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    <title>Page One® Economic Information Newsletter by the St. Louis Fed Research Library</title>
    <link>http://research.stlouisfed.org/pageone-economics/index.php</link>
    <description>The Page One Economic Newsletter is published 9 times a year, January through May and August through November. The newsletter is a selection of useful economic information, articles, data, and websites compiled by the librarians of the Federal Reserve Bank of St. Louis Research Library.</description>
    <language>en-us</language>
    <ttl>30</ttl>
    <copyright>Copyright 2012 Federal Reserve Bank of St. Louis</copyright>
    <webMaster>webmaster@research.stlouisfed.org</webMaster>
    <pubDate>Mon, 07 May 2012 12:51:54 CDT</pubDate>
    <lastBuildDate>Mon, 07 May 2012 12:51:54 CDT</lastBuildDate>
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      <title>May 2012 - “Wait, Is Saving Good or Bad? The Paradox of Thrift”</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The average saving rate for the typical American household before the recession started in 2007 was 2.9 percent; since then it has risen to 5 percent. Uncertainty about the future was the primary driver for the increase. More saving is a good thing, right? Well, some economists argue it might be detrimental to the overall economy. Given the benefits to individuals, how could this be? This month&rsquo;s Page One explores this &ldquo;paradox of thrift.&rdquo;<br>]]></description>      
      <pubDate>May 2012</pubDate>
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      <title>April 2012 - “Dewey Defeats Truman”: Be Aware of Data Revisions</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The famous&quot;Dewey Defeats Truman&quot; headline illustrates the importance of timely and accurate data. Agencies that compute economic indicators for the $14 trillion U.S. economy face a tough challenge: providing up-to-the minute results and ensuring the reliability of the data. This month&#39;s <i>Page One</i> newsletter, <i>&quot;Dewey Defeats Truman&quot;: Be Aware of Data Revisions</i>, explains why there is often a trade-off between these two factors and discusses the importance of data revision.]]></description>      
      <pubDate>April 2012</pubDate>
    </item>
    <item>
      <title>March 2012 - Gini in a Bottle: Some Facts on Income Inequality</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Income inequality has been rising in the United States and other developed countries. The March 2012 <i>Page One Economics Newsletter</i> discusses income inequality, its causes, and some possible policy solutions.]]></description>      
      <pubDate>March 2012</pubDate>
    </item>
    <item>
      <title>February 2012 - Traditional Versus Shadow Banking</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Modern economies rely heavily on financial intermediaries to channel funds between borrowers and lenders. In the first edition of the <i>Page One Economics Newsletter</i>, the role of traditional banking is outlined and a parallel system&mdash;shadow banking&mdash;is explored.]]></description>      
      <pubDate>February 2012</pubDate>
    </item>
    <item>
      <title>January 2012 - What Do Financial Market Indicators Tell Us?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[To those unfamiliar with financial and economic lingo, the terms bandied about in the news can sometimes make no sense. The January 2012 Liber8 Newsletter, &quot;What Do Financial Market Indicators Tell Us?&quot; offers some help with explanations of common terms. The essay is accompanied by a table of terms, definitions, and the significance of each to the broader economy.]]></description>      
      <pubDate>January 2012</pubDate>
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    <item>
      <title>November 2011 - Then and Now: Fed Policy Actions During the Great Depression and Great Recession</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Although the recent Great Recession was severe, its financial impact never paralleled that of the Great Depression. The November&nbsp;Newsletter compares these two economic downturns and shows how lessons learned in the Great Depression helped current Federal Reserve policymakers stabilize the economy during the recent economic crisis.]]></description>      
      <pubDate>November 2011</pubDate>
    </item>
    <item>
      <title>October 2011 - Natural Disasters: From Destruction to Recovery</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Natural disasters often cause extensive loss and damage, yet post-disaster reconstruction may create opportunities that bring long-term economic benefits. Read the October 2011&nbsp;Newsletter &quot;Natural Disasters: From Destruction to Recovery&quot; for details.]]></description>      
      <pubDate>October 2011</pubDate>
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      <title>September 2011 - Time Inconsistency: Today’s Actions = Tomorrow’s Regrets</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Have you ever bought something you really couldn&rsquo;t afford? You simply swipe your credit card and leave the store with something shiny and new. That instant gratification overpowers any thought of the regret you&rsquo;ll have when you must start paying off your accumulated debt. Economists call this phenomenon time inconsistency. Read the September 2011&nbsp;newsletter for some ideas on how to prevent time inconsistency for yourself and your government.]]></description>      
