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Volume 106, Number 1

How You Say It Matters: Text Analysis of FOMC Statements Using Natural Language Processing

By Taeyoung Doh, Sungil Kim and Shu-Kuei Yang In FOMC statements, qualitative descriptions of economic conditions can affect bond prices as much as quantitative information.

Volume 105, Number 2

What to Do about Fannie and Freddie: A Primer on Housing Finance Reform

By Jordan Rappaport Policymakers face several issues in reforming the current system of mortgage finance toward one in which the government plays a less direct role.

The Macroeconomic Fallout of Shutting Down the Banking System

By Qian Chen, Christoffer Koch, Gary Richardson and Padma Sharma Preventing the suspension of bank deposits during recessions may also prevent longer-term economic losses.

Unconventional Monetary Policy and International Interest Rate Spillovers

By Karlye Dilts Stedman Expansionary spillovers from foreign central banks may have weighed down long-term interest rates in the United States since 2015.

Drought Risk to the Agriculture Sector

By David Rodziewicz and Jacob Dice Farmer losses from extreme drought represent an economically relevant share of crop production values, and may increase in coming decades as global temperatures rise.

Economic Review Archive

Volume 105, Number 1

Population Turnover and the Growth of Urban Areas

By Jason P. Brown and Colton Tousey More people are moving to and from large urban areas, leading to faster population growth over time.

Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments

By Fumiko Hayashi and Ying Lei Toh Consumers who are younger, higher income, college-educated, or employed are the most ready to benefit from faster payments.

Corporate Leverage and Investment

By W. Blake Marsh, David Rodziewicz and Karna Chelluri Firms with more debt invest less in the future.

Reshuffling in Soybean Markets following Chinese Tariffs

By Cortney Cowley Chinese tariffs on U.S. soybeans could reduce the global competitiveness of U.S. soybeans in the longer term.

Fourth Quarter 2019

Spending Patterns and Cost of Living for Younger versus Older Households

By Jun Nie and Akshat S. Gautam Older households have faced slightly higher inflation rates than younger households over the past 40 years, though this gap is narrowing.

Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards

By Fumiko Hayashi Even after migrating to chip card technology, the United States has a significantly higher in-person fraud rate than other countries.

Why Aren’t More People Working in Low- and Moderate-Income Areas?

By Kelly D. Edmiston Fewer residents in low- and moderate-income communities are working compared with higher-income areas, due in large part to employment barriers.

Special Issue 2019


In July 2019, the Federal Reserve Bank of Kansas City hosted a symposium titled “Exploring Agriculture’s Path to the Long Term.” Esther L. George, the Bank’s President and Chief Executive Officer, notes both positive trends and challenges facing the agricultural sector today and in the future.

Agricultural Cycles and Implications for the Near Term

By Ani L. Katchova and Ana Claudia Sant’Anna While several indicators suggest that a repeat of the 1980s farm crisis is unlikely, the length of the current agricultural downturn may take a toll.

The “Normal” Normal: Supply and Demand Drivers over the Next 10 Years

By Seth Meyer and Joe Glauber A growing population, evolving food and fuel consumption, and trade with China and other parts of the world will all influence U.S. agriculture over the next decade.

Long-Run Uncertainties for U.S. Agriculture

By Rosamond L. Naylor Changes in global food and fuel demand, the effects of climate change, and regional depletion of groundwater resources for irrigation create uncertainty for U.S. farmers.

Transitioning to the Long Term

By Michael Gunderson To be successful in the future, agricultural producers will need to take leadership as production conditions, the climate, and technologies evolve.
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