Economic Research
Economic ResearchTopic - Economic History
What Ever Happened to the Puerto Rican Sugar Manufacturing Industry?
James A. Schmitz, Jr., Arilton Teixeira, Benjamin Bridgman, Michael Maio
December 2012 - Staff Report
Catch-up Growth Followed by Stagnation: Mexico, 1950–2010
Timothy J. Kehoe, Felipe Meza
November 2012 - Working Paper
Do Newspapers Matter? Short-Run and Long-Run Evidence from the Closure of The Cincinnati Post
Sam Schulhofer-Wohl, Miguel Garrido
September 2012 - Staff Report
Clearing Arrangements in the United States before the Federal Reserve System
Warren E. Weber
February 2012 - Working Paper
Bank Liability Insurance Schemes Before 1865
Warren E. Weber
December 2011 - Working Paper
Modeling the Evolution of Age and Cohort Effects in Social Research
Sam Schulhofer-Wohl, Yang Yang
September 2011 - Staff Report
A Model of Commodity Money with Minting and Melting
Warren E. Weber, Angela Redish
July 2011 - Staff Report
Do Newspapers Matter? Short-Run and Long-Run Evidence from the Closure of The Cincinnati Post
Sam Schulhofer-Wohl, Miguel Garrido
April 2011 - Working Paper
Fiscal Policy and the Great Depression
Ellen McGrattan's research suggests that dividend income taxation during Depression years may have had a significant impact on investment, equity values and GDP.
Douglas Clement
September 2009 - The Region
Interview with Paul A. Volcker
In Conversation with Gary H. Stern
September 2009 - The Region
Stern's Legacy
Reflections on Gary Stern's contributions while at the Minneapolis Fed, plus excerpts from his writings
September 2009 - The Region
Who Do You Trust with Your Money?
Two books take a hard look at Federal Reserve independence.
David Fettig
September 2009 - The Region
Addressing TBTF by Shrinking Institutions: An Initial Assessment
Gary H. Stern, Ron J. Feldman
June 2009 - The Region
Better Late Than Never: Addressing Too-Big-To-Fail
Gary H. Stern
June 2009 - The Region
2008 Annual Report - Full
The Minneapolis Fed's 2008 complete annual report is available here as a PDF, and includes an essay on the lessons from the Great Depressions of the 20th century, letters from President Gary Stern and
May 2009 - The Region
The Current Financial Crisis: What Should We Learn From the Great Depressions of the 20th Century?
2008 Annual Report Essay
Timothy J. Kehoe, Gonzalo Fernandez de Cordoba
May 2009 - The Region
The Current Financial Crisis: What Should We Learn From the Great Depressions of the 20th Century?
2008 Annual Report Essay
Timothy J. Kehoe, Gonzalo Fernandez de Cordoba
May 2009 - Annual Reports
The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?
Timothy J. Kehoe, Gonzalo Fernandez de Cordoba
April 2009 - Staff Report
Using the General Equilibrium Growth Model to Study Great Depressions: A Reply to Temin
Edward C. Prescott, Timothy J. Kehoe
December 2008 - Staff Report
Coin Sizes and Payments in Commodity Money Systems
Warren E. Weber, Angela Redish
October 2008 - Staff Report
Interview with Christina and David Romer
Douglas Clement
September 2008 - The Region
Just what is the middle class, and other stuff
Terry J. Fitzgerald, Ronald A. Wirtz
September 2008 - fedgazette
The Rise and Fall of Nicholas Biddle
Brilliant and seemingly destined for greatness, America’s first central banker failed when put to the test in the Bank War
Phil Davies
September 2008 - The Region
The “Monster” of Chestnut Street
The life and death of the Second Bank of the United States is a cautionary tale about the exercise of monetary power
Phil Davies
September 2008 - The Region
Where Has All the Income Gone?
Middle American incomes rise substantially even while inequality increases
Terry J. Fitzgerald
September 2008 - The Region
Back to the Future with Keynes
Lee E. Ohanian
June 2008 - Quarterly Review
The History of a Powerful Paragraph
Section 13(3) enacted Fed business loans 76 years ago
David Fettig
June 2008 - The Region
Economic Turbulence: Is a Volatile Economy Good for America?
