<![CDATA[Federal Reserve Bank of Richmond - Federal Reserve Bank of Richmond]]> https://www.richmondfed.org/ en-us Feeds from the Federal Reserve Bank of Richmond <![CDATA[Federal Reserve Bank of Richmond - Federal Reserve Bank of Richmond]]> <![CDATA[The Wage Penalty for Married Women of Career Interruptions: Evidence from the 1970s and the 1990s]]> <![CDATA[An Estimated Structural Model of Entrepreneurial Behavior ]]> <![CDATA[Regressive Welfare Effects of Housing Bubbles]]> <![CDATA[The Benefits of Commitment to a Currency Peg: Aggregate Lessons from the Regional Effects of the 1896 U.S. Presidential Election]]> <![CDATA[Risk, the College Premium, and Aggregate Human Capital Investment]]> <![CDATA[Diverging Trends in National and Local Concentration]]> <![CDATA[An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment]]> <![CDATA[Bubbly Recessions]]> <![CDATA[Evening With the Fed: Education and Entrepreneurship in the Valley]]> <![CDATA[Climate Change Economics]]> <![CDATA[Econ Resources for Your Classroom]]> <![CDATA[2020 Research Seminars, Joachim Hubmer]]> <![CDATA[Evening With the Fed: COVID-19 and the Long-Term Effects of Education Disruptions]]> <![CDATA[Richmond Fed on Campus: Race, Income and Wealth Disparities]]> <![CDATA[2020 Research Seminars, Maryam Farboodi]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[Investing in Rural America]]> <![CDATA[Richmond Fed on Campus: Defining Moments of Economic and Federal Reserve History]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[Getting Entrepreneurial: In Person, Hybrid, or Online]]> <![CDATA[2020 Research Seminars, Luigi Pistaferri]]> <![CDATA[Diverse Economics Conference]]> <![CDATA[Discussing Race and Inequality in the Classroom]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[2020 Research Seminars, Hui Chen]]> <![CDATA[The Effect of Lockdown Measures on Unemployment]]> <![CDATA[Snapshot, September 2020]]> Fifth District's economy showed signs of modest improvement in recent weeks.

]]> <![CDATA[This is the Title for Episode 3]]> This is the short summary for episode 3.

]]> <![CDATA[Idea Diffusion and Property Rights]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[COVID-19 over Time and across States: Predictions from a Statistical Model]]> <![CDATA[Richmond Fed Highlights New COVID-19 Forecasting Model]]> The September 2020 Economic Brief addresses COVID-19 forecasting.

]]> <![CDATA[COVID-19 and Fifth District Firms: Where Are They Now?]]> Businesses report on their progress since the start of the pandemic in our July and August surveys.

]]> <![CDATA[COVID-19 over Time and across States: Predictions from a Statistical Model]]> <![CDATA[Beige Book]]> <![CDATA[Race and Income and Wealth Disparities]]> <![CDATA[Why Were Fifth District Residents Out of Work? Insights From the July Household Pulse Survey]]> July data from the Household Pulse Survey reveals some of the reasons people have not been working and how households met their spending needs.

]]> <![CDATA[Richmond Fed Hosts Investing in Rural America]]> The Richmond Fed will host Rural America Week Oct. 5-7, as a digital content event leading up to the 2020 Investing In Rural America Conference.

]]> <![CDATA[COVID-19 and Fifth District Firms: Where Are They Now?]]> Businesses report on their progress since the start of the pandemic in our July and August surveys.

]]> <![CDATA[The Homework Gap: Digital Access at Home for Students in the Fifth District]]> The digital access “homework gap” most severely affects students in poor households and is compounded in rural areas by a lack of broadband internet infrastructure.

]]> <![CDATA[Mortgage and Student Loan Forbearance During the COVID-19 Pandemic]]> Forbearance programs are allowing mortgage and student loans borrowers to pause their payments. How are borrowers faring and what happens when these programs end?

]]> <![CDATA[How To Go Viral: A COVID-19 Model with Endogenously Time-Varying Parameters]]> <![CDATA[Sovereign Debt Workshop]]> <![CDATA[What Happens to Young Workers?]]> Richmond Fed president Tom Barkin discusses the loss of service-industry jobs and the effects on younger workers.

]]> <![CDATA[Pandemic Pulse]]> Updated every Friday, these interactive charts visualize some of the high-frequency indicators our economists are monitoring to understand the evolution of economic conditions during COVID-19 outbreak.

]]> <![CDATA[2020 Research Seminars, Igor Livshits]]> <![CDATA[Insurer of Last Resort]]> The COVID-19 pandemic has prompted an unprecedented fiscal response. It has also highlighted the challenges of designing and implementing large-scale disaster relief and stabilization policies to buffer households and businesses in the face of a major shock.

]]> <![CDATA[Insurer of Last Resort]]> <![CDATA[Minutes of the Federal Open Market Committee, July 28-29, 2020]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Subordinated Debt: In the Spotlight Again]]> Potential exposure to COVID-impacted industries has caused some firms to refocus on their capital preservation. A few bank holding companies have chosen to raise subordinated debt in an effort to strengthen existing capital at their subsidiary banks. Regardless of the rationale, here are a few reminders on handling subordinated debt.

]]> <![CDATA[ ACH, Wire and Check, Oh My!]]> The Federal Reserve’s FraudClassifierSM Model, developed by the Fraud Definitions Work Group, aims to develop consistency in the terminology used by the payments industry to describe payments fraud. Adoption of similar language to classify fraud types can facilitate better information sharing, enable consistent tracking and enhance customer education.

]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[2020 Research Seminars, Oleksiy Kryvtsov]]> <![CDATA[The Face of Versatility: Bank Examiners Adapt to Work From Home]]> Meet Pham, one of our Bank examiners who demonstrated flexibility to serve our community during the pandemic.

]]> <![CDATA[Snapshot, August 2020]]> Recent reports suggest the Fifth District's economy strengthened in recent weeks.

]]> <![CDATA[Interpreting Unemployment Data in the Time of COVID-19]]> Policy changes and the unique nature of the COVID-19 pandemic may impact the way labor market health is evaluated going forward.

]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed Research Suggests Better Schools Could Bolster Rural Populations]]> <![CDATA[School Quality as a Tool for Attracting People to Rural Areas]]> Research indicates that one promising strategy for rural development is maintaining and improving the quality of an area's public schools.

]]> <![CDATA[Conference Promotes Diversity in Economics]]> <![CDATA[This is the Title for Episode 2]]> This is the short summary for episode 2.

]]> <![CDATA[A Tragic Reality]]> Richmond Fed president Tom Barkin discusses racial inequality in the Fifth District and how the Richmond Fed is working to make a positive difference.

]]> <![CDATA[Investment Connection LIVE - Greater Washington, D.C.]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[Increasing the Payoff to Workers, Employers & Taxpayers: Reframing Public Benefits Cliffs Beyond the Pandemic]]> <![CDATA[South Carolina Economics Summer Webinars ]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> <![CDATA[Career Ladder Identifier and Financial Forecaster]]> <![CDATA[Demographics and Disparities in the Fifth District]]> Although the Fifth District’s black population tends to have higher employment and educational attainment compared to the nation’s, there are still significant disparities relative to whites.

]]> <![CDATA[Investment Connection LIVE - Maryland]]> <![CDATA[Social Security Reform with Heterogeneous Mortality]]> <![CDATA[Baltimore Data Week]]> <![CDATA[Richmond Fed Co-Hosts Baltimore Data Week, Virtual Pitch Sessions ]]> <![CDATA[Virtual Seminar on Climate Economics]]> <![CDATA[Beige Book]]> <![CDATA[The Federal Reserve’s COVID-19 Community Impact Survey]]> The Federal Reserve developed and fielded a survey of community-based organizations to better understand the impacts of COVID-19 on their operations and the communities they serve. Fifth District respondents in April and June expressed that while organizations and communities are experiencing significant disruptions, effects are expected to be longer-lasting for the latter.

]]> <![CDATA[Does Social Distancing Explain Variation in COVID-19 Infection Rates? A Cross-Regional Analysis]]> <![CDATA[Payroll Employment Trends across the Fifth District]]> The COVID-19 pandemic has caused an unprecedented amount of job loss, yet only a few industries have accounted for a significant portion of it. How do these industry-specific trends in the Fifth District compare to the U.S. overall, and is there any relationship between recent job recovery and states’ phased reopening plans?

]]> <![CDATA[The CFO Survey and Firms’ Expectations for the Path Forward]]> The second quarter CFO survey results paint a nuanced picture of how firms view changes in revenue and employment over the next 18 months.

]]> <![CDATA[The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19]]> Findings from The CFO Survey conducted jointly for the first time by Duke University’s Fuqua School of Business and the Richmond and Atlanta Feds show that CFOs and other financial decision makers were more optimistic in the second quarter compared to the first quarter. Still, firms expected revenue growth to be negative, on average, in 2020.

]]> <![CDATA[Federal Reserve Survey Shows Pandemic’s Impact on Low- to Moderate-Income Communities]]> <![CDATA[Bubbles and the Value of Innovation]]> <![CDATA[Richmond Fed Brief Explores the Fed’s Recent MBS Intervention]]> <![CDATA[Federal Reserve MBS Purchases in Response to the COVID-19 Pandemic]]> <![CDATA[This is the Title for Episode 1]]> This is the short summary for episode 1.

]]> <![CDATA[Financial Distress and the Second Wave of COVID-19 Infections]]> <![CDATA[COVID-19 and Households' Financial Distress]]> Part 4: Financial Distress and the Second Wave of COVID-19 Infections

]]> <![CDATA[Home Repair Costs in Baltimore]]> The COVID-19 pandemic has put housing stability at the forefront of public policy discussions.

]]> <![CDATA[Snapshot, July 2020]]> The economy in the Fifth District showed some signs of improvement in recent weeks. The unemployment rate fell but remained high.

]]> <![CDATA[2020 Research Seminars, Alp Simsek]]> <![CDATA[The Fed Experience Turns 10]]> The Fed Experience museum is celebrating an anniversary this month - 10 years of educating the public about how the economy works and the Federal Reserve Bank's role in sustaining it.

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 9-10, 2020]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Observing Recent Trends in Hours Worked by Hourly Employees]]> The number of hours worked by hourly employees dropped considerably in the United States and the Fifth District in March but showed signs of recovery in May and June. A look at high frequency data shows how hours worked by hourly employees in the food and drink, leisure and entertainment, and retail industries have been impacted during the COVID-19 pandemic.

]]> <![CDATA[Swap Margin Rule]]> A final rule, published July 1, 2020 in the Federal Register, amends the Swap Margin Rule to (i) facilitate transition away from LIBOR and (ii) allow firms additional flexibility to allocate collateral internally. The final rule allows swap entities to amend legacy swaps to replace the reference to LIBOR, or other reference rates expected to end, without triggering margin exchange requirements. Swap entities may conduct risk-reducing portfolio compression or make certain other non-substantive amendments to their legacy swap portfolios without altering their legacy status.  Additionally, under the final rule, entities that are part of the same banking organization generally will no longer be required to hold a specific amount of initial margin for inter-affiliate swaps, except if a depository institution's total exposure to all affiliates exceeds 15 percent of its Tier 1 capital.  This final rule is effective as of August 31, 2020.

]]> <![CDATA[Swap Margin Rule]]> An interim final rule, published July 1, 2020 in the Federal Register, extends the compliance date of the initial margin requirements of the Swap Margin Rule. For swap entities and counterparties with average annual notional swap portfolios of $50 billion to $750 billion the deadline is extended from September 1, 2020 to September 1, 2021  (the Swap Margin Rule’s phase 5). For counterparties with average annual notional swap portfolios of $8 billion to $50 billion the deadline is extended from September 1, 2021 to September 1, 2022 (the Swap Margin Rule’s phase 6). The final rule provides additional clarification on documentation requirements for smaller counterparties. This interim final rule is effective as of September 1, 2020.   The deadline for public comment is August 31, 2020.

]]> <![CDATA[Global Robust Bayesian Analysis in Large Models]]> <![CDATA[Rethinking Detroit]]> <![CDATA[SaMMF Workshop: Discrimination in Labor Markets]]> This publication contains summaries of the research presented at a virtual seminar in June 2020. The papers highlighted insights from search and matching, networks, and employer learning.

]]> <![CDATA[Financial Literacy Summit for Teachers ]]> <![CDATA[New Richmond Fed Directors Announced]]> The Federal Reserve Bank of Richmond announces appointments to its Baltimore Board of Directors.

]]> <![CDATA[Higher Education in the Wake of COVID-19]]> COVID-19 has disrupted traditional higher education institutions and is forcing institutions to make substantial changes to their plans for the coming academic year.

]]> <![CDATA[Investment Connection LIVE Virginia - Part 2]]> <![CDATA[Investment Connection LIVE Virginia - Part 2]]> During this live virtual pitch session, Virginia-centric proposals submitted to Investment Connection's online database will be presented to multiple potential funders. This year, in light of the global COVID-19 pandemic, projects focused on immediate needs such as emergency housing, food provision, digital access and workforce services will be given particular consideration.

]]> <![CDATA[A Silver Lining for Smaller Towns]]> Read President Tom Barkin’s new essay on whether the COVID-19 pandemic could provide an opportunity for small towns to rewrite their endings.

]]> <![CDATA[Income, Consumption, and the COVID-19 Pandemic]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[National & Regional Economy]]> <![CDATA[Observing Recent Trends in Job Postings]]> The number of job postings dropped considerably in the United States and the Fifth District in March and April but showed signs of recovery in May.

]]> <![CDATA[2020 Research Seminars, Eric Leeper]]> <![CDATA[Efficient VAR Discretization]]> <![CDATA[The Foundation for Long-Term Recovery]]> Read President Tom Barkin’s new essay on how supporting families and workers supports the economy’s long-term recovery.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Explores the Role of Imperfect Information in Economic Responses]]> The Richmond Fed released its Economic Quarterly for Q2 2020.

]]> <![CDATA[The Effects of Permanent and Transitory Shocks under Imperfect Information]]> <![CDATA[Computing Dynamic Heterogeneous-Agent Economies: Tracking the Distribution]]> <![CDATA[The Richmond Fed’s Commitment to Racial Equity]]> <![CDATA[CDFI Symposium Webinar Series: Native American Communities]]> <![CDATA[2020 Research Seminars, Thomas Winberry]]> <![CDATA[Investment Connection Launches in Virginia]]> Richmond Fed Community Development hosted its first-ever virtual pitch session for Investment Connection on June 2 with eight nonprofit organizations throughout Virginia.

]]> <![CDATA[Snapshot, June 2020]]> The Fifth District's economy contracted sharply in recent weeks.

]]> <![CDATA[Richmond Fed Announces Financial Technology Summit 2021]]> We will hold the next summit in the second half of 2021 to discuss emerging risks and how the pandemic has changed the financial technology environment.

]]> <![CDATA[CDFI Symposium Webinar Series: Capitalization]]> <![CDATA[Investment Connection LIVE Virginia - Part 1]]> <![CDATA[Banker Compensation, Relative Performance, and Bank Risk]]> <![CDATA[Regulatory Capital Rule]]> An interim final rule, published June 1, 2020 in the Federal Register, temporarily revises the supplementary leverage ratio calculation for depository institutions to allow them greater flexibility to act as financial intermediaries during this period of financial disruption. The interim final rule permits depository institutions to choose to exclude U.S. Treasury securities and deposits at Federal Reserve Banks from their calculation of the supplementary leverage ratio. This option is available to depository institution subsidiaries of U.S. global systemically important bank holding companies and depository institutions subject to the Category II or Category III capital standards.  If a depository institution makes this election, it will be required to request approval from its primary federal banking regulator before making capital distributions, such as paying dividends to its parent company, as long as the exclusion is in effect.  This interim final rule is effective from June 1, 2020 through March 31, 2021.  The deadline for public comment is July 16, 2020.

]]> <![CDATA[Plants in Space]]> <![CDATA[What Businesses are Saying About the COVID Crisis]]> While most businesses surveyed have suffered some negative effects and loss of revenue as result of COVID-19, most remained open and operating, at least partially.

]]> <![CDATA[Housing Crisis Comparison Suggests COVID-19 Could Leave Economic Scars]]> <![CDATA[Will COVID-19 Leave Lasting Economic Scars?]]> <![CDATA[Single-Counterparty Credit limits]]> A final rule, published May 28, 2020 in the Federal Register, extends by 18 months the compliance dates related to Single-Counterparty Credit limits for Bank Holding Companies and Foreign Banking Organizations (final SCCL rule).  Under this final rule, the largest foreign banks need to comply with the final SCCL rule by July 1, 2021. Smaller foreign banks need to comply by January 1, 2022. This extension applies to the combined U.S. operations of foreign banks and provides additional time for foreign jurisdictions' implementation of similar standards to become effective.  This final rule is effective as of May 28, 2020.

]]> <![CDATA[CDFI Symposium Webinar Series: Minority-Owned Firms]]> <![CDATA["Flattening the Curve": What Does it Cost, and What Does it Buy Us?]]> <![CDATA[Beige Book]]> <![CDATA[The Effects of Expiring Stay-at-Home Orders and the Shape of the Recovery ]]> <![CDATA[Investment Connection: Helping Communities Recover From the Pandemic and Beyond]]> In this special edition of The Regional View, Dolkart talks about Investment Connection, a program launched by the Richmond Fed to bring together community and economic development organizations with potential funders.

]]> <![CDATA[The Long-Term Effects of Educational Disruptions]]> <![CDATA[Unemployment Benefits and Changes under the CARES Act]]> As part of the U.S. response to COVID-19, unemployment insurance recipients are receiving increased weekly payments. For many individuals in the Fifth District, these enhanced unemployment benefits are greater than the wages they earned while at work.

]]> <![CDATA[A New Way to Fund College]]> The latest issue of the Richmond Fed's economics magazine discusses an innovative way for college students to fund their education without taking on debt. Other articles examine the economic impact of the COVID-19 pandemic, the repo market, and strategies for combating rural population loss.

]]> <![CDATA[Rural Population Loss and Strategies for Recovery]]> Retaining and attracting new residents is vital to the economic success of rural communities in the Fifth District. What are the factors behind past and current population trends in these communities, and what can be done to influence them?

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at A New Way to Pay for Higher Education]]> The Richmond Fed published its newest issue of Econ Focus magazine.

]]> <![CDATA[Different Realities, Different Recoveries]]> Read President Tom Barkin’s new essay about how people experience the COVID-19 pandemic differently.

]]> <![CDATA[Joshua Angrist]]> <![CDATA[Rural Population Loss and Strategies for Recovery]]> Population decline has been a problem for many rural communities, including in the Fifth District. What are the current trends and potential strategies to address it?

]]> <![CDATA[The Repo Market is Changing (and What Is a Repo, Anyway?)]]> <![CDATA[What We Don’t Know about What's Next]]> <![CDATA[Doing Well by Doing Good]]> <![CDATA[Econ Focus, First Quarter 2020]]> Featured Article: Education without Loans
Some schools are offering to buy a share of students’ future income in exchange for funding their education

]]> <![CDATA[The Coronavirus and the Economy]]> <![CDATA[Keeping in Touch about COVID-19]]> <![CDATA[Making Up Is Hard to Do]]> <![CDATA[Regional News at a Glance]]> <![CDATA[Education without Loans]]> Some schools are offering to buy a share of students’ future income in exchange for funding their education.

]]> <![CDATA[Electrifying Rural America]]> <![CDATA[The More We Get Together]]> <![CDATA[Minutes of the Federal Open Market Committee, April 28-29, 2020]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[CDFI Symposium Webinar Series: Impact and Evaluation]]> <![CDATA[The Community Development Perspective on COVID-19]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces officer appointments in Business Continuity and the Currency Technology Office.

]]> <![CDATA[Regulatory Capital Rule: Corrections]]> A correcting amendment, published May 19, 2020 in the Federal Register, to an interim final rule (originally published March 31, 2020 in the Federal Register), clarifies the interim final rule. The amendment clarifies that the changes to the calculation of the supplementary leverage ratio apply to all banking organizations that must comply with the supplementary leverage ratio requirement, including Category III banking organizations. The amendment also provides supplementary information on when and how to calculate transition amounts. These changes are in effect as of May 19, 2020. The agencies are not requesting comments.

]]> <![CDATA[Economic Impact of Coronavirus on the Fifth District: The Community Development Perspective]]> In this special edition of The Regional View, Cleare discussed how low- and moderate-income communities in the Fifth District have been affected by the COVID-19 outbreak.

]]> <![CDATA[Some Observations about Social Distancing across Space and Time]]> <![CDATA[Duke University, Richmond and Atlanta Feds to Partner on The CFO Survey]]> The hallmark of The CFO Survey is its CFO Optimism Index—a measure of business sentiment, drawn directly from business leaders, which reflects their optimism for their firms’ financial prospects and those of the overall U.S. economy.

]]> <![CDATA[State Revenues Hit Hard by COVID-19]]> The measures taken to slow the spread of COVID-19 have not only led to a sharp decline in employment and an unprecedented rise in unemployment but have negatively impacted state and local governments that depend on income and sales taxes as primary sources of revenue.

]]> <![CDATA[COVID-19 and Women's (Un)Employment]]> As the COVID-19 pandemic rapidly rearranges the U.S. labor market, women have been disproportionately affected.

]]> <![CDATA[Social Distancing, Quarantine, Contact Tracing, and Testing: Implications of an Augmented SEIR Model*]]> <![CDATA[Assistance to Small Businesses From the CARES Act ]]> <![CDATA[Ask an Economist Town Hall for Students]]> <![CDATA[Forecasting the COVID-19 Epidemic for the U.S.]]> This brief describes a statistical model for estimating and forecasting the path of infections and deaths caused by the novel coronavirus in the U.S., as well as document the uncertainty surrounding such estimates and projections.

]]> <![CDATA[Forecasting the COVID-19 Epidemic for the U.S.]]> <![CDATA[The Fed Studies Impact of COVID-19 on Communities]]> The Federal Reserve Bank of Richmond recently joined the 11 other Reserve banks and the Board of Governors in collecting information about the scope and scale of COVID-19 impacts on U.S. communities and the entities serving them.

]]> <![CDATA[Is There News in Inventories?]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Barkin Events Make Online Shift]]> <![CDATA[Richmond Fed Brief Explores the Impact of Burgeoning Debt on Monetary Policy]]> <![CDATA[Public and Private Debt after the Pandemic and Policy Normalization]]> <![CDATA[National & Regional Economy]]> <![CDATA[The CFO Survey]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> <![CDATA[COVID-19 Financial Support: Who’s Covered and Who’s Not?]]> Federal, state, and local government financial support for consumers in response to COVID-19 is widespread, but not universal. Who’s left out from existing governmental support programs?

