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Keywords:recovery 

How Recessions Impact Household Net Worth

Recouping net worth lost during three recessions proved uneven for those with the least wealth.
On the Economy

Discussion Paper
The Region Is Struggling to Recover from the Pandemic Recession

The pandemic struck the New York-Northern New Jersey region early and hard, and the economy is still struggling to recover nearly two years later. Indeed, employment fell by 20 percent in New York City as the pandemic took hold, a significantly sharper decline than for the nation as a whole, and the rest of the region wasn’t far behind, creating a much larger hole to dig out of than other parts of the country. While the region saw significant growth as the economy began to heal, growth has slowed noticeably, and job shortfalls—that is, the amount by which employment remains below ...
Liberty Street Economics , Paper 20211217a

V-Shaped Recovery Eludes G-7 Countries

Economic growth should overshoot its long-run trend to make up for the downturn caused by the pandemic. So far, this hasn’t happened.
On the Economy

Speech
The Economy’s Outlook, Challenges, and Way Forward

President Rosengren’s comments were delivered at the Massachusetts Bankers Association’s New England Conference, and were based on a speech he delivered on September 23, 2020 to the Boston Economic Club.
Speech

Discussion Paper
How Have the Euro Area and U.S. Labor Market Recoveries Differed?

The initial phase of the pandemic saw the euro area and U.S unemployment rates behave quite differently, with the rate for the United States rising much more dramatically than the euro area rate. Two years on, the rates for both regions are back near pre-pandemic levels. A key difference, though, is that U.S. employment levels were down by 3.0 million jobs in 2021:Q4 relative to pre-pandemic levels, while the number of euro area jobs was up 600,000. A look at employment by industry shows that both regions had large shortfalls in the accommodation and food services industries, as expected. A ...
Liberty Street Economics , Paper 20220330

Speech
An Economic Outlook - New Jerseys Bankers Association

Philadelphia Fed?s Harker: New Jersey?s Economy Shows Significant Progress Despite Slow Recovery January 20, 2017 While New Jersey?s economy has made significant progress since the recession, the state faces ?different issues than other states? that impact the recovery of its housing and labor markets, Federal Reserve Bank of Philadelphia President Patrick T. Harker said today in remarks at the New Jersey Bankers Association?s annual Economic Leadership Forum
Speech , Paper 129

Journal Article
Banking recovery could be vulnerable to interest rate increases

The earnings on assets?generally loans?may not respond as rapidly as the cost of funds?deposits?leading to declining profits.
Southwest Economy , Issue Q2 , Pages 10-13

Speech
Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability

It seems likely that the economy will grow rapidly this year. This should reduce the slack in the labor markets and eventually return inflation to the Federal Reserve’s 2 percent target. Assuming virus variants do not become especially problematic, we should see an unusually strong post-recession recovery. While the near-term public health and macroeconomic improvements are more than welcome and critically important, I also believe that policymakers across the spectrum should take the time to examine some of the problems brought to the forefront over the past year. In doing so, they can ...
Speech

Speech
The Economy in the Time of Coronavirus

Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference).
Speech

Discussion Paper
States Are Recovering Lost Jobs at Surprisingly Similar Rates

The U.S. economy lost more than 8 million jobs between January 2008 and February 2010. In contrast with earlier recessions, employment declines were seen across almost all states. The extent varied: In this recession, states with big housing busts generally saw steeper job losses, especially in construction, while some states also had severe job losses driven by manufacturing declines. One feature of this employment recovery is that it?s actually been quite uniform across states?and much more uniform than in earlier recoveries. With few exceptions, states appear to be marching in lockstep.
Liberty Street Economics , Paper 20130626

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