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Understanding State and Local Government Spending over the Business Cycle 了解州和地方政府在经济周期中的支出
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-06-01 DOI: 10.18651/er/v108n3bigulatitraum
Huixin Bi, Chaitri Gulati, Nora Traum
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引用次数: 0
The Implications of Unrealized Losses for Banks 未实现损失对银行的影响
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-04-11 DOI: 10.18651/er/v108n2marshlaliberte
W. Marsh, Brendan Laliberte
{"title":"The Implications of Unrealized Losses for Banks","authors":"W. Marsh, Brendan Laliberte","doi":"10.18651/er/v108n2marshlaliberte","DOIUrl":"https://doi.org/10.18651/er/v108n2marshlaliberte","url":null,"abstract":"Lower securities valuations have reduced banks’ liquidity and capital, potentially dampening loan growth. Interest rates have risen across the yield curve since the Federal Open Market Committee began tightening monetary policy in March 2022. After amassing securities during the pandemic, commercial banks saw rising interest rates erode the value of their securities portfolios by nearly $600 billion, or about 30 percent of their capital holdings. In some cases, declines in valuation of securities holdings in response to interest rate changes—known as “unrealized losses”—can mechanically reduce key regulatory capital and liquidity ratios. Should banks need to sell the securities to generate income when their valuations are low, the realized losses could erode capital buffers and threaten the banks’ solvency. W. Blake Marsh and","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"67 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81002507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Employment Effect of an Increase in the National Minimum Wage: Review of International Evidence 提高国家最低工资对就业的影响:国际证据综述
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-03-09 DOI: 10.18651/er/v108n2dohvandermeer
Tae-Yong Doh, Luca Van der Meer
{"title":"The Employment Effect of an Increase in the National Minimum Wage: Review of International Evidence","authors":"Tae-Yong Doh, Luca Van der Meer","doi":"10.18651/er/v108n2dohvandermeer","DOIUrl":"https://doi.org/10.18651/er/v108n2dohvandermeer","url":null,"abstract":"Taeyoung Doh is a senior economist at the Federal Reserve Bank of Kansas City. Luca Van der Meer is a research associate at the bank. This article is on the bank’s website at www.KansasCityFed.org The U.S. federal minimum wage has been fixed at $7.25 since 2009; meanwhile, the U.S. economy has been anything but static. A decade of modest growth, a seismic pandemic, and a recent period of high inflation have all combined to erode the spending power of a $7.25 minimum wage. Income disparity has also grown over the last decade: a standard index for measuring income dispersion, the Gini coefficient, has grown substantially. To address these problems, as early as 2015 U.S. legislators introduced a proposal to increase the federal minimum wage from $7.25 per hour to $15 per hour, but this proposal never reached fruition. One challenge in implementing minimum wage increases is estimating the potential effect on employment. Although moving to a $15 federal minimum wage would not be as dramatic an increase in 2022 as in 2015 due to nominal wage increases over those seven years, such an increase would still be historically unprecedented. As a result, past modest increases in the U.S. federal minimum wage are unlikely to provide much insight into employment effects. One alternative is to examine minimum wage changes at the state or local level, as individual states and cities have instituted comparably large minimum wage changes. However, studies on state and local wage changes","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"774 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84228288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Shifting Expectations for Work from Home 人们对在家工作期望的转变
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-02-23 DOI: 10.18651/er/v108n2browntousey
Jason S. Brown, Colton Tousey
{"title":"The Shifting Expectations for Work from Home","authors":"Jason S. Brown, Colton Tousey","doi":"10.18651/er/v108n2browntousey","DOIUrl":"https://doi.org/10.18651/er/v108n2browntousey","url":null,"abstract":"","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"9 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89138759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FOMC Communication Spillovers: Is There a “Call-Out” Effect? FOMC沟通溢出效应:是否存在“号召”效应?
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-02-09 DOI: 10.18651/er/v108n1diltsstedmangulati
Karlye Dilts Stedman, Chaitri Gulati
{"title":"FOMC Communication Spillovers: Is There a “Call-Out” Effect?","authors":"Karlye Dilts Stedman, Chaitri Gulati","doi":"10.18651/er/v108n1diltsstedmangulati","DOIUrl":"https://doi.org/10.18651/er/v108n1diltsstedmangulati","url":null,"abstract":"","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"12 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78471807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How Much Have Record Corporate Profits Contributed to Recent Inflation? 创纪录的企业利润对最近的通货膨胀有多大影响?
