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Posts by Paul Wallace

The image features a research brief announcement from the Federal Reserve Bank of Minneapolis. It says, "Monopoly is as monopoly does. To study monopoly, look to actions, not the textbook definition." The words "NEW RESEARCH BRIEF" are also highlighted.

The image features a research brief announcement from the Federal Reserve Bank of Minneapolis. It says, "Monopoly is as monopoly does. To study monopoly, look to actions, not the textbook definition." The words "NEW RESEARCH BRIEF" are also highlighted.

For 75 years, economics students have learned to graph a monopoly: A single seller with market power. Our economist James Schmitz, Jr. says this "wrong turn" in economics leads us to overlook monopolies all around us--and the extensive costs they impose. https://bit.ly/4sAfon5 #EconSky

5 days ago 1 4 0 0
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Jesse Rothstein wants to say yes | Federal Reserve Bank of Minneapolis Berkeley economist and Institute advisor Jesse Rothstein on dissecting earnings disparities, improving the safety net, and 10 years of the California Policy Lab

Right on @jrothst.bsky.social

www.minneapolisfed.org/article/2026...

4 days ago 8 4 1 1
An outdoor café area with tables and chairs dusted with snow. Nearby, there is a scooter parked on the wet, shiny pavement. The setting is urban, with buildings and a red awning in the background.

An outdoor café area with tables and chairs dusted with snow. Nearby, there is a scooter parked on the wet, shiny pavement. The setting is urban, with buildings and a red awning in the background.

Hospitality businesses in the #TwinCities metro reported declines in customer traffic at the start of the year in a recent survey by the Minneapolis Fed. Read more in a summary of survey results by Haley Chinander: https://bit.ly/4cds3Hz

6 days ago 2 1 0 0
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Services make up more than 70% of GDP—so this sector now has its own section in our #BeigeBook report. What is happening in this sector and others across the Ninth District? Watch our latest Beige Book video for a two-minute rundown. Full report here: https://bit.ly/4cmZw1a #EconSky

6 days ago 3 2 0 0
The image shows the cover and back of "For All" magazine, Spring 2016 edition. The cover features a large tree with leaves and fruits shaped like currency symbols. Silhouetted figures are interacting with a large currency symbol integrated with the tree. The title reads "Beyond the Paycheck." The back cover has a plain white background with the magazine title "For All" in bold black letters.

The image shows the cover and back of "For All" magazine, Spring 2016 edition. The cover features a large tree with leaves and fruits shaped like currency symbols. Silhouetted figures are interacting with a large currency symbol integrated with the tree. The title reads "Beyond the Paycheck." The back cover has a plain white background with the magazine title "For All" in bold black letters.

NEW in For All: Nonwage income makes up 40% of U.S. personal income. Who has it and what is its role in Americans' well-being? Jesse Rothstein assembles evidence to rebuild American opportunity. Plus new research on AI, credit gaps, and microequity. https://bit.ly/32ycmGd #EconSky

6 days ago 2 3 0 0
Cover of "For All" magazine, Spring 2026 edition. It features a large tree growing out of a gold dollar sign. Two individuals are harvesting money from the tree using ladders. The headline reads "Beyond the Paycheck," with smaller text discussing income sources and economic well-being. The Federal Reserve Bank of Minneapolis logo appears at the bottom.

Cover of "For All" magazine, Spring 2026 edition. It features a large tree growing out of a gold dollar sign. Two individuals are harvesting money from the tree using ladders. The headline reads "Beyond the Paycheck," with smaller text discussing income sources and economic well-being. The Federal Reserve Bank of Minneapolis logo appears at the bottom.

The new issue of For All from @oiginstitute.bsky.social explores who has nonwage income, sources of intergenerational mobility, access to higher education, and the role of neighborhoods on loan repayment. Read online or download the PDF here: https://bit.ly/32ycmGd

6 days ago 2 1 0 0
Illustration of a school building with a clock, several people walking nearby, and a path leading to it. A family is in the foreground, with two buildings and trees around.

Illustration of a school building with a clock, several people walking nearby, and a path leading to it. A family is in the foreground, with two buildings and trees around.