]]> <![CDATA[Liquidity Coverage Ratio Rule]]> An interim final rule, published May 6, 2020 in the Federal Register, requires banking organizations to neutralize the effect under the Liquidated Coverage Ratio (LCR) of participating in the Money Market Mutual Fund Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF).  The interim final rule requires MMLF and PPPLF loans and assets securing them (other than securities, debt instruments, and instruments issued by the banking organization) be excluded from the calculation of total net cash outflow under the LCR rules. This change is in effect as of May 6, 2020.  The deadline for public comment is June 5, 2020.

]]> <![CDATA[Federal Reserve Survey Shows Impact of COVID-19 on Communities Nationwide]]> A new report from the 12 Federal Reserve banks and the Board of Governors of the Federal Reserve System shows the scope and scale of challenges that U.S. communities are facing amid the COVID-19 pandemic.

]]> <![CDATA[Economic and Monetary Policy Update for Educators]]> <![CDATA[The Path to Full Recovery]]> President Tom Barkin wrote about the potential longer-term impact of COVID-19.

]]> <![CDATA[Snapshot, May 2020]]> Economic indicators reflected soft conditions in the Fifth District.

]]> <![CDATA[April Update: The Coronavirus and Firms in the Fifth District]]> Over the past several weeks, social distancing and shutdowns have impacted our economy. Fifth District firms continued to tell us how COVID-19 has affected their business operations in recent surveys.

]]> <![CDATA[Hospital Access in the Fifth District and COVID-19]]> What does hospital capacity look like in the Fifth District, and how might rural hospital closings impact the current crisis?

]]> <![CDATA[Invest in What’s Next for Distance Learning]]> <![CDATA[Regulation D - Savings Deposits]]> An interim final rule, published April 28, 2020 in the Federal Register, amends Regulation D to delete numeric limits on certain transfers and withdrawals that may be made each month from savings deposits.  The interim final rule deletes the six-per-month limit on convenient transfers from the "savings deposit" definition and allows depository institutions to suspend enforcement of this limit.  This interim final rule is intended to allow depository institution customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.  These changes are in effect as of April 23, 2020.  The deadline for public comment is June 29, 2020.

  • Concurrently, published May 1, 2020 in the Federal Register, the Federal Reserve is making temporary revisions to the instructions to the FR 2900 series, FR Y-9, and FR 2886b reports to reflect these amendments to Regulation D. For revisions to reporting forms, see the Federal Register. 
 
]]> <![CDATA[The Richmond Fed Hosts Educational Webinars ]]> The Federal Reserve Bank of Richmond is hosting a series of webinars to help educators and students stay current on the latest economic trends and their impact.

]]> <![CDATA[Forecasting the COVID-19 Pandemic in the Fifth District]]> How many COVID-19 cases will there be in the coming days and months? While the Fifth District appears to be past the peak number of daily cases, a wide range of future outcomes is still possible.

]]> <![CDATA[Community Bank Leverage Ratio]]> An interim final rule provides a graduated transition from the temporary 8% community bank leverage ratio requirement to a 9% leverage ratio requirement.  The leverage ratio will be 8.5% in 2021 and 9% thereafter. The deadline for public comment is June 8, 2020.

]]> <![CDATA[Community Bank Leverage Ratio - Temporary]]> A statutory interim final rule will provide temporary relief to community banking organizations by making temporary changes to the community bank leverage framework pursuant to Section 4012 of the Coronavirus Aid, Relief, and Economic Security Act. As of the second quarter of 2020, banking organizations with a leverage ratio of 8% or greater (or meeting other criteria) may use the community bank leverage ratio framework.  The interim final rule provides a two-quarter grace period for qualifying community banking organizations whose leverage ratios fall below 8%, as long those ratios don’t fall below 7%. The deadline for public comment is June 6, 2020.

]]> <![CDATA[Take a Virtual Tour of The Fed Experience]]> Can’t make it to our interactive museum, The Fed Experience? No problem! Join Kelly, our Fed Experience coordinator, as we embark on a virtual tour to learn about the Federal Reserve.

]]> <![CDATA[Have Your Courses Gone Digital? Free Resources to Enhance Student Learning]]> <![CDATA[Paycheck Protection Program ]]> An interim final rule, published April 22, 2020 in the Federal Register, temporarily modifies Regulation O to allow Paycheck Protection Program (PPP) lenders to make loans to businesses owned by their directors and certain shareholders without having to subject those loans to some of Regulation O’s requirements.  This new rule is intended to be consistent with the Small Business Administration’s rules and restrictions.  These temporary changes are in effect as of April 22, 2020.  The deadline for public comment is June 8, 2020.

]]> <![CDATA[How COVID-19 is Affecting Main Street]]> <![CDATA[Richmond Fed Economists Forecast Loan Delinquencies for COVID-19]]> The Richmond Fed published its Economic Brief for April 2020.

]]> <![CDATA[Loan-Delinquency Projections for COVID-19]]> <![CDATA[Real Estate Appraisals ]]> An interim final rule, published April 17, 2020 in the Federal Register, temporarily defers real estate-related appraisals and evaluations under the federal banking agencies' interagency appraisal regulations.   The rule, which allows regulated institutions to extend financing to creditworthy households and businesses quickly in the wake of the COVID-19 national emergency declaration, defers the requirement to obtain certain appraisals and evaluations for up to 120 days after the closing of residential or commercial real estate loan transactions, other than those involving acquisition, development, and construction of real estate.  These temporary changes are in effect from April 17, 2020 through December 31, 2020.  The deadline for public comment is June 1, 2020.

]]> <![CDATA[Coronavirus and Auto Lending: A Market Outlook]]> <![CDATA[Under Pressure: Small-Business Lenders and COVID-19]]> Financial institutions that lend to small businesses are on the front lines of financial support. How are these lenders supporting small businesses during COVID-19?

]]> <![CDATA[Beige Book]]> Fifth District economic activity declined across many sectors.

]]> <![CDATA[Introducing The CFO Survey]]> After almost 25 years of running the Duke/CFO Global Business Outlook survey, Duke’s Fuqua School of Business is joining forces with the Federal Reserve Banks of Richmond and Atlanta to launch The CFO Survey.

]]> <![CDATA[Loan Delinquency Projections for COVID-19]]> <![CDATA[Economic Impact of Coronavirus on the Fifth District: What Our Regional Executives Have Heard]]> In this special edition of the Regional View, Bauer — along with Matt Martin and Renee Haltom — discusses the economic impacts of the COVID-19 outbreak.

]]> <![CDATA[Economic Impact of Coronavirus on the Fifth District: What Our Regional Executives Have Heard]]> In this special edition of the Regional View, Martin — along with Andy Bauer and Renee Haltom — discusses the economic impacts of the COVID-19 outbreak.

]]> <![CDATA[Economic Impact of Coronavirus on the Fifth District: What Our Regional Executives Have Heard]]> In this special edition of the Regional View, Haltom — along with Andy Bauer and Matt Martin — discusses the economic impacts of the COVID-19 outbreak.

]]> <![CDATA[Unemployment Insurance Programs and the Role of the States]]> In recent weeks, unemployment insurance claims have hit record numbers. But what exactly do unemployment insurance programs cover? And what roles do states play?

]]> <![CDATA[COVID-19 and Households’ Financial Distress]]> Part 3: How Will COVID-19 Affect the Spending of the Financially Distressed?

]]> <![CDATA[Paycheck Protection Program]]> An interim final rule will encourage lending to small businesses through the Small Business Administration's Paycheck Protection Program. This interim rule modifies the agencies' capital rules to neutralize the regulatory capital effects of participating in the Federal Reserve's PPP facility because PPP loans pledged to the facility don’t pose credit or market risk. The deadline for public comment is May 12, 2020.

]]> <![CDATA[COVID-19: Unemployment Claims and Unemployment in Virginia]]> Between mid-March and early April, more than 360,000 Virginians filed for unemployment. What does this mean for employment measures and the state's economy?

]]> <![CDATA[Regional Team Monitors COVID-19 Effects]]> <![CDATA[COVID-19: The Fiscal Policy Response]]> <![CDATA[Richmond Fed’s Economic Quarterly Analyzes the Impact of Luxury-Necessity Substitutions]]> The Richmond Fed has published the latest issue of its Economic Quarterly.

]]> <![CDATA[Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries]]> <![CDATA[Technology Diffusion: The Case of Internet Banking]]> <![CDATA[COVID-19: The Fed’s Response So Far]]> <![CDATA[Restoring Consumer Confidence after COVID-19]]> President Tom Barkin wrote about economic aspects of the COVID-19 pandemic.

]]> <![CDATA[Richmond Fed Research Deepens Understanding of Discount Window Stigma]]> The Richmond Fed published its Economic Brief for April 2020.

]]> <![CDATA[Federal Reserve Releases 2020 Small Business Credit Survey]]> <![CDATA[Understanding Discount Window Stigma]]> <![CDATA[The COVID-19 Pandemic and the Fifth District Economy]]> As the COVID-19 pandemic spreads across the country, Americans are taking measures to distance themselves from their communities, both voluntarily and by mandate. What measures have Fifth District jurisdictions taken and what might this mean for the Fifth District economy?

]]> <![CDATA[Distance Learning for Financial Literacy Month]]> <![CDATA[Snapshot, April 2020]]> Reports on the Fifth District's economy showed mixed conditions in the past two months.

]]> <![CDATA[COVID-19 and the U.S. Economy]]> <![CDATA[COVID-19 and Households’ Financial Distress]]> Part 2: The Spread of COVID-19 and (Financial) Pre-Existing Conditions

]]> <![CDATA[Funding Portal Launches for CRA-Eligible Projects]]> <![CDATA[Economic Impact of Coronavirus on the Fifth District: A First Look]]> In this special edition of The Regional View, Waddell discusses the responses to special questions added to the March 2020 regional surveys.

]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[National & Regional Economy]]> <![CDATA[Total Loss-Absorbing Capacity]]> An interim final rule revises the definition of eligible retained income for purposes of the Board’s total loss-absorbing capacity (TLAC) rule in light of the economic conditions caused by COVID-19 and current strains on the U.S. financial markets.  The change is intended to allow covered companies to focus on lending to creditworthy households and businesses rather than on managing their TLAC levels and to reduce the potential to exacerbate negative effects on the financial markets. The interim final rule will gradually phase in the associated automatic restrictions as covered companies’ TLAC levels decline. The deadline for public comment is May 11, 2020.

]]> <![CDATA[Learn More about Investment Connection]]> Peter Dolkart and Tiffany Hollin-Wright with the Richmond Fed share information in the replay of this recent webinar about the March 30 – May 1 application window for Investment Connection. The webinar was hosted by the Virginia Association of Community Banks (VACB) and the Community Reinvestment Coalition of Virginia (CRCVA). 

]]> <![CDATA[Supervisory and Regulatory Actions in Response to COVID-19]]> The Federal Reserve Board's Supervision and Regulation function has issued statements, guidance, and rules to support financial institutions and the economy.

]]> <![CDATA[COVID Preparedness and Related Actions Supported by Federal Reserve]]> Federal Reserve Financial Services is committed to maintaining a high level of preparedness to meet the needs of financial institutions for a range of scenarios, including those relevant to the coronavirus (COVID-19).

]]> <![CDATA[The Coronavirus and Firms in the Fifth District: As of March 2020]]> On March 13, 2020, the President declared a national state of emergency and by March 16, every state and the District of Columbia had declared states of emergency, all due to the rapid escalation of positive cases of COVID-19. However, Fifth District firms were reporting impacts from the virus before the emergency declarations and the initiation of social distancing mandates in states and localities across the country.

]]> <![CDATA[COVID-19 and Households’ Financial Distress]]> Part 1: Employment Vulnerability and (Financial) Pre-Existing Conditions

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Monday released the 2019 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent public accounting firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and the Bank's internal controls over financial reporting.

]]> <![CDATA[Eligible Retained Income]]> An interim final rule revises the definition of eligible retained income for all depository institutions, bank holding companies, and savings and loan holding companies subject to the federal bank regulatory agencies’ capital rules.  The revised definition will gradually phase in applicable automatic limitations on capital distributions. The deadline for public comment is May 6, 2020.

]]> <![CDATA[Market Mutual Fund Liquidity Facility]]> An interim final rule modifies the federal bank regulatory agencies' capital rules so that financial institutions receive credit for the low risk of their Market Mutual Fund Liquidity Facility activities, reflecting the fact that institutions would be taking no credit or market risk in association with such activities. The deadline for public comment is May 7, 2020.

]]> <![CDATA[Income Volatility and Portfolio Choices]]> <![CDATA[Snapshot, March 2020]]> The Fifth District's economy remained strong in early 2020.

]]> <![CDATA[Our Response to COVID-19]]> A message from Richmond Fed President Tom Barkin.

]]> <![CDATA[Resolution Plans of Large Foreign Banks]]> Proposed guidance updates guidance for resolution plans submitted by large foreign banks, including plans that are due by July 1, 2021. The updates focus on the agencies' expectations around a firm's derivatives and trading activities and payment, clearing, and settlement activities.  The proposed guidance is largely similar to the guidance from March 2017, and includes certain updates based on the agencies' review of the firms' most recent resolution plans and changes to the resolution planning rules. The proposed guidance also seeks comment on objective, quantitative criteria to determine its applicability. The deadline for public comment has been extended to June 4, 2020.

]]> <![CDATA[Capital Rule, CCAR, Capital Plan Rule]]> A final rule integrates the Board’s regulatory capital rule (capital rule) with the Comprehensive Capital Analysis and Review, as implemented through the Board’s capital plan rule (capital plan rule).  The new final rule amends the capital rule, capital plan rule, stress test rule, and Stress Testing Policy Statement. The final rule is effective May 18, 2020.

]]> <![CDATA[Business Cycles]]> This Econ Focus Reading Q&A is on business cycles.

]]> <![CDATA[Financial Fun at the Fed]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond]]> <![CDATA[Roisin McCord]]> <![CDATA[Barkin Makes University Appearances]]> <![CDATA[Full Employment]]> This Econ Focus Reading Q&A is on full employment.

]]> <![CDATA[A Crooked Road to a Creative Economy]]> The Crooked Road trail celebrates the cultural history of Appalachian music and arts. In 2015, it was estimated to bring $6.4 million in tourism spending to the region annually and continues to promote growth in southwest Virginia’s tourism industry today.

]]> <![CDATA[Richmond Fed Research Suggests More-Targeted College Subsidies]]> The Richmond Fed published its Economic Brief for March 2020.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Charlotte]]> <![CDATA[Who Values Access to College?]]> <![CDATA[Richmond Fed’s Economic Quarterly examines female representation on Reserve Banks’ Boards of Directors]]> The Richmond Fed has published the latest issue of its Economic Quarterly.

]]> <![CDATA[Recent Borrowing from the U.S. Discount Window: Some Cases]]> <![CDATA[Gender Composition of the Boards of Directors of the Regional Federal Reserve Banks]]> <![CDATA[National and Regional Economic Update]]> Ullrich provided an overview of economic conditions in the U.S. and South Carolina to the state's department of commerce.

]]> <![CDATA[Food Hubs: Mission-Driven Local Food Systems in the Fifth District]]> This issue of Community Scope seeks to better understand the economic impact of regional food systems through the food hub model, and offers examples from the Fifth District.

]]> <![CDATA[Maryland’s Sluggish Payroll Employment Growth]]> Explore how payroll employment growth in Maryland has differed from the nation since the Great Recession in this Regional Matters article.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 28-29, 2020]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Commuting Time in the Fifth District: Evidence from the American Community Survey]]> According to the U.S. Census Bureau, 27.7 percent of individuals worked outside their county of residence in 2018. This Regional Matters article presents data on commute times and asks: how do commute times differ for residents of rural and urban counties in the Fifth District?

]]> <![CDATA[Financial Tech Summit on Cloud Computing]]> <![CDATA[Tom Barkin Speaks February 20 at Harvard University]]> Richmond Fed President Tom Barkin will speak February 20, 2020, at Harvard University in Cambridge, Massachusetts.

]]> <![CDATA[Snapshot, February 2020]]> The Fifth District's economy showed signs of expansion in recent weeks.

]]> <![CDATA[Tom Barkin Speaks February 19 at Duke University ]]> Richmond Fed President Tom Barkin will speak February 19, 2020, at Duke University in Durham, North Carolina.

]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Richmond Fed Research Says Presidential Politics and Monetary Policy Don’t Mix]]> The February 2020 Economic Brief examines presidential politics and monetary policy.

]]> <![CDATA[Presidential Politics and Monetary Policy: Lessons from the 1896 Election]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> <![CDATA[Why Loan Policy Exceptions Matter]]> Is your board of directors aware of the number of loan policy exceptions in your bank’s loan portfolio and what types of exceptions are being made? Banks with effective credit risk practices will have the ability to answer these questions—read the three-step process that will ensure you’re one of them.]]> <![CDATA[Hemp – What Is All the ‘Smoke’ About]]> Hemp is a growing business, and bankers are increasingly receiving calls from customers involved in it. The December 3, 2019, interagency statement may help in your discussions and processes for deciding whether to bank hemp customers.

]]> <![CDATA[Detecting and Analyzing the Effects of Time-Varying Parameters in DSGE Models]]> <![CDATA[Investigating Non-neutrality in a State-Dependent Pricing Model with Firm-level Productivity Shocks]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Recession Fears as Self-Fulfilling]]> The Richmond Fed published its newest issue of Econ Focus magazine.

]]> <![CDATA[Talking Ourselves into a Recession]]> <![CDATA[In Tourism, Old Stories and New Opportunities]]> <![CDATA[The Crooked Road: Musical Heritage and Economic Development]]> <![CDATA[Shopping for Bank Regulators]]> <![CDATA[Understanding Geographic Inequality]]> <![CDATA[Venture Capital Grows Up]]> <![CDATA[Community Colleges in the Fifth District: Who Attends, Who Pays?]]> Community colleges serve a larger share of minority students than public or private four-year schools.

]]> <![CDATA[Janice Eberly]]> <![CDATA[Expectations and the Economy]]> <![CDATA[Repo Rate Spikes: A Puzzle for Policymakers]]> <![CDATA[Econ Focus, Fourth Quarter 2019]]> Cover Story: Talking Ourselves into a Recession
Could our expectations about the economy be self-fulfilling?

]]> <![CDATA[Do Loans Increase Educational Attainment?]]> <![CDATA[Regional News at a Glance]]> <![CDATA[Goodbye, Operator]]> <![CDATA[Do it Scared: Cheryl's Richmond Fed Story]]> Cheryl Majcen didn’t let personal challenges dim her bright and infectiously positive spirit as she defined a new career path for herself with the help of her team.

]]> <![CDATA[Beige Book]]>  

]]> <![CDATA[Richmond Fed Directors Announced ]]> The Federal Reserve Bank of Richmond announced changes to its board of directors effective Jan. 1, 2020.

]]> <![CDATA[Is a Recession Around the Corner?]]> <![CDATA[Richmond Fed Research Links Capital Flows to Asset Bubbles]]> <![CDATA[Asset Bubbles and Global Imbalances]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> <![CDATA[Tom Barkin to Address Virginia Bankers on January 9]]> Richmond Fed President Tom Barkin will speak January 9, 2020, at the Virginia Bankers Association/Virginia Chamber 2020 Financial Forecast in Richmond.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 10-11, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Is a Recession Around the Corner?]]> <![CDATA[Snapshot, January 2020]]> Reports on the Fifth District economy were somewhat positive in recent weeks.

]]> <![CDATA[Two-sided Market, R&D, and Payments System Evolution]]> <![CDATA[School Quality and Rural In-Migration: Can Better Rural Schools Attract New Students?]]> <![CDATA[Moving to the Hinterlands: Agglomeration, Search Costs, and Urban to Rural Business Migration]]> <![CDATA[The Persistence of Financial Distress]]> <![CDATA[Relative Price Dispersion: Evidence and Theory]]> <![CDATA[Tom Barkin to Address Maryland Bankers on January 3]]> Richmond Fed President Tom Barkin will speak January 3, 2020, at the Maryland Bankers Association’s First Friday Economic Outlook Forum in Baltimore.

]]> <![CDATA[Cards Grow, Checks Slow]]> A Federal Reserve payments study finds persistent growth in card and ACH payments while check payments continue to decline.

]]> <![CDATA[National and Regional Economic Outlook]]> Waddell provided an overview of economic conditions in Richmond, Va.

]]> <![CDATA[Educational Attainment in the Fifth District]]> College attainment differs greatly between Fifth District counties, as do unemployment rates and earnings by education level from state to state.

]]> <![CDATA[Follow the Money: Rural and Urban CDFIs in the Fifth District]]> Investment by community development financial institutions (CDFIs) varies by county and between urban and rural areas.

]]> <![CDATA[A Life-Changing Opportunity: Nykia Banks’s Richmond Fed Story]]> Nykia Banks transitioned from a temporary assignment to a permanent role within one year and leveraged a number of the Fed’s benefits to change her and her family’s life forever.

]]> <![CDATA[Cyberattacks and Incident Reporting – Reminders and Clarification]]> Cyberattacks, security incidents and data breaches are daily occurrences. And, it’s not always obvious—sometimes it’s a matter of access. Take a look at what “access” really means, plus a few key reminders on reporting incidents and why it’s so important.

]]> <![CDATA[Webinar Recap – Liquidity Risk and IT Vendor Management Highlighted]]> This recap from our October webinar focuses on two of the top five risks we think community and regional banking organizations are facing today. Listen now for what you can do to ensure your firm has sound practices in place.

]]> <![CDATA[Richmond Fed Researchers Evaluate Recession Indicators]]> <![CDATA[Predicting Recessions]]> <![CDATA[Update: 2019 Special Survey of Hiring and Wages]]> A special survey on hiring and wages, conducted in November, showed that a majority of Fifth District firms expect to hire or hold payrolls steady and plan to use wage increases to attract and retain workers over the next twelve months.

]]> <![CDATA[High-Skill Migration, Multinational Companies, and the Location of Economic Activity]]> <![CDATA[2019 Research Seminars, Chad Syverson]]> Syverson, an economics professor at the University of Chicago, presents his latest work.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond]]> <![CDATA[Teacher Collaborative Committee Meeting – Baltimore]]> <![CDATA[Teacher Collaborative Committee Meeting – Charlotte]]> <![CDATA[Snapshot, December 2019]]> Recent reports on the Fifth District economy were fairly positive.

