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Press Releases


Research Notes–March 2009


Featuring research published in February 2009

Speeches

Thoughts on Risk in the Current Economic Situation
Feb. 23, 2009
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, speaks about the U.S. economy and risk issues in a speech to the Association for Financial Professionals Corporate Risk Forum in Orlando, Fla.

The Economic Situation and Policies to Restore Financial Stability and Growth
Feb. 19, 2009
Dennis P. Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, provides remarks on the U.S. economy and recent policy actions at the Birmingham Regional Chamber of Commerce.

Macroeconomics

Subprime Mortgages, Foreclosures, and Urban Neighborhoods
Working Paper 2009-1
The authors find that homeownerships created with subprime mortgages have proved unstable and that the dire situation foreclosure has created in urban areas makes it easier for policymakers to provide remedies.

Making Sense of the Subprime Crisis
Working Paper 2009-2
Could market participants have foreseen the increase in home foreclosures in 2007 and 2008? The authors provide evidence that analysts understood the relationship between house prices and foreclosures but considered a substantial national decline in house prices unlikely.

Finance

Sources of the Great Moderation: Shocks, Frictions, or Monetary Policy?
Working Paper 2009-3
Examining the fall of inflation and variation of output growth rates after 1987, the authors show that three kinds of shocks—capital depreciation, neutral technology, and wage markup—accounted for most of the Great Moderation.

The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?
Working Paper 2009-4
Documenting the Federal Home Loan Bank System’s role in providing liquidity during the current financial crisis, the authors identify the trade-offs FHLB member banks faced when choosing between FHLB or Federal Reserve lending.

International Economics

Financial Development, Remittances, and Real Exchange Rate Appreciation
Economic Review No. 1, 2009
Remittances can raise the real exchange rate for recipient economies. But countries with better-developed financial markets can more effectively channel remittances toward investment activities and thus assuage remittances’ appreciation effects on the local currency.

Podcasts

Thoughts on Risk in the Current Economic Situation (MP3 19:23)
Speeches
Atlanta Fed President and Chief Executive Officer Dennis Lockhart provides remarks in a speech to the Association for Financial Professionals Corporate Risk Forum in Orlando, Fla.

The Economic Situation and Policies to Restore Financial Stability and Growth (MP3 20:36)
Speeches
Atlanta Fed President and Chief Executive Officer Dennis Lockhart speaks at the Birmingham Regional Chamber of Commerce.