The quarterly Business Review features nontechnical articles on monetary policy, banking, and national, regional, and international economics, all written for a wide audience.
The Redistributive Consequences of Monetary Policy Monetary policy is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. But as Makoto Nakajima explains, it is probably impossible to avoid such redistributive consequences.
The Puzzling Persistence of Place Jeffrey Lin explores the remarkable persistence of urban development patterns over decades, centuries, or even millennia. Is such extreme persistence desirable? What does it imply about today's "place-making" policies?
Introducing: Regional Spotlight: What's Holding Back Homebuilding?
The construction industry, often the first to resume hiring after an economic downturn, still hasn't recovered from the Great Recession. Paul Flora examines the forces that have held back this sector in our region and around the country.
New Rules for Foreign Banks: What's at Stake? In response to the financial crisis, stricter rules are being phased in for foreign banks operating on U.S. soil. Mitchell Berlin explains how global banking drives efficiency, how the new rules may impede that efficiency, and why the rules may nevertheless be necessary.
The Government-Sponsored Enterprises: Past and Future Fannie Mae and Freddie Mac's role in the housing bubble and financial crisis remains controversial. Did they precipitate or at least worsen the crisis? How do their benefits compare against their losses? Ronel Elul traces their evolution and actions and outlines reform proposals.
Smart Money or Dumb Money: Investors' Role in the Housing Bubble To explain the historic housing boom and bust, most analysis has identified easy credit in the form of low interest rates, subprime mortgages, and relaxed qualifications for borrowers. But as Wenli Li explains, recent research suggests an additional factor: real estate speculation.