      <pubDate>September 2011</pubDate>
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    <item>
      <title>August 2011 - Is a College Cap and Gown a Financial Ball and Chain?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The cost of a college education continues to rise.The Project on Student Debt estimates that a typical 2009 college graduate accumulated $24,000 in student loan debt. Is a college degree worth the cost? Read the August 2011 Newsletter for the latest data on college versus high school graduates&#39; earnings and employment prospects.]]></description>      
      <pubDate>August 2011</pubDate>
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      <title>May 2011 - Financial Regulation: A Primer on the Dodd-Frank Act</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Last July, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 brought the most sweeping financial regulatory reform since the Great Depression. The May 2011 Liber8 newsletter outlines key provisions of the Act intended to prevent or lessen future financial crises and enhance consumer protection.]]></description>      
      <pubDate>May 2011</pubDate>
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      <title>April 2011 - Quantitative Easing Explained</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[&quot;Quantitative easing&quot; has been in the headlines a lot from 2009 to 2011. First there was QE and then QE2. What exactly is quantitative easing, who does it, and how does it affect the economy? This month&#39;s&nbsp;newsletter has the answers.]]></description>      
      <pubDate>April 2011</pubDate>
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      <title>March 2011 - Fiscal and Monetary Policy in Times of Crisis</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[To find out more about fiscal and monetary policy&mdash; who conducts them, how they work, and their roles during economic downturns&mdash; read this month&#39;s&nbsp;newsletter.]]></description>      
      <pubDate>March 2011</pubDate>
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      <title>February 2011 - Deflation: Who Let the Air Out?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Inflation, deflation, disinflation. They affect the prices of everything we buy. To find out how and what&rsquo;s happening in today&rsquo;s economy, see the February 2011&nbsp;newsletter, &ldquo;Deflation: Who Let the Air Out?&rdquo;]]></description>      
      <pubDate>February 2011</pubDate>
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      <title>January 2011 - Financial Crises, Reform, and Central Banking: Establishing the Federal Reserve</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Financial crises and recessions have often led to significant financial reform. Perhaps the most noteworthy financial reform of the past century was the formation of the Federal Reserve System in 1913. This month&#39;s newsletter provides historical details of events leading up to the founding of the Federal Reserve.]]></description>      
      <pubDate>January 2011</pubDate>
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      <title>November 2010 - The Ins and Outs of Unemployment Insurance</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Although the economy is rebounding, the unemployment rate remains high and private sector job gains remain weak. economists debate whether extending unemployment benefits keep unemployment artificially high by discouraging work.]]></description>      
      <pubDate>November 2010</pubDate>
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      <title>October 2010 - The Environment Is About Economics, Too</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The cleanup cost of the April 2010 BP oil spill in the Gulf of Mexico is estimated at $6 billion, not including the economic damage to the fishing and tourism industries, which will likely add several billion more. Proponents of stricter environmental regulation believe such catastrophes could be prevented at a reasonable cost. Opponents argue that many preventive procedures are too costly to justify, given the rarity of such incidents. Determining the right balance between preserving the environment and controlling costs is a difficult job for government regulators. Read the October 2010&nbsp;Newsletter for a look at the economics behind the regulations.]]></description>      
      <pubDate>October 2010</pubDate>
    </item>
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      <title>September 2010 - State Pension Plans in Peril: The Need for Reform</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[State and local government employees have long enjoyed the perk of a guaranteed pension in retirement, but that may no longer be the case &mdash; because of the recent recession, state budgets are in trouble. Many states have under-funded their pension plans to pay current expenses, and many pension plans have also incurred huge investment losses due to the financial crisis. How can states remedy this problem? The September 2010 Newsletter, &quot;State Pension Plans in Peril: The Need for Reform,&quot; offers possible solutions.]]></description>      