]]> <![CDATA[Data]]> <![CDATA[Privacy Policy]]> <![CDATA[About the Survey]]> <![CDATA[Research & Commentary]]> <![CDATA[Survey Participation]]> <![CDATA[Opportunity Finance Network Mid-Atlantic Regional Meeting]]> <![CDATA[Cross-County Commuting in the Fifth District]]> What percentage of District residents travel outside their county of residence for work? This issue of 5th District Footprint examines these trends.

]]> <![CDATA[Beige Book]]>  

]]> <![CDATA[Community Investment Council Explores Greensboro]]> The Richmond Fed Community Investment Council explored the region's workforce innovations and how communities prepare students for success through apprenticeships.

]]> <![CDATA[Richmond Fed and UVA Release Symposium Publication on Urban Planning]]> <![CDATA[Economic Educator Awards Luncheon ]]> <![CDATA[The Economic Outlook]]> Marré discussed economic conditions in Columbia, Md.

]]> <![CDATA[The Modernity of Work and Place: Jane Jacobs and the Design of the 21st Century City]]> In partnership with the University of Virginia, this special report showcases prepared remarks, previously published work and papers on Jane Jacobs.

]]> <![CDATA[Investment Connection Inaugural Live Event]]> The Richmond Fed’s Baltimore Branch hosted this live event where eight organizations in Maryland and the District of Columbia presented their funding proposals. 

]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Minutes of the Federal Open Market Committee, October 29-30, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Ijam Appointed as Federal Reserve System CIO]]> The Federal Reserve Bank of Richmond has appointed Ghada Ijam as the Federal Reserve System’s chief information officer. Ijam will oversee national information technology for the Federal Reserve System and will succeed Margaret E. “Lyn” McDermid, who earlier this year announced plans to retire as CIO after more than seven years.

]]> <![CDATA[2019 Research Seminars, Andrei Levchenko]]> Levchenko, a professor of economics at the University of Michigan, presents his latest work.

]]> <![CDATA[Cyber Risk Workshop]]> <![CDATA[National & Regional Economy]]> <![CDATA[The Impact of Mentorship: Willis's Richmond Fed Story]]> From mentee to mentor, Willis Lam shares the importance of giving back.

]]> <![CDATA[BB&T, SunTrust Merger Approved]]> In November, the Federal Reserve Board announced the approval of the application by BB&T Corporation to merge with SunTrust Banks, Inc.

]]> <![CDATA[Community Pulse 2019 Survey Results]]> This issue of the Community Pulse presents the findings from our 2019 survey.

]]> <![CDATA[The New Environment for Monetary Policy]]> Richmond Fed President Tom Barkin spoke November 13, 2019 at the Greensboro Chamber of Commerce’s Economic Forecast Luncheon in Greensboro, N.C.

]]> <![CDATA[Getting People off the Sidelines: The Ultimate Workforce Development Plan]]> Richmond Fed President Tom Barkin highlighted strategies for drawing people back into the workforce at the Danville Pittsylvania Chamber of Commerce Institute for Advanced Learning & Research.

]]> <![CDATA[Loyola University Maryland Wins Richmond Fed's College Fed Challenge]]> <![CDATA[2019 Research Seminars, Luigi Pistaferri]]> Pistaferri, a professor of economics at Stanford University, presents his latest work.

]]> <![CDATA[College Fed Challenge- District Semi-final Competition]]> <![CDATA[Tom Barkin Speaks on November 13 in Greensboro, North Carolina]]> Richmond Fed President Tom Barkin will speak November 13, 2019, to the Greensboro Chamber of Commerce.

]]> <![CDATA[Tom Barkin Speaks on November 12 in Danville, Virginia]]> Richmond Fed President Tom Barkin will speak November 12, 2019, to the Danville Pittsylvania County Chamber of Commerce.

]]> <![CDATA[The Young Adult Homeownership Gap: Evidence from Fifth District HMDA Data]]> Young adults have been buying houses at lower rates. This gap between young and older adults is particularly high in Fifth District rural counties.

]]> <![CDATA[Richmond Fed Research Links Municipal Default to In-Migration]]> <![CDATA[Linking Municipal Defaults to Inward Migrations]]> <![CDATA[The New Environment for Monetary Policy]]> Richmond Fed President Tom Barkin spoke November 5, 2019 at the Greater Baltimore Committee Economic Outlook conference in Baltimore, Md.

]]> <![CDATA[Combat the Rise in Elder Financial Exploitation ]]> <![CDATA[Detect Borrower Distress Early To Be Sure You Have a Chair if the Music Stops]]> <![CDATA[Check Out These Learning Resources for Bankers]]> <![CDATA[Partnering to Make Economics More Inclusive]]> The Richmond Fed partnered with the University of Richmond and the Undergraduate Women in Economics Challenge for its first Diverse Economics: People, Perspectives, Careers Conference.

]]> <![CDATA[Optimal Liquidity Policy with Shadow Banking]]> <![CDATA[Snapshot, November 2019]]> The Fifth District economy improved somewhat in recent months.

]]> <![CDATA[Tom Barkin Speaks November 5 in Baltimore]]> Richmond Fed President Tom Barkin will speak November 5, 2019, at the Greater Baltimore Committee Economic Outlook Conference.

]]> <![CDATA[2019 Research Seminars, Nicolas Crouzet]]> Crouzet, an associate professor of finance at Northwestern University, presents his latest work.

]]> <![CDATA[What do Diffusion Indices Tell Us?]]> The Richmond Fed conducts monthly surveys of business conditions. The information collected are aggregated and combined into several individual diffusion indices. But what kind of information do diffusion indices reveal?

]]> <![CDATA[Meet the Federal Reserve: Highlights from Washington, D.C.]]> The Richmond Fed led a networking breakfast at the Opportunity Finance Network Annual Conference to connect community development financial institutions leaders with Fed representatives.

]]> <![CDATA[About the People — Neelam's Retail-to-Fed Story]]> Neelam Thompson has always been a people person. That's one of the reasons why she enjoys working at the Richmond Fed.

]]> <![CDATA[Meet the Federal Reserve Breakfast at the OFN Annual Conference]]> <![CDATA[Student Loan Debt Trends in the District of Columbia, 2008-2018]]> Student loan debt is a growing burden for many residents of the District of Columbia, especially for lower-income borrowers.

]]> <![CDATA[It's All About the Money and YOU!! Focus: Earning Capacity]]> <![CDATA[Economic Realities In and Out of Higher Education]]> Ullrich discussed national economic conditions and the state of the higher education sector in Hilton Head, S.C.

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Central Banks and Climate Change]]> <![CDATA[Banking, In and Out of the Shadows]]> <![CDATA[Central Banks and Climate Risks]]> <![CDATA[The House Is in the Mail]]> <![CDATA[Emmanuel Farhi]]> <![CDATA[Taxing Away the Problem]]> <![CDATA[Three Measures of Labor's Share]]> <![CDATA[Too Much Capital, or Too Little?]]> <![CDATA[Composing the Fed's Balance Sheet]]> <![CDATA[Business Short-Termism and Monetary Policy]]> <![CDATA[The Making of Star Economists]]> <![CDATA[Regional News at a Glance]]> <![CDATA[Transportation and Commuting Patterns: A View from the Fifth District]]> <![CDATA[Econ Focus, Second/Third Quarter 2019]]> Cover Story: Central Banks and Climate Risks
Some researchers look at climate change and see economic uncertainty. Central banks are beginning to take notice.

]]> <![CDATA[Workers' Shrinking Share of the Pie]]> <![CDATA[Do Budget Deficits Matter?]]> <![CDATA[New Richmond Fed Report on CDFIs Across the U.S.]]> <![CDATA[Beige Book]]> The Fifth District economy grew modestly in recent weeks.

]]> <![CDATA[2019 Financial Literacy Summit]]> <![CDATA[Richmond Fed-UVA Research Workshop]]> <![CDATA[FRBR-UVA Research Workshop]]> Researchers from the Richmond Fed and the University of Virginia share their latest work as part of an ongoing effort to collaborate with the Bank's peers in the economics profession.

]]> <![CDATA[Debt Limits and Credit Bubbles in General Equilibrium]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Evening at the Fed ]]> <![CDATA[What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Minutes of the Federal Open Market Committee, September 17-18, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[2019 Research Seminars, Joachim Hubmer]]> Hubmer, a lecturer at the University of Pennsylvania, presents his latest work.

]]> <![CDATA[Teaching Personal Finance in the Digital Age]]> <![CDATA[Indeterminacy and Imperfect Information]]> <![CDATA[Cognitive Hubs and Spatial Redistribution]]> <![CDATA[Joint Council on Economic Education Summit]]> The Richmond Fed held this annual event on best practices and resources for economic and financial literacy that emphasized student challenges in rural areas and small cities.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Matthew Foote as assistant vice president and corporate secretary.

]]> <![CDATA[Snapshot, October 2019]]> The Fifth District economy improved somewhat in recent months.

]]> <![CDATA[2019 Research Seminars, Xavier Gabaix]]> Gabaix, a professor of economics and finance at Harvard University, presents his latest work.

]]> <![CDATA[Investing in Rural America]]> <![CDATA[Investing In Rural America]]> This conference will convene experts on the economic and social aspects of growth in rural areas.

]]> <![CDATA[Moving the Needle in Smaller Towns]]> Richmond Fed President Tom Barkin discussed economic differences between small towns and urban areas at the Investing in Rural America conference.

]]> <![CDATA[Why are Rural Hospitals Closing?]]> Why are hospitals in rural areas closing at a higher rate, and what are the consequences for these communities?

]]> <![CDATA[Richmond Fed’s Economic Quarterly Uses Text Analysis to Measure Sentiment in Survey Responses]]> <![CDATA[Sentiment Analysis of the Fifth District Manufacturing and Service Surveys]]> <![CDATA[Wealth Effects with Endogenous Retirement]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announced two officer appointments.

]]> <![CDATA[CDFI Fund Forum for Virginia Emerging and Certified CDFIs]]> <![CDATA[Regional Economics Workshop]]> <![CDATA[2019 Research Seminars, James Cloyne]]> Cloyne, an associate professor of economics at UC Davis, presents his latest work.

]]> <![CDATA[2019 Research Seminars, Elisa Giannone]]> Giannone, an assistant professor of economics at Penn State University, presents her latest work.

]]> <![CDATA[Risk Management in Monetary Policy]]> Richmond Fed President Tom Barkin spoke September 26, 2019 to the Richmond chapter of the Risk Management Association.

]]> <![CDATA[Richmond Fed Researchers Analyze Japan’s Rising Consumption Tax]]> <![CDATA[Joint Council on Economic Education Meeting]]> <![CDATA[A Closer Look at Japan's Rising Consumption Tax]]> <![CDATA[Diverse Economics: People, Perspectives, Careers]]> <![CDATA[Efficient Computation with Taste Shocks]]> <![CDATA[National and Regional Economic Outlook]]> Waddell provided an overview of economic conditions in Blacksburg, Va.

]]> <![CDATA[Tom Barkin Speaks in Richmond on September 26]]> Richmond Fed President Tom Barkin will speak September 26, 2019, to the Richmond chapter of the Risk Management Association.

]]> <![CDATA[2019 Research Seminars, Stavros Panageas]]> Panageas, an associate professor of finance at UCLA, presents his latest work.

]]> <![CDATA[Building Rural Prosperity Through Access to Capital: 2019 West Virginia Rural Small Business Lending Forum]]> <![CDATA[Preschool Enrollment by Income in the Fifth District]]> This issue of 5th District Footprint describes preschool enrollment for children above and below the federal poverty level in District counties.

]]> <![CDATA[Survey Data and Subjective Beliefs in Business Cycle Models]]> <![CDATA[Snapshot, September 2019]]> Recent reports on the Fifth District economy were fairly positive.

]]> <![CDATA[Richmond Fed Research Projects Lower Trend Unemployment]]> <![CDATA[Projecting Unemployment and Demographic Trends]]> <![CDATA[Beige Book]]> The Fifth District economy grew at a modest rate in recent weeks.

]]> <![CDATA[Global Dynamics in a Search and Matching Model of the Labor Market]]> <![CDATA[Reservoir of Foreign Talent]]> <![CDATA[Fostering Entrepreneurship]]> Richmond Fed President Tom Barkin discussed how entrepreneurship can boost economic growth at the West Virginia Chamber of Commerce 2019 Annual Meeting and Business Summit.

]]> <![CDATA[Permissible or Not Permissible? That Is the Question]]> Banking regulations have historically placed certain restrictions on what financial institutions are permitted to do with premises that they directly own or lease. A number of factors might need to be considered to determine whether the property in question is owned/leased by the bank or the bank holding company, whether the entire property will be leased/sub-leased or just a portion of it.

]]> <![CDATA[The BSA Coalition Highlights the Importance of Partnerships]]> The BSA Coalition held its annual conference in June and focused on “Partnerships in AML to Support an Efficient and Innovative Approach.” Starting with the regulatory panel and including various panelists, the day-long conference touted how partnerships strengthen our collective efforts.

]]> <![CDATA[Consumption in the Great Recession: The Financial Distress Channel]]> <![CDATA[Closer Look: Household Debt and Delinquencies in the Fifth District]]> Mortgage debt is a smaller share of household debt, while student loan debt has become a larger share. Meanwhile, delinquencies for auto loans have increased.

]]> <![CDATA[Minutes of the Federal Open Market Committee, July 30-31, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Tom Barkin to Speak in West Virginia on August 28]]> Richmond Fed President Tom Barkin will speak to the West Virginia Chamber of Commerce.

]]> <![CDATA[Post-Secondary Paths: Risks and Rewards to Students]]> Haltom spoke at a summit on education and workforce development in Richmond, Va.

]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Monetary Policy Update]]> <![CDATA[More News]]> <![CDATA[National & Regional Economy]]> <![CDATA[In the Driver’s Seat — Jonathan’s Law Enforcement-to-Audit Story]]> From law enforcement to audit, Jonathan Chouinard is in the driver's seat of his career at the Richmond Fed.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Baltimore ]]> <![CDATA[Richmond Fed Research Finds Monetary Moves Becoming Less Potent]]> <![CDATA[Monetary Policy across Space and Time]]> <![CDATA[Federal Reserve announces plan to develop a new round-the-clock real-time payment and settlement service to support faster payments]]> The Federal Reserve Board of Governors today announced that Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow℠ Service, to support faster payments in the United States.

]]> <![CDATA[Snapshot, August 2019]]> Recent reports on the Fifth District economy were mixed.

]]> <![CDATA[Broadband Important to Jobs, Education and Economic Mobility]]> During a Baltimore Data Day session, leading experts shared research findings and recommended how to advance access to digital resources.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond]]> <![CDATA[Teacher Collaborative Committee Meeting – Charlotte]]> <![CDATA[Community Reinvestment Act Training: Highlights from Petersburg, Virginia]]> The Richmond Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation cosponsored this training for 40 bankers.

]]> <![CDATA[Smart and Secure Cities and Communities: Highlights From Washington, D.C.]]> The Richmond Fed participated in a conference with municipal governments and technology innovators to address shared issues faced by cities and communities.

]]> <![CDATA[Investing in America’s Workforce: Investing in Systems for Employment Opportunity ]]> <![CDATA[Will it End? Prospects for Ongoing Economic Expansion After a Decade]]> Martin reflected on the current economic expansion at a conference in Asheville, N.C.

]]> <![CDATA[A Mission to Serve — Josh’s Veteran-to-Fed Story]]> From the Marine Corps to the Richmond Fed, Josh Barrett is on a mission to serve.

]]> <![CDATA[CTE Summer Conference ]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Opportunity Zones]]> <![CDATA[Regional News at a Glance]]> <![CDATA[Opportunity Zones: More Money, More Problems?]]> A new financing model for distressed communities offers both promise and pitfalls.

]]> <![CDATA[Dealing with Monetary Policy Spillovers]]> <![CDATA[What's Lost when Rural Hospitals Close]]> <![CDATA[Money Supply]]> Jargon Alert

]]> <![CDATA[Econ Focus, First Quarter 2019]]> Cover Story: Opportunity Zones - More Money, More Problems?
The promise and pitfalls of a new financing model for distressed communities

]]> <![CDATA[Whom Will Opportunity Zones Help?]]> <![CDATA[No Poaching]]> <![CDATA[Raising Innovators]]> <![CDATA[Corporate Crypto Crowdfunding]]> <![CDATA[Opportunity Zones: The Nitty Gritty]]> <![CDATA[A Capital Compromise]]> Economic History

]]> <![CDATA[Enrico Moretti]]> Interview

]]> <![CDATA[Concentrating on Market Concentration]]> <![CDATA[Rural Hospital Closures and the Fifth District]]> Why are hospitals in rural areas closing at a higher rate, and what are the consequences for these communities?

]]> <![CDATA[Defining Broadband Coverage: It's Complicated]]>  

]]> <![CDATA[Baltimore Data Day Keynote Address and Opening Session]]> <![CDATA[Confidence, Expectations and Implications for Monetary Policy]]> Richmond Fed President Tom Barkin spoke July 11, 2019, at the Global Interdependence Center’s Rocky Mountain Economic Summit.

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 18-19, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Southern Regional Education Board Conference ]]> <![CDATA[Connecting Rural Households to Broadband: Barriers and Models for Public Intervention]]> This issue of 5th District Spotlight looks at barriers to broadband access in rural areas/small cities in the U.S. and Fifth District.

]]> <![CDATA[An Information-Based Theory of Financial Intermediation]]> <![CDATA[Richmond Fed at a Glance]]> <![CDATA[Monetary Policy Update]]> <![CDATA[National & Regional Economy]]> <![CDATA[More News]]> <![CDATA[Snapshot, July 2019]]> Recent economic reports on the Fifth District were somewhat positive. Payroll employment declined marginally; however, business conditions remained favorable and housing market indicators were upbeat.

]]> <![CDATA[Tom Barkin Speaks in Idaho on July 11]]> Richmond Fed President Tom Barkin will speak July 11, 2019, at the Global Interdependence Center’s 11th Annual Rocky Mountain Economic Summit in Victor, Idaho.

]]> <![CDATA[Richmond Fed Highlights Value of Occupational Learning and Mobility]]> <![CDATA[Switching Occupational Categories]]> <![CDATA[Asset Issuance in Over-the-Counter Markets ]]> <![CDATA[Connecting with Maryland’s Hispanic Business Community]]> The Richmond Fed held a program for the Maryland Hispanic Chamber of Commerce that discussed business trends among minority firms and community reinvestment.

]]> <![CDATA[American School Counselor Association Conference ]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines the Impact of Political Unrest on Economic Activity]]> <![CDATA[A Fresh Look at Federal Contract Spending in the Fifth District]]> Although firms in the Fifth District received approximately $129 billion in contracts from the federal government in fiscal year 2018, some of those contracts span several years or were subcontracted out. How much did firms receive after adjusting for those factors? 

]]> <![CDATA[Time-Varying Skewness and Real Business Cycles]]> <![CDATA[CDS Auctions: An Overview]]> <![CDATA[Income and Wealth Inequality in the U.S.: Evidence and Research]]> Ullrich discussed inequalities in wages, income and wealth in Charlotte, N.C.

]]> <![CDATA[ Investing In America’s Workforce: Investing in Work]]> <![CDATA[“Connecting People & Places to Opportunity” Policy Summit 2019]]> <![CDATA[Experience Works: A Convening of Business Leaders and Educators ]]> <![CDATA[Consumer Credit Trends in the District of Columbia, 2007-2017]]> This report explores differences in community growth and income by analyzing indicators of access and health in the credit economy from 2007-2017.

]]> <![CDATA[The Richmond Fed Probes Consumer Credit Access, Health and Debt Trends in the District of Columbia]]> <![CDATA[Tom Barkin to Speak June 25 at the University of Ottawa]]> Richmond Fed President Tom Barkin to speak June 25, 2019, at the University of Ottawa.

]]> <![CDATA[Richmond Fed Appoints Reginal Bryant as Senior Vice President and CIO]]> The Federal Reserve Bank of Richmond appointed Reginal Bryant as senior vice president and chief information officer.

]]> <![CDATA[My Richmond Fed: Making an Online Payment]]> <![CDATA[Technology Diffusion and Productivity]]> <![CDATA[Technology Diffusion and Productivity]]> This workshop brings together leading researchers in the field of macroeconomics to share their work on the diffusion of knowledge and technology and its impact on labor markets and economic growth.

]]> <![CDATA[Snapshot, June 2019]]> According to recent data, the Fifth District economy strengthened somewhat.

]]> <![CDATA[Richmond Fed Research Addresses Market Concentration Concerns]]> <![CDATA[Are Markets Becoming Less Competitive?]]> <![CDATA[Challenges to Women’s Labor Force Participation]]> Richmond Fed President Tom Barkin spoke to the Charlotte Economics Club on women's labor force participation, including trends, challenges and solutions.

]]> <![CDATA[Aggregate Implications of Changing Sectoral Trends (Revised August 2019)]]> <![CDATA[Investing in America’s Workforce: Investing in Workers]]> <![CDATA[Residential Internet Connectivity Limitations in the Fifth District]]> This issue of 5th District Footprint examines limited household internet connectivity in the District, including how connectivity differs between urban and rural households. 

]]> <![CDATA[Credit Risk Management Hot Topics Webinar – Recap]]> The Richmond Fed's most recent webinar for Community and Regional Banks addresses two topics: weakening, or loosening of credit standards and the continued elevation of commercial real estate (CRE) concentrations in our District.

]]> <![CDATA[Are SARs Really Used?]]> Read how suspicious activity reports (SARs) provide invaluable information for both regulators and law enforcement.

]]> <![CDATA[Economic Outlook for the United States and Virginia]]> Waddell provided an overview of economic conditions in Irvington, Va.

]]> <![CDATA[Minutes of the Federal Open Market Committee, April 30-May 1, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy]]> This conference is organized by the Federal Reserve Banks of Atlanta, Dallas, and Richmond.

]]> <![CDATA[2019 Research Seminars, Pablo Ottonello]]> Ottonello, assistant professor of economics at the University of Michigan, presents his latest work at this seminar.

]]> <![CDATA[Training for Communities: Highlights From Winston-Salem, North Carolina]]> Richmond Fed Community Development and multiple partners collaborated on a New Markets Tax Credit and Qualified Opportunity Zones training program.

