Economic Review - Federal Reserve Bank of Kansas City

Articles from Vol. 92, No. 4, Fourth Quarter

Booms and Busts: The Case of Subprime Mortgages
W"e have all learned about productivity as a smooth trend process. There is this rate of productivity change, it produces this rate of capital augmentation, and this rate of economic growth.But even a cursory examination of American economic history,...
How Useful Is Okun's Law?
(ProQuest: ... denotes formulae omitted.)From the beginning of 2003 dirough the first quarter of 2006, real gross domestic product in the United States grew at an average annual rate of 3.4 percent. As expected, unemployment during the period fell. Over...
Industrial Loan Companies: A Growing Industry Sparks a Public Policy Debate
Industrial loan companies, or ILCs, are a small, but rapidly growing part of the financial industry. These state-chartered institutions operate in seven states and have nearly all of the same powers as commercial banks. However, ILCs differ greatly from...
Rising Foreclosures in the United States: A Perfect Storm
Residential foreclosures in the United States have been rising very rapidly since 2006. In the second quarter of 2007, the share of outstanding mortgages in some stage of foreclosure stood at 1.4 percent, near historic highs and up from less than 1 percent...
Risks of Identity Theft: Can the Market Protect the Payment System?
Imagine sitting at a computer and with a few keystrokes having the personal information of person after person appear on the monitor: names, addresses, Social Security numbers, debit card account numbers and PINs, bank account numbers and passwords,...
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