Preventing a Repeat of the Money Market Meltdown of the Early 1930s—This paper analyzes the meltdown of the commercial paper market during the Great Depression, and relates those findings to the recent financial crisis.
Optimism Remains Tempered—This paper explores the effects of oil-price shocks on the U.S economy, combining narrative and quantitative approaches.
Paradise Lost: Addressing 'Too Big to Fail' (With Reference to John Milton and Irving Kristol)—"In the words of Milton, I would say that regulation should be designed to enable financial institutions to be 'sufficient to have stood, though free to fall.'"
Optimism Remains Tempered—With the close of 2009 approaching, the overall national economic picture remains much the same as the previous month. Many major data releases over the past two weeks indicate that economic activity continues to pick up, but some indicators suggest that we still have some way to go in the journey toward stability.
On November 16, 2009, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Results of the auction are listed on the Board's website.
Regional Economy Still Weak, but Outlook Positive—Regional economic conditions are weak but improving. Employment fell again in September, and a benchmark revision of Texas jobs data for the first half of the year resulted in additional payroll declines of 63,500 since December 2008. State GDP and personal income data, however, suggest that economic activity may have bottomed out in the second quarter. Stimulus measures, transfer payments and public sector growth are making up for some of the private-sector weakness.
Business Cycles and Remittances: Can the Beveridge-Nelson Decomposition Provide New Evidence? Working Paper no. 40—This paper analyzes the business-cycle properties of remittances and output series for three pairs of countries: United States–Mexico, United States–El Salvador, and Germany–Turkey.
"My own view is that the recent pickup reflects more than purely temporary factors and that continued growth next year is likely. However, some important headwinds—in particular, constrained bank lending and a weak job market—likely will prevent the expansion from being as robust as we would hope."
Where is the U.S. economy heading next? The 2009 Evening at the Fed series will examine the intriguing way in which the U.S. economy has been behaving during the recent and unprecedented global economic slump.
This year's RAISE Texas Action Summit will recap progress made in the 2009 legislative session and review local successes in advancing the four action campaigns into 2010.
This credit-building seminar from the Credit Builders Alliance will help change the way financial educators and asset builders around the country understand credit in today's economy and how they implement their work.
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