January/February 2013

In This Edition

  • Four Stories of Quantitative Easing

    This article describes the circumstances of and motivations for the quantitative easing programs of the Federal Reserve, Bank of England, European Central Bank, and Bank of Japan during the recent financial crisis and recovery. The programs initially ...


  • International Trade, Female Labor, and Entrepreneurship in MENA Countries

    Middle Eastern and North African (MENA) countries stand out in international comparisons of de jure obstacles to female employment and entrepreneurship. These obstacles manifest themselves in low rates of female labor participation, entrepreneurship, and ownership. Recent research suggests ...


  • U.S. Manufacturing and the Importance of International Trade: It's Not What You Think

    The public often gauges the strength of the U.S. economy by the performance of the manufacturing sector, especially by changes in manufacturing employment. When such employment declines, as has been the trend for many years, it is often assumed ...


  • Why Did Young Families Lose So Much Wealth During the Crisis? The Role of Homeownership

    The authors use the Federal Reserve's Survey of Consumer Finances to document a boom in home ownership and mortgage borrowing among young families in the years leading up to the recent financial crisis. Many young families lost more of their wealth during the downturn than middle-aged and older families. The authors find ...