• RT @federalreserve: #FedFAQ: What is the FOMC and when does it meet? The FOMC is the monetary policymaking body of the Federal Reserve Syst…
    Minneapolis Fed Thu 23 Jan 2020 04:55
  • Stay on top of #MinneapolisFed news. Subscribe to our email list and have it delivered right to your inbox. Don’t worry- we aren’t spammy. Just informative. Link
    Minneapolis Fed Thu 23 Jan 2020 02:00
  • Take a peek at our stacks. #LibraryShelfieDay https://t.co/568AmgX5Mf
    Minneapolis Fed Wed 22 Jan 2020 22:05
  • The #MinneapolisFed recently announced the promotion of three leaders – Anjali Gandhi, Sharon Hill, and @APhenix1 – to senior VP positions. The Bank also announced the retirement of three long-time leaders: Matt Larson, Jacqui King, and Duane Carter. Link
    Minneapolis Fed Wed 22 Jan 2020 17:30
    Anjali Gandhi is the new senior vice president for Technology and Risk with responsibility for Ninth District Information Technology, Information Security, Enterprise Risk, and the Data Privacy function. She oversees several Federal Reserve System National IT functions. She joined the Bank in 2018. Sharon Hill is the new senior vice president over the Treasury Services division. In this role, she leads the Bank’s work on behalf of the U.S. Treasury, including processing savings bonds and customer support. Hill has been at the Minneapolis Fed for 19 years, serving in a variety of positions, most recently as chief financial officer. Amy Phenix is the new senior vice president with responsibility for Public Affairs—which includes communications, government relations, and regional outreach—Law Enforcement, and Facilities. Phenix joined the Bank in November 2017 and has served as the Bank’s vice president for Public Affairs.
  • RT @FedIndianCenter: Don’t forget to register to attend tomorrow’s webinar! We are partnering with @NCAI1944 for a discussion about partne…
    Minneapolis Fed Wed 22 Jan 2020 17:05
  • #MinneapolisFed Regional Outreach Director Joe Mahon shares insights for #NinthDistrict compensation vision and hiring in 2020. Link #labor #wages https://t.co/45rvDVNiRN
    Minneapolis Fed Tue 21 Jan 2020 22:29

    “We are seeing demand softness building in every market segment,” wrote a Wisconsin metal products producer, reflecting recent reports of a slowdown in manufacturing.

    Still, in spite of such reports, firms in the Federal Reserve’s Ninth District continue to report difficult hiring conditions, according to a recent survey conducted by the Minneapolis Fed about hiring and compensation plans over the coming year.

    About 90 firms in an array of industries from across the district responded to the survey, conducted in late November. Nearly half of them (49 percent) reported that they were planning to increase total employment at their firms. Most of the remainder were expecting to leave employment unchanged, but some of those firms were still hiring to replace turnover, just not increasing total head count.

    Just over 10 percent were planning to cut staff (Chart 1).

  • Manning Up and Womaning Down: How Husbands and Wives Report Earnings When She Earns More. Read what @M_MurrayClose and @m_heggeness found regarding gender, income, and social norms-> Link #MinneapolisFed #OIGI
    Minneapolis Fed Tue 21 Jan 2020 18:04

    To infer social preferences regarding the relative earnings of spouses, we use measurement error in the earnings reported for married couples in the Current Population Survey. We compare the earnings reported for husbands and wives in the survey with their “true” earnings as reported by their employers to tax authorities. Compared with couples where the wife earns just less than the husband, those where she earns just more are 15.9 percentage points more likely to under-report her relative earnings. This pattern reflects the reporting behavior of both husbands and wives and is consistent with a norm that husbands out-earn their wives.

  • We are committed to providing an inclusive environment where all employees are respected and valued. We are proud to earn 100% on @HRC’s Corporate Equality Index for #LGBTQ-inclusive workplace policies and practices. #CEI2020 Link https://t.co/Dil3CI9mFk
    Minneapolis Fed Tue 21 Jan 2020 15:59

    The Minneapolis Fed is committed to developing a diverse workforce and providing an inclusive environment where all employees are respected and valued. We believe that we can foster development opportunities for all and reach our full potential by recognizing the unique experiences and identities of each of our colleagues. From economists to cash specialists, we work together to represent you in our economy!