      <pubDate>September 2010</pubDate>
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      <title>August 2010 - Sovereign Debt Crises: It’s All Greek to Me</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Greek&#39;s current sovereign debt has reached crisis levels. Should the United States expect something similar? Probably not. Read the August 2010 Newsletter to learn why (or why not).]]></description>      
      <pubDate>August 2010</pubDate>
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      <title>May 2010 - Patents: Protecting Inventors and the Public Good</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Patent rights are becoming increasingly controversial in areas such as pharmaceuticals and genetics. Should the public good come before the private gain of new product inventors or developers? The May 2010 Newsletter tackles this issue.]]></description>      
      <pubDate>May 2010</pubDate>
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      <title>April 2010 - Exploiting Exportation: Why Foreign Exchange Rates Matter</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The emphasis on global economics is here to stay, but how does it affect the average citizen? The April 2010 Newsletter examines the links between foreign exchange rates and global trade and explains the effect on U.S. prices and import/export trading.]]></description>      
      <pubDate>April 2010</pubDate>
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      <title>March 2010 - The U.S. Deficit Outlook March 2010</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[For years, economists have debated the wisdom of increasing government spending during recessions. On the one hand, increased spending adds to budget deficits, but on the other, increased spending can stimulate the economy during a downturn, thus speeding recovery. Deficits topped $1.4 trillion in the latest recession&mdash;which raises two questions: &quot;How big is &#39;too big&#39; in terms of spending?&quot; and &quot;What are the long-term consequences?&quot; The March 2010&nbsp;Newsletter offers some insights into this timely topic.]]></description>      
      <pubDate>March 2010</pubDate>
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      <title>February 2010 - Executive Compensation and Market Risks</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Some U.S. taxpayers were angry and felt betrayed when financial company executives received large bonuses in the midst of the 2008-09 financial crisis. These executives headed some of the same firms whose risky practices contributed to the crisis&mdash;and then later received billions of dollars in government bailouts. Who makes the changes in executive compensation policies and regulations to avoid such risks in the future? Read the February 2010 Newsletter for answers and interesting insights.]]></description>      
      <pubDate>February 2010</pubDate>
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      <title>January 2010 - A New Trend for U.S. Household Spending</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Holiday sales are expected to be weak again this year even though the economy and financial markets are improving. Shoppers are especially reluctant to use credit cards for holiday purchases. According to the National Retail Federation&#39;s 2009 Consumer Intentions and Action Survey, only 28.3 percent of holiday shoppers will use credit cards; this is 10.6 percent lower than one year ago. Why are shoppers so hesitant to use their credit cards this year? Many factors are involved. Read the January 2010 Newsletter for the answers.]]></description>      
      <pubDate>January 2010</pubDate>
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      <title>November 2009 - How Would Modern Macroeconomic Schools of Thought Respond to the Recent Economic Crisis?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[What would some of the most famous economists, such as John Maynard Keynes, Milton Friedman, and Adam Smith, and their followers say about the current financial and economic crisis? The November&nbsp;2009 newsletter essay by Michelle Armesto outlines their probable responses.]]></description>      
      <pubDate>November 2009</pubDate>
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      <title>October 2009 - Early Childhood Education</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Which public investment offers greater returns&mdash;a subsidy for a sports stadium or early childhood education? It might surprise some, but the answer is an investment in early childhood education. A research study from the Federal Reserve found a 16 percent return on such an investment, with 80 percent of the return going to the general public. The October 2009 Newsletter explains the lifelong benefits of early childhood education.]]></description>      
      <pubDate>October 2009</pubDate>
    </item>
