The Puzzling Persistence Of Place


from the Philadelphia Fed

It"s common for neighborhoods, cities, and regions to experience changes in fortune over time. Yet, many places exhibit intriguing persistence in their relative economic development. From ancient Japan to Roman and medieval Europe to the pre-Columbian Americas, age-old development patterns are strongly correlated with present-day geographic distributions of population and income.


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What We Read Today 22 May 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


Every day most of this column ("What We Read Today") is available only to GEI members.

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 more features, analysis, studies, and news published in the last week

Are New Online Markets Creating Economic Value Or Threatening Consumer Safety?

by Tim Sablik - Econ Focus, Federal Reserve Bank of Richmond

The first time she rented out her bedroom to strangers on the Internet, Shela Dean admits, it was "a little weird." After she retired from practicing law at the end of 2013, she and her husband Dale realized they had more space than they needed in their four-bedroom home in Richmond, Va. They decided to move into their guest bedroom and put the master suite up for rent on Airbnb, a website that allows users to book nights in other people"s homes, much like a hotel.


Infographic Of The Day: Vehicle Modification For Fuel Efficiency

Want to save more money?

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Video of the Day:

There's an astronaut saying: In space, "there is no problem so bad that you can't make it worse." So how do you deal with the complexity, the sheer pressure, of dealing with dangerous and scary situations? Retired colonel Chris Hadfield paints a vivid portrait of how to be prepared for the worst in space (and life) -- and it starts with walking into a spider's web.

video of day picture

FOREX NEWS by DailyForex

No Surprises expected by Fed’s Yellen

Changes are not expected in the Fed’s plan to raise interest rates in the very near future. Fed Chair Janet Yellen will point to some progress in raising employment and lowering inflation when she meets today to discuss the economy’s progress.

Dollar Eases Back After FOMC

The Euro managed to recover some losses made in the wake of the Federal Reserve’s policy release yesterday which tended to support the greenback given that there were no Fed surprises.

Japanese Economy Expands In Q1

The Japanese economy is the third largest in the world, behind the USA and China. Roughly 60% of Japan’s economic output is consumed by the domestic market with 40% of output exported to the rest of the world.

Weak China Factory Output Number Dampen Growth Hopes

The latest report out of China, its Flash China Manufacturing Output Index, pointed to a drop in factory activity for the third straight month in May, down to 48.4 from an April high of 50.0 and hitting a 13-month low.

Dollar Recovers Broadly as Correction Falters

After several days when the pressure was high against it, the US Dollar touched a 3-week peak versus the common currency Euro and 2-month high against the Japanese Yen.
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The Stock Market Is The Economy, So ...

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The Federal Reserve May Not Be Expert Enough To Manage The Economy

Written by Steven Hansen

Yesterday, Fed Chair Janet Yellen admitted:

Of course, the outlook for the economy, as always, is highly uncertain. I am describing the outlook that I see as most likely, but based on many years of making economic projections, I can assure you that any specific projection I write down will turn out to be wrong, perhaps markedly so. For many reasons, output and job growth over the next few years could prove to be stronger, and inflation higher, than I expect; correspondingly, employment could grow more slowly, and inflation could remain undesirably low.


 USA economy at a glance (boxed items are updates in last 7 days)

15 May 2015: ECRI's WLI Into Positive Territory for the Third Week in a Row

ECRI"s WLI Growth Index which had spent 28 weeks in negative territory - is now in its third week in positive territory. It is now forecasting better growth later this year. ECRI also released its coincident indicator this week and is reported below.

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