In this paper, we analyze the service provided by the 13 largest U.S. passenger airlines to the 100 most populous U.S. metropolitan areas in 1989. We classify the route systems by their nature and geographic scope using a variety of measures based on route-level data. We then identify individual...

According to a study featured in the Federal Reserve Bank of Cleveland's 2005 Annual Report, differences in state income levels can be explained largely by two factors: innovation and workforce skills. The study's findings suggest that increasing a region's knowledge base should be a primary...

This Economic Commentary confirms that productivity growth has been unusually robust over the last few years and explores reasonable assumptions about the likely future pattern of productivity growth. These assumptions can generate substantially different productivity growth paths. Government...

Money laundering has gone on since the first crime was committed for profit, but it has been explicitly illegal only since 1986. Interest in this topic soars whenever a major “laundromat” is uncovered. This Economic Commentary describes the money laundering process, summarizes the evolving...

A description of the U.S. payments system, outlining its evolution and examining some of the areas where improvements are needed.

An examination of the benefits and problems that have resulted from deregulation of the airline industry, with recommendations for public policy changes to preserve the benefits and to mitigate the problems.