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Thursday, August 21, 2014

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Business Review

Second Quarter 2014

Download the entire issue PDF (998 KB, 31 pages)

The Paper Trail of Knowledge Transfers

Why do firms tend to locate near other firms? Economists suspect that geographic clustering spurs innovation by letting businesses tap a climate rich in informal transfers of knowledge. By tracing links between inventors filing for patents for the same inventions, Jeffrey Lin shares new evidence supporting the idea that proximity offers businesses tangible benefits.
Full article PDF (258 KB, 6 pages).

Shadow Banking and the Crisis of 2007-08

In recent decades, institutions that function much like traditional banks have grown outside regulatory oversight. Yet, as Daniel Sanches explains, these so-called shadow banks are as vulnerable to runs as regular banks. Because banking crises can inflict lasting economic harm, economists are interested in tracing how the panic ensued in the shadow system.
Full article PDF (249 KB, 8 pages).

Forecast Disagreement in the Survey of Professional Forecasters

To enact effective policies and spend resources efficiently, firms, policymakers, and markets need accurate economic forecasts. But even though economists generally work with similar models and data, their projections often range widely. To better understand why, Keith Sill explores what the evidence and theories say about how forecasters form their views.
Full article PDF (362 KB, 10 pages).

Research Rap

Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. PDF (155 KB, 3 pages).

First Quarter 2014

Download the entire issue PDF (1.5 MB, 36 pages)

Does the U.S. Trade More Widely Than It Appears?

Given the importance of international trade for economic growth, why in any given year do few U.S. firms export their wares, and why are most U.S. goods not traded with most countries? Roc Armenter presents some intriguing evidence suggesting the U.S. does export most of its products to most countries, just not very often.
Full article PDF (579 KB, 8 pages).

Location Dynamics: A Key Consideration for Urban Policy

What determines where businesses and households locate? Location decisions can affect the economic health of cities and metropolitan areas. But as Jeffrey Brinkman explains, how firms, residents, and workers go about choosing where to locate can involve complex interactions with sometimes unpredictable consequences.
Full article PDF (609 KB, 7 pages).

Brewing Bubbles: How Mortgage Practices Intensify Housing Booms

Even before the Great Recession, housing market bubbles have been associated with severe financial crises around the world. Why do these booms and busts occur? Leonard Nakamura explains that part of the answer may lie with how mortgage lending practices appear to respond to rising and falling house prices in somewhat unexpected ways.
Full article PDF (508 KB, 9 pages).

New Perspectives on Consumer Behavior in Credit and Payments Markets

Mitchell Berlin summarizes new research on household finance presented at a joint conference sponsored by the Federal Reserve Bank of Philadelphia's Research Department and Payment Cards Center.
Full article PDF (240 KB, 6 pages).

Research Rap

Abstracts of the latest working papers produced by the Research Department of the Federal Reserve Bank of Philadelphia. PDF (154 KB, 2 pages).

  • Last updated: May 22, 2014

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