Research on intergenerational mobility has often focused on fathers and sons. But putting mothers in the picture changes the analysis: Before mass schooling, moms' literacy was a stronger predictor of kids' outcomes than fathers'. Read our new article: https://bit.ly/3PIe18a

1 week ago 1 1 0 0
Title page of the Federal Reserve Bank of Minneapolis Quarterly Review featuring the text: "The Macroeconomic Causes and Consequences of Inflation" with authors Donald Kohn, Guido Lorenzoni, Lucrezia Reichlin, and Mark Watson listed.

Title page of the Federal Reserve Bank of Minneapolis Quarterly Review featuring the text: "The Macroeconomic Causes and Consequences of Inflation" with authors Donald Kohn, Guido Lorenzoni, Lucrezia Reichlin, and Mark Watson listed.

What drove the post-COVID inflation? Why didn't more policymakers see it coming? Our new Quarterly Review features the insightful panel from our Macroeconomic Policy Perspectives conference: Lucrezia Reichlin, Donald Kohn, Mark Watson, & Guido Lorenzoni https://bit.ly/4sg6POQ #EconSky

1 week ago 4 3 0 0
Illustration of various professionals including a doctor, pilot, chef, and construction worker, depicted in a network of connected hexagons.

Illustration of various professionals including a doctor, pilot, chef, and construction worker, depicted in a network of connected hexagons.

Automation results in a fair amount of labor market churn. As the mix of tasks at different jobs changes, workers will move to jobs that make the best use of their skill set. How will the labor market change as AI transforms jobs? https://bit.ly/49GzZyO

1 week ago 2 1 0 0
Graphic from Federal Reserve Education (FRE) announces a webinar titled "Navigating Labor Market Trends: College and Career Readiness Resources for Educators." The FRE logo is at the top left with a "Financial Literacy Month" banner beneath it. The main text displays the webinar title, followed by the date (Monday, April 13, 2026) and time slots for different time zones: 5-6 p.m. (ET) | 4-5 p.m. (CT) | 3-4 p.m. (MT) | 2-3 p.m. (PT). The background image shows an aerial view of a large crowd of people.

Graphic from Federal Reserve Education (FRE) announces a webinar titled "Navigating Labor Market Trends: College and Career Readiness Resources for Educators." The FRE logo is at the top left with a "Financial Literacy Month" banner beneath it. The main text displays the webinar title, followed by the date (Monday, April 13, 2026) and time slots for different time zones: 5-6 p.m. (ET) | 4-5 p.m. (CT) | 3-4 p.m. (MT) | 2-3 p.m. (PT). The background image shows an aerial view of a large crowd of people.

Federal Reserve Education invites you to join our webinar "Navigating Labor Market Trends: College and Career Readiness Resources for Educators" on April 13 from 5:00-6:00 p.m. ET.

Register now: web.cvent.com/event/2a6ef8... #FinancialLiteracyMonth

1 week ago 4 1 0 0
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Bar chart with teal and yellow bars on a grid background. The chart includes question marks and percentage symbols, with a three-dimensional perspective.

Bar chart with teal and yellow bars on a grid background. The chart includes question marks and percentage symbols, with a three-dimensional perspective.

What is driving U.S. core goods #inflation? It must be something much more than #tariffs, find our economists Mike Waugh and Neil Mehrotra. https://bit.ly/41UkGyL #EconSky

1 week ago 5 4 0 0
A table shows how the flows into and out of unemployment last month affected March's unemployment rate.

A table shows how the flows into and out of unemployment last month affected March's unemployment rate.

The March Jobs Report, just out today, shows unemployment declined to 4.3%. That’s down from 4.4% in February. Our Flash Report examines how people moving into and out of unemployment and the labor force help explain this downtick https://bit.ly/48lPtYP

#EconSky

2 weeks ago 10 4 0 1
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Regional Economic Surveys | Federal Reserve Bank of Minneapolis <p>The Minneapolis Fed’s Regional Outreach team conducts a number of surveys across the Ninth District to gauge current business activity and economic conditions. If you are a business owner or execut...

