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Press Releases


Featuring research published in December 2010


Good News, Bad News in 2010 Color Outlook for 2011
EconSouth Q4 2010
The national economy has recently exhibited some signs of renewed health, but it has also encountered some significant headwinds. Although the economy in 2011 is poised for growth, some fundamentals bear watching.

The Big Impact of Small Business
EconSouth Q4 2010
Small business—long one of the primary engines of the economy—endured a particularly difficult time during the recession, and the sector is just beginning to exhibit signs of a rebound. How will today's tight credit markets affect small businesses as they retrench for tomorrow's challenges?

How Amsterdam Got Fiat Money
Working Paper 2010-17
The authors analyze a fiat money regime that was introduced by the Bank of Amsterdam in 1683. Reconstructing the bank's balance sheets, they describe how fiat money affected the bank's monetary and credit policies.

Confronting Model Misspecification in Macroeconomics
Working Paper 2010-18
The authors propose a framework for merging multiple models, incorporating uncertainty about both models and parameters. Their merged model alters the inferences about structural parameters and impulse responses.

The Impact of Medical and Nursing Home Expenses and Social Insurance
Working Paper 2010-19
The authors examine old-age health expenses, calibrating their model to the United States, and find that nursing home expenses play a significant role in the savings of the wealthy and on aggregate.

Taxes, Transfers, and Employment in an Incomplete Markets Model
CQER Working Paper 10-07
This article analyzes tax and transfer programs using a model with idiosyncratic productivity shocks and incomplete markets. The authors find that tax and transfer policies have large effects on average labor productivity via selection effects on employment.

Monetary Policy and Stock Market Booms
CQER Working Paper 10-08
The authors of this paper use historical data and model simulations to conclude that inflation is low during stock market booms, so an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy.


The Economics of Regulating System Risk
Notes from the Vault
In this article, Gerald Dwyer discusses how regulation can reduce systemic risk by changing behavior and by making the financial system more resilient to shocks.

Regional Economics

The Southeast in 2011
EconSouth Q4 2010
Despite its previous robust growth, the Southeast didn't escape the recession unscathed. As the regional economy emerges from a slump that hit virtually every sector, in 2011 the region is hoping to recapture the growth that had made it one of the nation's fastest-growing areas.

International Economics

Uncertainty Lies Ahead for the World Economy
EconSouth Q4 2010
The recent financial crisis raced around the globe, touching virtually every major economy. Since then, the rate of recovery is varying dramatically among economies. This uneven recovery and the possibility of diverging trade and monetary policies combine to create a 2011 rife with uncertainty.


Economic Activity in the Southeast (MP3 5:44)
Southeastern Economic Perspectives
Michael Chriszt of the Atlanta Fed's research department discusses how the southeastern economy appears to have stabilized.

Bridging the Gap: Overcoming Minority Small Business Performance Disparities (MP3 7:56)
Economic Development
Dr. Robert Fairlie, professor of applied economics and finance at the University of California Santa Cruz, discusses how minority-owned small businesses have fared in difficult economic conditions and policy options to address these challenges.

Fact or Fallacy: Can Self-Employment Improve Economic Opportunities for Low-Skilled Workers? (MP3 9:11)
Economic Development
Dr. Magnus Lofstrom, research fellow with the Public Policy Institute of California, discusses whether self-employment improves the earning power of low-skilled workers as well as economic development policies that local and state governments could consider to help this vulnerable population.

Healthy Businesses, Healthy Communities: Identifying and Responding to Local Small Business Challenges (MP3 9:14)
Economic Development
Dr. Lisa Servon, former dean of Milano the New School for Management and Urban Policy, discusses the effects of the economic downturn on small businesses and local communities and approaches to promoting economic development in a time of major financial constraints and challenges.

Surveying the U.S. Economy (MP3 5:48)
EconSouth Now
Julie Hotchkiss of the Atlanta Fed's research department looks at our nation's economy in the wake of the crisis and as we head into the next year.

Focus on Payments: Debit Cards Surpass Checks, Credit Cards Decline for First Time (MP3 10:59)
Financial Update Focus
Rich Oliver, executive vice president at the Atlanta Fed, discusses the recent Board of Governors payments study. He says that although the study revealed no big surprises, it did confirm what experts had suspected: Americans now use their debit cards more than they write checks.