Labor productivity growth across states

Labor productivity growth, a measure of output per unit of work, is closely tied to gains in wages and living standards, and it provides a direct measure of a country’s competitive position over time. The same holds true for states. Since the last business cycle peak in 2000, states boosted their average labor productivity growth to 2.3 percent. In Ohio, this growth came as a result of modest output growth accompanied by sharp employment losses. Although this has been a painful transition for the Fourth District, solid productivity gains have made the remaining firms and workers more competitive and may prepare the way for future growth.Labor productivity ; Economic conditions ; Federal Reserve District, 4th

Oil prices, monetary policy, and the macroeconomy

Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? The authors discuss how to disentangle these two effects.Petroleum products - Prices ; Monetary policy

Review of Homer\u27s Iliad: The Basel Commentary, Book XIX

Marina Coray’s commentary on Iliad 19, originally published in German in 2009, is part of the ongoing Basel commentary series on Homer’s Iliad, edited by Anton Bierl and Joachim Latacz. So far thirteen volumes of the series have been published in German, and five in English translation. Coray’s commentary is a work of great erudition and will be an indispensable resource for scholars of Homer. Here I focus on the utility of this slightly revised new English edition for anglophone readers at various levels, and consider how this commentary relates to and supplements Mark W. Edwards’ outstanding commentary on Iliad 17-20, which is Volume V (1991) of the Cambridge series edited by G. S. Kirk, and represents the current English-language scholarly standard. (excerpt

Fear and loathing of central banks in America

The Federal Reserve System is America’s uneasy compromise between our dislike of concentrated financial power and our desire to promote efficiency in our national payments system. In fact, the Federal Reserve is the nation’s third attempt to establish a large national bank—what we now call a central bank—that is in a unique position to influence a nation’s money and credit. This Commentary retells the story of the rise and fall of the two earlier national banks, the Banks of the United States.Banks and banking, Central ; Banks and banking - History

The business cycle, investment and a wayward M2: a midyear review

A summary of the June 12, 1992 meeting of the Fourth District Economists' Roundtable, at which 22 panelists concurred that steady and moderate growth in the economy can be expected through late 1993; includes discussions on business fixed investment, monetary growth, and business cycle theory.Economic conditions - United States

Measures of corporate earnings: what number is best?

Revelations of corporate fraud in 2002 shook the public's confidence in financial reporting and led to calls for reform. Without credible, transparent, and comparable financial information, investors, auditors, and others cannot make decisions that are essential to the efficient functioning of the economy. But while rules can be improved, it is not possible to achieve a rigid standard that applies uniformly to every company. This Economic Commentary explains why.Corporate profits

Long-term health care: is social insurance desirable?

A look at why the private insurance market has failed to cover long-term care risks adequately, and an evaluation of several proposals for funding such care through social insurance.Medical care

Monetary policy rules and stability: inflation targeting versus price-level targeting

Monetary policy rules help central banks exercise the discipline necessary to achieve their long-term goals. The type of rule many banks are turning to these days is inflation targeting, which has several advantages. But because banks base their actions on forecasts of future inflation, following the rule can lead to inflation-rate instability in some cases. A price-level target offers the same benefits as an inflation target but, because actions are based on past inflation, it avoids this vulnerability.Monetary policy ; Inflation (Finance) ; Banks and banking, Central

Auctioning treasury securities

A proposal of two suggested changes in the current sealed-bid, multiple-price auction process for selling U.S. Treasury securities, each of which might eliminate incentives and opportunities for market manipulation and thereby reduce the need to police arbitrary auction rules.Government securities

Growth and poverty revisited

An explanation of an alternative analysis of poverty based on consumption rather than on annual income, which disputes the documented breakdown in progress against poverty in the 1980s and concludes that the poor appear to benefit from a growing economy now as much as in previous decades.Gross domestic product ; Poverty