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Bank:Federal Reserve Bank of Philadelphia  Series:Business Review 

Journal Article
From cycles to shocks: progress in business-cycle theory

Boom leads to recession, recession to boom, and the economy is caught in a self-sustaining cycle. Or is it? More recent economic theory states that cyclical fluctuations in the economy are caused by shocks and other disturbances that continually buffet the economy. In this article, Satyajit Chatterjee examines the historical process by which the explanation of fluctuations in the economy has evolved from a theory of cycles to one of shocks.
Business Review , Issue Mar , Pages 27-37

Journal Article
How efficient are Third District banks?

Business Review , Issue Jan , Pages 3-18

Journal Article
Non-open-market monetary policy operations

Business Review , Issue Jan , Pages 3-15

Journal Article
Labor market anxiety and the downward trend in the job separation rate

Anecdotal evidence suggests that labor market conditions surrounding American workers had been worsening in recent decades, even before the severe recession in 2007-2009. However, studies by academic researchers have not found clear evidence that worker turnover has increased over time. In this article, Shigeru Fujita shows that there is a long-run downward trend in the separation rate into unemployment and examines several factors that help account for this long-run decline. He argues that the aging of the labor force has played an important role in the trend. He also explains, using an ...
Business Review , Issue Q4 , Pages 1-7

Journal Article
Dividing up the investment pie: have we overinvested in housing?

Business Review , Issue Mar , Pages 13-23

Journal Article
Commentary: Voluntary inflation restraint and corporate social responsibility

Business Review , Issue Jan , Pages 3-4

Journal Article
Network issues and payment systems

Highways, railroads, pipelines?we see or hear about these types of physical networks almost every day. But information systems, such as the Internet, and payment systems, such as ATMs and credit cards, also involve networks. Hence, understanding the economics of networks and the unique features of network-dependent industries is crucial to modern life. In this article, James McAndrews outlines some of the unique features of network-dependent industries. He also analyzes some related payment-system issues and demonstrates that determining appropriate public policy would be difficult without a ...
Business Review , Issue Nov , Pages 15-25

Journal Article
Uniformity in assessment: High on the list of property tax reforms

Business Review , Issue May , Pages 13-23

Journal Article
Immigration in the U.S.: economic effects on the nation and its cities

A summary of the Conference on Immigration in the U.S. held at the Federal Reserve Bank of Philadelphia, April 28-29, 2005
Business Review , Issue Q4 , Pages 44-51

Journal Article
A closer look at the German labor market 'miracle'

Compared with the steep, persistent increase in unemployment that the Great Recession triggered in the United States, its effect on unemployment in Germany was surprisingly mild. While U.S. unemployment soared from 4.8 percent to 9.5 percent between the fourth quarter of 2007 and the fourth quarter of 2010, the German unemployment rate actually fell from 7.6 percent to 6.4 percent over the same period (Figure 1).1 The marked contrast may make one wonder whether the magnitude of the recession itself was smaller in Germany. Actually, the severity of the recession as measured by the drop in ...
Business Review , Issue Q4 , Pages 16-24

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Carlino, Gerald A. 25 items

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