A quarterly research publication with articles on macroeconomics and monetary policy, regional and international economics, and banking and financial markets.
Understanding State and Local Government Spending over the Business Cycle
Since the mid-1980s, state and local government spending has followed a consistently procyclical pattern, declining during...
The Implications of Unrealized Losses for Banks
Lower securities valuations have reduced banks’ liquidity and capital, potentially dampening loan growth.
The Employment Effect of an Increase in the National Minimum Wage: Review of International Evidence
Increasing the federal minimum wage gradually and steadily may help minimize negative employment effects.
The Shifting Expectations for Work from Home
Higher income workers in more densely populated areas are more likely to work from home.
FOMC Communication Spillovers: Is There a “Call-Out” Effect?
Foreign asset prices may react to FOMC communication that references specific countries, but the effects are minimal.
How Much Have Record Corporate Profits Contributed to Recent Inflation?
Firms raised markups during 2021 in anticipation of future cost pressures, contributing substantially to inflation.
Economic Review articles may be reprinted if the source is credited and the Public Affairs Department of the Federal Reserve Bank of Kansas City is provided with copies. Permission to photocopy is unrestricted.