• A working paper by #MinneapolisFed Senior Research Economist @JavierBianchi7 has been published to our website. Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk. Link
    Minneapolis Fed Fri 29 May 2020 18:04

    In the past three decades, governments in emerging markets have accumulated large amounts of international reserves, especially those with fixed exchange rates. We propose a theory of reserve accumulation that can account for these facts. Using a model of endogenous sovereign default with nominal rigidities, we show that the interaction between sovereign risk and aggregate demand amplification generates a macroeconomic-stabilization hedging role for international reserves. Reserves increase debt sustainability to such an extent that financing reserves with debt accumulation may not lead to increases in spreads. We also study simple and implementable rules for reserve accumulation. Our findings suggest that a simple linear rule linked to spreads can achieve significant welfare gains, while those rules currently used in policy studies of reserve adequacy can be counterproductive.

  • RT @NickRHart: We aren't talking enough about responsible behaviors for symptomatic Americans. In @COVIDImpact Survey from May, 6-in-10 peo…
    Minneapolis Fed Fri 29 May 2020 17:04
  • According to recent #MinneapolisFed survey, construction firms said they had considerable staying power despite very difficult economic conditions. That will come in handy, as the pipeline of future projects is not as full as normal, reports @RonWirtz Link https://t.co/nTCDcCrAAT
    Minneapolis Fed Fri 29 May 2020 16:04

    Summer is “go time” for construction projects, with firms typically gearing up for the busiest season. While many are working, many are also seeing project delays or cancellations as a result of the COVID-19 pandemic, according to a recent survey of Minnesota construction firms by the Minneapolis Fed.

    Fortunately, construction firms said they had considerable staying power despite very difficult economic conditions. That will come in handy, as the pipeline of future projects is not as full as normal.

  • States are reopening, but individual consumer confidence appears to matter more than state lockdown policies. Differences in lockdown policies across states not leading to big differences in #unemployment according to updated stats on our Covid dashboard. Link https://t.co/70vaYxGSEM
    Minneapolis Fed Fri 29 May 2020 14:03

    The COVID-19 pandemic is inflicting enormous human and economic costs on the Ninth District, nation, and world. The Federal Reserve Bank of Minneapolis is charged with closely monitoring economic conditions in our region so that local and national policymakers can make informed policy choices.

    Given rapidly changing conditions, the Federal Reserve Bank of Minneapolis is monitoring a variety of daily and weekly data sources to more accurately assess economic developments in real time, some of which are displayed below. Please check back for frequent updates and new indicators.

  • RT @AbigailWozniak: Monday I'll be @StanfordHAI talking about how we can develop employer screening practices that support COVID19 containm…
    Minneapolis Fed Thu 28 May 2020 23:18
  • RT @BostonFed: The #FederalReserve is hosting a webinar on Friday, May 29 at 11 a.m. EDT for potential borrowers in the Main Street Lending…
    Minneapolis Fed Thu 28 May 2020 21:03
  • RT @aaronsojourner: On the urgent economics of climate change, I found this @MinneapolisFed interview with former Fed & Goldman Sachs econo…
    Minneapolis Fed Thu 28 May 2020 13:32
  • Just released #BeigeBook from the #MinneapolisFed> Recent spot prices for livestock and dairy have fallen precipitously, and restaurant and institutional food service shutdowns have roiled the agricultural supply chain. For full report: Link
    Minneapolis Fed Thu 28 May 2020 12:47

    May 27, 2020

    Summary of Economic Activity Ninth District economic activity declined further after falling substantially in the previous report, due to the COVID-19 pandemic and response. Employment fell significantly, and wage pressures fell overall due to the steep decline in activity, while price pressures remained modest on balance. The District economy saw declines in consumer spending, tourism, services, construction and real estate, manufacturing, energy, mining, and agriculture.

    Employment and Wages Employment fell significantly since the last report. Two surveys in May by the Minneapolis Fed found that April employment fell among a significant number of firms, and many expected additional staffing cuts by the end of the month. Although initial unemployment claims have fallen significantly in recent weeks, they remain much higher than normal levels. Mass layoff events have slowed after a deluge in April. For example, there were more than 60 mass layoff...

  • RT @SPACC: Join us tomorrow at 1pm for a discussion with @RonWirtz about the @MinneapolisFed latest economic survey and hear how businesses…
    Minneapolis Fed Wed 27 May 2020 22:46
  • Just released #BeigeBook from the #MinneapolisFed. Wage pressures fell due to the steep decline in overall activity. A Districtwide survey of firms found that more than one-quarter have implemented some level of wage cuts. To read full report: Link
    Minneapolis Fed Wed 27 May 2020 20:46

    May 27, 2020

    Summary of Economic Activity Ninth District economic activity declined further after falling substantially in the previous report, due to the COVID-19 pandemic and response. Employment fell significantly, and wage pressures fell overall due to the steep decline in activity, while price pressures remained modest on balance. The District economy saw declines in consumer spending, tourism, services, construction and real estate, manufacturing, energy, mining, and agriculture.

