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Series:Economic Perspectives 

Journal Article
Performance and access to government guarantees: the case of small business investment companies

This article analyzes the performance of small business investment companies (SBICs) that are chartered and regulated by the Small Business Administration (SBA). Our principal finding is that poor performance over the 1986-91 period is associated with high usage of funds from the SBA.
Economic Perspectives , Volume 20 , Issue Sep , Pages 16-32

Journal Article
Clearing over-the-counter derivatives

Prior to the financial crisis of 2008, the over-the-counter derivatives market was not required to ?clear? transactions. This changed with the signing of the new financial reform legislation, the Dodd?Frank Act on July 21, 2010. Going forward, most OTC derivatives will be cleared through a particular set of institutional arrangements: a regulated clearinghouse. This article provides an overview of how clearing works, the potential benefits of central clearing for OTC derivatives, and the optimal clearing structure.
Economic Perspectives , Volume 35 , Issue Q IV , Pages 137-145

Journal Article
Earnings announcements, private information, and liquidity

In this article, the author examines how the price impact of a trade varies throughout the days surrounding public earnings announcements. The results indicate that public news releases correlate with a reduction in the price impact of a trade on the day of the announcement
Economic Perspectives , Volume 30 , Issue Q I , Pages 39-54

Journal Article
Public investment and productivity growth in the Group of Seven

Economic Perspectives , Volume 13 , Issue Sep , Pages 17-25

Journal Article
Understanding Global Trends in Long-run Real Interest Rates

The authors explore trends in long-run real interest rates and their underlying factors for the 20 largest economies from the 1950s through the present day. {{p}}Real, or inflation-adjusted, interest rates may well be the most important prices for any nation?s economy. They govern intertemporal purchasing decisions facing households, firms, and all levels of government. That is, virtually all interactions in the marketplace that entail making a choice between spending now and spending later necessarily involve real interest rates, which specify the real cost of borrowing to make a purchase ...
Economic Perspectives , Issue 2 , Pages 1-20

Journal Article
Household Inequality and the Consumption Response to Aggregate Real Shocks

The drop in output and consumption that occurred during the Great Recession has been large and prolonged. Figure 1 displays per capita U.S. real gross domestic product (GDP) and personal consumption expenditures (PCE) between 1985 and 2016 and highlights the large drop in both consumption and output that occurred starting in 2007 and its parallel shift compared with the previous trend. In this article, we ask why consumption has dropped so much and has been recovering so slowly. We also ask to what extent household inequality before and after the Great Recession interacted with the recession ...
Economic Perspectives , Issue 1 , Pages 1-20

Journal Article
What Does Online Job Search Tell Us about the Labor Market?

This article finds that in 2011, online job search was much more prevalent and significantly more effective in helping job seekers gain employment than about a decade earlier. Moreover, it shows that online job search data generally capture the aggregate patterns of the U.S. labor market. The authors discuss the advantages and disadvantages of using these data for research, and summarize related studies.
Economic Perspectives , Issue 1 , Pages 1-15

Journal Article
Japan's corporate groups

Economic Perspectives , Volume 15 , Issue Jan , Pages 20-30

Journal Article
Is the seventh district's economy deindustrializing?

Economic Perspectives , Volume 11 , Issue Nov , Pages 3-9

Journal Article
Interest rates and the timing of new production

This article studies the relation between IPO investment and the rate of interest. The 1950s and early 1960s, especially, were periods of very low real interest rates, and IPO investment was very low, with firms delaying their IPOs significantly. The authors find a qualitative difference between investment of IPO-ing firms and the investment of incumbent firms. The latter is decreasing in the interest rate, as neoclassical theory predicts. On the other hand, very low interest rates tend to discourage IPOs, and this may be why the 1950s and 1960s contained few IPOs.
Economic Perspectives , Volume 28 , Issue Q IV , Pages 2-11

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