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2023-01-12 DOI: 10.18651/er/v108n1glovermustredelriovonendebecker
Andrew Glover, José Mustre-del-Ŕıo, Alice von Ende-Becker
{"title":"How Much Have Record Corporate Profits Contributed to Recent Inflation?","authors":"Andrew Glover, José Mustre-del-Ŕıo, Alice von Ende-Becker","doi":"10.18651/er/v108n1glovermustredelriovonendebecker","DOIUrl":"https://doi.org/10.18651/er/v108n1glovermustredelriovonendebecker","url":null,"abstract":"Inflation reached a 40-year high in 2021 and continued to climb in 2022. Record corporate profits received significant public attention as a potential explanation for high inflation. Although corporate profits and inflation do not have a direct accounting relationship, inflation is directly affected by growth in the markup, or the ratio between the price a firm charges and the firm’s current marginal cost of production. Thus, the sum of the growth in the marginal cost of production and the growth in the markup is the inflation in a firm’s price. Markups can change over time for many reasons, including firms’ expectations for their marginal costs in the future.","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"15 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84540451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Lifetime Earnings Differences across Black and White Individuals: Years Worked Matter 黑人和白人的终生收入差异:工作年限问题
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2022-12-01 DOI: 10.18651/er/v108n1glovermustredelriopollard
Andrew Glover, José Mustre-del-Ŕıo, Emily Pollard
{"title":"Lifetime Earnings Differences across Black and White Individuals: Years Worked Matter","authors":"Andrew Glover, José Mustre-del-Ŕıo, Emily Pollard","doi":"10.18651/er/v108n1glovermustredelriopollard","DOIUrl":"https://doi.org/10.18651/er/v108n1glovermustredelriopollard","url":null,"abstract":". The analysis in this paper was","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"54 13","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72469704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Evolving Role of the Fed’s Balance Sheet: Effects and Challenges 美联储资产负债表角色的演变:影响与挑战
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2022-11-17 DOI: 10.18651/er/v107n4gulatismith
Chaitri Gulati, A. L. Smith
{"title":"The Evolving Role of the Fed’s Balance Sheet: Effects and Challenges","authors":"Chaitri Gulati, A. L. Smith","doi":"10.18651/er/v107n4gulatismith","DOIUrl":"https://doi.org/10.18651/er/v107n4gulatismith","url":null,"abstract":"Chaitri Gulati is an assistant economist at the Federal Reserve Bank of Kansas City. A. Lee Smith is a vice president and economist at the bank. This article is on the bank’s website at www.KansasCityFed.org The Federal Reserve’s balance sheet more than doubled to nearly $9 trillion in the wake of the COVID-19 pandemic, primarily due to large-scale asset purchases (LSAPs). Although the Federal Open Market Committee (FOMC) had previously employed LSAPs during the global financial crisis, the pace of asset purchases in March 2020 was unprecedented, as the FOMC sought to relieve severe strains in financial markets that threatened to halt the flow of credit to households and businesses. The Federal Reserve continued to purchase assets at a reduced pace through March 2022 to support the economic recovery. More recently, with inflation surging and the labor market tight, the FOMC has started to withdraw policy accommodation and has set in motion a plan to significantly reduce the balance sheet. However, the process of balance sheet reduction is likely to be challenging, as policymakers have much less experience with adjusting the balance sheet compared with their primary policy instrument, the federal funds rate. Indeed, they have engaged in quantitative tightening (QT), or balance sheet reduction, only once before. Moreover, it is not clear exactly how much accommodation the pandemic-era asset purchases have put in place, making it difficult for policymakers to judge how fast and how far to unwind them.","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"102 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78309609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Can Higher Gasoline Prices Set Off an Inflationary Spiral? 高油价会引发恶性通货膨胀吗?
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2022-11-10 DOI: 10.18651/er/v107n4cakirmelekdillonsmith
Nida Çakır Melek, Francis M. Dillon, A. L. Smith
{"title":"Can Higher Gasoline Prices Set Off an Inflationary Spiral?","authors":"Nida Çakır Melek, Francis M. Dillon, A. L. Smith","doi":"10.18651/er/v107n4cakirmelekdillonsmith","DOIUrl":"https://doi.org/10.18651/er/v107n4cakirmelekdillonsmith","url":null,"abstract":"","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89712932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Hybrid Working, Commuting Time, and the Coming Long-Term Boom in Home Construction 混合工作、通勤时间，以及未来住宅建设的长期繁荣
IF 1.7 4区 经济学
Federal Reserve Bank of St Louis Review Pub Date : 2022-09-29 DOI: 10.18651/er/v107n4rappaport
J. Rappaport
{"title":"Hybrid Working, Commuting Time, and the Coming Long-Term Boom in Home Construction","authors":"J. Rappaport","doi":"10.18651/er/v107n4rappaport","DOIUrl":"https://doi.org/10.18651/er/v107n4rappaport","url":null,"abstract":"","PeriodicalId":51713,"journal":{"name":"Federal Reserve Bank of St Louis Review","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84084021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
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