  • Spotlight on La Crosse, WI: Region needs more diverse workforce to capitalize on new opportunities. #MinneapolisFed Regional Outreach Director @RonWirtz reports recent findings. Link #NinthDistrict #localeconomy #Wisconsin https://t.co/wK4l9cVcM7
    Minneapolis Fed Mon 20 Jan 2020 20:03

    Every region develops an economic reputation and identity, typically over decades, some of which fade over time, replaced by new businesses and identities.

    La Crosse, Wis., has a historical niche as a beer-brewing hub, thanks to G. Heilemen Brewing, creator of old-school brands like Old Style and Special Export. In its earliest days, the region was a shipping and transportation hub—particularly in logging and grain hauling—based on its location on the Mississippi, La Crosse, and Black rivers, among others. Before moving its headquarters to Minneapolis, agribusiness giant Cargill was located in La Crosse because of this logistical advantage for moving grain.

    Over time, La Crosse gained a strong foothold in manufacturing, the most notable company being Trane, a maker of heating, ventilation, and air conditioning (HVAC) systems, which cracked the Fortune 500 in the early 1970s. Today, the region has a growing reputation in agriculture, and particularly organic...

  • Visit our website to read more about why we believe an amendment is the answer to MN #achievementgaps. Link Link
    Minneapolis Fed Mon 20 Jan 2020 18:18

    Dissenting in Skeen, Justice Page, citing Brown v. Board of Education, the landmark U.S. Supreme Court case, noted the lack of equal opportunities for all Minnesota children. Twenty-seven years later, while Minnesota is a national leader in education on some dimensions—including equalizing school funding and promoting school choice via open enrollment and charter schools—its efforts have not translated into better outcomes for students of color and those from low- or moderate-income families, regardless of race or ethnicity. Instead, our achievement gaps are deep, persistent, and getting worse. This is a statewide crisis.

    Our children deserve better. It is time to finally put children first.

    ###

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  • .@MinneapolisFed’s Doug Clement explores @fatihguvenen’s recent research paper: Use It or Lose It. The research counters conventional wisdom and suggests that taxing wealth rather than capital income promises higher economic output. #wealthtax Link https://t.co/vwdfGrZJck
    Minneapolis Fed Mon 20 Jan 2020 15:08

    Debate about wealth taxation is inescapable these days, at least in media coverage of the U.S. presidential race. But for most economists, the story is simple: Taxing wealth is mathematically equivalent to taxing the capital income that wealth generates. That’s exactly what the U.S. tax code already does—the IRS taxes business profits, rents, royalties, dividends, and interest. Economists have studied the practice exhaustively. Case closed.

    But Minneapolis Fed economist Fatih Guvenen and his colleagues have revisited the subject in recent research, noting that this conventional wisdom neglects an obvious fact: People vary widely in their ability to use capital productively. Recent research in Norway, Sweden, and the United States documents wide individual and business variation in rates of return; casual observation lends additional credibility. Some of us are born entrepreneurs, but not most.

    When this distinction is taken into account, the economists...

  • “Everybody can be great … because anybody can serve. You don’t have to have a college degree to serve. You don’t have to make your subject and verb agree to serve. You only need a heart full of grace. A soul generated by love.” - Martin Luther King, Jr. #MLKDay2020
    Minneapolis Fed Mon 20 Jan 2020 14:32
  • RT @neelkashkari: .?@StarTribune? editorial: A new plan to attack Minnesota's unacceptable achievement gap. Link cc ?@AC…
    Minneapolis Fed Mon 20 Jan 2020 03:17

    Could changing Minnesota’s Constitution help solve the state’s persistent achievement gap in K-12 education?

