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Philadephia Fed offers magazine about economy

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A new publication of the Federal Reserve Bank of Philadelphia offers non-technical articles on the economy, monetary policy and economic conditions.

The magazine, available at https://www.philadelphiafed.org/research-and-data/publications/economic-insights , currently includes articles on “Monetary Policy and the New Normal,” “Did Quantitative Easing Work?” and “How Dodd-Frank Affects Small Bank Costs.”

It replaces Business Review, which was published for 70 years before being retired in 2015.

In the premiere issue, Fed economist Edison Yu explains quantitative easing and why the Fed turned to it during the 2008 financial crisis.

He quotes former Fed Chairman Ben Bernanke saying, “The problem with QE is it works in practice, but it doesn’t work in theory.”

Yu discusses ways the QE might be able to lower interest rates and stimulate the economy. Also, Michael Dotsey, research director of the Philadelphia Fed, explains why future rate of growth is critical for Federal Reserve policy. In addition, James DiSalvo and Ryan Johnston estimate the regulatory burden on banks with less than $10 billion in assets that result from stricter regulations imposed since the financial crisis.

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