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financial paperwork
September 3, 2015

The Runnables

Jack Bao, Josh David, and Song Han

Runs are an inherent vulnerability of the markets for short-term funding. Financial crises since the advent of banking have often exhibited systemic bank runs. The resulting disruptions to financial markets generally have had significant adverse impacts on the real economy.

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Various generic charts
August 28, 2015

Off-Balance Sheet Items of Depository Institutions in the Enhanced Financial Accounts

Ralf R. Meisenzahl

The Enhanced Financial Accounts initiative is an ambitious, long-term effort to augment the Financial Accounts of the United States with a more detailed picture of financial intermediation in the United States. This Note describes one initial project to provide more detailed information on the holdings and activities of depository institutions.

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Generic charts on a blue background
August 28, 2015

Launching the Enhanced Financial Accounts

Paul Smith

The Federal Reserve Board has begun an ambitious and long-term effort to enhance the Financial Accounts of the United States by providing additional detail and disaggregation, higher frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States.

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A generic line graph
August 27, 2015

Credibility of Optimal Forward Guidance at the Interest Rate Lower Bound

Taisuke Nakata

Market participants and other analysts generally expect that the federal funds rate will rise from its effective lower bound (ELB) later this year. However, the ELB could again become a binding constraint on monetary policy in the future.

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NOAA Hurricane Katrina
August 26, 2015

Mass Population Displacement and Retail Activities in the Wake of Hurricane Katrina

Etienne Gagnon, David López-Salido

This week marks the 10th anniversary of Hurricane Katrina's tragic landfall near New Orleans, Louisiana, and the forced relocation of hundreds of thousands of families who lost their homes in the disaster. This mass population displacement boosted, for an extended period, population density and store frequentation in areas that were relatively spared by the storm. This note argues that supermarkets that weathered the hurricane raised prices little despite facing markedly higher store traffic and likely disruptions to their supply chains.

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A pen sit atop charts
August 7, 2015

How Much Student Debt is Out There?

Jesse Bricker, Meta Brown Leaving the Board's website., Simona Hannon, and Karen Pence

As is widely known, student loan debt has expanded significantly over the past decade or so and stands at historically high levels. But how much in total do students owe?

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An illustration of a thermometer
August 5, 2015

Mapping Heat in the U.S. Financial System: A Summary

David Aikman, Michael Kiley, Seung Jung Lee, Michael Palumbo, and Missaka Warusawitharana

This Note reports a selection of results from research intended to quantitatively measure the buildup and reduction of vulnerabilities in the U.S. financial system over time.

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Taxonomy figure
July 31, 2015

Taxonomy of Studies on Interconnectedness

Gazi Kara, Mary Tian, and Margaret Yellen

This note provides a taxonomy of existing studies in the literature on interconnectedness, focusing specifically on empirical measures.

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Household illustration
July 20, 2015

Does it matter who your parents are? Findings on economic mobility from the Survey of Household Economics and Decisionmaking

Jeff Larrimore

Coming out of the Great Recession, there are renewed concerns about the level of economic opportunity throughout the income distribution and the extent to which economic advancement is a realistic goal for all American families.

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A row of network servers
July 1, 2015

Prices for Data Storage Equipment and the State of IT Innovation

David Byrne

This note presents new estimates of price trends for data storage equipment, a key general-purpose technology that enables both emerging and mature IT applications.

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Tablet with charts
June 19, 2015

The Effects of Liquidity Regulation on Participation in the Term Deposit Facility

Marcelo Rezende and Mary-Frances Styczynski

We find that banks subject to the Liquidity Coverage Ratio (LCR) submit tenders relatively more often than banks not subject to it in operations that allow banks to withdraw funds prior to the maturity date.

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The Board building
June 8, 2015

Did the Fed's Announcement of an Inflation Objective Influence Expectations?

Alan Detmeister, Daeus Jorento, Emily Massaro, and Ekaterina Peneva

Economic theory suggests that inflation expectations are a key determinant of actual inflation.

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A diverse ste of workers from various industries
June 8, 2015

The Labor Share of Income and Equilibrium Unemployment

Andrew Figura and David Ratner

After rising to 10 percent in the wake of the Great Recession, the unemployment rate is now approaching a level that many observers--including the Congressional Budget Office, as shown in Figure 1--associate with the natural rate of unemployment.

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Coin stacks
June 5, 2015

The Increase in Wealth Concentration, 1989-2013

Jesse Bricker, Alice Henriques, Jacob Krimmel, and John Sabelhaus

Wealth is highly concentrated in the United States, and top shares have been rising in recent decades, raising both normative and macroeconomic policy concerns.

