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Journal Article
Assessing Layoffs in Four Midwestern States during the Pandemic Recession
Krolikowski, Pawel; Hernandez-Murillo, Ruben (2020-08-05)
We use WARN data to assess layoffs in four Midwestern states during the current pandemic-induced recession—Kentucky, Ohio, Pennsylvania, and West Virginia. The data come from the advance layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act. We find that the number of workers affected by layoff announcements rose sharply in the second half of March and April, and unexpected changes in economic conditions meant that workers received little advance notice before layoff. Layoff announcements have affected workers across these four states, and workers in mining ...
Economic Commentary , Volume 2020 , Issue 21 , Pages 6

Journal Article
The baby boomers' mega-inheritance-myth or reality?
Kotlikoff, Laurence J.; Gokhale, Jagadeesh (2000-10)
Retirees are one of the wealthiest segments of the U.S. population, and today's retirees have more wealth than any previous generation. Some have conjectured that bequests out of this wealth will significantly boost the resources of the baby boomers-the next generation of retirees-bridging the gap between their retirement needs and resources. This Economic Commentary argues against such a view and explains why boomers have no alternative but to save for their own retirement.
Economic Commentary , Issue Oct

Journal Article
Credit spreads and subordinated debt
Haubrich, Joseph G.; Thomson, James B. (2007-03)
Stock and bond prices contain all sorts of information about investors? beliefs and expectations. For example, the interest rate on bank debt not insured by the FDIC has information about the health of the banks issuing the debt. Unfortunately, difficulties in extracting information from these subordinated debt prices reduces the information? usefulness to regulators and policymakers.
Economic Commentary , Issue Mar

Journal Article
Fear and loathing of central banks in America
Champ, Bruce A.; Bryan, Michael F. (2002-06)
The Federal Reserve System is America?s uneasy compromise between our dislike of concentrated financial power and our desire to promote efficiency in our national payments system. In fact, the Federal Reserve is the nation?s third attempt to establish a large national bank?what we now call a central bank?that is in a unique position to influence a nation?s money and credit. This Commentary retells the story of the rise and fall of the two earlier national banks, the Banks of the United States.
Economic Commentary , Issue Jun

Journal Article
Understanding the wash cycle
Ullmann, Rhoda; Bauer, Paul W. (2000-09)
Money laundering has gone on since the first crime was committed for profit, but it has been explicitly illegal only since 1986. Interest in this topic soars whenever a major ?laundromat? is uncovered. This Economic Commentary describes the money laundering process, summarizes the evolving statutes, and describes the Federal Reserve?s role in assisting in their enforcement
Economic Commentary , Issue Sep

Journal Article
Stripdowns and bankruptcy: lessons from agricultural bankruptcy reform
Fitzpatrick, Thomas J.; Thomson, James B. (2010-08)
One type of financial reform being proposed to deal with the aftermath of the housing crisis is allowing bankruptcy judges the authority to modify residential mortgages in a way referred to as a stripdown. The reform is seen by some as a partial solution to the rise in foreclosures and as a Pandora?s box by others. But the debate is not new one. The 1980s farm foreclosure crisis sparked similar proposals and concerns. Congress decided to enact legislation that contained a stripdown provision, resulting in the creation of Chapter 12 in the bankruptcy code. The effects of Chapter 12 stripdown ...
Economic Commentary , Issue Aug

Journal Article
U.S. ethnic scientists and entrepreneurs
Kerr, William R. (2007-04)
Immigrants are exceptionally important for U.S. technology development, accounting for almost half of the country?s Ph.D. workforce in science and engineering. Most notably, the contribution of Chinese and Indian scientists and entrepreneurs in U.S. high-technology sectors increased dramatically in the 1990s. These ethnic scientific communities in the United States further help transfer new technologies back to their home countries.
Economic Commentary , Issue Apr

Journal Article
Why is stable money such a big deal?
Altig, David E. (2002-05)
What do attempts to counterfeit an enemy?s currency during wartime have in common with decisions to adopt another country?s currency during peacetime? Both are inspired by the power of a stable monetary standard and, conversely, the consequences of losing it. Both illustrate why preserving the value of the nation?s currency is a central bank?s most important responsibility.
Economic Commentary , Issue May

Journal Article
Does Fiscal Stimulus Work when Recessions Are Caused by Too Much Private Debt?
Loutskina, Elena; Demyanyk, Yuliya; Murphy, Daniel P. (2016-08)
We argue that fiscal stimulus funded by public debt is effective for increasing economic activity and employment even in recessions that are caused by overborrowing in the private sector. We analyze the impact of government spending on local economies between 2007 and 2009 and find evidence that the fiscal multiplier is higher in geographical areas characterized by higher individual household debt. The higher multiplier in those areas might be attributed to a direct increase in both household consumption and local economic slack.
Economic Commentary , Issue August

Journal Article
Why didn’t Canada’s housing market go bust?
MacGee, James (2009-09)
Housing markets in the United States and Canada are similar in many respects, but each has fared quite differently since the onset of the financial crisis. A comparison of the two markets suggests that relaxed lending standards likely played a critical role in the U.S. housing bust.
Economic Commentary , Issue Sep

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