps: "The Phillips curve is alive and well," and "The Phillips curve is dead." However, this dichotomy oversimplifies the issue.
Journal Article
Historical U.S. Trade Deficits
U.S. trade deficits appear to follow phases of industrialization.
Marshall Plan May Not Have Been Key to Europe’s Reconstruction
By the end of World War II, the European economy was in ruins, but the U.S.-led Marshall Plan may not have helped as much as previously thought.
Journal Article
Industry Mix May Help Explain Urban-Rural Divide in Economic Growth
Economic growth in U.S. rural areas may be slower than growth in urban areas because of a different industry mix.
Journal Article
First-Time Homebuyers Appear to Be Younger, Less Creditworthy in Eighth District
First-time homebuyers are essential to the dynamics of the housing market by allowing current homeowners to trade up. The number of first-time homebuyers decreased between 2000 and 2011, and then started slowly increasing again. There are many possible reasons why this happened, such as rising rent and home prices, rising student debt and tightening credit standards.
Trade and U.S. Gold Reserves during the Classical Gold Standard Era
During the period from around 1870 to the outbreak of World War I, changes in a nation’s gold reserves were closely linked to changes in its trade balances.
Journal Article
The Relationship between Oil and Equities at the Zero Lower Bound
Economists have observed that the correlation between oil price changes and equity returns changed dramatically after 2008. Before 2008, oil and equity prices were generally uncorrelated, while after 2008 they became highly correlated.