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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 As a result, previous vintages of data can be superseded and may no longer be available.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! "The Financial Crisis" Website
The Federal Reserve and other agencies have taken many steps to contain the ongoing financial crisis and limit its impact on the broader economy. It is critically important that we clearly communicate our actions to better ensure their success. The Financial Crisis website provides information about major financial events and policy actions over the past months and will be updated as additional events and actions occur. (2008-12-22) More....
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 Call for Papers!
The 9th Annual Missouri Economics Conference will be held March 27-28, 2009, at the University of Missouri—Columbia. The Missouri Economics Conference is jointly sponsored by the University of Missouri and the Federal Reserve Bank of St. Louis.

We are now accepting submissions of papers in all fields of economics to be presented at the conference. (2008-12-01) More....
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 Economic Synopses

Is There Less Agreement About Inflation?
By Daniel L. Thornton

Local Income Inequality
By Rubén Hernández-Murillo

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

The Great Recapitalization
By Edward Nelson

More Economic Synopses...

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 Recent Data Publications
National Economic Trends, January Issue
A monthly publication that presents a snapshot of the U.S. economy. (2009-01-05) More NET...

U.S. Financial Data, January 2 Issue
A weekly publication that includes charts and tables relating to weekly monetary and reserve aggregates, selected interest rates, commercial bank loans, and more. (2009-01-02) More USFD...

Monetary Trends, January Issue
A monthly publication that reviews U.S. monetary and financial conditions with an emphasis on various measures of the monetary policy stance. (2008-12-16) 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...

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 Recent Review Articles - January/February 2009
"Three Funerals and a Wedding"
by James B. Bullard
This article is a modified and updated version of a speech presented at the Regional Economic Summit, Evansville, Indiana, November 20, 2008.

"The Fed, Liquidity, and Credit Allocation"
by Daniel L. Thornton
The current financial turmoil has generated considerable discussion of liquidity. Moreover, it has been widely reported that the Federal Reserve played a major role in supplying liquidity to financial markets during this distressed time. This article describes two ways in which the Fed has supplied liquidity since late 2007.

"Disallowances and Overcapitalization in the U.S. Electric Utility Industry"
by Stratford Douglas, Thomas A. Garrett, and Russell M. Rhine
Regulation of an industry often produces unintended consequences. Averch and Johnson (1962) argue that certain regulation of electric utilities provides utilities the incentive to purchase an inefficiently large amount of capital. Another possible and related unintended consequence of electric utility regulation is that regulatory cost disallowances on capital may also increase utilities’ incentives to overcapitalize.

"Optimal Response to a Transitory Demographic Shock in Social Security Financing"
by Juan Carlos Conesa and Carlos Garriga
The authors consider a transitory demographic shock that affects negatively the financing of retirement pensions—that is, workers either would have to pay more or retirees would receive less. In contrast to the existing literature, the authors endogenously determine optimal policies rather than explore the implications of exogenous parametric responses.

More Review Articles ...
 FRED At a Glance

CPI +1.0% in Nov 2008, % Chg. Year Ago (Revision Graph)

Real GDP -0.5% in 2008Q3, Comp. Ann. Rate of Chg. (Revision Graph)

IP -0.6% in Nov 2008, % Chg. (Revision Graph)

10-Yr. Treas. Rate 2.25% on 2008-12-31

US/Euro FX Rate 1.392 on 2008-12-31

Japan/US FX Rate 90.79 on 2008-12-31

Civ. Unemploy. Rate 6.7% in Nov 2008 (Revision Graph)

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 FRED Economic Data Updates
Deposits with Federal Reserve Banks, other than Reserve Balances: Other (2009-01-05)
30-1/2-Year 3-3/8% Treasury Inflation-Indexed Bond, Due 4/15/2032 (2009-01-05)
Treasury Deposits with Federal Reserve Banks (2009-01-05)
Reserve Bank Credit (2009-01-05)
Currency in Circulation (2009-01-05)
St. Louis Source Base (2009-01-05)
More ...
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 Recent Working Papers
"Mexico’s Integration into NAFTA Markets: A View from Sectoral Real Exchange Rates"
Working Paper 2008-046A by Rodolphe Blavy and Luciana Juvenal (2008-12-17)

"Inventories, Liquidity, and the Macroeconomy"
Working Paper 2008-045A by Yi Wen (2008-12-01)

"Dynamics of Externalities: A Second-Order Perspective"
Working Paper 2008-044A by Yi Wen and Huabin Wu (2008-11-24)

"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)


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