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Econ Focus

Third Quarter 2022

In this issue: quantitative tightening, inflation and supply chain disruptions, rural areas paying newcomers, the teacher shortage, and more.

Cover Story

quantitative tightening

The Fed Is Shrinking Its Balance Sheet. What Does That Mean?

While the Fed has experience buying assets to respond to crises, questions remain around unwinding those actions

President's Message

Thomas I. Barkin

A Shift in the Inflation Winds?

Following the Great Moderation — an era of low and stable inflation — the wind seems to have shifted. What does this mean for Fed policy?


Maggie Blume sitting on rock with a river behind her

Paid to Relocate

States and communities are looking for remote workers as sources of economic growth. Is offering them cash and other perks a promising model of economic development?

Used cars lined up in a row

Supply Chain Disruptions, Inflation, and the Fed

Today's inflationary snarls reflect both supply shocks and policy stimulus


stephanie schmitt-grohe

Stephanie Schmitt-Grohé

Columbia University economist on inflation, capital controls, and finding research topics

Shopping mall

The Economic History of the Shopping Mall — and Its Future (Yes, It Does Have One)

Malls have been a part of the American cultural and economic fabric for generations. How will they survive recessions, the rise of online shopping, and a pandemic?

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