]]> <![CDATA[Meet Oswaldo Acosta: A Business Development Partner for Our Communities]]> <![CDATA[Three Days, Three Programs: Highlights From West Virginia]]> Panelists met in Morgantown, Shepherdstown and Charleston to discuss how to accelerate West Virginia Opportunity Zone projects to contribute to economic development.

]]> <![CDATA[Testing the Fun Stuff Saturday Night]]> <![CDATA[Test is Underway]]> Testing is important to verify everything works. Does this work?

]]> <![CDATA[Understanding Cyber Risk: Lessons from a Recent Fed Workshop]]>  

]]> <![CDATA[Market Structure and the Macroeconomy]]> This two-day workshop brings together leading researchers in the field of macroeconomics to share their work on market power and concentration.

]]> <![CDATA[The Effects of Market Concentration on Suppliers]]> Richmond Fed President Tom Barkin spoke May 16, 2019 at the Richmond Fed’s “Market Structure and the Macroeconomy” conference.

]]> <![CDATA[Richmond Fed at a Glance, May 2019]]> <![CDATA[More News]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Sentiment and the Real Economy]]> Richmond Fed President Tom Barkin spoke May 15, 2019, to the New York Association for Business Economics.

]]> <![CDATA[Fifth District Trends in Labor Market Participation]]> The labor force participation rate varies considerably across Fifth District jurisdictions, from West Virginia's 53.3 percent to the District of Columbia's 70.4 percent. What is driving the differences among jurisdictions? 

]]> <![CDATA[Richmond Fed’s McDermid to Retire in 2020]]> The Federal Reserve Bank of Richmond announced that Margaret E. “Lyn” McDermid, the Federal Reserve System’s chief information officer, will retire in April 2020. A search committee has been formed to select a new chief information officer for the Federal Reserve System.

]]> <![CDATA[2nd National Annual Summit on Digital Equity and Economic Inclusion]]> <![CDATA[North Carolina: Highlights from Charlotte's West End]]> The Richmond Fed helps convene community members of Charlotte’s oldest African American neighborhoods to discuss opportunities for new and sustainable economic growth.

]]> <![CDATA[Charlotte’s West End Convening for Opportunity]]> The Richmond Fed gathered community members of Charlotte's oldest African American neighborhoods to discuss opportunities for new and sustainable economic growth.

]]> <![CDATA[Richmond Fed Annual Report Explores Market Concentration Debate]]> <![CDATA[New Markets Tax Credit & Qualified Opportunity Zone Workshop]]> <![CDATA[Renewing the Promise of the Middle Class]]> <![CDATA[Annual Report - 2018]]> Reviews economic conditions in the Fifth District during 2018 and includes the article "Are Markets Becoming Less Competitive?"

]]> <![CDATA[Are Markets Becoming Less Competitive?]]> <![CDATA[Pretest Article Set Up]]> This is a test article for the reuse of content.

]]> <![CDATA[Fed Listens]]> The Federal Reserve Bank of Richmond will hold a community listening session as part of an effort by the Federal Reserve to review the strategy, tools and communication practices it uses to pursue its congressionally-assigned mandate of maximum employment and price stability.

]]> <![CDATA[‘Fed Listens’ Event: May 8, 2019, Summary of Discussion]]> The Federal Reserve Bank of Richmond held a 'Fed Listens' session May 8, 2019.

]]> <![CDATA[Richmond Fed Studies Retiree Medical Spending]]> <![CDATA[2019 Research Seminars, Jaume Ventura]]> Ventura, director and senior researcher at CREi, presents his latest work at this seminar.

]]> <![CDATA[Lifetime Medical Spending of Retirees]]> <![CDATA[Snapshot, May 2019]]> The most recent reports on the regional economy were mixed. Business conditions weakened for manufacturing firms but strengthened for services firms.

]]> <![CDATA[2019 Research Seminars, Chad Syverson]]> Syverson, an economics professor at the University of Chicago, presents his latest work at this seminar.

]]> <![CDATA[A Thumbs Up for Small Business Lending and Growth ]]> This Baltimore workshop featured discussions on how to finance small businesses and results from the Fed's Small Business Credit Survey.

]]> <![CDATA[Learning and Life Cycle Patterns of Occupational Mobility]]> <![CDATA[Economic Inclusion: Southern Cities Enacting Change]]> A cohort of seven Southern cities gather in Charlotte, North Carolina to rewrite the story of racial inequality and advance a new economic vision for low-income and underserved communities.

]]> <![CDATA[Economic Inclusion: Southern Cities Enacting Change ]]> Seven southern cities gathered in Charlotte to rewrite the story of racial inequality and advance a new economic vision for low-income and underserved communities.

]]> <![CDATA[West Virginia Bioscience Summit]]> <![CDATA[Net Inclusion Conference Showcases Charlotte Programs]]> The Richmond Fed's Charlotte Branch hosted one of several innovative discussions on digital inclusion and workshops for advancing broadband access and applications.

]]> <![CDATA[Living Life to the Fullest]]> Meet Ashley High, who recently completed her internship with our Bank's Audit Department through a Virginia Commonwealth University program that provides people with intellectual disabilities an opportunity to attend college classes and gain real-world work experience.

]]> <![CDATA[Life After High School: Navigating Education, Career and Debt (George Mason)]]> <![CDATA[Richmond Fed-UVA Research Workshop]]> <![CDATA[FRBR-UVA Research Workshop]]> Researchers from the Richmond Fed and the University of Virginia share their latest work as part of an ongoing effort to collaborate with the Bank's peers in the economics profession.

]]> <![CDATA[Assessing Macroeconomic Tail Risk]]> <![CDATA[Fifth District Payroll Revisions]]> Revised payroll employment data for 2018 showed that fewer jobs were added in the Fifth District than originally reported.

]]> <![CDATA[Beige Book]]>  

]]> <![CDATA[2019 Research Seminars, Sebastian Di Tella]]> Di Tella, an associate professor of economics at Stanford University, presents his latest work at this seminar.

]]> <![CDATA[Small Employer Firms Say Revenues and Hiring Were Stronger For 2018, Though 2019 Outlook Is More Tempered]]> <![CDATA[Minutes of the Federal Open Market Committee, March 19-20, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[ECONnections Webinar: What Research Says Students Don’t Know about Personal Finance]]> <![CDATA[Meet John Maneval: A Voice for Maryland]]> <![CDATA[The Information Content and Statistical Properties of Diffusion Indices]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Energy Booms and Workers’ Education Choices]]> <![CDATA[2019 Research Seminars, Larry Christiano]]> Christiano, chairman of the economics department at Northwestern University, presents his latest work at this seminar.

]]> <![CDATA[Teaching Personal Finance in the Digital Age]]> <![CDATA[R. Preston McAfee]]> Interview

]]> <![CDATA[Fiscal Multiplier]]> Jargon Alert

]]> <![CDATA[Does the Fed Need Room to Cut?]]> <![CDATA[What’s Happening to Productivity Growth?]]> <![CDATA[Econ Focus, Fourth Quarter 2018]]> Cover Story: Navigating Energy Booms and Busts
The fracking revolution has created new job opportunities, but are workers prepared for the fluctuations of the energy economy?

]]> <![CDATA[The Economist's Apprentice]]> <![CDATA[Has AI Improved Productivity?]]> <![CDATA[Regional News at a Glance]]> <![CDATA[What Happens When Bubbles Pop?]]> <![CDATA[A Welcome for the Talented]]> <![CDATA[Navigating Energy Booms and Busts]]> <![CDATA[Understanding Recent Trends in Labor Market Participation]]> <![CDATA[The Fault in R-Star]]> <![CDATA[Are CEOs Overpaid?]]> <![CDATA[When a South Carolina City Tried to Become Motor City]]> <![CDATA[Meet Deborah McKetty: Chair of the Community Investment Council ]]> <![CDATA[Snapshot, April 2019]]> The most recent reports on the Fifth District economy were more sluggish.

]]> <![CDATA[Richmond Fed Takes Economic Analysis Beyond Business Cycles]]> <![CDATA[Moving Macroeconomic Analysis beyond Business Cycles]]> <![CDATA[A Practitioner’s Perspective on the Productivity Slowdown]]> Richmond Fed President Tom Barkin spoke at the Virginia Association of Economists Annual Meeting on April 4, 2019, in Richmond.

]]> <![CDATA[2019 Research Seminars, Tarek Hassan]]> Hassan, an associate professor of economics at Boston University, presents his latest work at this seminar.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Joseph Gambino as a vice president.

]]> <![CDATA[Richmond Fed Appoints Community Affairs Officer]]> The Federal Reserve Bank of Richmond announced the appointment of Christy Cleare as community affairs officer.

]]> <![CDATA[Net Inclusion 2019]]> <![CDATA[What Do Sectoral Dynamics Tell Us About the Origins of Business Cycles?]]> <![CDATA[OREO Holding Period Limits]]> The other real estate owned (OREO) holding period may be different depending on which legal entity in your organization is holding the property.

]]> <![CDATA[Regulation U: A Few Reminders]]> Is your bank subject to Regulation U?  We provide reminders about this regulation related to margin stock lending

]]> <![CDATA[Cyber Risk Workshop]]> <![CDATA[Aggregate Labor Force Participation and Unemployment and Demographic Trends]]> <![CDATA[2019 Economic Outlook]]> Bauer reviewed local and national economic conditions in Garrett County, Md.

]]> <![CDATA[2019 Research Seminars, Rosen Valchev]]> Valchev, an assistant professor of economics at Boston College, presents his latest work at this seminar.

]]> <![CDATA[Meet Thomas Watson: an Opportunity-Maker for Appalachia]]> <![CDATA[Richmond Fed at a Glance, March 2019]]> <![CDATA[April Is Financial Literacy Month!]]> The Richmond Fed teamed up with its regional partners to boost economic knowledge and personal finance skills for learners of all ages.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[More News]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2018 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent public accounting firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and the Bank's internal controls over financial reporting.

]]> <![CDATA[Strengthening Our Communities One Volunteer at a Time]]> <![CDATA[2019 Research Seminars, Abdoulaye Ndiaye]]> Ndiaye, a research economist at the Federal Reserve Bank of Chicago, presents his latest work at this seminar.

]]> <![CDATA[Snapshot, March 2019]]> Economic reports on the Fifth District were upbeat in recent months.

]]> <![CDATA[Local Scars of the U.S. Housing Crisis* (Revised May 2020)]]> <![CDATA[Richmond Fed Research Helps Measure and Explain Consumer Financial Distress]]> <![CDATA[The Persistence of Financial Distress]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines Changes in U.S. Bank Capital Regulation Over Time]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announced the appointments of new officers in Supervision, Regulation and Credit.

]]> <![CDATA[Beige Book]]>  

]]> <![CDATA[ ECONnections Webinar: Spring is in the Air; Free Resources Are at Your Fingertips]]> <![CDATA[How Likely Is the Zero Lower Bound?]]> <![CDATA[US Bank Capital Regulation: History and Changes Since the Financial Crisis]]> <![CDATA[Moving the Needle in Rural Communities]]> Richmond Fed President Tom Barkin highlighted themes for rural communities — education, jobs, de-isolation, and participation — at the Virginia Governor's Conference on Agricultural Trade.

]]> <![CDATA[CDFI Lending in the Fifth District]]> To understand the impact of CDFIs in the District, this issue of 5th District Footprint explores the total dollar value of CDFI Investment as of 2016.

]]> <![CDATA[A Practical Approach to Testing Calibration Strategies]]> <![CDATA[Assessing U.S. Aggregate Fluctuations Across Time and Frequencies]]> <![CDATA[KidsReadyNC: Highlights From Raleigh, North Carolina]]> The Richmond Fed’s Community Development team partners with North Carolina State University, the Belk Foundation, the Duke Endowment and Frank Porter Graham Child Development Institute in educating leaders to ready children for lifelong success.

]]> <![CDATA[2019 Research Seminars, Wei Xiong]]> Xiong, an economics and finance professor at Princeton University, presents his latest work at this seminar.

]]> <![CDATA[Local Unemployment Rates in Virginia: How Low Can They Go?]]> As of December 2018, unemployment rates declined in every county and independent city in the Commonwealth of Virginia from December 2017. But how do the most recent rates compare with previous lows?

]]> <![CDATA[Opportunity Zones Help Transform Low-Income Communities]]> The Richmond Fed convened partners throughout the Fifth District to discuss innovative financing for real estate and business development in low- and moderate-income and underserved communities.

]]> <![CDATA[Richmond Fed Announces Research Officer Appointments]]> The Federal Reserve Bank of Richmond has announced several officer appointments.

]]> <![CDATA[Who Values Access to College? (Revised November 2019)]]> <![CDATA[Richmond Fed Announces New Banking Supervision Officers]]> The Federal Reserve Bank of Richmond has announced several officer appointments in Supervision, Regulation and Credit.

]]> <![CDATA[Richmond Fed Announces New IT Officers]]> The Federal Reserve Bank of Richmond has announced officer appointments in Information Technology Services.

]]> <![CDATA[National and State Economic Outlook]]> Martin discussed state and national economic conditions in Columbia, S.C.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 29-30, 2019]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the most recent FOMC meeting.

]]> <![CDATA[Richmond Fed Announces New Officers]]> The Federal Reserve Bank of Richmond has announced officer appointments in the Currency Technology Office and Cash Services.

]]> <![CDATA[Regulatory Capital]]> Federal banking agencies have extended the deadline for public comment on a proposal to update the standards for measuring counterparty risk posed by derivative contracts. The new deadline is March 18, 2019.

]]> <![CDATA[Stress Tests]]> The Federal Reserve Board has extended the deadline for public comment on its proposal to modify company-run stress testing requirements. The new deadline is March 21, 2019.

]]> <![CDATA[Baltimore Housing Policy]]> This issue of Community Scope focuses on the history of housing policy in Baltimore, including practices that separated residents by race, ethnicity and religion.

]]> <![CDATA[Virginia Opportunity Zones Webinar]]> <![CDATA[Stress Tests]]> The Federal Reserve Board identified an error in the dataset used in its 2019 stress tests and has issued a correction. A mortgage rate was published as 4.6 percent and should have been 4.8 percent.

]]> <![CDATA[Richmond Fed at a Glance, February 2019]]> <![CDATA[On Regional Borrowing, Default, and Migration]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[More News]]> <![CDATA[Flood Insurance]]> A joint interagency final rule implements provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The final rule requires regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies. The rule takes effect July 1, 2019.

]]> <![CDATA[District Educators Road Trip to Washington for Talk With Fed Chairman]]> During his first teacher town hall, Fed Chairman Jerome Powell highlighted the importance of educators in helping students prepare for lifelong success.

]]> <![CDATA[Volcker Rule]]> A new interagency proposal, published today in the Federal Register, would exclude certain community banks from the restrictions of the Volcker Rule, The exclusions, which are designed to conform with the Economic Growth, Regulatory Relief, and Consumer Protection Act, would apply to community banks with $10 billion or less in total consolidated assets and total trading assets and liabilities amounting to 5 percent or less of total consolidated assets. The deadline for public comment is April 9, 2019.

]]> <![CDATA[Two-sided Market, R&D and Payments System Evolution (Revised June 2019)]]> <![CDATA[Playing with Money (Revised August 2019)]]> <![CDATA[Richmond Fed Research Explores How Excess Reserves Affect the Relationship Between Money and Prices]]> <![CDATA[Conversation with the Chairman: A Teacher Town Hall Meeting - Charlotte]]> Chairman Powell's Conversation will be livestreamed from Washington, D.C.

]]> <![CDATA[Large Excess Reserves and the Relationship between Money and Prices]]> <![CDATA[Montgomery County, Maryland, Opportunity Zone Workshop]]> <![CDATA[Stress Tests]]> New changes to the Federal Reserve’s stress testing program will enhance the program’s transparency for the largest and most complex U.S. banks. The changes include more information about the stress test models used in the annual Comprehensive Capital Analysis and Review, more information about hypothetical economic scenarios, and a stress testing policy statement.

]]> <![CDATA[Matt Martin Joins Panel Discussion on Carolina Business Review]]> Matt Martin discussed the 2019 economic outlook on the Carolina Business Review.

]]> <![CDATA[Price Dynamics with Customer Markets]]> <![CDATA[Snapshot, February 2019]]> The most recent reports on the Fifth District economy were somewhat positive.

]]> <![CDATA[Regulation L]]> A new interagency proposal, published today in the Federal Register, would raise the threshold for the major-assets management interlock prohibition. Currently, a management official at a depository organization with greater than $2.5 billion in total consolidated assets cannot serve as a management official at another unaffiliated depository organization with greater than $1.5 billion in total consolidated assets. The proposal would raise both asset thresholds to $10 billion. The deadline for public comment is April 1, 2019.

]]> <![CDATA[National and State Economic Outlook]]> Macheras reviewed current economic conditions at a meeting in Wilmington, N.C.

]]> <![CDATA[Meet Thomasina Hiers: A Voice for Our Communities]]> <![CDATA[Homegrown Tools for Economic Development Launch]]> Our Community Development Regional Manager spoke at the launch of Homegrown Tools, a web tool that spotlights small town private investment and job creation, and can help financial institutions seeking potential Community Reinvestment Act projects.

]]> <![CDATA[Homegrown Tools for Economic Development Launch]]> <![CDATA[The Statistics Corner: National Productivity Statistics]]> <![CDATA[Defining and Improving the Accuracy of Macroeconomic Forecasts: Contributions from a VAR Model]]> <![CDATA[Misallocation and Financial Frictions: The Role of Long-Term Financing* (Revised May 2020)]]> <![CDATA[Teamwork: A Critical Part of Bill Lotman’s Fed Story]]> Thanks to our Bank's education assistance program and a lot of teamwork, Bill Lotman has been able to move around several departments in our Baltimore office.

]]> <![CDATA[Government Shutdown]]> Regulatory agencies at both the federal and state level have encouraged financial institutions to work with consumers affected by the federal government shutdown by considering prudent workout arrangements that are consistent with safe-and-sound lending practices.

]]> <![CDATA[Ensuring Longer-Term Growth]]> Richmond Fed President Tom Barkin spoke January 10, 2019, in Raleigh to the Greater Raleigh Chamber of Commerce at its 2019 Economic Forecast event.

]]> <![CDATA[Richmond Fed at a Glance, January 2019]]> <![CDATA[Richmond Fed’s Economic Quarterly Asks Why Payment Platforms Use Ad Valorem Fees]]> In the latest issue of Economic Quarterly, Richmond Fed economist Zhu Wang reviews two explanations for why transaction platforms (such as online marketplaces and payment platforms) use ad valorem fees, which are fees charged to the seller in proportion to the value of a transaction.

]]> <![CDATA[Richmond Fed Directors Announced ]]> Directors of the Federal Reserve Bank of Richmond have appointed Brian T. Moynihan, president and chairman of the board of Bank of America, to serve a one-year term as the Fifth District representative on the Federal Advisory Council effective January 1, 2019.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 18-19, 2018]]> A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[More News ]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Why Do Platforms Use Ad Valorem Fees? Evaluating Two Alternative Explanations]]> <![CDATA[What Can We Learn from Online Wage Postings? Evidence from Glassdoor]]> <![CDATA[Richmond Fed Highlights Building and Loan Associations]]> <![CDATA[It's a Wonderful Loan: A Short History of Building and Loan Associations]]> <![CDATA[Stress Tests]]> A new proposal would raise the threshold for state member bank company-run stress tests from $10 billion in total consolidated assets to $250 billion and would require those company-run stress tests every other year. The proposal would also eliminate the hypothetical “adverse” scenario for all institutions subject to stress tests. The new requirements are to designed to conform with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The deadline for public comment is February 19, 2019.

]]> <![CDATA[Coming to Terms with Operational Risk]]> <![CDATA[The Outlook for Growth]]> Richmond Fed President Tom Barkin spoke January 4, 2019, at the Maryland Bankers Association’s First Friday Economic Outlook Forum in Baltimore.

]]> <![CDATA[Snapshot, January 2019]]> Recent reports on the Fifth District economy were mostly positive.

]]> <![CDATA[Unauthorized Immigration and Fiscal Competition]]> <![CDATA[Social Interactions and the Effectiveness of Regional Policies]]> <![CDATA[Review of "The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster," by Laurence Ball]]> <![CDATA[Discretionary Monetary Policy in the Calvo Model]]> <![CDATA[Functional Approximation of Impulse Responses]]> <![CDATA[National Flood Insurance]]> Federal bank regulatory agencies have reminded banks, savings associations, and Farm Credit institutions that they can continue to make loans during periods when the National Flood Insurance Program is unavailable.

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at the Tight Labor Market]]> <![CDATA[Fifth District Firms Report on Hiring and Wages]]>  

]]> <![CDATA[Machine Learning]]> Jargon Alert

]]> <![CDATA[Did the Great Recession Increase Skill Requirements?]]> <![CDATA[Regional News at a Glance]]> <![CDATA[The Supply Side of Rural Development]]> <![CDATA[What Have We Learned since the Financial Crisis?]]> <![CDATA[Antoinette Schoar]]> Interview

]]> <![CDATA[Leaving LIBOR]]> Federal Reserve

]]> <![CDATA[Tailoring Bank Regulations]]> <![CDATA[When Nations Don't Pay Their Debts]]> Feature: When Nation's Don't Pay Their Debts

]]> <![CDATA[Help Wanted]]> In 2018, the unemployment rate was at historic lows. Were employers having trouble hiring because there weren't enough workers, or because they had the wrong skills?

]]> <![CDATA[Founding America's First Research University]]> Economic History

]]> <![CDATA[Updating the Schoolhouse]]> <![CDATA[What to Do When Large Firms Fail]]> <![CDATA[Econ Focus, Third Quarter 2018]]> Cover Story: Help Wanted
Employers are having a hard time hiring. Not enough workers or not the right skills?

]]> <![CDATA[Definitions Matter: The Rural-Urban Dichotomy]]> The Fifth District includes both urban and rural communities. How do we define urban and rural, and what do data tell us about the disparities?

]]> <![CDATA[Highlights from Columbia, S.C., and Raleigh, N.C.: Opportunity Zones Programs]]> The Richmond Fed's Community Development team recently helped convene programs to spur investment in low-income areas in North Carolina and South Carolina.

]]> <![CDATA[Tom Barkin Speaks January 4 to Maryland Bankers Association]]> <![CDATA[Banking Institution Change in the Fifth District]]> This issue of 5th District Footprint examines the percentage change in banking institutions operating in Fifth District counties since the Great Recession.

]]> <![CDATA[Opportunity Zone Programs Bring Investors and Communities Together]]> Business, government and community leaders gather to learn and exchange perspectives and information on approaches to spur investment in low-income and underserved areas.