    Employment and Wages Employment fell significantly since the last report. Two surveys in May by the Minneapolis Fed found that April employment fell among a significant number of firms, and many expected additional staffing cuts by the end of the month. Although initial unemployment claims have fallen significantly in recent weeks, they remain much higher than normal levels. Mass layoff events have slowed after a deluge in April. For example, there were more than 60 mass layoff...

  • A new staff report by #MinneapolisFed Assistant Director, Policy and Monetary Advisor @cristinarellano has been published to our website. Deadly Debt Crises: Covid-19 in Emerging Markets Link
    Minneapolis Fed Wed 27 May 2020 19:41

    The COVID-19 epidemic in emerging markets risks a combined health, economic, and debt crisis. We integrate a standard epidemiology model into a sovereign default model and study how default risk impacts the ability of these countries to respond to the epidemic. Lockdown policies are useful for alleviating the health crisis but they carry large economic costs and can generate costly and prolonged debt crises. The possibility of lockdown induced debt crises in turn results in less aggressive lockdowns and a more severe health crisis. We find that the social value of debt relief can be substantial because it can prevent the debt crisis and can save lives.

  • Will people return to sit-down reservations when restaurants reopen? Consumer confidence may matter more than lockdown rules. Visit our site for this week's updated numbers on the #COVID dashboard. #dataviz Link https://t.co/6PfbqYcOba
    Minneapolis Fed Wed 27 May 2020 18:41

    The COVID-19 pandemic is inflicting enormous human and economic costs on the Ninth District, nation, and world. The Federal Reserve Bank of Minneapolis is charged with closely monitoring economic conditions in our region so that local and national policymakers can make informed policy choices.

    Given rapidly changing conditions, the Federal Reserve Bank of Minneapolis is monitoring a variety of daily and weekly data sources to more accurately assess economic developments in real time, some of which are displayed below. Please check back for frequent updates and new indicators.

  • RT @RonWirtz: Businesses during COVID = treading water in a flooded springtime river. Some find relative safety. Others are simply gully-wa…
    Minneapolis Fed Wed 27 May 2020 16:51
  • "If you invest in science you will solve this problem and you'll actually help rebuild your economy as well." - Sir @JeremyFarrar #livingwcovid
    Minneapolis Fed Tue 26 May 2020 20:05
  • There is still time to submit questions for our panel. Ask your questions here on Twitter using #livingwcovid. Link @tombrokaw taking questions now.
    Minneapolis Fed Tue 26 May 2020 19:50

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • Last portion of today's #livingwcovid event is a Q and A discussion with @tombrokaw, @neelkashkari, Sir @JeremyFarrar, and Dr. @mtosterholm. View live: Link
    Minneapolis Fed Tue 26 May 2020 19:40

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • Panel experts discuss what they think should be included in next congressional relief package. #livingwcovid Link
    Minneapolis Fed Tue 26 May 2020 19:30

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • Dean Baicker of @HarrisPolicy discussed what changes we need to make to make things safer. We will have to get used to things operating differently. #livingwcovid
    Minneapolis Fed Tue 26 May 2020 19:05
  • “We have to look at how we manage the virus, the pandemic, and the economy in an integrated and facts-driven manner.” - Dr. Hamburg #livingwcovid
    Minneapolis Fed Tue 26 May 2020 18:35
  • Dean Katherine Baicker of @HarrisPolicy discussing what businesses lend themselves to more/less risk #livingwcovid Link
    Minneapolis Fed Tue 26 May 2020 18:30

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • Dr. Margaret Hamburg, foreign secretary for @theNAMedicine & former commissioner of @US_FDA speaking now. #livingwcovid Link
    Minneapolis Fed Tue 26 May 2020 18:25

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • "Science is on our side, but time isn't." Dr. Gerberding #livingwcovid
    Minneapolis Fed Tue 26 May 2020 18:20
  • Dr. Julie Gerberding, EVP of @Merck and former director of @CDCgov, speaking now as part of #livingwcovid panel. Link
    Minneapolis Fed Tue 26 May 2020 18:20

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • .@LHSummers kicking off panel discussion now #livingwcovid Link
    Minneapolis Fed Tue 26 May 2020 18:05

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

  • #MinneapolisFed President @neelkashkari introducing panel now on #livingwcovid. Tune in live to view discussion. Link
    Minneapolis Fed Tue 26 May 2020 18:00

    Join us for a discussion with leading health and economics experts on how to live in a COVID-19 world. Co-hosted by the Federal Reserve Bank of Minneapolis and the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota.

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