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A microchip
June 2, 2015

Domestic Electronics Manufacturing: Medical, Military, and Aerospace Equipment and What We Don't Know about High-Tech Productivity

David Byrne

Beginning in the 1990s, Federal Reserve Board staff paid increasing attention to electronics manufacturing in order to advance its understanding of technological innovation, of the role of the domestic industrial sector in global value chains, and of the sources of labor productivity growth.

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A generic line graph
June 1, 2015

Who Drives Luxury Cars (Only for a While)?

Christopher Kurz and Geng Li

Household consumption of luxury goods has attracted increasing attention in various areas of finance and economics research.

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Federal Reserve Board building
May 26, 2015

The FOMC meeting minutes: An assessment of counting words and the diversity of views

Ellen E. Meade, Nicholas A. Burk, and Melanie Josselyn

The Federal Reserve's communications with the public have evolved substantially since the early 1990s.

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An illustration of a house with a car in a garage
May 26, 2015

Assessing the Community Reinvestment Act's Role in the Financial Crisis

Neil Bhutta and Daniel Ringo

An important question arising out of the financial crisis is whether the Community Reinvestment Act (CRA) played a significant role in the subprime mortgage boom and bust by pushing banks to make loans to risky borrowers.

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Four trees represent the four seasons
May 14, 2015

Residual Seasonality in GDP

Charles E. Gilbert, Norman J. Morin, Andrew D. Paciorek, and Claudia R. Sahm

With a second year in a row of unusually weak first-quarter growth, some analysts have argued that there may be residual seasonality in the GDP data, that is, a predictable seasonal pattern remains in the published data.

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Various stock charts
May 1, 2015

Forecasts of Economic Activity in the Great Recession

Claudia R. Sahm

Forecasts by the Board staff for economic activity during the Great Recession proved to be overly optimistic on some dimensions, such as GDP, and yet were appropriately pessimistic on other dimensions, such as the GDP gap (the deviation of GDP from potential output).

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A pen sit atop charts
April 20, 2015

Defined-Contribution Pension Plans for State and Local Government Employees in the Financial Accounts of the United States

Matthew Hoops, Irina Stefanescu, and Ivan Vidangos

This note provides some background information on the DC pension plans available to state and local (S&L) government workers, briefly discusses the methodology used to construct the estimates of assets held by S&L DC pension plans, and presents the estimates currently reported in the Financial Accounts.

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Household illustration
April 6, 2015

Deleveraging and Recent Trends in Household Debt

Ivan Vidangos

After falling for almost five years, household debt (measured in dollars) has risen in each of the last seven quarters, as the primary forces exerting downward pressure on household debt in previous years (mortgage charge-offs and negative net mortgage originations) have waned, while consumer credit has been expanding at a robust pace.

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A generic line graph
March 26, 2015

The recent slowdown in high-tech equipment price declines and some implications for business investment and labor productivity

David Byrne and Eugenio Pinto

Investment in high-tech equipment spurred by rapidly falling prices has accounted for an important share of business investment and labor productivity growth since the 1970s.

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financial paperwork
March 24, 2015

The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States

Ralf R. Meisenzahl

This note explains how the Federal Reserve's overnight and term reverse repurchase agreement (RRP) operations are reported in the Federal Reserve's Financial Accounts of the United States (formerly known as the Flow of Funds Accounts).

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A gas pump
March 6, 2015

Do Lower Gasoline Prices Boost Confidence?

Aditya Aladangady and Claudia R. Sahm

A gallon of gasoline currently costs one third less than it did last summer.

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A hard hat
February 26, 2015

Where Are The Construction Workers?

Andrew Paciorek

The labor market for construction workers suffered a massive shock in the wake of the housing bust, as demand for new homes dried up and firms rapidly shed workers.

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A generic line graph
February 26, 2015

The Effects of Forward Guidance in Three Macro Models

Hess Chung

With the federal funds rate at its effective zero lower bound since the end of 2008, much attention has been focused on estimating the effects of "unconventional" monetary policy actions, such as large-scale asset purchases or explicit forward guidance concerning the future path of the funds rate.

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Graduation cap on top of currency
February 2, 2015

How Does Student Loan Debt Affect Light Vehicle Purchases?

Christopher Kurz and Geng Li

Light vehicle sales plummeted during the recent financial crisis and the ensuing recession.

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Tablet with charts
January 16, 2015

Relation between Levels and Changes in Lending Standards Reported by Banks in the Senior Loan Officer Opinion Survey on Bank Lending Practices

William Bassett and Marcelo Rezende

This note uses bank-level answers to the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) to investigate the relation between levels and changes in lending standards reported by banks. We provide evidence that banks' responses about levels and changes in standards are positively correlated, although this relationship is not clear in summary statistics. These results suggest that banks’ responses to the quarterly SLOOS questions and their annual counterparts contain independent information about their lending practices.

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Disclaimer: FEDS Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers.

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Last update: September 3, 2015