]]> <![CDATA[FOMC Raises Rate]]> <![CDATA[Interventions in Markets with Adverse Selection: Implications for Discount Window Stigma]]> <![CDATA[Gift Drives Help Make Holidays Special]]> <![CDATA[Virginia Educators Recognized for Delivery of Personal Finance and Economic Education Programs]]> <![CDATA[Federal Reserve Banks Release Report on Experiences of Nonemployer Small Businesses]]> <![CDATA[Community Pulse 2018 Survey Results]]> This issue of the Community Pulse presents the findings from our 2018 survey.

]]> <![CDATA[My Richmond Fed: Planning for Retirement]]> <![CDATA[Economic Educator Awards Luncheon]]> <![CDATA[Snapshot, December 2018]]> Economic conditions in the Fifth District generally improved, according to recent reports.

]]> <![CDATA[Federal Reserve Banks to Release Report on Financing Experiences of Nonemployer Small Businesses on December 12]]> The Federal Reserve Banks of New York, Cleveland, and Richmond will issue the 2017 Small Business Credit Survey: Report on Nonemployer Firms at 10:30 AM ET on Wednesday, December 12. This report examines the business conditions and the credit environment of small businesses with no employees other than the business’s owners.

]]> <![CDATA[Richmond Fed Report Addresses Recent Yield Curve Concerns]]> <![CDATA[Teacher Collaborative Committee Meeting – Charlotte]]> <![CDATA[Have Yield Curve Inversions Become More Likely?]]> <![CDATA[Beige Book]]>  

]]> <![CDATA[2018 Research Seminars, Ryan Decker]]> Ryan Decker, an economist at the Federal Reserve Board of Governors, presents his latest work at this seminar.

]]> <![CDATA[Virginia's Economic Landscape]]> Macheras reviewed the state and national economy at an event in Salem, Va.

]]> <![CDATA[Connecting with Community Bankers]]> The Richmond Fed met with community banking executives in Richmond, Baltimore and Charlotte to discuss timely issues, concerns and changes in the industry.

]]> <![CDATA[2018 Economic Outlook Conference]]> <![CDATA[Teacher Collaborative Committee Meeting – Baltimore]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond ]]> <![CDATA[End-of-Life Medical Expenses]]> <![CDATA[Inflation: Perspectives and Outlook]]> <![CDATA[Inflation: Perspectives and Outlook]]> This conference brings together leading researchers in the field of macroeconomics to share their work on inflation dynamics and monetary policy.

]]> <![CDATA[Minutes of the Federal Open Market Committee, November 7-8, 2018]]> <![CDATA[Connecting Communities: The Growth and Evolution of CDFI Partnerships ]]> <![CDATA[2018 Research Seminars, David Baqaee]]> Baqaee is an assistant professor of economics at UCLA.

]]> <![CDATA[Economic Overview]]> Bauer reviewed economic conditions in the Washington, D.C., metro region.

]]> <![CDATA[Opioid Treatment Access in the Fifth District]]> How accessible are opioid treatment programs? This issue of 5th District Footprint explores District residents' access to programs.

]]> <![CDATA[My Richmond Fed: Paying With Cash]]> <![CDATA[End-Of-Life Medical Spending In Last Twelve Months Of Life Is Lower Than Previously Reported]]> <![CDATA[Regulation Z]]> New amendments will increase the exemption thresholds in Regulation Z for loans exempt from special appraisal requirements for higher-priced mortgage loans. Effective January 1, 2019, the exemption will apply to loans of up to 26,700.The adjustments reflect the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.

]]> <![CDATA[Regulations M and Z]]> New amendments will increase the exemption thresholds in Regulations M and Z for exempt consumer credit and lease transactions. Effective January 1, 2019, the exemption will generally apply to consumer credit transactions and consumer leases of up to $57,200.The adjustments reflect the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.

]]> <![CDATA[My Path to the Fed: Nancy Cirincione]]> While Nancy has experienced changes in her role and the Baltimore branch where she’s worked for 49 years, the one thing that’s stayed the same is the feeling of family. 

]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines Retiree Medical Spending ]]> <![CDATA[Regulation CC]]> To comply with a Dodd-Frank Act requirement, new proposed amendments to Regulation CC would adjust for inflation the amount of funds depository institutions must make available to their customers. The deadline for public comment will be 60 days from the proposal’s date of publication in the Federal Register.

]]> <![CDATA[Inefficiency in a Simple Model of Production and Bilateral Trade]]> <![CDATA[The Lifetime Medical Spending of Retirees]]> <![CDATA[The Frequency and Costs of Individual Price Adjustment]]> <![CDATA[Conclusion, References and Appendices]]> <![CDATA[South Carolina Community Capital Alliance Case Study]]> <![CDATA[Atlanta Neighborhood Development Partnership and the Reinvestment Fund Case Study]]> <![CDATA[Native CDFI Network Case Study]]> <![CDATA[Maryland CDFI Roundtable Case Study]]> <![CDATA[Detroit CDFI Coalition Case Study]]> <![CDATA[St. Louis CDFI Coalition Case Study]]> <![CDATA[West Virginia Loan Fund Collaborative Case Study]]> <![CDATA[Access to Capital for Entrepreneurs and Carver State Bank Case Study]]> <![CDATA[Virginia Commonwealth University Wins Richmond Fed’s College Fed Challenge]]> <![CDATA[College Fed Challenge- District Semi-final Competition ]]> <![CDATA[A Divide and Conquer Algorithm for Exploiting Policy Function Monotonicity]]> <![CDATA[Payment Services]]> New fee schedules have been announced for the payment services Federal Reserve Banks provide depository institutions. The fee schedules take effect January 2, 2019.

]]> <![CDATA[Research in Banking]]> <![CDATA[Marketing & Outreach – The Final ‘Frontier’ of Redlining Risk]]> <![CDATA[Sovereign Citizens]]> <![CDATA[Recap of Recent Supervision and Regulation Guidance]]> <![CDATA[Investing in America's Workforce Book]]> The Fed has partnered with a number of workforce development organizations to create a three-volume book with best practice tips and other resources to help both workers and employers.

]]> <![CDATA[2018 Research Seminars, Leonardo Melosi]]> Melosi is a senior economist at the Federal Reserve Bank of Chicago.

]]> <![CDATA[Has Fiscal Policy Helped Stabilize the Postwar U.S. Economy?]]> <![CDATA[Ad Valorem Platform Fees, Indirect Taxes, and Efficient Price Discrimination]]> <![CDATA[Two-sided Learning and Short-Run Dynamics in a New Keynesian Model of the Economy]]> <![CDATA[Measurement Errors and Monetary Policy: Then and Now]]> <![CDATA[Innovation, Deregulation, and the Life Cycle of a Financial Service Industry]]> <![CDATA[Optimal Bankruptcy Code: A Fresh Start for Some]]> <![CDATA[Asymmetric Business Cycles and Sovereign Default]]> <![CDATA[Optimal Investment with Lumpy Costs]]> <![CDATA[Life Expectancy and Old Age Savings]]> <![CDATA[Drifts and Volatilities under Measurement Error: Assessing Monetary Policy Shocks over the Last Century]]> <![CDATA[Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation]]> <![CDATA[Medicaid Insurance in Old Age]]> <![CDATA[Price Cap Regulation in a Two-sided Market: Intended and Unintended Consequences]]> <![CDATA[Choosing Prior Hyperparameters: With Applications to Time-Varying Parameter Models]]> <![CDATA[Choosing the Variables to Estimate Singular DSGE Models]]> <![CDATA[Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts]]> <![CDATA[Deep Habits in the New Keynesian Phillips Curve]]> <![CDATA[The Time-Varying Beveridge Curve]]> <![CDATA[Do Search Frictions Matter for Inflation Dynamics?]]> <![CDATA[Computing Sunspot Equilibria in Linear Rational Expectations Models]]> <![CDATA[Finite Mixture Distributions, Sequential Likelihood and the EM Algorithm]]> <![CDATA[Income Distribution, Market Size and the Evolution of Industry]]> <![CDATA[Inflation Dynamics with Search Frictions: A Structural Econometric Analysis]]> <![CDATA[The Dynamic Effects of Firm-Level Borrowing Constraints]]> <![CDATA[Testing for Indeterminacy: An Application to U.S. Monetary Policy]]> <![CDATA[On the Distribution and Dynamics of Health Care Costs]]> <![CDATA[Testing for Indeterminacy: An Application to U.S. Monetary Policy: Reply]]> <![CDATA[The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions]]> <![CDATA[Do Central Banks Respond to Exchange Rate Movements? A Structural Investigation]]> <![CDATA[An Inventory of Simple Monetary Policy Rules in a New Keynesian Macroeconomic Model]]> <![CDATA[Technological Innovation and Market Turbulence: The Dot-com Experience]]> <![CDATA[The Economic Impact of Premature Adult Mortality: Panel Data Evidence from KwaZulu-Natal, South Africa]]> <![CDATA[Financial Liberalization and Banking Crises in Emerging Economies]]> <![CDATA[A Bayesian Look at New Open Economy Macroeconomics]]> <![CDATA[A Simple, Structural, and Empirical Model of the Antipodean Transmission Mechanism]]> <![CDATA[The Cyclical Upgrading of Labor and On-the-Job Search]]> <![CDATA[The Lucas Critique and the Stability of Empirical Models]]> <![CDATA[Why do the Elderly Save? The Role of Medical Expenses]]> <![CDATA[Market Structure and Payment Card Pricing: What Drives the Interchange?]]> <![CDATA[Dealing with Consumer Default: Bankruptcy vs Garnishment]]> <![CDATA[Inventories, Inflation Dynamics and the New Keynesian Phillips Curve]]> <![CDATA[Public Pensions and Labor Supply over the Life Cycle]]> <![CDATA[What Drives Inflation in New Keynesian Models?]]> <![CDATA[Introduction: Dynamic Stochastic General Equilibrium Modelling and the Study of Asia-Pacific Economies]]> <![CDATA[Commodity Money with Frequent Search]]> <![CDATA[Aggregate Labour Market Dynamics in Hong Kong]]> <![CDATA[Optimized Taylor Rules for Disinflation When Agents are Learning]]> <![CDATA[Equilibrium Price Dispersion with Sequential Search]]> <![CDATA[Evaluating Default Policy: The Business Cycle Matters]]> <![CDATA[Optimal Monetary Policy with Heterogeneous Money Holdings]]> <![CDATA[Nonlinear Adventures at the Zero Lower Bound]]> <![CDATA[Figuring Out the Fed - Beliefs about Policymakers and Gains from Transparency]]> <![CDATA[Learning About Fiscal Policy and the Effects of Policy Uncertainty]]> <![CDATA[Stepping Stone and Option Value in a Model of Postsecondary Education]]> <![CDATA[A Bayesian Approach to Optimal Monetary Policy with Parameter and Model Uncertainty]]> <![CDATA[The Effects of Health Insurance and Self-Insurance on Retirement Behavior]]> <![CDATA[Why Do Payment Card Networks Charge Proportional Fees?]]> <![CDATA[Dynamics of Investment, Debt, and Default]]> <![CDATA[Real Rates and Consumption Smoothing in a Low Interest Rate Environment: The Case of Japan]]> <![CDATA[SRC Days of Giving: 8 Events Across 3 States to Build One Stronger Community]]> <![CDATA[Regulation J]]> New final amendments to Regulation J will remove obsolete provisions, align the rights and obligations of parties, including the Federal Reserve Banks, with the 2017 amendments to Regulation CC, and generally improve consistency between Regulations J and CC. The amendments take effect January 1, 2019.

]]> <![CDATA[Supervision News Flash - November 2018]]> This issue features articles on ensuring that marketing and outreach strategies do not elevate your redlining risk; how to manage "Soverigns" scams and ensuring your internal auditor is independent.

]]> <![CDATA[Internal Auditor Independence & Reporting Lines]]> <![CDATA[Richmond Fed at a Glance, November 2018]]> <![CDATA[Health, Health Insurance and Retirement: A Survey]]> <![CDATA[The Accuracy of Economic Measurement in the Health and Retirement Study]]> <![CDATA[Transition Accounting for India in a Multi-sector Dynamic General Equilibrium Model]]> <![CDATA[Medical Spending of the U.S. Elderly]]> <![CDATA[Savings After Retirement: A Survey]]> <![CDATA[The Effects of Collecting Income Taxes on Social Security Benefits]]> <![CDATA[Contingent Debt and Performance Pricing in an Optimal Capital Structure Model with Financial Distress and Reorganization]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Our Latest News ]]> <![CDATA[Skill-Biased Technical Change and the Cost of Higher Education]]> <![CDATA[Barkin Talks Economy With Carolina Business Review]]> Richmond Fed President Tom Barkin talks trade, real estate, housing and more with Chris William.

]]> <![CDATA[Richmond Fed Explores Cyclical Differences Between Small and Large Banks]]> <![CDATA[Residential Choice, Mobility, and the Labor Market]]> <![CDATA[Analyzing Firm Location Decisions: Is Public Intervention Justified?]]> <![CDATA[Sovereign Debt Signals]]> <![CDATA[A Model of Sovereign Debt with Private information]]> <![CDATA[The Anatomy of U.S. Personal Bankruptcy Under Chapter 13]]> <![CDATA[Nominal Sovereign Debt]]> <![CDATA[Bubbles, Wage Rigidity, and Persistent Slumps]]> <![CDATA[Crime in a Multi-Jurisdictional Model with Private and Public Prevention]]> <![CDATA[Distortionary Taxes and Public Investment when Government Promises are not Enforceable]]> <![CDATA[Firm Fragmentation and Urban Patterns]]> <![CDATA[Identifying Credit Crunches]]> <![CDATA[Toxic Asset Bubbles]]> <![CDATA[Information, Insurance and the Sustainability of Sovereign Debt]]> <![CDATA[Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth]]> <![CDATA[Inflation Uncertainty and Growth in a Cash-in-Advance Economy]]> <![CDATA[Asset Bubbles and Global Imbalances]]> <![CDATA[When Is Sticky Information More Information?]]> <![CDATA[Time To Produce and Emerging Market Crises]]> <![CDATA[Credit Market Frictions and Their Direct Effects on U.S. Manufacturing Fluctuations]]> <![CDATA[The Politics of Investment: Partisanship and the Sectoral Allocation of Foreign Direct Investment]]> <![CDATA[Comment on 'Cities Under Stress']]> <![CDATA[Progressive Taxation and Long-Run Growth]]> <![CDATA[Population in Rural Areas: The Case of Loudoun County, Virginia]]> <![CDATA[Assistance to Poor Households When Income is not Observed: Targeted In-Kind and In-Cash Transfers]]> <![CDATA[Corporate Profit Tax, Capital Mobility, and Formula Apportionment]]> <![CDATA[Tax Competition in the Presence of Interjurisdictional Externalities: The Case of Crime Prevention]]> <![CDATA[Equality of Opportunity and Optimal In-Kind and In-Cash Policies]]> <![CDATA[U.S. Consumer Bankruptcy Choice: The Importance of General Equilibrium Effects]]> <![CDATA[Housing Externalities]]> <![CDATA[Roots of the Derivative of the Riemann-Zeta Function and of Characteristic Polynomials]]> <![CDATA[Temperature and Growth: A Panel Analysis of the United States]]> <![CDATA[Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models]]> <![CDATA[What Inventory Behavior Tells Us About How Business Cycles Have Changed]]> <![CDATA[Progressive Taxation and Income Inequality in Dynamic Competitive Equilibrium]]> <![CDATA[Urban Crime and Labor Mobility]]> <![CDATA[Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production]]> <![CDATA[The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy]]> <![CDATA[Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model]]> <![CDATA[The Differing Effects of the Business Cycle on Small and Large Banks]]> <![CDATA[Book Review: Barriers to Riches]]> <![CDATA[How Large is the Federal Financial Safety Net?]]> <![CDATA[The Role of Real Wages, Productivity, and Fiscal Policy in Germany’s Great Depression 1928-1937]]> <![CDATA[Exclusionary Practices and Technological Competition]]> <![CDATA[Optimal Contracts under Costly State Falsification]]> <![CDATA[Preventing Bank Runs]]> <![CDATA[Coalition-Proof Allocations in Adverse-Selection Economies]]> <![CDATA[Comment on Financial Fragility with Rational and Irrational Exuberance]]> <![CDATA[Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?]]> <![CDATA[State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output]]> <![CDATA[Real Implications of the Zero Bound on Nominal Interest Rates]]> <![CDATA[The Replacement Problem in Frictional Economies: A Near-Equivalence Result]]> <![CDATA[The Financial Impact of Diabetes on Older Americans]]> <![CDATA[The Impact of Changes in Child Support Policy]]> <![CDATA[On the Employment Effects of Productivity Shocks: The Role of Inventories, Demand Elasticity, and Sticky Prices]]> <![CDATA[Monetary Exchange and the Irreducible Cost of Inflation]]> <![CDATA[A Tractable Monetary Model under General Preferences]]> <![CDATA[Payment Choice and Currency Use: Insights from Two Billion Retail Transactions]]> <![CDATA[Monopolistic Competition, Increasing Returns to Scale, and the Importance of Productivity Shocks]]> <![CDATA[Money and Insurance in a Turnpike Environment]]> <![CDATA[A Coalition Proof Equilibrium for a Private Information Credit Economy]]> <![CDATA[Service-Learning and the Economics Course: Theory and Practice]]> <![CDATA[What Is the Real Story for Interest Rate Volatility?]]> <![CDATA[(S, s) Inventory Policies in General Equilibrium]]> <![CDATA[Optimal Diamond-Dybvig Mechanism in Large Economies with Aggregate Uncertainty]]> <![CDATA[Steady State Equilibrium with State-Dependent Pricing]]> <![CDATA[Fiscal Policy and Regional Inflation in a Currency Union]]> <![CDATA[Firm-Specific Learning and the Investment Behavior of Large and Small Firms]]> <![CDATA[Optimal Monetary Policy]]> <![CDATA[Should a Monetary Policymaker Look at Money?]]> <![CDATA[Potential and Pitfalls of Applying Theory to the Practice of Financial Education]]> <![CDATA[A Note on Marriage Market Clearing]]> <![CDATA[Incentives, Communication, and Payment Instruments]]> <![CDATA[Payment Economics: Studying the Mechanics of Exchange]]> <![CDATA[Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria]]> <![CDATA[Book Review: The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach]]> <![CDATA[Incentive Compatible Financial Contracts, Asset Prices, and the Value of Control]]> <![CDATA[Technology-Policy Interaction in Frictional Labour-Markets]]> <![CDATA[Comment on ‘Reconsidering the Natural Rate Hypothesis in a New Keynesian Framework,' by Andrew Levin and Tack Yun]]> <![CDATA[Gender and Marital Differences in Wealth and Investment Decisions]]> <![CDATA[Household Finance Issues and Marital Instability]]> <![CDATA[The Zero Bound and the Term Structure in a Nonlinear Economic Model]]> <![CDATA[Indeterminacy and the Elasticity of Substitution in One-Sector Models]]> <![CDATA[Estimation and Impact of Gender Differences in Risk Tolerance]]> <![CDATA[Gender Differences in Wealth at Retirement]]> <![CDATA[Insurance Contracts as Commodities: A Note]]> <![CDATA[Private Information and Inventive Activity]]> <![CDATA[Discussion of 'Inflation Targeting: A Victim of Its Own Success']]> <![CDATA[Inflation Targeting in a St. Louis Model of the 21st Century]]> <![CDATA[Welfare Effects of Liberalization Reforms with Distortions in Financial and Labor Markets]]> <![CDATA[Intermediate Inputs and Sectoral Comovement in the Business Cycle]]> <![CDATA[Financial Fragility and Over-the-Counter Markets]]> <![CDATA[The Pricing of Interbank Payment Services in a Changing Competitive Environment]]> <![CDATA[Supervision and Regulation Report]]> The Board of Governors has published its inaugural Supervision and Regulation Report, which summarizes banking conditions and the Federal Reserve’s recent prudential supervisory and regulatory activities.

]]> <![CDATA[FOMC Leaves Rate Unchanged]]> The Federal Open Market Committee voted November 8, 2018, to leave the target for the federal funds rate unchanged.

]]> <![CDATA[Market-Based Incentives]]> <![CDATA[Forecasts of Inflation from VAR Models]]> <![CDATA[A Road Map for Efficiently Taxing Heterogeneous Agents]]> <![CDATA[Comment On: 'Optimal Human Capital Policies' by Bohacek and Kapicka]]> <![CDATA[Allen and Gale on Risk-Taking and Competition in Banking]]> <![CDATA[Unobservable Persistent Productivity and Long Term Contracts]]> <![CDATA[Optimal Personal Bankruptcy Design Under Moral Hazard]]> <![CDATA[Risky Human Capital and Deferred Capital Income Taxation]]> <![CDATA[Nonseparable Preferences and Optimal Social Security Systems]]> <![CDATA[Repeated Moral Hazard with Effort Persistence]]> <![CDATA[Optimal Risk Sharing and Borrowing Constraints in a Continuous-Time Model with Limited Commitment]]> <![CDATA[The Optimal Rate of Inflation with Trending Relative Prices]]> <![CDATA[Estimation and Inference of Threshold Regression Models with Measurement Errors]]> <![CDATA[A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity]]> <![CDATA[Using the Federal Funds Futures Market to Predict Monetary Policy Actions]]> <![CDATA[My Richmond Fed: Making a Decision About Life After High School]]> <![CDATA[2018 Research Seminars, Ian Dew-Becker]]> Dew-Becker is an associate professor of finance at Northwestern University.

]]> <![CDATA[Optimal Fiscal Policy under Multiple Equilibria]]> <![CDATA[Government Policy and the Probability of Coordination Failures]]> <![CDATA[Bank Runs and Institutions: The Perils of Intervention]]> <![CDATA[Run Equilibria in the Green-Lin Model of Financial Intermediation]]> <![CDATA[Avoiding the Inflation Tax]]> <![CDATA[Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market]]> <![CDATA[Optimal Banking Contracts and Financial Fragility]]> <![CDATA[On Search Theory and Customers]]> <![CDATA[Search, Money, and Inflation under Private Information]]> <![CDATA[Economic Growth, Liquidity, and Bank Runs]]> <![CDATA[Macroeconomic Fluctuations and Bargaining]]> <![CDATA[Choosing a Place to Live and a Workplace]]> <![CDATA[Bank Runs and Investment Decisions Revisited]]> <![CDATA[Banking Panics and Policy Responses]]> <![CDATA[Comment on 'Scarcity of Safe Assets, Inflation, and the Policy Trap' by Andolfatto and Williamson]]> <![CDATA[Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks]]> <![CDATA[Discussion of Acharya and Skeie: A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets]]> <![CDATA[On Random Matching, Monetary Equilibria, and Sunspots]]> <![CDATA[Loanable Funds, Monitoring and Banking]]> <![CDATA[Regulatory Reporting]]> A new proposed interagency rule would expand the number of regulated institutions eligible for streamlined regulatory reporting and reduce the number of data items those institutions have to report. Insured depository institutions that hold total consolidated assets of less than $5 billion and do not engage in certain complex or international activities would be allowed to file the most streamlined version of the quarterly Call Report and would have fewer data items to report for the first and third calendar quarters. The deadline for public comment will be 60 days after publication in the Federal Register.

