Economic Policy Review
The Economic Policy Review is published by the Research and Statistics Group of the Federal Reserve Bank of New York. Articles undergo a comprehensive refereeing process prior to their acceptance in the Review. The views expressed in the articles are those of the individual authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.

Editorial Board
Kenneth D. Garbade, Editor
Richard Crump, Coeditor
Marco Del Negro, Coeditor
Jan Groen, Coeditor
Andrew Haughwout, Coeditor

Editorial Staff
Trevor Delaney
Maureen Egan
Anna Snider
Peter Stevens

Production Staff
Theresa Izzillo
Jessica Iannuzzi
Laura Gharrity