Interview: Mark Gertler
Discount Window Lending: Policy Trade-offs and the 1985 BoNY Computer Failure
On November 21, 1985, the Bank of New York (BoNY) suffered a software failure that left it unable to redeliver securities it had received from other institutions as an intermediary. The result of the failure was that the bank sought and received $22.6 billion in discount window lending from the New York Fed, a record-setting amount. The episode presents a case study for considering when discount window lending and similar interventions are justified as a matter of efficiency, as well as the need for policymakers to take account of possible moral hazard that may lead to inadequate safeguards ...
Book review: A capitalism for the people
Jargon Alert on Human Capital
Book review: Depression and innovation
Review of Alexander J. Field's "A Great leap forward: 1930's depression and U.S. economic growth," published by Yale University Press, 2011.
Book Review: Reconsidering a Revolution
Liberty's Dawn: A People's History of the Industrial Revolution by Emma Griffin
"The Changing Benefits of Early Work Experience." Charles L. Baum and Christopher J. Ruhm. National Bureau of Economic Research Working Paper No. 20413, August 2014.
The increased role of flows between nonparticipation and unemployment during the Great Recession and recovery
Labor market research often focuses on transition rates between employment and unemployment without analyzing the effects of transition rates into and out of the labor force. Current Population Survey data permit analysis of transition rates among all three labor force statuses. A study at the Richmond Fed examines the role of labor force participation in the dynamics of the aggregate unemployment rate across the four most recent recessions. This research finds an increased role for transition rates between nonparticipation and unemployment during the Great Recession and recovery.
Estimating Aggregate Fiscal Multipliers from Local Data
Variations among regions in their responses to economic policies can be used to estimate the effects of those policies at the national level while minimizing or eliminating issues of reverse causation. Recent research has employed county-level data to look at the effects of federal government spending ? in particular, the 2009?12 stimulus ? on aggregate consumption.
Recoveries from recessions associated with banking crises : how does this one compare?
Recessions associated with banking crises tend to differ from other recessions in that the weakness of the financial sector, particularly the limited supply of credit, encumbers the subsequent recovery. The recovery from the 2007-09 recession, compared to past recoveries from recessions associated with banking crises, is within the historical range in terms of its level of GDP growth. In terms of unemployment, however, the recovery from the 2007-09 recession is markedly weaker than the historical norm.>