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Early U.S. Trade Deficits and Industrialization
Trade deficits during the country’s first phase of industrialization did not inhibit U.S. development and may have facilitated industrialization.
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.
Journal Article
The Changing Relationship between Trade and America’s Gold Reserves
For much of U.S. history, gold reserves and trade flows were closely linked. That changed with the end of the gold standard.
Trade and Gold Reserves after the Demise of the Classical Gold Standard
After the early 1920s, the relationship between gold reserves and trade flows was tenuous at best as the international payments system experienced heightened uncertainty and significant change.
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
Geographic Disparity in U.S. Output
A mere 81 of more than 3,000 counties produced half of total U.S. GDP in 2018.
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
Looking for the Positives In Negative Interest Rates
Negative interest rates may seem ludicrous since why would an individual buy a government bond with a negative yield, but this is what a central bank would like you to think. The central bank?s goal is to incentivize agents to shift investments away from government bonds to something more productive economically, thus stimulating the economy.
Journal Article
Understanding the Roots of the U.S. Trade Deficit
The rise of the U.S. dollar as an international reserve currency and a shift in comparative advantage in manufacturing are key economic changes driving the large U.S. trade deficit.
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.