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Is there a link between concentrations of highly educated people in cities and the whole country's economy? Gerald A. Carlino discusses how the spillover of knowledge associated with increased education may be an engine of growth for local and national economies. One question for policymakers is how best to encourage these spillovers.
Full article (258 KB, 7 pages).
Why are more and more Americans collecting disability payments?
Burcu Eyigungor explores possible causes behind this trend, how it may be affecting labor force participation, and the effectiveness of programs designed to encourage recipients to return to work.
Full article (518 KB, 8 pages).
During the Great Recession, unemployment in Germany actually fell, even though economic output contracted more sharply there than in the U.S. Did Germany's job protection programs make the difference? Shigeru Fujita and Hermann Gartner explore how U.S. and German firms tend to respond to economic conditions and identify a different cause for Germany's muted labor market response.
Full article (798 KB, 10 pages).
Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. (180 KB, 4 pages).
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To monitor the soundness of the banking system, regulators amass detailed information on banks' current and projected financial status. Although
there may be advantages to making this information public, Yaron Leitner explains why it's sometimes better not to disclose everything.
Full article (354 KB, 8 pages).
As Leonard Nakamura discusses, the more we use and learn about our smartphones, apps, and other tech tools, the more valuable they become to us. But how can economists accurately measure this increase in value so that household purchasing power and economic output aren't continually being underestimated?
Full article (192 KB, 6 pages).
To complement its widely followed manufacturing survey, the Philadelphia Fed has rolled out a new survey of nonmanufacturing firms. As Elif Sen explains, the shift from manufacturing to services as the main driver
of economic growth may make nonmanufacturing surveys increasingly valuable for assessing our regional and national economies.
Full article (334 KB, 8 pages).
Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. (140 KB, 2 pages).
Download the entire issue (998 KB, 31 pages)
Why do firms tend to locate near other firms? Economists suspect that
geographic clustering spurs innovation by letting businesses tap a climate
rich in informal transfers of knowledge. By tracing links between inventors
filing for patents for the same inventions, Jeffrey Lin shares new evidence
supporting the idea that proximity offers businesses tangible benefits.
Full article (258 KB, 6 pages).
In recent decades, institutions that function much like traditional banks
have grown outside regulatory oversight. Yet, as Daniel Sanches explains, these so-called shadow banks are as vulnerable to runs as regular banks. Because banking crises can inflict lasting economic harm, economists are interested in tracing how the panic ensued in the shadow system.
Full article (249 KB, 8 pages).
To enact effective policies and spend resources efficiently, firms,
policymakers, and markets need accurate economic forecasts. But even
though economists generally work with similar models and data, their
projections often range widely. To better understand why, Keith Sill
explores what the evidence and theories say about how forecasters form
Full article (362 KB, 10 pages).
Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. (155 KB, 3 pages).
Download the entire issue (1.5 MB, 36 pages)
Given the importance of international trade for economic growth, why
in any given year do few U.S. firms export their wares, and why are most
U.S. goods not traded with most countries? Roc Armenter presents some intriguing evidence suggesting the U.S. does export most of its products to most countries, just not very often.
Full article (579 KB, 8 pages).
What determines where businesses and households locate? Location decisions can affect the economic health of cities and metropolitan areas. But as Jeffrey Brinkman explains, how firms, residents, and workers go about choosing where to locate can involve complex interactions with sometimes unpredictable consequences.
Full article (609 KB, 7 pages).
Even before the Great Recession, housing market bubbles have been associated with severe financial crises around the world. Why do these booms and busts occur? Leonard Nakamura explains that part of the answer may lie with how mortgage lending practices appear to respond to
rising and falling house prices in somewhat unexpected ways.
Full article (508 KB, 9 pages).
Mitchell Berlin summarizes new research on household finance
presented at a joint conference sponsored by the Federal Reserve Bank of
Philadelphia's Research Department and Payment Cards Center.
Full article (240 KB, 6 pages).
Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. (154 KB, 2 pages).