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Credit supply disruptions: from credit crunches to financial crisis
Rosengren, Eric S.; Peek, Joe (2015-10-01)
Events that transpired during the recent financial crisis highlight the important role that financial intermediaries still play in the economy, especially during economic downturns. While the breadth and severity of the financial crisis took most observers by surprise, it has renewed academic interest in understanding the effects on the real economy of both financial shocks and the changing nature of financial intermediation. This interest in the real effects of financial shocks highlights a literature that began more than 20 years ago associated with the bank credit crunch of the early ...
Current Policy Perspectives , Paper 15-5

Report
Productivity in the slow lane?: the role of information and communications technology
Pearson, Alison; Wang, J. Christina (2014-12-22)
As the current recovery matures in the United States, evidence is mounting that total factor productivity (TFP), the typical measure of technological change, has moved back into the slow lane. This study uses industry data to explore the extent to which the acceleration in TFP in the late 1990s and early 2000s and the subsequent deceleration are attributable to unmeasured investment by firms to take full advantage of the new capabilities made possible by information and communications technology (ICT).
Current Policy Perspectives , Paper 14-10

Report
The Distribution of Sectoral Price Changes and Recent Inflation Developments
Cotton, Christopher D.; Garga, Vaishali; Olivei, Giovanni P.; Sheremirov, Viacheslav (2023-08-30)
Inflation has declined across many sectors so far in 2023, but the distribution of sectoral price changes still shows atypical features, such as bimodality in which substantial masses of sectors record price changes both below and above the Federal Reserve’s 2 percent inflation target. Such bimodality was not typical before the pandemic, suggesting that sector-specific price adjustments are now playing a more important role in inflation developments. The recent slowdown in inflation was partly caused by a larger-than-normal share of the consumption basket being located in the left tail of ...
Current Policy Perspectives

Report
Rhode Island in the Great Recession: factors contributing to its sharp downturn and slow recovery
Burke, Mary A. (2014-12-01)
This paper seeks to discover why Rhode Island experienced a more severe downturn during the Great Recession than any other New England state and why it continues to lag other states in the region and the nation as a whole in some measures of labor market health.
Current Policy Perspectives , Paper 14-9

Report
Changing patterns in informal work participation in the United States 2013–2015
Khachiyan, Arman; Burke, Mary A.; Bracha, Anat (2015-10-01)
In light of the weak labor market conditions in the United States from 2008 until recently, one might have expected that participation in alternative income-generating activities, such as informal side-jobs, would have increased during that period. By the same logic, participation in informal work should have declined more recently, as conditions in the formal labor market improved. However, recent technological innovations have created a number of new opportunities for engaging in informal work. Such innovations may have promoted structural increases in informal work participation; if so we ...
Current Policy Perspectives , Paper 15-10

Report
How the Student Loan Payment Pause Affected Borrowers’ Credit Access and Credit Use
Cooper, Daniel H.; Haddix, Maddie (2025-01-13)
This brief examines how the pandemic-related, 43-month moratorium on federal student loan payments and interest accruals affected borrowers’ credit card limits and balances. The pause freed up an average of $280 a month for each of the 17 million student loan holders in active repayment, and it included a provision that erased previous defaults on student loans.
Current Policy Perspectives , Paper 25-1

Report
Bitcoin as money?
Lo, Stephanie; Wang, J. Christina (2014-09-04)
The spectacular rise late last year in the price of Bitcoin, the dominant virtual currency, has attracted much public attention as well as scholarly interest. This policy brief discusses how some features of Bitcoin, as designed and executed to date, have hampered its ability to perform the functions required of a fiat money??as a medium of exchange, unit of account, and store of value. Furthermore, we document how various forms of intermediaries have emerged and evolved within the Bitcoin network, particularly noting the convergence toward concentrated processing, both on and off the ...
Current Policy Perspectives , Paper 14-4

Report
The competitiveness of U.S. manufacturing
Diez, Federico J.; Gopinath, Gita (2014-06-01)
We study the competitiveness of U.S. manufacturing. For the period 1999?2012 we find little support for a significant offshoring reversal. We show that the share of domestic demand that is met by imports and the terms of trade show no signs of reversal, even in sectors dominated by imports from China. We do, however, find some evidence consistent with the U.S. shale-gas energy revolution raising the competiveness of U.S. energy-intensive sectors.
Current Policy Perspectives , Paper 14-3

Report
Household formation over time: evidence from two cohorts of young adults
Cooper, Daniel H.; Luengo-Prado, Maria Jose (2015-11-02)
Residential investment accounts for an important component of U.S. gross domestic product, and traditionally plays a strong role in business cycle expansions. U.S. residential investment has improved slowly during the recovery from the Great Recession, despite a relatively strong national rebound in house prices and record low interest rates. An important determinant of residential investment is the household formation rate, which is largely driven by young adults moving out of their parents? homes after completing high school or college. New household formation can be offset when existing ...
Current Policy Perspectives , Paper 15-4

Report
Addressing Housing Shortages through Tax Abatement
Willen, Paul S. (2024-03-28)
Rising rents, often attributed to a shortage of available housing, spotlight the urgent need to accelerate housing construction, particularly in Boston and other “superstar cities” where rents have been rising acutely. This report looks at the potential efficacy and costs of one particular policy option to jump-start residential construction: incentivizing developers to build by granting them tax abatements for new construction.
Current Policy Perspectives , Paper 2024-2

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