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The quarterly Business Review features nontechnical articles on monetary policy, banking, and national, regional, and international economics, all written for a wide audience.
A Bit of a Miracle No More: The Decline of the Labor Share
Why has labor's share of national income been declining steeply? How income is divided between labor and capital has implications for inequality and long-run economic growth. But as Roc Armenter explains, measuring labor's share is not so straightforward.
Big Cities and the Highly Educated: What's the Connection?
Why are more college-educated workers gravitating to large metropolitan areas? As Jeffrey Brinkman explains, amenities are increasingly important in people’s location decisions, a trend that may help inform urban policymaking.
Introducing: Banking Trends: How Our Region Differs
Small banks headquartered in the tristate area differ from small banks in other regions of the country in some puzzling ways. What regional market forces are bankers here responding to? James DiSalvo and Ryan Johnston narrow down the possibilities.
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.