Econ Focus (formerly Region Focus) is the economics magazine of the Federal Reserve Bank of Richmond. It covers economic issues affecting the Fifth Federal Reserve District and the nation and is published on a quarterly basis by the Bank's Research Department.
Were economists caught by surprise by the financial crisis because the profession's models and dominant schools of thought are misguided? If so, how did it come to be that way? Will the financial crisis change things? Rather than a fundamental shift in economic thought, many economists seem to hope for a humbler view of what economics can teach us about the world.
Many economists see temp employment as a buffer during recessions and a harbinger of direct hiring during recoveries. How strong is the current preference for temp workers -- and does that preference have long-term implications?
Many military bases in the Fifth District are expanding as a result of the 2005 Base Realignment and Closure Plan, scheduled for completion by mid-September. Economic benefits may loom in the long run, but the influx may cause short-term pain as communities cope with crowded schools and congested roads.
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