Hernández-Murillo and Owyang (2006) showed that accounting for spatial correlations in regional data can improve forecasts of national employment. This paper considers whether the predictive advantage of disaggregate models remains when forecasting subnational data. The authors conduct horse...

Even though the U.S. is one of the world's leading exporters, few companies actually sell abroad. One reason may be that exporting requires a company to be highly productive.

The degree of innovation in the Eighth District has lagged the rest of the nation over the past two decades. In one area, however, the District is beginning to catch up.