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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
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.
Speech
Perspectives on the Eventual Economic Recovery
The past year with the pandemic has been grueling. Eleven months after the initial outbreak, economic outcomes for individuals and businesses still remain closely tied to finding and implementing effective public health policy. However, with the successful development of multiple vaccines, it is now possible to imagine much better macroeconomic outcomes ahead. My view is that policymakers must work to ensure that the benefits of the eventual recovery are widely shared. As I’ve mentioned, I believe that as we think about recovery from the pandemic, we should take the time to look for ways ...
Journal Article
Do Longer Expansions Lead to More Severe Recessions?
We are now in one of the longest expansions on record. The recession that preceded that expansion was one of the worst in history. Are those two facts related? Some economists suggest they are, while others suggest it?s the other way around: Longer expansions lead to more severe recessions. We assess the evidence for these two hypotheses. We find clear evidence for the former and little for the latter. Deeper recessions are often followed by stronger recoveries, while longer and stronger expansions are not followed by deeper recessions.
Speech
The Economic Recovery: Are We There Yet?
Remarks at Women in Housing and Finance 2021 Annual Symposium (delivered via videoconference).
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).
Discussion Paper
Will Capital Flows through Global Banks Support Economic Recovery?
While policymakers around the world have aggressively and swiftly reacted to the common negative economic shock from COVID-19, the timing and forms of policy responses in the economic recovery stage may be more geographically differentiated. The range in policy responses, along with variations in the financial health of banks, likely will affect the flow of international credit through global banks. In this post, we ask whether, based on historical precedent, global banks are likely to provide additional support to the economic recovery in the locations they serve.
Speech
The Economy’s Outlook, Challenges, and Way Forward
Recent economic data have been encouraging, but President Rosengren believes the most difficult part of the recovery is still ahead of us. A full recovery probably requires the availability of vaccines and more effective treatments for the virus because until then, many businesses and households are unlikely to return to more normal spending habits. While he anticipates a slowly improving economy, economic activity still faces serious headwinds. Potential financial impediments and challenges in the labor market make the recovery process more gradual than any of us would prefer. Improvement in ...
How Recessions Impact Household Net Worth
Recouping net worth lost during three recessions proved uneven for those with the least wealth.
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.