    A pair of respected state leaders and a coalition of other groups think it can. It’s a well-intentioned effort that merits more discussion. The existing language on education could be stronger, but any change should preserve current rights and avoid encouraging more lawsuits and politicization of the courts.

    Retired Minnesota Supreme Court Justice Alan Page and Minneapolis Federal Reserve Bank President Neel Kashkari want to change the state’s Constitution to guarantee the right to a quality public education for all. They’ve been working together in search of solutions to the state’s wide disparities in academic achievement between students of color and lower-income students and their white and higher-income peers as outlined in a recent Federal Reserve report.

  • RT @FedFRASER: January 19, 1914: Reserve Bank Organization Committee hearings begin in Chicago. The result? Creation of the @ChicagoFed and…
    Minneapolis Fed Sun 19 Jan 2020 17:42
  • Superstars in the age of information: how high skill bias + declining communication costs contribute to growing inequality. #MinneapolisFed’s Doug Clement explores recent research from #OIGI by @fpeckert Link cc: @AbigailWozniak @afogli001 https://t.co/hbfIo9Flsi
    Minneapolis Fed Sun 19 Jan 2020 14:26

    The powerful rise in U.S. income and wealth inequality over the past 40 years has fractured American culture, society, and politics. Schisms are apparent geographically, too, with growing differences between urban centers and rural communities, coastal regions, and the heartland. While the phenomena are frequently documented, causes are still being debated.

    New research from the Opportunity & Inclusive Growth Institute suggests that “service industries that are highly skill-intensive and widely traded internationally [are] key to understanding these changes.” The researchers, Fabian Eckert, Sharat Ganapati, and Conor Walsh, refer to these as “skilled tradable services”—industries devoted to information-based functions that rely heavily on communication.

    Skilled tradable services (STS) include management consulting, finance, information technology and services, and company management, and they have assumed an outsized importance in the country’s...

  • RT @PageEdFdn: Cofounder of the Page Education Foundation, Justice @ACPage_77, and @MinneapolisFed President, @neelkashkari, w/ the hosts o…
    Minneapolis Fed Sun 19 Jan 2020 00:56
  • Recent #OIGI paper from the #MinneapolisFed explores spatial wage gaps in frictional labor markets with a specific look at East and West Germany. Link cc: @AbigailWozniak @afogli001 #LaborMobility
    Minneapolis Fed Sat 18 Jan 2020 21:01

    We develop a job ladder model with labor reallocation across firms and regions, and estimate it on matched employer-employee data to study the large and persistent real wage gap between East and West Germany. We find that the wage gap is mostly due to firms paying higher wages per efficiency unit in West Germany and quantify a rich set of frictions preventing worker reallocation across space and across firms. We find that three spatial barriers impede East Germans’ ability to migrate West: migration costs, a preference to live in the East, and fewer job opportunities received from the West. The estimated model highlights that the spatial barriers needed to generate the large wage gap between East and West are small relative to the frictions preventing the reallocation of labor across firms. Therefore, policies that directly promote regional integration lead to smaller aggregate benefits than equally costly hiring subsidies within region.

  • Recent staff report by #MinneapolisFed monetary advisor Patrick Kehoe regarding asset prices and unemployment fluctuations-> Link
    Minneapolis Fed Fri 17 Jan 2020 23:05

    Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search models are inconsistent with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates. We propose a model that is immune to these critiques and solves this puzzle by allowing for preferences that generate time-varying risk over the cycle, and so account for observed asset pricing fluctuations, and for human capital accumulation on the job, consistent with existing estimates of returns to labor market experience. Our model reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus flows. Intuitively, since the price of risk in our model sharply increases in recessions as observed in the data, the benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment of the same...

  • Tune into @tptAlmanac on @tpt Channel 2 tonight at 7PM CT to view spot featuring #MinneapolisFed President @neelkashkari and Justice Page (@ACPage_77) as they discuss the proposed constitutional amendment aimed at narrowing #achievementgaps in MN. Link
    Minneapolis Fed Fri 17 Jan 2020 19:35

    Click over to tpt.org/shows to watch your favorite TPT productions and PBS shows, anytime and anywhere.

