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Articles by Eric Milstein
What did the Fed do in response to the COVID-19 crisis?
The coronavirus crisis in the United States—and the associated business closures, event cancellations, and work-from-home policies—triggered a deep economic downturn. The sharp contraction and deep uncertainty about the course of the virus and economy sparked a “dash for cash”—a desire to hold deposits and only the most liquid assets—that disrupted financial markets and threatened to make a dire situation much worse.
Risk Appetite and the Risk-Taking Channel of Monetary Policy
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Hutchins Roundup: Unemployment insurance, climate action, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. State UI rules generate racial inequality Differences in state rules regarding unemployment insurance (UI) create a gap between what white and Black claimants receive, find Daphné Skandalis of the University of Copenhagen and co-authors.
Apartment Vacancy Rate Declined in Q2
While most of the world lifted covid-19 restrictions and learned how to live with the virus, China moved in the opposite direction and doubled down on its zero-covid policy. Other countries, such as Australia and New Zealand, gave up on similar medical strategies when faced with the more contagious omicron variant and the negative social and economic impact of lockdowns.
How Long Will The Fed Hawks Keep Flying?
Authored by Michael Maharrey via SchiffGold.com, After the June FOMC meeting and the Fed's 75-basis-point interest rate hike, I argued that the central bank is totally winging it. Reading between the lines in the minutes from that June meeting seems to bear this out. The Fed appears to be in reaction mode. The question becomes what will it react to next? How long will the hawks keep flying as the economy tanks?
Welcome To The Slow Motion Depression
The average body contains about 37 trillion cells - and we are in the midst of a revolutionary quest to understand what they all do. Unravelling this requires the expertise of scientists from all different backgrounds - computer scientists, biologists, clinicians and mathematicians - as well as new technology and some pretty sophisticated algorithms.
Hutchins Roundup: Housing prices, institutional ownership, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Upcoming webinar: The 11th annual Municipal Finance Conference will be held July 18-20, 2022, as a virtual event.
Canada's Premiers to discuss health care, affordability issues and economic renewal, as British Columbia hosts Summer Meeting of Canada's Premiers
We are in a unique moment in the history of housing. With a rapid spike in interest rates, inventory at historic lows, home prices rising at unprecedented levels above income, and a purchase market that is both highly anxious and digitally reliant, mortgage and real estate professionals must be strategic to capture the market opportunity today. We interviewed more than 25 mortgage industry experts to gather the best insights, strategies, and recommendations to pivot and win in today's market.
Inflation expectations, remote work, and more
, June 30, 2022 /CNW Telbec/ - With the first residential tenants having started to move in to Espace Montmorency a few weeks ago, MONTONI, Groupe Sélection, the Fonds immobilier de solidarité FTQ and Montez Corporation are proud to announce that several well-known organizations have also chosen this impressive complex, which is already reshaping the new downtown Laval.
Hutchins Roundup: Inflation expectations, remote work, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Building Bridges from Classroom to Career
In a relatively young career, Andrew Hunt, a recipient of the 2021 Developing Leaders Award, has accrued a remarkable number of accolades. His experience as a broker, regional portfolio manager and investment analyst help him provide real-world applications to the undergraduate students taking his real estate course at Marquette University.
Unemployment insurance, fintech lending, and more
Jacob Lund/Shutterstock Since the beginning of the pandemic, COVID has infected at least a third of the UK population and is estimated to have factored in the deaths of almost 200,000 people in the UK. But critically, COVID has also had a devastating impact on our healthcare systems. While this was expected, new evidence is beginning to reveal the scope of the issue - in particular the effects for people living with long-term health conditions.
Hutchins Roundup: Unemployment insurance, fintech lending, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Cuts to state unemployment benefits boost job growth and depress wages Comparing jobs at the same firms across states, Gordon Dahl of the University of California, San Diego, and Matthew M.
Hutchins Roundup: Minority loan officers, gas taxes, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Minority loan officers improve minorities’ access to credit Using administrative data matching loan officers to mortgage applications, W.
5 key takeaways on inflation from the May CPI report
Just after the Bureau of Labor Statistics released its May Consumer Price Index (CPI) report, Brookings convened an expert panel of economists to discuss the new data. Wendy Edelberg (The Hamilton Project), Jason Furman (Harvard Kennedy School), Justin Wolfers (University of Michigan), and David Wessel (Hutchins Center on Fiscal and Monetary Policy) offered their perspectives, summarized here in five key takeaways. Listen to the full discussion on Twitter. 1.
Hutchins Roundup: The Fed’s balance sheet, racial wealth gap, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Hutchins Roundup: Multinational companies, Treasuries, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Can child care and pre-K help reduce inflation?
Inflation has recently emerged as the top economic concern in the U.S. The Federal Reserve is now raising interest rates in an attempt to curb inflation, but their job would be easier, and the risk of a recession reduced, if we could directly address some of the job market bottlenecks that are contributing to inflation.
The Unseen Mental Health Effects of the Pandemic
Eating disorders are on the rise and treatment can help MISSION, Kan. , May 26, 2022 /PRNewswire/ -- (Family Features) Since the beginning of the COVID-19 pandemic, increases in mental health issues have been widely documented. While diagnoses like anxiety and depression are more common, other problems, such as eating disorders, have not been discussed as frequently. Eating disorders have also increased in the past two years and can be life threatening, especially if left untreated.
Hutchins Roundup: Unions, Inflation Dynamics, and More
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Unions and the Phillips curve Declines in worker bargaining power since the 1980s may have contributed to the weakening of the Phillips curve relationship between inflation and unemployment, find David Ratner and Jae Sim of the Federal Reserve Board.
