Short essays on the economic issues of the day written for a generally informed readership.
2014, No. 19
Comparing International Bond Yields
Spanish and Italian government bond yields are not directly comparable to those of U.S. Treasuries because the bonds are paid in different currencies.
2014, No. 7
Labor Market Update
There has been a significant and steady drop in the unemployment rate since late 2009, but unemployment duration remains high and employment as a percentage of the working-age population has not recovered.
2014, No. 6
Discouraged Workers: What Do We Know?
The number of discouraged workers is small relative to the rest of the working-age population,
and most discouraged workers do not stay in that category too long.
2014, No. 3
Has QE Been Effective?
Longer-term yields declined by relatively large amounts on days when the FOMC made specific QE announcements. However, the objective of QE has been to reduce long-term yields beyond the levels they would have reached without QE.
2014, No. 2
Lessons from the Taper Tantrum
Since November 2008, the Federal Open Market Committee (FOMC) has been using bond purchases to reduce long-term interest rates to support housing markets, employment, and real activity. The FOMC has varied these large-scale asset purchases—commonly called quantitative easing (QE)—with the perceived state of the economy. Its most recent incarnation of QE, QE3, announced in two phases (September 13 and December 12, 2012), committed the Fed to monthly purchases of $85 billion in bonds.