First Quarter 2016

In This Edition

  • A Regional Look at U.S. International Trade

    Economic activity at the state level varies greatly across U.S. regions, with different states specializing in the production of particular goods and services. This heterogeneity in activity informs the geographic distribution of U.S. imports and exports.

  • Aging and Wealth Inequality in a Neoclassical Growth Model

    In this article, the author uses a version of the neoclassical growth model with overlapping generations of individuals to investigate the effect of aging on wealth inequality. When an economy’s population becomes older—that is, when the proportion of individuals 65 years of age and older increases—two effects are at work: a direct effect from the changing age composition of the population and an indirect, equilibrium effect from the change in asset holdings by owner’s age.

  • Relative Income Traps

    Despite economic growth in the post-World War II period, few developing countries have been able to catch up to the income levels in the United States or other advanced economies. Such countries remain trapped at a relative low- or middle-income level.

  • Three Challenges to Central Bank Orthodoxy

    Since 2007-09, the Federal Reserve has pursued a very aggressive monetary policy strategy. This strategy has been associated with healthy labor market conditions, moderate economic growth, and inflation—netting out the effects of a major oil price shock—that is close to the Federal Open Market Committee’s (FOMC’s) 2 percent target.



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