Hutchins Roundup: High inflation, spillovers from cyberattacks, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Hutchins Roundup: Data, firm entry, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Firms’ access to data impacts their market power Jan Eeckhout of UPF Barcelona and Laura Veldkamp of Columbia develop a theoretical framework in which data reduces firms’ uncertainty.
Data, firm entry, and more
Two days ago we shared the latest thoughts from Morgan Stanley's QDS (quant and derivative desk) discussing what the "market bottom" may look like. Today we turn our attention to a similar line of inquiry, only this time from JPMorgan's flow desk, courtesy of Andrew Tyler (full note available to professional subs).
Hutchins Roundup: Fintech, tax forms, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Frontline workers were excluded from companies’ pandemic windfalls. No wonder so many are forming unions.
For the first 10 years that Michelle Eisen worked as a Starbucks barista in Buffalo, N.Y., it never occurred to her to form a union. But the COVID-19 pandemic changed everything—including her opinion of the company she had long admired. “We were tired and we were scared,” Eisen said at a Brookings event last week.
Hutchins Roundup: Inflation, telework, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. The growth indicators of ride-sharing services has biased measures of inflation The arrival of new industry participants creates challenges for inflation measurement.
Hutchins Roundup: Consumption, business managers, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Policy response to pandemic averted decrease in consumption for vulnerable families Bruce D. Meyer and Connacher Murphy from the University of Chicago and James X.
Hutchins Roundup: Child allowances, money market funds, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
3 Tech Stocks For Your Watchlist Today While the broader stock market faces volatility following the Federal Reserve's first pandemic-era rate hike, tech stocks continue to shine. Sure, this sector would be more prone to feel the impacts of interest rate hikes in the near term. However, some would also argue that this is part and parcel of the return to normalcy. This seems to be the case as the Fed aims to reel in hot inflation figures this year.
rethinking commercialisation models
The Home Office has long collected statistics on irregular migration to the UK, but it has never published them officially until now. The statistics, first published in February 2022, are on detected instances of people entering the UK without immigration permission, such as on small boats, stowing away in vehicles or containers, or using false documents. The decision to start regularly publishing this data as part of quarterly immigration statistics is welcome.
JCP&L President Jim Fakult Named to New Jersey "Power" Lists
Stock Market Today Mid-Morning Updates On Thursday, the Dow Jones Industrial Average is trading sideways. The Federal Reserve on Wednesday has raised interest rates by a quarter percentage point. This would be its first rate hike since 2018 as the U.S. central bank looks to taper down red-hot inflation. The Fed's policymaking arm also hinted that it sees additional rate increases at its six remaining meetings in 2022.
It's a sunny, spring Saturday morning in early 2019 and I'm having coffee at the local Costa in Brentford, a small Essex town where I've never been before. There are plenty of people out and about and smiling. I have a couple of hours to spare so I'm planning to wander around and have a look in the shops. Then my phone pings: "Surprise!" It's a promotion from M&S. "Here's 20% off when you shop online". The Brentford branch of M&S is just a couple of doors down from where I am - I just passed it.
Hutchins Roundup: Tuition increases, stimulus checks, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.
Hutchins Roundup: Child tax credit, minimum wages, and more
What’s the latest thinking in fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts, and speeches. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday. Expanded Child Tax Credit had little negative effect on labor force participation The American Rescue Plan temporarily increased the generosity of the Child Tax Credit (CTC) and made it fully refundable.
Taking stock of the new Fed and ECB monetary policy frameworks
After years of struggling to get inflation up to their publicly-announced targets, several episodes of short-term interest rates hitting the effective lower bound, and substantial evidence that the long-term equilibrium rate of interest (the one that is expected to prevail when an economy is at full employment and price stability) has been falling, the Federal Reserve in 2020 and the European Central Bank in 2021 revised their monetary policy strategy statements.
How pandemic-era fiscal policy affects the level of GDP
Fiscal policy, including both automatic stabilizers and pandemic-related tax and spending legislation, played a significant role in cushioning the blows to the economy of COVID-19 in 2020 and 2021.
What does the Federal Reserve mean when it talks about tapering?
In response to the economic impact of the COVID-19 pandemic, the Federal Reserve cut short-term interest rates to zero on March 15, 2020 and restarted its large-scale asset purchases (more commonly known as quantitative easing, or QE). From June 2020 to October 2021, the Fed bought $80 billion of Treasury securities and $40 billion of agency mortgage-backed securities (MBS) each month. As the economy rebounded in late 2021, Fed officials began slowing—or tapering—the pace of its bond purchases.
What did the Fed do in response to the COVID-19 crisis?
The coronavirus crisis in the United States—and the associated business closures, event cancellations, and work-from-home policies—triggered a deep economic downturn. The sharp contraction and deep uncertainty about the course of the virus and economy sparked a “dash for cash”—a desire to hold deposits and only the most liquid assets—that disrupted financial markets and threatened to make a dire situation much worse.
The new tools of monetary policy
Since the 1980s, interest rates around the world have trended downward, reflecting lower inflation, demographic and technological forces that have increased desired global saving relative to desired investment, and other factors. Although low inflation and interest rates have many benefits, the new environment poses challenges for central banks, who have traditionally relied on cuts to short-term interest rates to stimulate sagging economies.
Why the 2005 Social Security Initiative Failed, and What it Means for the Future
Following his successful 2004 reelection campaign, President George W. Bush designated fundamental Social Security reform as his top domestic priority. This was anything but an impulsive decision. As early as his 1978 congressional race, he had suggested that the Social Security System could not be sustained unless individuals were allowed to invest the payroll tax themselves.
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