Book Review
Terry J. Fitzgerald
September 2007 - The Region
Has Middle America Stagnated?
A closer look at hourly wages
Terry J. Fitzgerald
September 2007 - The Region
The Bank that Hamilton Built
At the dawn of the Republic, the First Bank of the United States created a model for American financial markets and monetary policy that endures to this day.
Phil Davies
September 2007 - The Region
Nature or Nurture? Learning and Female Labor Force Dynamics
Alessandra Fogli, Laura Veldkamp
February 2007 - Staff Report
Early State Banks in the United States: How Many Were There and Where Did They Exist?
Warren E. Weber
September 2006 - Quarterly Review
A Model of Banknote Discounts
Warren E. Weber, Francesca Carapella, Pricila Maziero, Laurence Ales
March 2006 - Working Paper
Early State Banks in the United States: How Many Were There and When Did They Exist?
Warren E. Weber
December 2005 - Working Paper
Interview with Edward Green
From the emergence of democracy in 13th century England to current controversies in central banking.
Douglas Clement
December 2005 - The Region
Mr. Peyton's Bank
Through hard work and force of personality, John Peyton transformed the Minneapolis Fed into a source of strength and succor in turbulent times.
Phil Davies
December 2005 - The Region
Were U.S. State Banknotes Priced as Securities?
Warren E. Weber
May 2005 - Staff Report
The Macroeconomics of Child Labor Regulation
Fabrizio Zilibotti, Matthias Doepke
February 2005 - Staff Report
Historical Perspectives on Form and Function
The evolution of the Fed through the years.
James McAfee
September 2004 - The Region
Interview with Claudia Goldin
Harvard economist Claudia Goldin shares her passion for historical research in areas such as urban slavery, the labor history of American women and the economic impact of educational movements.
Douglas Clement
September 2004 - The Region
Home, Home on the Grange
Book Reviews
David Fettig
June 2004 - The Region
Interview with Ben S. Bernanke
Federal Reserve governor and noted macroeconomist on inflation targeting, asset bubbles, the Great Depression and other topics.
Arthur J. Rolnick
June 2004 - The Region
Message from the President
2003 Annual Report
Gary H. Stern
May 2004 - The Region
The Industrial Revolution: Past and Future
2003 Annual Report Essay
Robert E. Lucas, Jr.
May 2004 - The Region
The Industrial Revolution: Past and Future
Robert E. Lucas, Jr.
May 2004 - Annual Reports
A History of the Federal Reserve, Volume 1: 1913-1951
Marvin Goodfriend
December 2003 - The Region
The 1929 Stock Market: Irving Fisher Was Right
Edward C. Prescott, Ellen R. McGrattan
December 2003 - Staff Report
Interbank Payments Relationships in the Antebellum United States: Evidence From Pennsylvania
Warren E. Weber
July 2003 - Quarterly Review
The Big Problem of Small Change
Book Review
Arthur J. Rolnick, Warren E. Weber
June 2003 - The Region
Accounting for the Great Depression
Ellen R. McGrattan, Patrick J. Kehoe, V. V. Chari
April 2003 - Quarterly Review
Crossroads of Freedom: Antietam and Five Days in London: May 1940
Book Reviews
David Fettig
December 2002 - The Region
Decades Lost and Found: Mexico and Chile Since 1980
Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, Raphael Bergoeing
December 2002 - Quarterly Review
How the Fed Made Section 13(b) Loans
David Fettig
December 2002 - The Region
Lender of More Than Last Resort
Recalling Section 13(b) and the years when the Federal Reserve banks opened their discount windows to district businesses in times of economic stress.
David Fettig
December 2002 - The Region
Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825-58)
Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
September 2002 - Quarterly Review
Money and Inflation in Colonial Massachusetts
Bruce D. Smith
September 2002 - Quarterly Review
The Relationship Between Money and Prices: Some Historical Evidence Reconsidered
Bruce D. Smith
September 2002 - Quarterly Review
The Ordinary Business of Life: A History of Economics from the Ancient World to the Twenty-First Century
Book Review
David Fettig
June 2002 - The Region
Why Did Productivity Fall So Much During the Great Depression?