    Not only will this site work on your laptop or desktop computer, you'll also feel right at home on any modern smartphone or tablet. Stream away...

  • Economists @RobGrunewald and Anusha Nath explore and detail Minnesota’s education #achievementgaps in a report from the #MinneapolisFed. Find full report here: Link
    Minneapolis Fed Fri 17 Jan 2020 19:14
    Armed with compelling research from Minneapolis Fed economists about Minnesota’s statewide achievement gaps, former Supreme Court Justice Alan Page and Minneapolis Fed President Neel Kashkari are leading a broad-based effort to amend the Minnesota constitution and guarantee a quality education for all of Minnesota’s children
  • RT @FedIndianCenter: Part 3 of our 4-part webinar series on homeownership is Thursday, 1/23 3-4:30PM EST. Join us as we partner with @NCAI1…
    Minneapolis Fed Fri 17 Jan 2020 18:44
  • #NinthDistrict economic outlook for 2020 is optimistic… with a healthy dose of caution. #MinneapolisFed's @RonWirtz reports that businesses are generally confident but keeping an eye on labor shortages, trade matters, & consumer debt. Link #labor #EconTwitter https://t.co/fLKwbR9K1n
    Minneapolis Fed Fri 17 Jan 2020 15:24

    Running a business is time-consuming. There’s so much to do that sometimes it’s hard to look beyond what needs to get done today. Except that business owners can’t afford not to look forward, lest they miss signs in the economic tea leaves that might have a big influence on business in the coming year.

    As it gauges current and future activity in the economy, the Federal Reserve System also pays attention to firms’ expectations in hopes of anticipating economic changes relevant to monetary policy. The turn of the calendar offers a useful time to ask what the near-term future might hold, and contacts of the Minneapolis Fed in recent weeks have consistently communicated a message of cautious optimism.

    Businesses in the Ninth District continued to report growth at the end of 2019, according to the most recent iteration of the Beige Book, reported by the Federal Reserve Bank of Minneapolis and released on Jan. 15 (covering a period from mid-November through...

  • Meet us in Philadelphia. We are excited to cosponsor this year’s Reinventing Our Communities, May 27-29, 2020. Come learn about actionable strategies to expand access to jobs, housing, and wealth. Sign up now: Link #Reinventing2020 https://t.co/zGXdSFdxDD
    Minneapolis Fed Fri 17 Jan 2020 14:19
  • Recent reports indicate that many businesses in the #NinthDistrict plan to increase #employment in 2020 but face challenges with #labor supply and skills gap. Link #MinneapolisFed https://t.co/bfPGHaALqj
    Minneapolis Fed Fri 17 Jan 2020 01:54

    “We are seeing demand softness building in every market segment,” wrote a Wisconsin metal products producer, reflecting recent reports of a slowdown in manufacturing.

    Still, in spite of such reports, firms in the Federal Reserve’s Ninth District continue to report difficult hiring conditions, according to a recent survey conducted by the Minneapolis Fed about hiring and compensation plans over the coming year.

    About 90 firms in an array of industries from across the district responded to the survey, conducted in late November. Nearly half of them (49 percent) reported that they were planning to increase total employment at their firms. Most of the remainder were expecting to leave employment unchanged, but some of those firms were still hiring to replace turnover, just not increasing total head count.

    Just over 10 percent were planning to cut staff (Chart 1).

  • At the #MinneapolisFed we are committed to giving you access to current research and analysis, policy initiatives, and news and events that are relevant to you as we pursue an economy that works for all of us. Link #WeServeThePublic #NinthDistrict https://t.co/yGMHcZHpFo
    Minneapolis Fed Thu 16 Jan 2020 21:04

    The Minneapolis Fed’s logo stands for strength and openness. The soaring eagle’s movement reflects our goal of pursuing an economy that works for all of us. The six stars represent the six states in our Ninth Federal Reserve District, and the lines between the stars project our connection to the district and the public.

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