You can learn more about our regional economic surveys here: bit.ly/43G2evF 6/6

4 weeks ago 1 1 0 0
An illustration of a construction scene with a silhouette of a person wearing a hard hat and safety vest. The background includes industrial elements like machinery and scaffolding. Overlaid is a quote discussing the lack of new contracts, attributed to "Voices from the Ninth District.

An illustration of a construction scene with a silhouette of a person wearing a hard hat and safety vest. The background includes industrial elements like machinery and scaffolding. Overlaid is a quote discussing the lack of new contracts, attributed to "Voices from the Ninth District.

From a Twin Cities training and consulting firm 5/6

4 weeks ago 1 1 1 0
A silhouette stands against a blue and patterned background with text overlay. The text reads: “I am working harder and smarter every year to just stay afloat. My credit cards are maxed out, interest rates are eating me up, and my expenses continue to increase from all sides.” The words "Voices from the Ninth District" are written vertically on the left.

A silhouette stands against a blue and patterned background with text overlay. The text reads: “I am working harder and smarter every year to just stay afloat. My credit cards are maxed out, interest rates are eating me up, and my expenses continue to increase from all sides.” The words "Voices from the Ninth District" are written vertically on the left.

From a western Wisconsin boutique 4/6

4 weeks ago 2 1 1 0
A stylized image with a background of vibrant colors and a person in silhouette. Superimposed is a quote: "Christmas shopping season kept us going through Q4. But now everyone is spending even less. ... Q1 is looking like everyone is broke and not spending any money. I’m unsure how we will pay bills with sales this low." To the left, the text "Voices from the Ninth District."

A stylized image with a background of vibrant colors and a person in silhouette. Superimposed is a quote: "Christmas shopping season kept us going through Q4. But now everyone is spending even less. ... Q1 is looking like everyone is broke and not spending any money. I’m unsure how we will pay bills with sales this low." To the left, the text "Voices from the Ninth District."

From a custom-gift retailer in west-central Minnesota 3/6

4 weeks ago 1 1 1 0
A silhouetted person stands against a background with abstract blue and orange patterns. The text reads: “When tariffs hit, our domestic suppliers also raised prices. ... We raised prices due to tariffs and our customers didn't blink. ... [W]e have a more affluent customer base. They seem to be somewhat immune to economy changes.” The left edge features the title "Voices from the Ninth District."

A silhouetted person stands against a background with abstract blue and orange patterns. The text reads: “When tariffs hit, our domestic suppliers also raised prices. ... We raised prices due to tariffs and our customers didn't blink. ... [W]e have a more affluent customer base. They seem to be somewhat immune to economy changes.” The left edge features the title "Voices from the Ninth District."

From a manufacturer of vehicle parts in west-central Minnesota 2/6

4 weeks ago 2 1 1 0

Through regional outreach surveys, we hear from businesses and employers from across our district. These comments, stories, and voices help inform us about how people in our region are experiencing the economy. 🧵1/6 #EconSky

4 weeks ago 3 2 1 0
FOMC Introductory Statement, March 18, 2026
FOMC Introductory Statement, March 18, 2026 YouTube video by Federal Reserve

Watch Chair Powell’s statement from the #FOMC press conference:   
Intro clip: youtu.be/SVrdJINZGIM?...
Full video: youtu.be/GHkkYKb4rco
Press conference materials: www.federalreserve.gov/monetarypoli...

1 month ago 19 5 0 0
The left side of the image shows a front view of a small, light-green, two-story house with dormer windows and white trim. It's a sunny winter day and there is thick snow on the ground and a row of icicles hanging from the home's shed roof. A large tree is partially visible in the upper left, with some of its snow-covered branches hanging over the house. The right side of the image shows a detail of a map of the Twin Cities area, with municipalities such as Minneapolis, Roseville, and Fridley colored in different shades of blue-green.

The left side of the image shows a front view of a small, light-green, two-story house with dormer windows and white trim. It's a sunny winter day and there is thick snow on the ground and a row of icicles hanging from the home's shed roof. A large tree is partially visible in the upper left, with some of its snow-covered branches hanging over the house. The right side of the image shows a detail of a map of the Twin Cities area, with municipalities such as Minneapolis, Roseville, and Fridley colored in different shades of blue-green.