]]> <![CDATA[Strength in Numbers: The Growth and Evolution of CDFI Partnerships]]> This issue of Community Scope explores research on community development financial institution (CDFI) partnership formation, development and sustainability.

]]> <![CDATA[Welfare Implications of the Bankruptcy Reform Act of 1999]]> <![CDATA[Self-Employment Rates and Business Size: The Roles of Occupational Choice and Credit Market Frictions]]> <![CDATA[Risky Higher Education and Subsidies]]> <![CDATA[Unsecured Credit Markets Are Not Insurance Markets]]> <![CDATA[Default, Insurance, and Debt over the Life-Cycle]]> <![CDATA[Unsecured Debt with Public Insurance: From Bad to Worse]]> <![CDATA[Fresh Start or Head Start? Uniform Bankruptcy Exemptions and Welfare]]> <![CDATA[A Quantitative Theory of Information and Unsecured Credit]]> <![CDATA[Labor Market Upheaval, Default Regulations, and Consumer Debt]]> <![CDATA[Credit and Self-Employment]]> <![CDATA[Asset Pledgeability and Endogenously Leveraged Bubbles]]> <![CDATA[My Path to the Fed: Jessica Coleman]]> Becoming our Bank’s first African-American female captain in our Law Enforcement Unit, Jessica Coleman takes pride in her job — knowing that what she and others in the Law Enforcement Unit do every day makes a difference.

]]> <![CDATA[Supervisory Ratings]]> A new final rule will apply a new Large Financial Institution (LFI) supervisory rating system to all domestic bank holding companies (BHCs) and non-insurance, non-commercial savings and loan holding companies (SLHCs) with $100 billion or more in total consolidated assets. Other SLHCs will be subject to the RFI/C(D) supervisory rating system currently applicable to BHCs. The LFI supervisory rating system will also apply to U.S. intermediate holding companies of foreign banking organizations with $50 billion or more in total consolidated assets. The changes take effect February 1, 2019.

]]> <![CDATA[Snapshot, November 2018]]> According to recent data, Fifth District economic conditions softened somewhat.

]]> <![CDATA[Regulatory Tailoring]]> A new proposed rule would more closely align regulation and risk profile for large U.S. banking organizations with more than $100 billion in total consolidated assets. A new proposed interagency rule would establish risk-based categories for large U.S. banking organizations to determine applicability of the regulatory capital rule, liquidity coverage ratio rule, and the proposed net stable funding rule. The deadline for public comment on both proposals is January 22, 2019.

]]> <![CDATA[Does Redistribution Increase Output? The Centrality of Labor Supply]]> <![CDATA[2017 Educational Attainment Data Are Released]]> Although changes in educational attainment, employment status, and median earnings were inconsistent across Fifth District jurisdictions in 2017, most saw lower unemployment and higher median earnings.

]]> <![CDATA[Regulatory Capital]]> A new proposed interagency rule would create a standardized approach for measuring counterparty risk posed by derivative contracts under the agencies’ regulatory capital rules. Banking organizations with $250 billion or more in total consolidated assets or $10 billion or more in on-balance sheet foreign exposure would be required to use the new approach to calculate standardized risk-weighted assets and the supplementary leverage ratio. Banking organizations with total consolidated assets and foreign exposures below those thresholds would be allowed to use either the new approach or the current approach. The deadline for public comment will be 60 days after publication in the Federal Register.

]]> <![CDATA[The Bailey Conference]]> <![CDATA[Town Hall Planned on Faster Payments]]> A town hall on Fed faster payments proposals is scheduled Oct. 31, 2018, at the Richmond Fed's Charlotte office.

]]> <![CDATA[Richmond Fed Schedules Town Hall on Payments]]> <![CDATA[This is a test with various content]]> <![CDATA[Reserve Requirements]]> The Board of Governors has amended Regulation D to reflect annual indexing of reserve requirement amounts. For net transaction accounts in 2019, the first $16.3 million will be exempt, a three percent ratio will apply to net transaction accounts over $16.3 million up to and including $124.2 million, and a 10 percent ratio will apply to net transaction accounts over $124.2 million. The changes take effect November 29, 2018.

]]> <![CDATA[The Black Homeownership Gap in the Fifth District: How Does Your County Compare?]]> The path to home ownership has been especially difficult for Black Americans. This issue of 5th District Footprint explores these gaps as of 2016.

]]> <![CDATA[Macroeconomic Effects of Fiscal Policy]]> <![CDATA[Macroeconomic Effects of Fiscal Policy]]> This conference brings together leading researchers to discuss fiscal policy issues and improve our understanding of how these issues affect the economy at both the national and regional levels.

]]> <![CDATA[Economics and Financial Literacy Workshop for K-5 Educators]]> <![CDATA[Distance and Decline: The Case of Petersburg, Virginia]]> <![CDATA[Current Economic Conditions in Maryland]]> Owens discussed the regional economy in Easton, Md.

]]> <![CDATA[Connecting Communities: The Opioid Epidemic: What We Know and How We Connect Community Practices]]> <![CDATA[2018 Research Seminars, Moritz Lenel]]> Moritz Lenel, an assistant professor of economics at Princeton University, presents his latest work at this seminar.

]]> <![CDATA[Evening at the Fed ]]> <![CDATA[Falling Short: Why We Aren't Meeting the Economy's Demand for College Graduates?]]> More than 120 community and business leaders joined us recently for a "Conversation with the Fed" about the “college wage premium” and what we’re doing as a community to help students choose the path that’s right for them.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Looks Into the Decline in Currency Use at a National Retail Chain]]> <![CDATA[Minutes of the Federal Open Market Committee, September 25-26, 2018]]> <![CDATA[Community Development Investment Workshop [RESCHEDULED]]]> <![CDATA[Connecting the Dots: College, Career and Your Finances]]> <![CDATA[Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages]]> <![CDATA[The Decline in Currency Use at a National Retail Chain]]> <![CDATA[Supporting Deeper Learning in Economics and Personal Finance]]>  

]]> <![CDATA[Richmond Fed at a Glance, October 2018]]> <![CDATA[Richmond Fed Research Addresses Inequality Among and Within Cities]]> Our latest Economic Brief looks at the persistent increases in demand for highly skilled workers in large cities that has boosted wage growth in those cities.

]]> <![CDATA[Reinvesting in Communities]]> Thought leaders came together in Baltimore to discuss financial, social, physical and human capital issues to help communities move beyond poverty and achieve economic mobility.

]]> <![CDATA[Our Latest News ]]> Our latest news “at a glance.”

]]> <![CDATA[How Tariffs Are Affecting Our Region]]> Tariff hikes and trade policy moves have created nationwide uncertainty for businesses and industries in our region.

]]> <![CDATA[Monetary Policy Update ]]> <![CDATA[Barkin: Five Numbers to Watch]]> During a recent visit to West Virginia, President Barkin shared the five metrics he’s watching to assess the economy.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Inequality in and across Cities]]> <![CDATA[Richmond Fed-UVA Research Workshop]]> <![CDATA[FRBR-UVA Research Workshop]]> Researchers from the University of Virginia and the Federal Reserve Bank of Richmond share their latest work.

]]> <![CDATA[Snapshot, October 2018]]> Reports on the Fifth District economy were upbeat in recent months.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Charlotte]]> <![CDATA[Federal Reserve Holds #MinoritiesInBanking Forum]]> The Federal Reserve held a forum for minorities in banking at the Charlotte branch of the Richmond Fed on September 27–28.

]]> <![CDATA[2018 Research Seminars, Mark Wright]]> Wright is senior vice president and director of research at the Federal Reserve Bank of Minneapolis.

]]> <![CDATA[The Outlook for Tomorrow: Five Numbers to Watch]]> Richmond Fed President Tom Barkin spoke on the national economic outlook October 3, 2018, in Charleston, West Virginia.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond]]> <![CDATA[Teacher Collaborative Committee Meeting – Baltimore]]> <![CDATA[Crossing the Geographic Divide]]> Richmond Fed President Tom Barkin discussed geographic differences between rural and urban areas, workforce development, and mobility at the Reinventing Our Communities conference.

]]> <![CDATA[A Simple General Equilibrium Model of Large Excess Reserves]]> <![CDATA[Reinventing Our Communities: Investing in Opportunity]]> <![CDATA[A Simple General Equilibrium Model of Large Excess Reserves]]> <![CDATA[Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry]]> <![CDATA[Diverging Trends in National and Local Concentration (Revised February 2019)]]> <![CDATA[Regional Economics Workshop]]> <![CDATA[2018 Research Seminars, Martin Beraja]]> Beraja is an assistant professor of economics at MIT.

]]> <![CDATA[Regional Economics Workshop]]> At the Richmond Fed's eighth annual workshop, researchers from public and private institutions will share their insights on regional economics.

]]> <![CDATA[Regional Economics Workshop]]> At the Richmond Fed's eighth annual workshop, researchers from public and private institutions will share their insights on regional economics.

]]> <![CDATA[Closing the Gap]]> Richmond Fed President Tom Barkin delivered remarks to a Federal Reserve conference on minorities in banking.

]]> <![CDATA[Banking and the Economy: A Forum for Minorities in Banking]]>  

]]> <![CDATA[2018 Research Seminars, Ufuk Akcigit]]> Akcigit is an associate professor of economics at the University of Chicago.

]]> <![CDATA[FOMC Votes Rate Increase]]> The Federal Open Market Committee approved a rate increase on Sept. 26, 2018.

]]> <![CDATA[Joint Council on Economic Education ]]> <![CDATA[Community Finance in East Baltimore: a Study of Phase One Redevelopment and Financing]]> This issue of Community Practice Papers focuses on partner organizations in East Baltimore and community development tools to address a neighborhood challenged by disinvestment.

]]> <![CDATA[The Digital Divide: Financing Broadband in Our Communities]]> The Richmond Fed’s community development team is working with stakeholders to address community inequities stemming from lack of access to broadband.

]]> <![CDATA[Bankruptcy and Delinquency in a Model of Unsecured Debt]]> <![CDATA[Richmond Fed President Tom Barkin Speaks October 3 in West Virginia]]> <![CDATA[Richmond Fed's Econ Focus Looks at Trade's Effects in Region]]> <![CDATA[How Do Banks Use the Discount Window?]]> <![CDATA[The Great Telegraph Breakthrough of 1866]]> Economic History

]]> <![CDATA[Tariffs and Trade Disputes]]> How are recent moves affecting businesses in the Fifth District?

]]> <![CDATA[Great Expectations]]> <![CDATA[Producers Under Pressure?]]> What role do producers’ costs play in determining inflation?

]]> <![CDATA[Is Cash Still King?]]> <![CDATA[Computer Models at the Fed]]> Federal Reserve

]]> <![CDATA[The Opioid Epidemic, the Fifth District, and the Labor Force]]> <![CDATA[Trade and Trepidation]]> Message from the President

]]> <![CDATA[Network Effects]]> Jargon Alert

]]> <![CDATA[Chad Syverson]]> Interview

]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[The Economist as Public Intellectual]]> The Profession

]]> <![CDATA[Econ Focus, Second Quarter 2018]]> Cover Story: Tariffs and Trade Disputes
How are recent moves affecting businesses in the Fifth District?

]]> <![CDATA[When the Robots Come]]> <![CDATA[Misperceptions of Mobility]]> Research Spotlight

]]> <![CDATA[Beige Book]]> The Fifth District economy expanded at a moderate rate.

]]> <![CDATA[South Carolina Association of Community Economic Development (SCACED) Annual Conference: Opportunity SC]]> <![CDATA[Global Dynamics in a Search and Matching Model of the Labor Market]]> <![CDATA[Snapshot, September 2018]]> Reports on the Fifth District economy were mostly positive in recent months.

]]> <![CDATA[Richmond Fed Looks at the Probability of Returning to Zero Lower Bound]]> The Richmond Fed's October 2018 Economic Brief examines the zero lower bound.

]]> <![CDATA[Federal Reserve Holds Forum for Minority Bankers]]> The Federal Reserve System will host Banking and the Economy: A Forum for Minorities in Banking on September 27–28 at the Federal Reserve Bank of Richmond’s Charlotte, North Carolina, location.

]]> <![CDATA[2018 Research Seminars, Colin Hottman]]> Hottman is a senior economist at the Federal Reserve Board of Governors.

]]> <![CDATA[How Likely Is a Return to the Zero Lower Bound?]]> <![CDATA[Volcker Rule]]> The federal financial agencies have extended the public comment deadline on a proposed interagency rule to simplify and tailor compliance requirements for the “Volcker Rule,” which restricts banking entities’ ability to engage in proprietary trading and own or control hedge funds or private equity funds. The deadline is October 17, 2018.

]]> <![CDATA[Is College Football the Answer?]]> <![CDATA[Should Platforms Be Allowed to Charge Ad Valorem Fees?]]> <![CDATA[Liquidity Coverage Ratio]]> A new interim final rule, effective today, requires the federal banking agencies to treat municipal obligations as a high-quality liquid asset (HQLAs) under their liquidity coverage ratio rules if those obligations are considered "liquid and readily marketable" and "investment grade." Companies covered by the liquidity coverage ratio rules must maintain an amount of HQLAs equal to or greater than their projected total net cash outflows over a prospective 30 calendar-day period. The changes implement requirements in the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The deadline for public comment is October 1, 2018.

]]> <![CDATA[Supervision News Flash - August 2018]]> This issue features the CECL questionnaire, a reminder about debts previously contracted, ATM Jackpotting and Revised Interagency Application Forms.

]]> <![CDATA[BANKERS BEWARE: ATM JACKPOTTING ]]> <![CDATA[CECL Questionnaire]]> <![CDATA[A Reminder About Debts Previously Contracted]]> <![CDATA[Revised Interagency Application Forms]]> <![CDATA[Banking and the Economy: A Forum for Minorities in Banking]]> <![CDATA[Small Holding Company Policy Statement]]> A new interim final rule, effective today, expands coverage of the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement to BHCs and SLHCs with up to $3 billion in total consolidated assets. The changes implement requirements in the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The Policy Statement allows certain holding companies of small depository institutions to operate with higher debt levels than would normally be permitted. The deadline for public comment is October 29, 2018.

]]> <![CDATA[Medicaid Expansion Boosts Health Insurance Coverage in Parts of Fifth District]]> By 2016, after the passage of the ACA and expansions to Medicaid, the share of the population with insurance increased in every state in the Fifth District. However, those improvements were not evenly distributed across states or counties and were more substantial in states where Medicaid was expanded.

]]> <![CDATA[Bank Examination Cycles]]> A new interim final rule, effective today, allows qualifying insured depository institutions with up to $3 billion in total consolidated assets to be eligible for an 18-month examination cycle. The changes implement requirements in the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. The deadline for public comment is October 29, 2018.

]]> <![CDATA[Inclusionary Zoning in the U.S. and the Fifth District]]> This issue of 5th District Spotlight  looks at inclusionary zoning in the U.S. and the Fifth District.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the promotion of Kerri Coard.

]]> <![CDATA[Minutes of the Federal Open Market Committee, July 31-August 1, 2018]]> <![CDATA[The Federal Reserve and the U.S. Economy]]> Waddell provided an overview of the Federal Reserve and national economic conditions in Gambrills, Md.

]]> <![CDATA[Sparking an Interest in the Economy]]> Our Economic Education team provides yearlong educational experiences for students, teachers and the community.

]]> <![CDATA[Community Development Is a South Carolina 'Champion']]> The South Carolina Community Capital Alliance recently honored the Richmond Fed for its work championing initiatives in low- and -moderate-income and underserved communities.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines the Cyclical Properties of Bank Margins]]> The Richmond Fed's Economic Quarterly compares the cyclical nature of net interest margins at small and large banks to determine how they respond to changes in the business cycle.

]]> <![CDATA[Teacher Collaborative Committee Meeting — Baltimore]]> <![CDATA[Monetary Policy across Space and Time]]> <![CDATA[Self-Insurance and the Risk-Sharing Role of Money]]> <![CDATA[Cyclical Properties of Bank Margins: Small versus Large Banks]]> <![CDATA[Racial Segregation in the Fifth District: How Does Your County Compare?]]> This issue of 5th District Footprint asks: How has racial segregation changed in Fifth District counties from 1980 to 2016?

]]> <![CDATA[Teacher Collaborative Committee Meeting — Charlotte]]> <![CDATA[Racial Segregation in the Fifth District: How Does Your County Compare?]]> This issue of 5th District Footprint observes how racial segregation has changed in District countries from 1980 to 2016. 

]]> <![CDATA[Teacher Collaborative Committee Meeting — Richmond ]]> <![CDATA[Fifth District Firms Weigh In on Steel and Aluminum Tariffs]]> In June 2018, the Richmond Fed asked its survey participants about the expected impacts of the tariffs imposed on imported steel and aluminum. While about half of the firms surveyed expected negative impacts to their own businesses and to the U.S. economy, there was a good portion of firms that believed the tariffs would be good for the overall U.S. economy, even if their firms would not directly benefit.

]]> <![CDATA[Richmond Fed at a Glance, August 2018]]> <![CDATA[ New Banking Rules Signed Into Law]]> <![CDATA[Our Latest News]]> <![CDATA[National & Regional Economy]]> <![CDATA[Pay for Success: Financing Growth in Underserved Communities]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Unlocking Our Potential]]> <![CDATA[Unlocking Our Potential]]> ichmond Fed President Tom Barkin spoke to community and business leaders in Roanoke, Virginia, about strategies to boost economic growth.

]]> <![CDATA[The Impact of Higher Temperatures on Economic Growth]]> <![CDATA[Richmond Fed Report Says Climate Change Could Dampen Economic Growth]]> <![CDATA[The Impact of Higher Temperatures on Economic Growth]]> <![CDATA[Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries]]> <![CDATA[Richmond Fed Names New Chair of Payments Group]]> The Federal Reserve Bank of Richmond has appointed Karen Buck of TD Bank as chair of its Payments Advisory Council.

]]> <![CDATA[A Composite Likelihood Approach for Dynamic Structural Models]]> <![CDATA[Snapshot, August 2018]]> According to recent data, the Fifth District economy generally expanded.

]]> <![CDATA[AAArticle Publication]]> Test

]]> <![CDATA[FOMC Leaves Rate Unchanged]]> <![CDATA[Equilibrium Price Dispersion Across and Within Stores]]> <![CDATA[Labor Market Uncertainty and Portfolio Choice Puzzles]]> <![CDATA[Catching a Ride in the Fifth District]]> Ride-sharing services have been competing with the taxi industry and encountering regulatory spats, yet they have grown markedly, particularly around the District of Columbia.

]]> <![CDATA[Understanding the Opioid Epidemic in Our Communities]]> Our Community Development team convenes policymakers and practitioners to strategically address the effects of the opioid epidemic on the workforce and in low- and moderate-income communities.

]]> <![CDATA[President Tom Barkin to Speak August 8 in Roanoke, Virginia]]> <![CDATA[The Economic Outlook Amidst Trade Uncertainty]]> Kaglic discussed economic conditions at an event in Greensboro, N.C.

]]> <![CDATA[Connecting Communities: Opportunity Zones: Understanding the Potential of the new Community Development Tax Incentive]]> <![CDATA[2018 Operational Risk Research Conference]]> <![CDATA[Beige Book]]> <![CDATA[Our Inclusive Workplace: Providing Hands-On Experience for Students With Disabilities]]> Troy Carter recently gained hands-on experience in his field through an internship with our Bank. It’s one of the many ways we provide opportunities for students with disabilities.

]]> <![CDATA[Baltimore Data Day Keynote Session - Workforce Transportation]]> <![CDATA[Richmond Fed Brief Examines Slowdown in Educational Attainment]]> The latest Richmond Fed Economic Brief asks why the United States does not produce more college graduates in response to a large and persistent wage gap between workers who graduated from college and those who did not.

]]> <![CDATA[Slowing Growth in Educational Attainment]]> <![CDATA[Using the Richmond Fed Manufacturing Survey to Gauge National and Regional Economic Conditions]]> <![CDATA[Snapshot, July 2018]]> Economic conditions in the Fifth District improved in recent months.

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 12-13, 2018]]> <![CDATA[Connecting People and Information to See the Big Picture]]> On any given day, our efforts to connect with the people of the Fifth Federal Reserve District are as far reaching and diverse as the communities we serve.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the promotions of Brie Stanley and Sonya Mills-Harvey.

]]> <![CDATA[Family Fun Tour]]> <![CDATA[Caution: Pipeline Construction Ahead]]> Natural gas production has experienced tremendous growth over the last decade in the U.S. and West Virginia and continues to grow. In West Virginia, six new pipeline projects have been proposed. How will these pipelines service the natural gas market, and how long until they are in service? What has the impact been on job growth and wages?

]]> <![CDATA[Richmond Fed Research Digest ]]> This mid-year annual brings the externally published work of Research Department economists together in one place. It includes non-technical brief summaries, full citations, and links to the original work.

]]> <![CDATA[Kartik Athreya Talks Monetary Policy]]> Richmond Fed Executive Vice President and Director of Research Kartik Athreya discussed monetary policy and the economy during a June interview with Market News International.

]]> <![CDATA[The Economic Effects of the Opioid Crisis]]> Waddell discussed the local effects of the national opioid epidemic in Baltimore, Md.

]]> <![CDATA[Richmond Fed’s Econ Focus Magazine Looks at Growing Industry Concentration]]> <![CDATA[From Industrial to Intangible ]]> Book Review

]]> <![CDATA[Did Workers Get Worse at Finding Jobs?]]> <![CDATA[Paying for Success]]> Cities and states are experimenting with a new financing model to support social and environmental programs.