Lee E. Ohanian
April 2002 - Quarterly Review
A Decade Lost and Found: Mexico and Chile in the 1980s
Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto, Raphael Bergoeing
September 2001 - Staff Report
Locating Federal Reserve Districts and Headquarters Cities
What determined district boundaries and Fed headquarters cities in 1914? A review of the writings of Henry Parker Willis gives us an idea.
David Hammes
September 2001 - The Region
Specialization and the Skill Premium in the 20th Century
Matthew F. Mitchell
July 2001 - Staff Report
Catching up with Lawrence Lindsey
Once a Fed governor considering monetary policy, now head of the president’s National Economic Council pondering fiscal policy.
David Fettig
June 2001 - The Region
Competition at Work: Railroads vs. Monopoly in the U.S. Shipping Industry
James A. Schmitz, Jr., Thomas J. Holmes
April 2001 - Quarterly Review
Why Did Productivity Fall So Much During the Great Depression?
Lee E. Ohanian
March 2001 - Staff Report
Great Depressions of the 20th Century Conference Economist Attendees
December 2000 - The Region
“Something Unanticipated Happened”
Telling some “neo” stories about the Great Depressions of the 1930s
David Fettig
December 2000 - The Region
Costly Banknote Issuance and Interest Rates Under the National Banking System
Warren E. Weber, Antoine Martin, Cyril Monnet
May 2000 - Working Paper
The Suffolk Bank and the Panic of 1837
Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
April 2000 - Quarterly Review
The Beauty (Pageant?) of Economics
The Nobel Prize in Economics
A report on how the winner of the Nobel Prize in economics is determined, with thoughts from past Nobel Prize winners.
Ronald A. Wirtz
September 1999 - The Region
Unemployment today in Europe and Japan: Lessons from the U.S. Great Depression
Seventy years after the start of the Great Depression, economists are still arguing about its cause and duration; recent research by two Minneapolis Fed economists offers new insight into that era and
V. V. Chari
July 1999 - fedgazette
The Greedy Hand: How Taxes Drive Americans Crazy and What To Do About It
Book Review
Thomas E. Gainor
June 1999 - The Region
The Role and Value of Market Forces
Top of the Ninth
Gary H. Stern
June 1999 - The Region
The Commanding Heights: The Battle Between Government and the Marketplace that is Remaking the Modern World
Book Review
David Levy
March 1999 - The Region
Life in the Ancient Near East
Book Review
David Levy
September 1998 - The Region
Sources of Prosperity
Jerry L. Jordan
September 1998 - The Region
Two Lucky People: Memoirs
Book Review
Anna J. Schwartz
September 1998 - The Region
Lessons From a Laissez-Faire Payments System: The Suffolk Banking System (1825–58)
Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
July 1998 - Quarterly Review
Glass Redux
Letters to the Editor Re: Region Interview with Carter Glass
June 1998 - The Region
Interview with Carter H. Golembe
Melvin L. Burstein
June 1998 - The Region
Prosperity: The Coming 20-Year Boom and What It Means to You
Book Review
David Levy
June 1998 - The Region
A Conversation with Carter Glass
The senator's views on banking and the Federal Reserve are updated by a modern interpretation.
James McAfee
December 1997 - The Region
Carter Glass
A brief biography of the man who shaped the Federal Reserve Act.
David Page
December 1997 - The Region
Carter Glass Time Line
A chronology of major events
December 1997 - The Region
Carter Glass was right: The structure of the Federal Reserve is important
Top of the Ninth
Gary H. Stern
December 1997 - The Region
Every letter tells a story
The Carter Glass Archive
David Fettig
December 1997 - The Region
Which of the Twin Cities?
