To celebrate its 175th anniversary, American Banker is featuring selected articles that describe important and interesting events in banking history.
Economists generally agree that productivity is the primary ingredient for sustainable growth in GDP and wages.
Although the dollar strengthened somewhat recently, its level relative to the currencies of the United States’ main trading partners is nonetheless 11 percent lower than it was at the start of 2009.
Global financial markets tend to move together. For example, stock market movements across the globe are highly synchronized, economic data releases frequently have large spillover effects across borders, and episodes of financial turmoil often spread across countries that share no significant economic linkages.
William McChesney Martin Jr. (1906-98) was chairman of the Board of Governors of the Federal Reserve System from 1951 to 1970, serving under five U.S. presidents.
We find that, in a sharp reversal of earlier trends, U.S. import prices for consumer goods shipped from China have been rising rapidly in recent quarters—by 7 percent between 2010:Q2 and 2011:Q1.
With unemployment very high, income loss is now the primary reason for mortgage default. Unemployed homeowners face tough choices.
In the nineteenth century, convicts transported to New South Wales, Australia, were encouraged to deposit their money in one of the colony’s banks. But in 1822, they were forced to do so. Prisoners in private jails were also compelled to pay for their incarceration and were housed according to their ability to pay, with accommodations ranging from a private cell with a cleaning woman to one where the convict had to lie on the floor with no cover.