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      <title>September 2009 - Retraining Displaced U.S. Workers</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[When the current U.S. recession ends and recovery begins, many pre-recession jobs, such as some in financial services and the automobile industry, will not return. So what are the options if jobs in your chosen industry no longer exist? The September 2009 Newsletter focuses on job retraining programs and lists some areas of projected job growth for the near future.]]></description>      
      <pubDate>September 2009</pubDate>
    </item>
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      <title>August 2009 - Education and Earnings</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[According to the Bureau of Labor Statistics (BLS), achieving a higher level of education is one way to guard against unemployment and increase earnings: A 2008 report found that workers with a bachelor&rsquo;s degree earned 65 percent more than workers with only a high school diploma and nearly 130 percent more than workers without a high school diploma.]]></description>      
      <pubDate>August 2009</pubDate>
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      <title>May 2009 - A Crack in the Nest Egg: Are Americans Doing Enough to Save for Retirement?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Before the current recession, soaring stock prices and housing values made many Americans feel well off, and thus many were lax in saving for retirement. The current financial market downturn has erased much of the previous gains, leaving many workers unprepared for retirement.]]></description>      
      <pubDate>May 2009</pubDate>
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      <title>April 2009 - What Does Foreclosure Entail?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The FDIC estimates that an additional 4 to 5 million mortgages could enter foreclosure over the next two years. How did this happen, and what can be done to improve the situation? The April 2009 Newsletter offers some insights and further resources on the foreclosure situation.]]></description>      
      <pubDate>April 2009</pubDate>
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      <title>March 2009 - What’s Under the TARP?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The new economic terms and programs&mdash;from TARP to TALF to COP&mdash;are important, but trying to keep track of it all can make your head spin. Read the March 2009 Newsletter&nbsp;for a clear, concise explanation of the Treasury&#39;s Troubled Asset Relief Program designed to help alleviate the nation&rsquo;s financial crisis.]]></description>      
      <pubDate>March 2009</pubDate>
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      <title>February 2009 - What Is a Recession?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[The past year has seen much debate about whether the United States is officially in (or not in) a recession (it is). But just what is a recession? Who decides that fact and how? Or, in other words, what actually makes a recession a recession? Read the February 2009&nbsp;Newsletter for all the details.]]></description>      
      <pubDate>February 2009</pubDate>
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      <title>January 2009 - Season’s Greetings and Seasonal Adjustments</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Have you every wondered what the term &quot;seasonally adjusted&quot; means in relation to economic data? What does the change of seasons have to do with economics? The January 2009 Newsletter explains the term and shows its effect on economic data.]]></description>      
      <pubDate>January 2009</pubDate>
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      <title>November 2008 - U.S. Health Care Insurance and the Uninsured</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[With continuing increases in both health care spending and the number of Americans who are uninsured, everyone seems to have an opinion on how to rein in costs and provide better coverage. This month&#39;s&nbsp;Newsletter offers an overview of why costs are so high and what can be done to improve the situation.]]></description>      
      <pubDate>November 2008</pubDate>
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      <title>October 2008 - China’s Uncommon Emergence: Still Under Way</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[China has emerged as a global player both socially and economically. What&#39;s behind China&#39;s great strides in economic performance? This month&#39;s Newsletter details some of the reasons for China&#39;s growth.<br>
<br>]]></description>      
      <pubDate>October 2008</pubDate>
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      <title>September 2008 - U.S. Farm Subsidies</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Why should the average American care about the 2008 Farm Bill and farm subsidies? Farm subsidies can affect the price of food and can influence the amount of taxes we pay. This month&#39;s Liber8 newsletter explains why farm subsidies were originally used, spotlights the debate about their continued use, and points out some changes to the 2008 Farm Bill.]]></description>      
