Collateral Damage: House Prices and Consumption During the Great Recession
Did a decline in house prices cause the Great Recession? And if so, how? Credit constraints may be the key to answering those questions
Why Are Recessions So Hard to Predict? Random Shocks and Business Cycles
Economists are like doctors, not soothsayers. They can't predict recessions, but they can help us understand why one is happening. And that can make all the difference for policymaking.
The Value of Loyal Customers
Is there a rational reason that stock prices in some industries greatly exceed book values? The answer may lie in the idea that customers are capital.
Central Bank Digital Currency: Is It a Good Idea?
A CBDC might make banking easier for you and me. It might also change how banks operate.
Just How Important Are New Businesses?
New businesses are major job generators, so disappointing trends in firm formation have raised concern. Thorsten Drautzburg discusses why at least some of the worry might be misplaced.
Rediscovering the value of honest money
House Price Booms, Then and Now
House prices rose rapidly in the run-up to the crash of 2007, but not everywhere. Understanding why can help us prepare for future recessions.
Regulating Consumer Credit and Protecting (Behavioral) Borrowers
Public policy debate around consumer credit has focused on consumer protection. But from whom are we protecting these borrowers?
Understanding Gentrification’s Causes
What do three centuries of Philadelphia history tell us about today?s changing neighborhoods?