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Economic Review

A quarterly research publication with articles on macroeconomics and monetary policy, regional and international economics, and banking and financial markets.

Recent Articles

Economic Review

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...

Economic Review

The Implications of Unrealized Losses for Banks

Lower securities valuations have reduced banks’ liquidity and capital, potentially dampening loan growth.

Economic Review

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.

Economic Review

The Shifting Expectations for Work from Home

Higher income workers in more densely populated areas are more likely to work from home.

Economic Review

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.

Economic Review

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.


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