]]> <![CDATA[When Banking Was 'Free']]> Economic History

]]> <![CDATA[Reforming Corporate Taxes]]> Policy Update

]]> <![CDATA[Jesús Fernández-Villaverde]]> Interview

]]> <![CDATA[TFP, Prosperity, and the FOMC]]> <![CDATA[Land-Use Regulations: A View from the Fifth District]]> <![CDATA[Are Markets Too Concentrated?]]> Are markets too concentrated?

]]> <![CDATA[A Taxing Question for the Fed]]> Federal Reserve

]]> <![CDATA[Do Entrepreneurs Pay to Be Entrepreneurs?]]> What motivates entrepreneurs to run a business? Some small-business owners like the Jones family are motivated by values rather than financial gain.

]]> <![CDATA[Supervision News Flash - June 2018]]> This issue highlights an update on the IT information security risk assessments, Regulation O, perspectives on compliance, and talks about the beneficial ownership rule procedures.

]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[Taxes and the Fed]]> <![CDATA[Econ Focus, First Quarter 2018]]> Cover Story: Are Markets Too Concentrated?
Industries are increasingly concentrated in the hands of fewer firms. But is that a bad thing?

]]> <![CDATA[The Great ATM Shakeout]]> <![CDATA[Human Capital]]> Jargon Alert

]]> <![CDATA[An IT Risk Management Reminder — Information Security Risk Assessments]]> <![CDATA[O(h) No!]]> <![CDATA[Compliance Perspective: Indirect Auto Lending]]> <![CDATA[Beneficial Ownership Rule Procedures]]> <![CDATA[Richmond Fed at a Glance, June 2018]]> <![CDATA[Summer Camp Challenge]]> <![CDATA[Our Latest News ]]> <![CDATA[The Way We Pay]]> We welcomed more than 80 people to our Richmond office for a “Conversations with the Fed” program about the way we pay and the future of payments.

]]> <![CDATA[Becky Bareford: Excited About Our Next Steps ]]> First Vice President Becky Bareford brings 20 years of leadership experience to her new role helping steer the Richmond Fed toward the future.

]]> <![CDATA[Small Business Optimism Highest in Years]]> An annual survey by the 12 Federal Reserve Banks shows small businesses are experiencing an increase in profitability, revenue growth and employment growth.

]]> <![CDATA[Demand for Educated Workers Exceeds the Supply]]> Our Annual Report features an essay on the causes and implications of the nation’s slowdown in educational attainment.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Richmond Fed Economists Propose Framework for Assessing Financial Firm Resolvability]]> The Richmond Fed’s latest Economic Brief presents a new tool for understanding a policymaker’s choice between bankruptcy or bailout when confronted with the failure of a large financial firm.

]]> <![CDATA[Assessing Large Financial Firm Resolvability]]> <![CDATA[FOMC Approves Rate Hike]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Nicole Girardin as an assistant vice president.

]]> <![CDATA[West Virginia: Highlights from Charleston]]> The Richmond Fed partnered with West Virginia Forward and the West Virginia Public Education Collaborative for an Emerging Leaders dinner focused on the future workforce.

]]> <![CDATA[2018 Research Seminars, John Van Reenen]]> John Van Reenen, a professor of applied economics at MIT, presents his latest work at this seminar.

]]> <![CDATA[Snapshot, June 2018]]> Economic conditions in the Fifth District generally improved in recent months.

]]> <![CDATA[Small Business Optimism Highest in Years]]> An annual survey by the 12 Federal Reserve Banks shows small businesses are experiencing an increase in profitability, revenue growth, and employment growth.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines Inequality in U.S. Cities ]]> This edition of the Richmond Fed’s Economic Quarterly examines inequality in U.S. cities.

]]> <![CDATA[Changing Cities: What's Next for Charlotte?]]> <![CDATA[The Adoption of Digital Technology: Survey of Fifth District Firms]]> In April, we surveyed firms about their adoption of technology and how it might translate into prices and employment in the next few years. Most firms reported adopting new technology, although many did not anticipate the technology to notably impact their pricing or employment decisions.

]]> <![CDATA[The Fed's Discount Window: An Overview of Recent Data]]> <![CDATA[Inequality Across and Within US Cities around the Turn of the Twenty-First Century]]> <![CDATA[Beige Book]]> <![CDATA[The Way We Pay: Evolution or Revolution?]]> The Richmond Fed recently welcomed more than 80 people to its downtown Richmond office for a “Conversations with the Fed” program about the way we pay and the future of payments.

]]> <![CDATA[Challenges for Policymakers in a Low Interest Rate Environment]]> <![CDATA[The Fed’s Interest in Workforce Development]]> Richmond Fed First Vice President Mark L. Mullinix spoke about workforce development to a conference in Durham, North Carolina, on April 24, 2018.

]]> <![CDATA[Minutes of the Federal Open Market Committee, May 1-2, 2018]]> <![CDATA[Small Employer Firms Reveal More Optimism and Success, Though Financial Challenges Persist for Some]]> The 12 Federal Reserve Banks issued the “2017 Small Business Credit Survey: Report on Employer Firms,” which examines the results of an annual survey of small business owners nationwide.

]]> <![CDATA[Research Director Kartik Athreya Talks Banking Regulation]]> Research Director Kartik Athreya discussed banking regulation, Living Wills and financial innovation with The Asian Banker magazine.

]]> <![CDATA[Connecting on Issues Important to Us, Our Communities]]> Two recent programs held at Richmond Fed offices highlighted the importance of connecting with Fifth District business and community leaders in order to share our Bank’s research and to develop a better understanding of the economic issues facing communities.

]]> <![CDATA[Conversations with the Fed]]> The Way We Pay: Evolution or Revolution?

]]> <![CDATA[South Carolina: Highlights From Spartanburg]]> SCACED hosts the annual South Carolina Community Capital Conference, “Transforming Communities” and awards The Federal Reserve Bank of Richmond with "Champion" award.

]]> <![CDATA[Employer Small Businesses Report to be Released May 22]]> <![CDATA[Regulatory Capital]]> A new proposed joint interagency rule, published today in the Federal Register, would revise regulatory capital rules in light of a new accounting standard for credit losses, the “Current Expected Credit Losses” (CECL) methodology. The proposal would allow banking organizations to phase in the regulatory capital effects resulting from adoption of the CECL methodology, which the Financial Accounting Standards Board issued in 2016 to replace the existing incurred-loss methodology for certain financial assets. The deadline for public comment is July 13, 2018.

]]> <![CDATA[U.S. and Virginia Economic Update]]> Ann Macheras discussed economic conditions at an event in Radford, Va.

]]> <![CDATA[Richmond Fed Appoints Becky C. Bareford as First Vice President and Chief Operating Officer]]> The Richmond Fed announced that Becky C. Bareford will become the organization’s first vice president and chief operating officer effective June 1, 2018.

]]> <![CDATA[Federal Reserve Research Uses Local Data to Estimate National Multiplier]]>  

]]> <![CDATA[Richmond Fed Annual Report Explores Slowdown in Educational Attainment]]> The Richmond Fed 2017 Annual Report featured essay asks why the United States is not producing more college graduates in response to a large and persistent wage gap between workers who graduate from college and those who do not.

]]> <![CDATA[Falling Short: Why Isn't the U.S. Producing More College Graduates?]]> <![CDATA[Annual Report - 2017]]> Reviews economic conditions in the Fifth District during 2017 and includes the article "Falling Short: Why Isn't the U.S. Producing More College Graduates?"

]]> <![CDATA[Estimating Aggregate Fiscal Multipliers from Local Data]]> <![CDATA[Richmond Fed at a Glance, May 2018]]> <![CDATA[Specialized Cities: Urban Decline and Recovery]]> Richmond Fed researchers look at the prospects for one of our region’s specialized cities.

]]> <![CDATA[Join the Conversation!]]> Group Vice President Terry Wright discusses the many ways emerging technologies are shaping the payments industry at our next “Conversations with the Fed” event in Richmond.

]]> <![CDATA[You Matter to the Economy!]]> Our Fed Ambassadors meet with high school students to help them understand their connection to the economy and the Federal Reserve.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update ]]> <![CDATA[Disasters Significantly Impact Small Businesses]]> A new report by several regional Reserve banks identifies gaps in addressing financial losses for small businesses hit hardest by natural disasters.

]]> <![CDATA[Our Latest News ]]> Our latest news “at a glance.”

]]> <![CDATA[Industry Diversity in Cities]]> Charlotte, N.C., has the most diverse industrial mix of any Fifth District city. What causes industry diversity in cities?

]]> <![CDATA[2018 Research Seminars, Jesus Fernandez-Villaverde]]> Jesus Fernandez-Villaverde, a professor of economics at the University of Pennsylvania, presents his latest work at this seminar.

]]> <![CDATA[A Conversation With Tom Barkin]]> President Tom Barkin spoke at George Mason University in Fairfax, Va. on May 7, 2018.

]]> <![CDATA[Expand Your Understanding]]> Attend an upcoming "Conversations" event to expand your understanding about economic issues that are affecting our communities and you.

]]> <![CDATA[Snapshot, May 2018]]> According to recent data, economic conditions in the Fifth District varied somewhat.

]]> <![CDATA[Title]]> <![CDATA[2018 Research Seminars, Raphael Schoenle]]> Raphael Schoenle, an associate professor of economics at Brandeis University, presents his latest work at this seminar.

]]> <![CDATA[FOMC Leaves Rate Unchanged]]> <![CDATA[Regional: Highlights From Appalachia ]]> More than 30 public, private and nonprofit stakeholders from Appalachia and beyond participated in the Appalachia Health Investment Design Forum. 

]]> <![CDATA[Poverty Among 25- to 34-Year-Olds in the Fifth District]]> This issue of 5th District Footprint examines national trends in the poverty rate and how it has changed in District counties since the Great Recession.

]]> <![CDATA[Keeping Up Money Smarts Momentum]]> A jam-packed Money Smart Week in Charlotte wraps up a busy Financial Literacy Month 2018 for the Richmond Fed.

]]> <![CDATA[Financial Wellness 2018: A WORKingSHOP for Educators]]> <![CDATA[Richmond Fed President Tom Barkin to Speak at George Mason University]]> <![CDATA[2018 Research Seminars, John Yiran Zhu]]> John Yiran Zhu, an assistant professor of finance at the University of Pennsylvania, presents her latest work at this seminar.

]]> <![CDATA[Regulatory Capital]]> A new proposed Board of Governors (Board) rule, published today in the Federal Register, would simplify the Board’s regulatory capital regime for bank holding companies with $50 billion or more in total consolidated assets and certain U.S. intermediate holding companies of foreign banking organizations. The rule would amend the Board's capital plan rule, capital rule, stress testing rules, and Stress Testing Policy Statement. The deadline for public comment is June 25, 2018.

]]> <![CDATA[North Carolina: Highlights From Raleigh]]> The Institute for Emerging Issues at NC State and Richmond Fed Community Development teamed up for KidsREADyNC, a new early childhood education initiative. 

]]> <![CDATA[North Carolina: Highlights From Durham]]> First Vice President Mark Mullinix and Jeanne Milliken Bonds participated in the first multi-disciplinary conference for academic researchers and black communities across the nation.

]]> <![CDATA[North Carolina Personal Finance Challenge]]> <![CDATA[Payroll Revisions in the Fifth District]]> Revised employment data show fewer jobs added in the Fifth District than originally reported. By December 2017 (the most recent month revised), total employment was revised lower by 75,300 jobs or 0.5 percent.

]]> <![CDATA[Regulation A]]> Portions of Regulation A that had been deleted through a previous amendment have been reinstated. The deletions were unintentional and the restored portions are now in effect.

]]> <![CDATA[Monetary Policy and the U.S. Economy]]> Waddell provided an overview of the national economy in Richmond, Va.

]]> <![CDATA[Asset Pledgeability and Endogenously Leveraged Bubbles]]> <![CDATA[Leverage Ratio]]> A new proposed interagency rule, published today in the Federal Register, would more narrowly tailor the leverage ratio requirements of domestic holding companies identified as global systemically important banking organizations (GSIBs). The proposed rule would tie a GSIB's enhanced supplementary leverage ratio to its risk-based capital surcharge, which is already tailored to the GSIB's individual characteristics. The deadline for public comment is May 21, 2018.

]]> <![CDATA[You Matter to the Economy!]]> Our Fed Ambassadors meet with high school students to help them understand their connection to the economy and the Federal Reserve.

]]> <![CDATA[Beige Book]]> <![CDATA[Teacher Collaborative Committee Meeting – Richmond ]]> <![CDATA[ECONnections Webinar: Teaching about the Fed]]> <![CDATA[Regressive Welfare Effects of Housing Bubbles]]> <![CDATA[Maryland: Highlights from Baltimore]]> Community leaders met with Federal Reserve Governor Lael Brainard at Humanium at the American Brewery to share community development activities in East Baltimore.

]]> <![CDATA[2018 Research Seminars, David Argente]]> David Argente, a Ph.D. candidate in economics at the University of Chicago and a visiting researcher at the Einaudi Institute for Economics and Finance in Rome, presents his latest work at this seminar.

]]> <![CDATA[Virginia: Highlights From Norfolk]]> Mark Mullinix, first vice president, and Jeanne Milliken Bonds, senior manager, regional community development, traveled to the region for a day trip to engage in a conversation with the community about economic strategies, resiliency and Opportunity Zones.

]]> <![CDATA[Minutes of the Federal Open Market Committee, March 20-21, 2018]]> <![CDATA[Temperature and Growth: A Panel Analysis of the United States]]> <![CDATA[North Carolina and South Carolina: Highlights From Durham and Spartanburg]]> MDC Celebrates 50 Years of “State of the South” and Continues Work on Economic Mobility.

]]> <![CDATA[President Tom Barkin Interviewed by the Richmond Times-Dispatch]]> <![CDATA[2018 Research Seminars, Chang-Tai Hsieh]]> Chang-Tai Hsieh, a professor of economics at the University of Chicago, presents his latest work at this seminar.

]]> <![CDATA[Teacher Collaborative Committee Meeting – Baltimore ]]> <![CDATA[Invest in What’s Next]]> Get College- and Career-Choice Ready with the third lesson of our online mini-course, Invest in What’s Next.

]]> <![CDATA[Real Estate Appraisals]]> A new final interagency rule, effective today, increases, from $250,000 to $500,000, the threshold at which appraisals of commercial real estate are required.

]]> <![CDATA[Snapshot, April 2018]]> Economic reports on the Fifth District economy generally strengthened in recent months.

]]> <![CDATA[Richmond Fed Releases Summary of “Cities in Transition” Conference]]> <![CDATA[Richmond Fed Research Traces the Roots of ‘Bubbly’ Recessions]]>  

]]> <![CDATA[The Roots of ‘Bubbly’ Recessions]]> <![CDATA[Triangle Update and Outlook]]> Kaglic discussed national and local economic conditions at an event in Raleigh, N.C.

]]> <![CDATA[Connecting Communities: Engaging Banks in Workforce Development (Part 2)]]> <![CDATA[National Business Education Association Conference – Professional Development Seminar]]> <![CDATA[Closing the Workforce Skills Gap: Apprenticeship Programs in the U.S. and the Fifth District]]> This issue of 5th District Spotlight looks at registered apprenticeship programs in the 5th District.

]]> <![CDATA[Richmond Fed at a Glance, March 2018]]> <![CDATA[Our Latest News and Research]]> <![CDATA[Building a Tech-Savvy Workforce With Apprenticeships]]> Fifth District employers use apprenticeships to build up a skilled workforce.

]]> <![CDATA[A Look at the New Fed Chairman]]> Federal Reserve Chairman Jerome “Jay” Powell exudes a confident, conversational communications style during his first Congressional testimony and FOMC news conference.

]]> <![CDATA[Making Informed Financial Decisions]]> It’s “game on” for our Economic Education team as they lead students and teachers on a financial fitness journey. 

]]> <![CDATA[Supervision News Flash - March 2018]]> <![CDATA[Compliance Perspective: Do You Know Where Your Branches Are?]]> <![CDATA[The Intersection Between BSA and Cyber]]> <![CDATA[Challenges and Best Practices Surrounding the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Independent Reviews]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2017 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent auditing firm engaged by the Board has issued unmodified opinions on these financial statements and unqualified opinions on the Board’s and the Bank’s internal controls over financial reporting.

]]> <![CDATA[The Fed's Discount Window: An Overview of Recent Data]]> <![CDATA[Asset Bubbles and Global Imbalances]]> <![CDATA[Through the Looking Glass: South Carolina's Labor Market Recovery]]> December 2017 marked the 10-year anniversary of the start of the economic downturn which would ultimately evolve into the Great Recession. As bad as the Great Recession was nationally, South Carolina's descent into the trough was steeper. And its recovery has been more impressive, particularly in the Charleston and Upstate regions.

]]> <![CDATA[2018 Research Seminars, Arlene Wong ]]> Arlene Wong, an assistant professor of economics at Princeton University, presents her latest work at this seminar.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC raised the federal funds rate by 0.25 percent.

]]> <![CDATA[Did You Know the Fed Monitors Banks?]]> <![CDATA[2018 Research Seminars, José-Víctor Ríos-Rull]]> José-Víctor Ríos-Rull, a professor of economics at the University of Pennsylvania, presents his latest work at this seminar.

]]> <![CDATA[Regulation J]]> A new proposed rule, published today in the Federal Register, would simplify provisions of Regulation J, remove obsolete provisions, and improve consistency between it and the recently amended Regulation CC. The deadline for public comment is May 14, 2018.

]]> <![CDATA[Richmond Fed’s Econ Focus Magazine Looks at Prescription Drug Costs]]> <![CDATA[Learning in the Fast Lane]]> Since 2011, BMW's South Carolina plant has been expanding its apprenticeship program to help grow a tech-savvy workforce.

]]> <![CDATA[Econ Focus, Fourth Quarter 2017]]> Cover Story: Medicine Markup
Americans pay a lot for prescription drugs. Does that mean we pay too much?

]]> <![CDATA[Price Gouging]]> Jargon Alert

]]> <![CDATA[What About Generics? ]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[An Ounce of Prevention]]> Research Spotlight

]]> <![CDATA[Jean Tirole]]> Interview

]]> <![CDATA[Is There a Wage Growth Puzzle?]]> <![CDATA[Speeding Up Payments]]> Can payments be made to work faster, safer, and more efficiently?

]]> <![CDATA[The Richmond Fed and Urban Economics]]> <![CDATA[The Rise and Decline of Petersburg, Va.]]> <![CDATA[Diversification and Specialization Across Urban Areas]]> <![CDATA[Too Many Co-Authors?]]> <![CDATA[Observing the Great Observers]]> Book Review

]]> <![CDATA[Medicine Markup]]> Americans pay a lot for prescription drugs. Does that mean we pay too much?

]]> <![CDATA[Student Debt vs. Homeownership]]> Around the Fed

]]> <![CDATA[Following in the Family Footsteps]]> When children enter a parent's profession, they probably aren't doing it blindly — they may have smart economic reasons. What's behind this footstep-following phenomenon?

]]> <![CDATA[Connecting Communities: Engaging Banks in Workforce Development (Part 1)]]> <![CDATA[Beige Book: Our Regional Economy Expands Moderately]]>  

]]> <![CDATA[Richmond Fed Research Highlights a New Way of Preventing Bank Runs]]>  

]]> <![CDATA[Preventing Bank Runs]]> <![CDATA[On the Measurement of Large Financial Firm Resolvability (Revised July 2018)]]> <![CDATA[Snapshot, March 2018]]> Economic reports on the Fifth District were somewhat positive in recent months.

]]> <![CDATA[New Indexes in Monthly Business Surveys]]> Beginning with the release of our February 2018 survey results, we began to report a few new variables in our Fifth District Survey of Manufacturing Activity and Fifth District Survey of Service Sector Activity. What are they and what can they tell us?

]]> <![CDATA[2018 Economic Outlook]]> Bauer reviewed economic conditions in Northern Virginia and the D.C. metro area at a meeting in Leesburg, Va.

]]> <![CDATA[2018 Research Seminars, Marco Del Negro]]> Marco Del Negro, vice president of the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York, presents his latest work at this seminar.

]]> <![CDATA[Supervisory Appeals]]> A new proposed rule, published today in the Federal Register, would amend the Federal Reserve’s process for institutions wishing to appeal an adverse material supervisory determination. The deadline for public comment is April 30, 2018.

]]> <![CDATA[Bubbly Recessions (Revised January 2019)]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announced several officer appointments.

]]> <![CDATA[Regional Consumption Responses and the Aggregate Fiscal Multiplier (Revised August 2019)]]> <![CDATA[Minutes of the Federal Open Market Committee, January 30-31, 2018]]> <![CDATA[Growing the Pipeline of Pay-for-Success Projects]]> This issue of Community Practice Papers details how to further advance the Pay-for-Success field in the United States through universities, such as University of Virginia.

]]> <![CDATA[Swap Margin Rule]]> A new proposed interagency rule, published today in the Federal Register, would amend margin requirements to conform to new restrictions on certain qualified financial contracts of systemically important banking organizations. The deadline for public comment is April 23, 2018.

]]> <![CDATA[Fed Employees Give Back]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Richmond Fed announced the appointment of Keith Maglinger as vice president and Matt Steiger as assistant vice president.

]]> <![CDATA[The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico (Revised September 2018)]]> <![CDATA[Update: Educational Attainment in the Fifth District]]> In 2016, every Fifth District jurisdiction, along with the nation, saw an increase in the share of the over-25 population with a bachelor’s degree or higher. What else changed since 2015?

]]> <![CDATA[Life After High School: Navigating Education, Career and Debt (VCU)]]> <![CDATA[RESCHEDULED: Life After High School: Navigating Education, Career and Debt (Danville)]]> <![CDATA[Richmond Fed’s Economic Quarterly Provides Framework for Estimating Bank Run Models]]> <![CDATA[The Rise and Fall of the Quantity Theory in Nineteenth Century Britain: Implications for Early Fed Thinking]]> <![CDATA[Nonparametric Estimation of the Diamond-Dybvig Banking Model]]> <![CDATA[Private Efforts for Affordable Mortgage Lending Before Fannie and Freddie]]> <![CDATA[North Carolina: Highlights From Asheville]]> At the Amplified Western North Carolina event, stakeholders discussed how the region can develop the talent needed by local employers and improve economic mobility.

]]> <![CDATA[South Carolina: Highlights From Columbia]]> More than 200 SCACED members, partner organizations and legislators convened at the South Carolina General Assembly to discuss community development issues.

