The Great Depression was the worst macroeconomic collapse in U.S. history. Sharp declines in household income and real estate values resulted in soaring mortgage delinquency rates. According to one estimate, as of January 1, 1934, fully one-half of U.S. home mortgages were delinquent and, on...

The deflationary outcome of monetary policy during the Great Depression had two fundamental causes: 1) the Federal Reserve's use of flawed operating guides, and 2) a decision to make preservation of the gold standard the overriding objective of policy. The Great Depression resulted in lasting...

State per capita incomes became more disperse during the contraction phase of the Great Depression, and less disperse during the recovery phase. We investigate the effects of spatial dependence, industrial composition, bank failures and fiscal policies on state income growth during each phase....

May 16, 2012. "The Fed on Pause" Presented at Dialogue with the Fed, Louisville, Kentucky.

Delivered at the 48th Winter Institute, St. Cloud State University, St. Cloud, Minnesota.

January 10, 2013. Presentation. "The Fed's New Regime and the 2013 Outlook." Wisconsin Economic Forecast Luncheon, Wisconsin Bankers Association. Madison, Wisconsin.

Delivered at the Business Today "Weathering the Storm: The Challenges and Opportunities of A Global Slowdown" Conference, New York City, November 22, 2009

Studies of the predictive ability of the Federal Reserve's Beige Book, an anecdotal measure of regional economic conditions, for aggregate output and employment have proven inconclusive. This might be attributed, in part, to the irregular release schedule of the Beige Book. In this paper, we use...

The 2007-2008 financial crises has made it painfully obvious that markets may quickly turn illiquid. Moreover, recent experience has taught us that distress and lack of active trading can jump "around" between seemingly unconnected parts of the financial system contributing to transforming...

This booklet describes the structure and functions of the Federal Reserve System in an easy-to-read format using illustrations that help explain the concepts.