      <pubDate>September 2008</pubDate>
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      <title>August 2008 - School Vouchers: The Right Choice or Wrong Policy for Improving Our Schools?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[August is back-to-school time, but for many families that means a return to poor-performing schools. The perennial question is how to improve performance. The use of school vouchers is one proposed but highly debated solution. This article examines the history of school vouchers and the major arguments for and against them.]]></description>      
      <pubDate>August 2008</pubDate>
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      <title>May 2008 - The Economic Cost of War</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[It is difficult to measure the cost of the Iraq war and related expenses; it is at least as difficult to decide exactly what costs to measure. The May 2008 issue compares the two most widely cited estimates: one from the Congressional Budget Office and the other from researchers Joseph Stiglitz and Linda Bilmes. The newsletter also compares these estimates to U.S. GDP over the same time frame to get a better sense of the war&#39;s cost in relation to the entire U.S. economy.]]></description>      
      <pubDate>May 2008</pubDate>
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      <title>April 2008 - Ethanol: Is Corn the Golden Fuel?</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[With oil prices well over $100 per barrel, policymakers are considering everything from new fuel efficiency standards to biomass in an effort to reduce U.S. gasoline consumption. High oil prices, global warming, and the vitality of the American farm have introduced words such as &ldquo;ethanol,&rdquo; &ldquo;E85&rdquo;, and &ldquo;flexible-fuel vehicle&rdquo; to American households. However, the potential costs and benefits of ethanol production should be considered objectively.&nbsp; This month&#39;s newsletter explores the costs and benefits of America&#39;s golden fuel&mdash;ethanol.]]></description>      
      <pubDate>April 2008</pubDate>
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      <title>March 2008 - Baby Boomer Retirement</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Over the course of the next two decades, an average of 10,000 baby boomers per day will reach retirement age. Their retirement will cause a surge in federal spending. This month&#39;s&nbsp;Newsletter shows how the retirement of the baby boomers will affect government programs such as&nbsp;Social Security and Medicare and the federal budget.<br>]]></description>      
      <pubDate>March 2008</pubDate>
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      <title>February 2008 - The Economic Impact of an Influenza Pandemic on the United States</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[They have been known to be deadly, disorderly, and expensive. Influenza pandemics occur 3 to 4 times every century, and many health experts believe another U.S. pandemic is unavoidable. How would a modern-day influenza pandemic affect the U.S. economy? Predictions include $700 billion in economic losses and a 5.5 % drop in GDP the year a severe pandemic occurs.]]></description>      
      <pubDate>February 2008</pubDate>
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      <title>January 2008 - Big-Box Retail and Its Impact on Local Communities</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[What is the local impact of big-box retail? Some states have begun to reconsider whether the benefits of such development are worth the costs to local communities.]]></description>      
      <pubDate>January 2008</pubDate>
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      <title>November 2007 - Economic Globalization</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[Globalization has been covered heavily in the news recently, with special focus on the rise of China in the global economy and the sense of more job insecurity in the United States.]]></description>      
      <pubDate>November 2007</pubDate>
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      <title>October 2007 - The U.S. Personal Saving Rate</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[This month&rsquo;s newsletter focuses on the low and declining U.S. personal saving rate. As measured by the Bureau of Economic Analysis (BEA), the U.S. personal saving rate fell into negative territory during the third quarter of 2005 and has remained close to zero since then.]]></description>      
      <pubDate>October 2007</pubDate>
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      <title>September 2007 - Subprime Mortgage Lending</title>
      <link>http://research.stlouisfed.org/pageone-economics/</link>
      <description><![CDATA[This month&#39;s newsletter covers the topic of subprime mortgage lending, with data and explanations you&nbsp;may find useful. The subprime market has been a closely covered news topic of late.]]></description>      
      <pubDate>September 2007</pubDate>
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