Philadelphia Fed Business Review, 4th Quarter 2006

The Federal Reserve Bank of Philadelphia published its Business Review for the Fourth Quarter 2006 on 13 December. The latest issue has articles on housing, exports, and segmented markets. Written by Senior Economic Analyst Tim Schiller, the housing article asks whether the boom in house prices is a bubble or just economic fundamentals at work.

The popular press would lead us to believe that during the stock market boom of the 1990s just about everyone was buying and selling bonds every day. In

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