Competition was intense between Minneapolis and St. Paul for the Ninth District Federal Reserve Bank
David Page
December 1997 - The Region
Interview with Joseph E. Stiglitz
Arthur J. Rolnick
September 1997 - The Region
Money
James Madison
September 1997 - Quarterly Review
The Debasement Puzzle: An Essay on Medieval Monetary History
Arthur J. Rolnick, Warren E. Weber, François R. Velde
September 1997 - Quarterly Review
The Great Wave: Price Revolutions and the Rhythm of History
Book Review
David E. Runkle
September 1997 - The Region
A Model of Commodity Money, With Applications to Gresham’s Law and the Debasement Puzzle
Warren E. Weber, François R. Velde, Randall Wright
July 1997 - Staff Report
Delayed Financial Disclosure: Mexico's Recent Experience
Arijit Mukherji, David E. Runkle, R. Anton Braun
September 1996 - Quarterly Review
Inflation, Money, and Output Under Alternative Monetary Standards
Arthur J. Rolnick, Warren E. Weber
October 1995 - Staff Report
Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt
Harold L. Cole, James Dow, William B. English
September 1994 - Staff Report
Interview with Adam Smith
[via Edwin West]
June 1994 - The Region
The High Cost of Being Fair
A synopsis of the Minneapolis Fed's 1993 Annual Report.
Preston J. Miller
June 1994 - The Region
Interest Rates Under the U.S. National Banking System
Neil Wallace, Warren E. Weber, Bruce A. Champ
February 1994 - Staff Report
Conspicuous Restoration
Reviving the home and the legacy of Minnesota's 'disturbing genius'
Lynda McDonnell
December 1993 - The Region
On the Emergence of Parliamentary Government: The Role of Private Information
Edward J. Green
December 1993 - Quarterly Review
In Order to Form a More Perfect Monetary Union
Arthur J. Rolnick, Warren E. Weber, Bruce D. Smith
September 1993 - Quarterly Review
Resolving the National Bank Note Paradox
Neil Wallace, Warren E. Weber, Bruce A. Champ
April 1992 - Quarterly Review
Paul Scott: A Life of the Author of the Raj Quartet
Book Review
Kathleen Erickson
December 1991 - The Region
The Macroeconomic Causes and Consequences of The French Revolution
Thomas J. Sargent
December 1991 - The Region
New Ideas From Dead Economists: An Introduction to Modern Economic Thought
Book Review
David Levy
June 1990 - The Region
U.S. Economy in 1990 and 1991: Continued Expansion Likely
A model used by researchers at the Federal Reserve Bank of Minneapolis predicts that strong consumption growth will sustain the expansion in both 1990 and 1991 and that inflation will remain under con
David Fettig
February 1990 - The Region
Down with the comparable worth bureaucracy
fedgazette Editorial
Preston J. Miller
December 1989 - fedgazette
Banking Without Deposit Insurance or Bank Panics: Lessons From a Model of the U.S. National Banking System
V. V. Chari
July 1989 - Quarterly Review
Born of a Panic: Forming the Fed System
August 1988 - The Region
External Economic and Political Environment
August 1988 - The Region
Legislation, Legislative Proposals and Court Decisions
August 1988 - The Region
The Relationship Between Money and Prices: Some Historical Evidence Reconsidered
Bruce D. Smith
July 1988 - Quarterly Review
Explaining the Demand for Free Bank Notes
Arthur J. Rolnick, Warren E. Weber
April 1988 - Quarterly Review
The Benefits of Bank Deposit Rate Ceilings: New Evidence on Bank Rates and Risk in the 1920s
Arthur J. Rolnick
July 1987 - Quarterly Review
Seasonalities in Security Returns: The Case of Earnings Announcements
V. V. Chari, Aharon R. Ofer, Ravi Jagannathan
April 1987 - Staff Report
Gresham's Law or Gresham's Fallacy?
Arthur J. Rolnick, Warren E. Weber
December 1986 - Quarterly Review
A Visible Hand: The Fed's Involvement in the Check Payments System
Clarence W. Nelson, James N. Duprey
April 1986 - Quarterly Review
Banking Instability and Regulation in the U.S. Free Banking Era
Arthur J. Rolnick, Warren E. Weber
July 1985 - Quarterly Review
Money and Inflation in Colonial Massachusetts
Bruce D. Smith
December 1984 - Quarterly Review
Some of the Choices for Monetary Policy
Neil Wallace
December 1984 - Quarterly Review
Should Currency Be Priced Like Cars?
Richard M. Todd, Thomas M. Supel
April 1984 - Quarterly Review
Free Banking, Wildcat Banking, and Shinplasters
Arthur J. Rolnick, Warren E. Weber
September 1982 - Quarterly Review
