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The Regional Economist

January 2013

Why Are Corporations Holding So Much Cash?

U.S. corporations are holding record-high amounts of cash.  One reason has to do with taxes—both the uncertainty about future taxes and the reality of today’s tax rules.  The second reason has to do with the rise of research and development; because of its uncertain nature, this sort of work requires access to high levels of cash.

Job Polarization Leaves Middle-Skilled Workers Out in the Cold

The economy has increased its demand for high-skilled (high-wage) workers, while opportunities for middle-skilled (middle-wage) jobs have declined.  This “job polarization” may require a shift in the sort of training that is encouraged for American workers.

How Low Can You Go? Negative Interest Rates and Investors’ Flight to Safety

It is not uncommon to observe negative interest rates during uncertain times, when investors flee to safety.  But the existence of negative market yields provides no support for policies in which central banks set negative interest rates on deposits held at a central bank.

President's Message: The Fed’s Latest Balance-Sheet Policy: What Constitutes Substantial Labor-Market Improvement?

Household Financial Stress and Home Prices

National Overview: Fiscal Uncertainty Clouds Outlook for Growth

District Overview: Multifamily Rental Housing Is Growing: “Yesterday’s Buyer Is Today’s Tenant”

Community Profile: Stayed in America: Manufacturing Jobs Aren’t Leaving Seymour, Ind.

Reader Exchange

The Regional Economist Online-only Content

Online Extra: Mortgage Borrowing: The Boom and Bust

The buildup of mortgage debt before the crisis and the subsequent deleveraging have had profoundly different effects on different age groups. Younger families generally experienced the most volatility, while older families emerged with the largest net increase in mortgage debt.