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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

Opportunities for economic growth in Puerto Rico: remarks at the Puerto Rico Convention Center, San Juan, Puerto Rico

Remarks at the Puerto Rico Convention Center, San Juan, Puerto Rico.
Speech , Paper 228

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).

Journal Article
Consumption Growth Regimes and the Post-Financial Crisis Recovery

Andrew Foerster and Jason Choi find that consumption has grown more slowly after the Great Recession due to the continued influence of persistent factors unusual to see outside recessions.
Economic Review , Issue Q II , Pages 25-48

Working Paper
Why Has the US Economy Recovered So Consistently from Every Recession in the Past 70 Years?

It is a remarkable fact about the historical US business cycle that, after unemployment reached its peak in a recession, and a recovery began, the annual reduction in the unemployment rate was stable at around 0.55 percentage points per year. The economy seems to have had an irresistible force toward restoring full employment. There was high variation in monetary and fiscal policy, and in productivity and labor-force growth, but little variation in the rate of decline of unemployment. We explore models of the labor market's self-recovery that imply gradual working off of unemployment ...
Working Paper Series , Paper 2020-20

Journal Article
Has job quality been \\"job one\\" in the economic recovery?

The Great Recession of 2007-09 has been followed by a Not-So-Great Recovery. The U.S. economy lost more than 8.7 million jobs, representing 6.3 percent of total U.S. payroll employment, on net, during the Great Recession. But while the recovery from this very deep recession began in June 2009, the first net increase in payrolls did not occur until March 2010, eight months into the recovery.
Research Rap Special Report , Issue Aug

A longer-term view of the U.S. economy and monetary policy

Charlotte Economics Club, Charlotte, NC President Charles Plosser gives his views on the U.S. economy and discusses why it is important to take a longer-term view of economic data. He also discusses why he is advocating for the Fed to publish a Monetary Policy Report with an assessment of the likely near-term path of policy rates, in conjunction with its economic forecast.
Speech , Paper 108

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
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.
Economic Commentary , Issue January

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



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