Economic Insights — By the time the Fed raised interest rates in March 2022, employment, which had been hit hard by COVID, had bounced back for most groups, but there were two notable exceptions.

WP 22-37 – Real GDP falls short in quantifying the economic well-being of a nation. We discuss how far we can expand it to include new well-being impacts like the rise of the Internet and climate change. Not all of well-being is quantifiable.

WP 22-33 – We model an international gold standard and find that it exposes domestic economies to external shocks, prompting the least-productive countries to opt out of the standard. In other words, the gold standard can be sustainable at the core but not at the periphery.