Forthcoming

Labor Market Improvement and the Use of Subsidized Housing Programs

By Nicholas Sly and Elizabeth M. Johnson Local and demographic-specific labor market conditions are more useful than national aggregates in explaining subsidized housing use.

Fiscal Sustainability: A Cross-Country Analysis

By Huixin Bi A new country-specific framework quantifies the maximum level of debt a government can sustain given its economic and policy environment.

Special Issue 2017

Foreword

In June 2017, the Federal Reserve Bank of Kansas City hosted a symposium titled “Agricultural Consolidation: Causes and the Path Forward.” Esther L. George, the Bank’s President and Chief Executive Officer, reviews the history of agricultural consolidation and the symposium’s contributions.

Drivers of Consolidation and Structural Change in Production Agriculture

By Michael Langemeier and Michael Boehlje

Production agriculture is in the midst of a major transformation marked by continued consolidation and changes in technology, production practices, and the value chain.

Concentration and Consolidation in the U.S. Food Supply Chain: The Latest Evidence and Implications for Consumers, Farmers, and Policymakers

By Tina L. Saitone and Richard J. Sexton

On balance, the consolidation of food marketing has benefited consumers through stable prices and increased choice.

Financing a Changing Agricultural and Rural Landscape

By Allen M. Featherstone

States in the Tenth Federal Reserve District are experiencing consolidation in production agriculture and agricultural lending at different rates.

Consolidation, Concentration, and Competition in the Food System

By James M. MacDonald

The food system is moving toward increased consolidation and concentration, with varying effects on competition and efficiency.

3rd Quarter 2017

The Changing Cyclicality of Labor Force Participation

By Willem Van Zandweghe

The labor force participation rate has become more sensitive to the business cycle.

Dissecting Wage Dispersion

By San Cannon and José Mustre-del-Río

"Where you work" contributes more to residual wage dispersion than "who you are."

Banking on Distributed Ledger Technology: Can It Help Banks Address Financial Inclusion?

By W. Blake Marsh and Jesse Leigh Maniff

Despite its promise, distributed ledger technology is unlikely to draw unbanked consumers into the financial mainstream.

Economic Review Archive

How Do FOMC Projections Affect Policy Uncertainty?

By Brent Bundick and Trenton Herriford Measures of uncertainty fell after the FOMC began releasing its interest rate projections; however, uncertainty is significantly correlated with disagreement across participants’ projections.

The Changing Input-Output Network Structure of the U.S. Economy

By Andrew Foerster and Jason Choi

U.S. industries have become less connected over the last 10 years, and service industries have become more central.

Additional files: Appendix

Lifting the U.S. Crude Oil Export Ban: Prospects for Increasing Oil Market Efficiency

By Nida Cakir Melek and Elena Ojeda Repealing the U.S. ban on crude oil exports led to increased trade and efficiency in the oil market.

Bond Premiums and the Natural Real Rate of Interest

By Craig S. Hakkio and A. Lee Smith Craig S. Hakkio and A. Lee Smith find that bond premiums are an important determinant of the natural real rate of interest, or r*.

Crowdedness, Centralized Employment, and Multifamily Home Construction

By Jordan Rappaport

Jordan Rappaport finds factors related to population, population density, and centralized employment have driven much of the recent variation in multifamily construction across metros.

Additional files: Data Supplement

Identifying State-Level Recessions

By Jason P. Brown Jason P. Brown tests two approaches to determining whether states in the Tenth Federal Reserve District are in a recession.

Residential Rent Affordability across U.S. Metropolitan Areas

By Kelly D. Edmiston Kelly D. Edmiston examines recent trends in rent affordability for both low- and middle-income households and across metropolitan areas.   

The Dispersion of Farmland Values in the Tenth District

By Cortney Cowley Cortney Cowley examines the widening dispersion of farmland values in the Tenth Federal Reserve District and finds that land quality, climate, and commodity sales have played important roles.

Enforcement Actions and Bank Loan Contracting

By Raluca A. Roman Raluca A. Roman finds that bank loans initiated after an enforcement action have lower interest rates than loans initiated before an enforcement action.
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