The Philadelphia Federal Reserve Bank's estimates of state coincident activity in November shows further signs of converging growth across the nation. 32 states have seen gains between 2% and 4% over the last 12 months. Florida, with [...]
- Global| Dec 27 2018
State Coincident Indexes
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- Global| Dec 21 2018
Fed Needs to Include Asset Prices in Their Playbook
In 2008 I attended the Federal Reserve Bank of Boston 52nd annual economic conference "Understanding Inflation and the Implications for Monetary Policy." During one of the panel discussions of then current policymakers I asked, "How [...]
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- Global| Dec 20 2018
State Personal Income
The first estimates of state personal income growth in 2018:Q3 indicate that, in general, as had been the case for employment for some time, states in the western part of the country were the fastest growing, with Nevada and [...]
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- Global| Dec 10 2018
Is the CPI or PCE the "Correct" Price Target for Monetary Policy? Both Are Flawed Price Measures
The economic profession and the Bureau of Labor Statistics (BLS) statisticians have been debating the proper construction of price indices for decades. It is probably a good time to renew the debate since published price indexes have [...]
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- Global| Nov 27 2018
State Coincident Indexes
The Philadelphia Federal Reserve Bank's estimates of state coincident activity in October is in line with other state-level indicators showing a convergence of growth across the nation. The 12-month growth in the indexes lay between [...]
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- Global| Nov 20 2018
Asset Cycles & Financial Crises: "Made In Washington"
The Federal Reserve is facing the growing possibility of the third asset price bust in the last two decades. And each one has a "Made in Washington" label attached to it as policymakers have failed to use official rates to maintain [...]
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- Global| Nov 16 2018
State Labor Markets in October
State labor markets were noticeably stronger in October than September. Nine states were reported to have had statistically significant increases in payroll employment, although the gains in the Carolinas doubtlessly reflected in [...]
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- Global| Nov 13 2018
The Fed's New Challenge: Using Interest Rate Lever to Maintain Financial Stability
Policymakers are confronted with a very different and challenging environment, both operationally and politically. The Federal Reserve has a dual mandate of full employment and price stability, but is also charged with maintaining [...]
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