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 Our Mission
The Research Division's goal is to promote quality economic research and contribute to economic policy discussions while expanding the frontier of economic knowledge around the globe in the areas of money and banking, macroeconomics, and international and regional economics.
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 ALFRED®
ALFRED® is a collection of vintage versions of U.S. economic data. Economic data for past observation periods are often revised as more accurate estimates become available. As a result, previous vintages of data can be superseded and may no longer be available. ALFRED makes it possible to gather data as reported by a source on past dates in history.
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 CASSIDI®
CASSIDI® provides nationwide data on banking market structures and definitions, as well as banking markets for individual depository institutions; users can perform "what if" (pro forma) analyses to see how potential mergers or acquisitions could affect market structures and competition.
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 CRE8®
In January 2005, the Research Division of the Federal Reserve Bank of St. Louis established its Center for Regional Economics - 8th District (CRE8®). The role of CRE8® is to provide and facilitate rigorous economic analysis of policy issues affecting local, state, and regional economies - particularly those in the 8th Federal Reserve District.
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 FRASER®
FRASER® is the newest project to expand our mission of providing economic information and data to researchers interested in the U.S. economy. On this web site you will find links to scanned images (in Adobe® Acrobat® PDF format) of historical economic statistical publications, releases, and documents.
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 GeoFRED®
GeoFRED® is our data-mapping tool, which displays color-coded data on the state, MSA, and county levels. For example, GeoFRED can display unemployment, labor force, and population for all U.S. counties. Users can select among 12,000 FRED® data series and customize these printable maps according to size, scope, and detail.
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 Liber8™
Liber8™ is a portal that links to economic information from the Federal Reserve System, government agencies, and international data sources. Liber8 was designed with university reference and government documents librarians, college and high school students, and teachers in mind.
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 New! Economic Synopses

Our new series of short, accessible essays illuminates the current economic and financial issues of the day.

Paying Interest on Deposits at Federal Reserve Banks
By Richard G. Anderson

The Great Recapitalization
By Edward Nelson

Predicting Consumption: A Lesson in Real-Time Data
By Riccardo DiCecio and Charles S. Gascon

Walter Bagehot, the Discount Window, and TAF
By Daniel L. Thornton

More Economic Synopses...

(2008-10-29)

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 New GeoFRED™ Features

1. Users can now create multiple maps with the same data for all available years/months/quarters. For instance, a user can create a pdf of unemployment by state that includes the data for the past ten years. These pdfs open in a new window, in landscape format---which makes better use of space.

2. Users can now download all the data available for the economic indicators in GeoFRED.

3. Users can now define for themselves the class intervals (that is, the data ranges) to suit their needs.

4. Search Locations and Zoom to State are now part of the same link at the top of the page.

5. Users now have the ability to save a map to their personal account, as in FRED.

(2008-10-03)

Go to GeoFRED
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 Recent Data Publications
U.S. Financial Data, November 21 Issue
A weekly publication that includes charts and tables relating to weekly monetary and reserve aggregates, selected interest rates, commercial bank loans, and more. (2008-11-20) More USFD...

Monetary Trends, December Issue
A monthly publication that reviews U.S. monetary and financial conditions with an emphasis on various measures of the monetary policy stance. (2008-11-18) More MT...

International Economic Trends, November Issue
A quarterly publication that includes economic statistics and charts for G-7 and euro area countries. (2008-10-27) More IET...

National Economic Trends, November Issue
A monthly publication that presents a snapshot of the U.S. economy. (2008-10-24) More NET...

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 Recent Review Articles - November/December 2008
"Changing the Rules: State Mortgage Foreclosure Moratoria During the Great Depression"
by David C. Wheelock
Many U.S. states imposed temporary moratoria on farm and nonfarm residential mortgage foreclosures during the Great Depression. This article describes the conditions that led some states to impose these moratoria and other mortgage relief during the Depression and discusses the economic effects.

"Mortgage Innovation, Mortgage Choice, and Housing Decisions"
by Matthew Chambers, Carlos Garriga, and Don Schlagenhauf
This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment requirement, repayment structure, and amortization schedule.

"Real Interest Rate Persistence: Evidence and Implications"
by Christopher J. Neely and David E. Rapach
The real interest rate plays a central role in many important financial and macroeconomic models, including the consumption-based asset pricing model, neoclassical growth model, and models of the monetary transmission mechanism. The authors selectively survey the empirical literature that examines the time-series properties of real interest rates.

"Drug Prices Under the Medicare Drug Discount Card Program"
by Emin M. Dinlersoz, Rubén Hernández-Murillo, Han Li, and Roger Sherman
In early 2004, the U.S. government initiated the Medicare Drug Discount Card Program (MDDCP), which allowed card subscribers to obtain discounts on prescription drugs. Pharmacy-level prices were posted on the program website weekly with the hope or promoting competition among card sponsors by facilitating consumer access to prices. A large panel of pharmacy-level price data collected from this website indicates that price dispersion across cards persisted throughout the program.

More Review Articles ...
 FRED At a Glance

CPI +3.7% in Oct 2008, % Chg. Year Ago (Revision Graph)

Real GDP -0.3% in 2008Q3, Comp. Ann. Rate of Chg. (Revision Graph)

IP +1.3% in Oct 2008, % Chg. (Revision Graph)

10-Yr. Treas. Rate 3.38% on 2008-11-19

US/Euro FX Rate 1.253 on 2008-11-20

Japan/US FX Rate 94.98 on 2008-11-20

Civ. Unemploy. Rate 6.5% in Oct 2008 (Revision Graph)

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 FRED Economic Data Updates
Non-Borrowed Reserves of Depository Institutions (2008-11-21)
Net Free or Borrowed Reserves of Depository Institutions (2008-11-21)
Required Reserves, Not Adjusted for Changes in Reserve Requirements (2008-11-21)
Excess Reserves of Depository Institutions (2008-11-21)
Non-Borrowed Reserves of Depository Institutions Plus Term Auction Credit (2008-11-21)
Reserve Bank Credit (2008-11-21)
More ...
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 Recent Working Papers
"The Stability of Macroeconomic Systems with Bayesian Learners"
Working Paper 2008-043A by James B. Bullard and Jacek Suda (2008-11-17)

"Do European Capital Flows Comove?"
Working Paper 2008-042A by Silvio Contessi and Pierangelo DePace (2008-11-04)

"The Cyclical Properties of Disaggregated Capital Flows"
Working Paper 2008-041A by Silvio Contessi, Pierangelo DePace, and Johanna Francis (2008-11-04)

"Are Children 'Normal'?"
Working Paper 2008-040A by Dan Black, Natalia Kolesnikova, Seth G. Sanders, and Lowell J. Taylor (2008-10-31)

"Did Prepayments Sustain the Subprime Market?"
Working Paper 2008-039A by Geetesh Bhardwaj and Rajdeep Sengupta (2008-10-27)


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