🗓️ Mark your calendar! On March 19, join us for a webinar exploring trends in investor ownership of single-family rentals in the Twin Cities region. We’ll also dive into our data tool that’s tracked investor activities from 2006 through 2024. Register now: https://bit.ly/40LHP5X

1 month ago 2 2 0 0
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We are saddened by the passing of Nobel Laureate Christopher A. Sims. His pioneering contributions to the economics field and his long-standing ties to the University of Minnesota and the Minneapolis Fed leave a lasting mark on our community. #EconSky

1 month ago 25 7 1 0
A charming small-town street with colorful storefronts and parked cars. Signs on the building fronts include "McCabe." Trees line the sidewalk, and the atmosphere is quaint and bustling.

A charming small-town street with colorful storefronts and parked cars. Signs on the building fronts include "McCabe." Trees line the sidewalk, and the atmosphere is quaint and bustling.

Majority of respondents to a 9th District biz survey reported that they were not actively hiring at the time of the survey, but few expected their staffing levels to decline in the near future. Read more takeaways in a new article from @haleychinander: https://bit.ly/3MELgYZ #Economy

1 month ago 2 1 0 0
Happy 100th Birthday, Alan Greenspan!
Happy 100th Birthday, Alan Greenspan! YouTube video by Federal Reserve

Today we celebrate the 100th birthday of Alan Greenspan, the 13th chairman of the Federal Reserve, who guided U.S. monetary policy for over 18 years (1987-2006). Appointed by four different presidents, Chairman Greenspan served five terms. (1/3)
youtube.com/shorts/YHkN5...

1 month ago 22 10 3 0
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Focus on: The regional economy, AI, agriculture This edition of News from the Ninth highlights several important developments shaping the Ninth District’s economy, with a particular focus on agriculture, regional outreach, and the broader economic ...

Recently, there has been a lot of discussion about current economic conditions in #Minnesota specifically. The latest LinkedIn newsletter from the @minneapolisfed.bsky.social has some insight. www.linkedin.com/pulse/focus-...

1 month ago 2 2 0 0
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Federal Reserve Bank of Minneapolis The Federal Reserve Board of Governors in Washington DC.

The Minneapolis Fed’s Beige Book report is also available on the Board of Governors’ website at www.federalreserve.gov/monetarypoli.... We appreciate the alert on that link too.

1 month ago 2 0 0 0

@minneapolisfed.bsky.social’s recent Beige Book reports on some of the economic shock experienced in Minnesota during the recent immigration operation. Read more and watch this short recap from our regional econ team members @erickgarcialuna.bsky.social and Haley Chinander. #beigebook #econsky

1 month ago 20 8 1 0
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How has our district's economy been uniquely affected by current events? Our team spoke to businesses and employers across the region and brings those insights to our latest #BeigeBook report and video.

Find the full report here: www.minneapolisfed.org/beige-book-reports/2026/...

1 month ago 10 4 2 2
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Conversation with Neel Kashkari at the 2026 Bloomberg Invest conference | Federal Reserve Bank of Minneapolis

Trump's Iran war is complicating monetary policy, @minneapolisfed.bsky.social President Neel Kashkari tells me. www.minneapolisfed.org/speeches/202...

1 month ago 11 3 0 0
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Live | Federal Reserve Bank of Minneapolis Watch live video of speeches and events

LIVE NOW: President Kashkari in conversation with @mckonomy.bsky.social, international economics and policy correspondent for @bloomberg.com at the 2026 Bloomberg Invest conference in NYC. Find the livestream here⬇️ https://bit.ly/3sRd0d9

1 month ago 1 1 0 0
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Live | Federal Reserve Bank of Minneapolis Watch live video of speeches and events

TODAY: President Kashkari will participate in a conversation with @mckonomy.bsky.social, international economics and policy correspondent for @bloomberg.com at the 2026 Bloomberg Invest conference in NYC. Tune in to the livestream 10:45-11:10am CT: https://bit.ly/3sRd0d9

1 month ago 3 1 0 0