]]> <![CDATA[Richmond Fed Report Links College-Completion Gains to Family Structure]]>  

]]> <![CDATA[How Does Family Structure during Childhood Affect College Preparedness and Completion?]]> <![CDATA[Richmond Fed at a Glance, February 2018]]> Consumers are increasingly using credit cards and remote payment options, according to recent payments data.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Corporate Partnerships at Work]]> The Maryland Hispanic Chamber of Commerce recognizes our Baltimore branch with its 2018 Outstanding Corporate Partner of the Year award.

]]> <![CDATA[Matching Young Adults to Jobs]]> Richmond-area business leaders discuss filling job openings with young adults aged 16 to 24 who are out of school and out of work.

]]> <![CDATA[What’s Up With Housing?]]> We look at the nation’s housing market and its recovery more than a decade after its collapse.

]]> <![CDATA[Our Latest News]]> <![CDATA[Credit Card Use Up]]>  

]]> <![CDATA[Snapshot, February 2018]]> The most recent reports on the Fifth District economy were mixed in December.

]]> <![CDATA[Community Development Corporations: Diverse Practices Across North and South Carolina]]> This issue of Community Practice Papers explores examples of sustained and emerging business models from rural and urban Community Development Corporations across the Carolinas.

]]> <![CDATA[ECONnections Webinar: Personal Finance Resources for the High School Classroom]]> <![CDATA[Richmond Fed Names 2018 Community Investment Council Chair and New Members]]> Council members represent unique perspectives on community investment and local economic growth from across the Fifth District.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted to keep the target range for the federal funds rate at 1.25 to 1.50 percent.

]]> <![CDATA[North Carolina: Highlights From Chapel Hill]]> In October, more than 150 key stakeholders participated in a robust roundtable discussion on the growing opioid epidemic in North Carolina, and more specifically on the toll it takes on the state’s economy.

]]> <![CDATA[Cultural Mapping in Baltimore: The Creation of GEOLOOM co>map]]> This issue of Community Scope details steps to produce GEOLOOM co>map, an online mapping tool for arts and culture in Baltimore's communities.

]]> <![CDATA[North Carolina: Highlights from Wilmington]]> The Self-Help Credit Union and the Richmond Fed’s Community Development department presented a program in Wilmington, North Carolina, with a focus on building regional food systems.

]]> <![CDATA[Growing Eastern NC's Regional Food Economy]]> <![CDATA[Successful Workforce Hiring in the Richmond Region: Strategies for Employing Young Adults]]> <![CDATA[North Carolina: Highlights From Raleigh]]> The N.C. Business Resource Alliance, a statewide collaboration of more than 30 technical assistance, funding, research and policy organizations, meets monthly on topics of interest to the members.

]]> <![CDATA[What's Up With Housing?]]> Ten years after the housing market collapse, activity in the single-family market remains somewhat subdued. Despite rising prices and low inventories, single-family construction has increased very gradually. Are there impediments to new housing supply?

]]> <![CDATA[Highlights from the District: Economic Inclusion and Southern Cities]]> In October of 2017, a multi-city group led by the Annie E Casey Foundation, the City of Richmond and the Federal Reserve Bank of Richmond met in Richmond for three days to think about the strategies, policies, data and best practices of economic inclusion.

]]> <![CDATA[Maryland: Highlights From Prince George’s County]]> The Federal Reserve Bank of Richmond and the Community Development Network of Maryland hosted a full-day workshop on September 28, 2017, on potential land banks in Maryland.

]]> <![CDATA[Ten Years Beyond the Great Recession: Looking Forward]]> Kaglic offered his views of the national and regional economies at an event in Wilmington, N.C.

]]> <![CDATA[Virginia: Highlights from Richmond ]]> Virginia healthcare experts, community development professionals, bankers, philanthropists and other leaders met at the Richmond Fed in 2017 to discuss community finance through the lens of health.

]]> <![CDATA[Beige Book: Our Regional Economy Grows at Moderate Pace]]> The regional economy in the Fifth District grew at a moderate pace in recent weeks, according to the Beige Book report.

]]> <![CDATA[Econ Focus Magazine Looks at the Economics of Cyberattacks and Other Topics]]> <![CDATA[Connecting Communities: Broadband Under the Community Reinvestment Act]]> <![CDATA[Financing Workforce]]> Our Community Development team led key strategic discussions around issues critical to financing workforce developmemt in low- and moderate-income (LMI) communities during the Investing in America’s Workforce Conference held in Austin, Texas.

]]> <![CDATA[Fifth Federal Reserve District Board Appointments Announced]]> The Fifth Federal Reserve District member banks elected the following individuals to the Board of Directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2018:

]]> <![CDATA[North Carolina: Highlights from Raleigh]]> “Housing Works!” was the theme of the 2017 N.C. Affordable Housing Conference in Raleigh.

]]> <![CDATA[Richmond Fed Research Evaluates Responses to Unauthorized Immigration]]>  

]]> <![CDATA[Unauthorized Immigration: Evaluating the Effects and Policy Responses]]> <![CDATA[Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank]]> <![CDATA[Community Highlights – Regional Audiences]]> Matt Martin and Jeanne Milliken Bonds presented at conferences hosted by the National Rural Lenders Association and the U.S. Department of Agriculture (USDA) on the economic disparity between rural and metro areas.

]]> <![CDATA[Interview: A Community Development Trailblazer]]> Jeanne Milliken Bonds interviews Eva Clayton, a community development trailblazer.

]]> <![CDATA[Economic Outlook, January 2018]]> <![CDATA[Snapshot, January 2018]]> Recent reports on the Fifth District economy were mostly positive.

]]> <![CDATA[West Virginia: Highlights from Morgantown]]> The Federal Reserve Bank of Richmond’s Community Development team partnered with Philanthropy West Virginia and other partners to host the Corporate Responsibility Summit.

]]> <![CDATA[Richmond Fed’s Mullinix to Retire in June]]> Mark Mullinix announced his plans to retire from the Federal Reserve System in June 2018.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 12-13, 2017]]> <![CDATA[The Evolution of U.S. Monetary Policy]]> <![CDATA[Richmond Fed at a Glance, January 2018]]> Thomas (Tom) I. Barkin became the Federal Reserve Bank of Richmond’s eighth president and chief executive officer on January 1, 2018.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Focus On … The Opioid Epidemic]]> The Richmond Fed’s region is not immune to the opioid addiction epidemic that is sweeping the United States and impacting local economies.

]]> <![CDATA[Meet Our New President]]> Thomas (Tom) I. Barkin became the Federal Reserve Bank of Richmond’s eighth president and chief executive officer on January 1, 2018.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Hot Topic: Small Business Trends]]> Small businesses appear to be strong, stable and financially sound, according to the Federal Reserve’s year-long examination of small business trends.

]]> <![CDATA[Our Latest News & Research]]> Our latest news, research and perspectives “at a glance.”

]]> <![CDATA[Distance and Decline: The Case of Petersburg, Virginia]]> <![CDATA[The Federal Reserve Banks of Richmond and Atlanta release report on rural businesses]]> The report found that rural small employer firms are more stable, have fewer financial challenges and rely more heavily on small banks.

]]> <![CDATA[Fifth District Businesses Surveyed on Employment and Wages]]> A November 2017 survey of Fifth District businesses found that most firms plan on increasing hiring in the next year as well as raising wages to attract and retain workers, though not for all positions.

]]> <![CDATA[The Richmond Fed Releases Report on Fifth District Small Businesses]]> Fifth District small businesses are more optimistic about future growth, more likely to use contract workers and more likely to receive funding from large banks compared to their counterparts across the country.

]]> <![CDATA[Community Pulse 2017 Survey Results]]> This issue of the Community Pulse presents the findings from our 2017 survey.

]]> <![CDATA[Community Pulse 2017 Survey Results]]> <![CDATA[National and Virginia Economic Update]]> Waddell discussed state and national economic conditions in Charlottesville, Va.

]]> <![CDATA[Prosperity: Will Our Children Be Better Off Than Us?]]> The Richmond Fed recently welcomed more than 120 people to its downtown Richmond office for the first public “Conversations with the Fed” speaker series event.

]]> <![CDATA[Richmond Fed Research Explores Barriers to Higher Education in Virginia]]> Richmond Fed Economic Brief addresses Social Security tax issues.

]]> <![CDATA[Transitioning from High School to College: Differences across Virginia]]> <![CDATA[Understanding the Size of the Government Spending Multiplier: It's in the Sign]]> <![CDATA[Eastern North Carolina Businesses Weigh In On Labor Challenges]]> The Richmond Fed worked with NCEast Alliance to facilitate a business and industry roundtable meeting that focused on payroll employment growth.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announced several officer appointments.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC raised the federal funds rate by 0.25 percent.

]]> <![CDATA[Resilient Legacy, Connected Future: CDFIs in the Southeast]]> This issue of Community Scope presents key findings from the 2017 Richmond Fed’s Survey of CDFIs in the Southeast.

]]> <![CDATA[A Growing Source of Community Funding]]> The number of Community Development Financial Institutions, which provide credit products and financial services to underserved markets and populations, is increasing in the Southeast.

]]> <![CDATA[Board Chair Lewis Announces Appointment of Thomas I. Barkin as Next President]]> Board Chair Margaret Lewis announces the appointment of Thomas I. Barkin as next president of the Federal Reserve Bank of Richmond.

]]> <![CDATA[Econ Focus Magazine Looks at Economics of Cyberattacks]]> The new issue of the Richmond Fed's Econ Focus magazine looks at the economics of cyberattacks.
]]> <![CDATA[Waiting for Inflation]]> When is inflation too low?

]]> <![CDATA[The Resurgence of Universal Basic Income]]> Concerns about the effects of automation have brought an old policy proposal back into the limelight

]]> <![CDATA[Subprime Securitization Hits the Car Lot]]> Are fears of a "bubble" in auto lending overstated?

]]> <![CDATA[Douglas Irwin]]> Interview

]]> <![CDATA[The Federal Reserve and Cybersecurity]]> <![CDATA[Yield Curve]]> Jargon Alert

]]> <![CDATA[Do Low Interest Rates Punish Savers?]]> <![CDATA[Echo Chamber Dot Com]]> Book Review

]]> <![CDATA[Cyberattacks and the Digital Dilemma]]> Recent high-profile hacks have renewed calls for improved security, but competing incentives pose a challenge

]]> <![CDATA[Preparing Unemployment Insurance for a Downturn: The Carolinas]]> <![CDATA[Doing Development Differently]]> Soul City, N.C., was a bold experiment in rural economic development and "Black capitalism" launched by McKissick Enterprises in 1969.

]]> <![CDATA[Econ Focus, Third Quarter 2017]]> Cover Story: Cyberattacks and the Digital Dilemma
Recent high-profile hacks have renewed calls for improved security, but competing incentives pose a challenge

]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[Time to Unwind]]> Policy Update

]]> <![CDATA[Affirmative Action, On and Off]]> Research Spotlight

]]> <![CDATA[The View From Main Street]]> The Community Investment Council recently discussed affordable housing, workforce skills gaps, the impact of opioid abuse and other trends.

]]> <![CDATA[Beige Book: Fifth District economy grew at a moderate rate in recent weeks]]> Fifth District economy grew at a moderate rate in recent weeks.

]]> <![CDATA[2017 Research Seminars, Adrien Auclert]]>
 
]]> <![CDATA[The Opioid Epidemic in the Fifth District]]> With opioid cases on the rise, this issue of 5th District Footprint examines opioid prescription rates and drug overdose mortality rates in the District.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Richmond Fed announced the appointment of Niranjan Chandramowli as a vice president.

]]> <![CDATA[Giving Thanks and Giving Back]]> During the week of Thanksgiving, more than 100 Bank supervision and discount window employees volunteered across all three of our locations — Baltimore, Charlotte and Richmond — at several nonprofits.

]]> <![CDATA[Minutes of the Federal Open Market Committee, October 31-November 1, 2017]]> <![CDATA[U.S. Economic Outlook]]> Andy Bauer discussed the national economy at a conference in Fairmont, W.Va.

]]> <![CDATA[2017 Research Seminars, Dejanir Silva]]> Dejanir Silva, a lecturer at Princeton University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Supervision News Flash - November 2017]]> In this issue we cover Troubled Debt Restructurings, look at changes to the Consumer Compliance Rating System, and discuss preparing for implementation of the current expected credit loss (CECL) standards. We also highlight an upcoming webinar and recap recent Supervision and Regulation Letters.

]]> <![CDATA[Virginia Commonwealth University Wins District College Fed Challenge]]>  

]]> <![CDATA[2017 Research Seminars, Zhen Huo]]> Zhen Huo, an assistant professor of economics at Yale University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Conversations with the Fed]]> Prosperity: Will Our Children Be Better Off Than Us?

]]> <![CDATA[From Tenant Organizers to Housing Agencies: Using Data to Preserve Affordable Housing]]> This issue of Community Scope examines strategies to address the loss of subsidized, rent stabilized and market-affordable housing in gentrifying neighborhoods.

]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Hot Topic: Our Growing Hispanic Population ]]> <![CDATA[Richmond Fed at a Glance, November 2017]]> We provided leadership, support and career information for the more than 12,000 eighth graders who attended the recent ChamberRVA’s Mission Tomorrow event.

]]> <![CDATA[Focus On ... Investing in Community Health Initiatives ]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Career Exploration Inspires Eighth Graders]]> We provided leadership, support and career information for the more than 12,000 eighth graders who attended the recent ChamberRVA’s Mission Tomorrow event.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Fifth District Businesses Report on Hurricane Impacts]]> The effects of Hurricanes Harvey and Irma on Fifth District firms were largely indirect and negative, although some businesses reported positive economic impacts.

]]> <![CDATA[Richmond Fed Research Seeks More Efficient Ways to Tax Social Security Benefits]]> Richmond Fed Economic Brief addresses Social Security tax issues.

]]> <![CDATA[Can We Tax Social Security Benefits More Efficiently?]]> <![CDATA[The Persistence of Financial Distress (Revised July 2018)]]> <![CDATA[Career Exploration Inspires Eighth Graders]]> Richmond Fed’s employees provided leadership, support and career information for the more than 12,000 eighth graders who attended ChamberRVA’s recent Mission Tomorrow event.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Jody Martin as an assistant vice president.

]]> <![CDATA[Cities in Transition]]> <![CDATA[Advancing Our Understanding of Urban Economics]]> Mark Mullinix spoke at the Cities in Transition conference, organized by the Richmond Fed, on Nov. 3, 2017, in Baltimore, Md.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted to keep the target range for the federal funds rate at 1 to 1.25 percent.

]]> <![CDATA[2017 Research Seminars, Jaroslav Borovicka]]> Jaroslav Borovicka, an assistant professor of economics at New York University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Register now for Conversations with the Fed]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Richmond Fed announced the appointment of Karen Schettino as vice president and chief financial officer.

]]> <![CDATA[2017 Research Seminars, Anmol Bhandari ]]> Anmol Bhandari, an assistant professor of economics at the University of Minnesota, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Global Dynamics in a Search and Matching Model of the Labor Market]]> <![CDATA[Asset Issuance in Over-the-Counter Markets (Revised November 2018)]]> <![CDATA[Evening at the Fed]]> <![CDATA[Beige Book]]> <![CDATA[Join the Conversation—About Our Children’s Economic Future]]> Join the conversation on November 8 with Richmond Fed Research Director Kartik Athreya as we explore how even small changes in the economy can have a big impact on our children’s economic future—and monetary policy.

]]> <![CDATA[Beige Book]]> Fifth District economy growing at moderate pace.

]]> <![CDATA[A Tale of Three Cities: Richmond, Charlotte, and Baltimore]]> The Fifth District economy has been increasingly driven by urban areas. How do we understand the existence, growth and decline of cities?

]]> <![CDATA[National and Regional Economic Outlook]]> Macheras provided her views on the economy at a conference in Williamsburg, Va.

]]> <![CDATA[Minutes of the Federal Open Market Committee, September 19-20, 2017]]> <![CDATA[The Fed’s Service to the Country]]> Mark Mullinix spoke to the George C. Marshall chapter of the Military Officers Association of America on Oct. 10, 2017, in Lexington, Va.

]]> <![CDATA[Optimal Incentive Contracts with Job Destruction Risk]]> <![CDATA[Richmond Fed Research Says Trade Imbalance Fears Are Overstated]]> Richmond Fed's Economic Brief for October 2017 looks at the issue of trade imbalances.

]]> <![CDATA[Should We Worry about Trade Imbalances?]]> <![CDATA[Urban Transportation and Inter-Jurisdictional Competition]]> <![CDATA[The Hispanic Population in the Fifth District: Growing and Working]]> The Fifth District Hispanic population has been exhibiting significant growth, but labor market indicators provide insight on income disparity relative to population overall.

]]> <![CDATA[2017 Research Seminars, Cecile Gaubert]]> ]]> <![CDATA[Regional Economics Workshop]]> The Federal Reserve Bank of Richmond holds its seventh annual Regional Economics Workshop on September 29. This year, economists from institutions around the Fifth District — including the Bureau of Economic Analysis, the Federal Housing Finance Agency, George Washington University, Johns Hopkins University, University of South Carolina, and Old Dominion University — will share their insights on regional economics.

]]> <![CDATA[Collaborating to Better Serve Disadvantaged Students]]> Economic and financial education organizations gathered at the Richmond Fed recently to share knowledge and discuss strategies for effectively serving disadvantaged students.

]]> <![CDATA[Richmond Fed at a Glance, September 2017]]> Our Community Bankers Forum drew financial institution leaders to Richmond where they shared Main Street perspectives and learned about the broader banking environment, the economy and our work.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Community Bankers Forum: Linking to Main Street]]> Our Community Bankers Forum drew financial institution leaders to Richmond where they shared Main Street perspectives and learned about the broader banking environment, the economy and our work. 

]]> <![CDATA[Back to School: Ready. Set. Learn!]]> Getting ready for the new school year takes the collective energies of teachers, families and community members. We help all year long by providing resources, expertise and support.

]]> <![CDATA[Hot Topic: Faster, Better Payments]]> The Fed plays a major role in moving cash, checks and electronic payments from point A to point B — processing more than $4 trillion in payments every single day.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[2017 Research Seminars, John Haltiwanger]]> John Haltiwanger, an assistant professor of economics at the University of Maryland, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted to keep the target range for the federal funds rate at 1 to 1.25 percent and announced plans to begin reducing the balance sheet in October.

]]> <![CDATA[Community Reinvestment Act]]> A new proposed interagency rule, published today in the Federal Register, would amend the federal bank regulatory agencies’ Community Reinvestment Act regulations to conform to changes the Consumer Financial Protection Bureau has made to Regulation C, which implements the Home Mortgage Disclosure Act. The agencies anticipate that the proposed amendments will take effect on January 1, 2018. The deadline for public comment is October 20, 2017.

]]> <![CDATA[Supervision News Flash - September 2017]]> In this issue we cover cyber-insurance policies as well as the requirement to report cyber-attacks to your primary federal regulator; we focus on the importance of internal audit risk assessments; we highlight upcoming events and we recap recent Supervision and Regulation Letters.

]]> <![CDATA[2017 Research Seminars, Richard Lowery]]>
 
]]> <![CDATA[5th District Footprint Examines How the Community Reinvestment Act Can Help Medically Underserved Areas]]> The report examines areas within the Fifth District that are eligible for CRA investment and designated as Medically Underserved Areas.

]]> <![CDATA[The Community Reinvestment Act and Medically Underserved Areas/Populations in the Fifth District]]> This issue of 5th District Footprint examines Fifth District census tracts eligible for Community Reinvestment Act (CRA) investment and designated as Medically Underserved Areas/Populations (MUA/Ps) by the Health Resources and Services Administration (HRSA).

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Chris Tunstall as an assistant vice president.

]]> <![CDATA[Back to School: Ready. Set. Learn!]]> Getting ready for the new school year takes the collective energies of teachers, families and community members. Each step of the way, the Richmond Fed contributes resources, expertise and support to enhance the educational well-being of our community.

]]> <![CDATA[Beige Book]]> The Fifth District economy expanded modestly.

]]> <![CDATA[Richmond Fed Research Explores the Government Spending Multiplier]]> Richmond Fed's Economic Brief for September 2017 explores the government spending multiplier.

]]> <![CDATA[2017 Research Seminars, Michaela Pagel]]> ]]> <![CDATA[Are the Effects of Fiscal Policy Asymmetric?]]> <![CDATA[Hurricane Irma]]> In a joint statement, federal and state banking regulators have committed to provide regulatory assistance to supervised institutions in areas affected by Hurricane Irma and encourage those institutions to meet the financial services needs of their communities.

]]> <![CDATA[Differing Responses to School Finance Reform: The Haves Versus the Have Nots]]> <![CDATA[Financial Stability]]> A new final rule will require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend qualified financial contracts to prevent their immediate cancellation or termination if a GSIB enters bankruptcy or a resolution process. The compliance phase-in will begin January 1, 2019.

]]> <![CDATA[Repurchase Transactions]]> A new proposal, published today in the Federal Register, lays out three new reference interest rates based on overnight repurchase agreement transactions secured by U.S. Treasury securities. The Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, would produce the rates. The deadline for public comment is October 30, 2017.

]]> <![CDATA[Econ Focus Magazine Looks at “Sin Taxes” and Other Topics]]> The latest issue of Econ Focus looks at...

]]> <![CDATA[Pulling Up the Ladder]]> Book review

]]> <![CDATA[The Fed's Foray Into Forex]]> Although very uncommon now, the Fed used to intervene regularly in foreign exchange markets

]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[The Urban Core in the Tale of Three Cities]]> <![CDATA[Value-Added Tax]]> Jargon Alert

]]> <![CDATA[Jesse Shapiro]]> Interview

]]> <![CDATA[Econ Focus, Second Quarter 2017]]> Cover Story: Pricing Vice
Can "sin taxes" be good for your health and the economy?

]]> <![CDATA[Unwinding the Fed's Asset Purchases]]> <![CDATA[Pricing Vice]]> Can "sin taxes" be good for your health and the economy?

]]> <![CDATA[Lost Your Job? Call Mom and Dad]]> Around the Fed

]]> <![CDATA[Financial Services for Lower-Income Communities]]> <![CDATA[The Role of the Council of Economic Advisers]]> The Profession

]]> <![CDATA[Bankrolling Big Bird]]> Is there still an economic case for government-supported broadcasting?

]]> <![CDATA[Credit Unions: A Taxing Question]]> A tax exemption has helped credit unions since the 1930s, but some argue they should be treated more like banks

]]> <![CDATA[All the City Was Dying]]> The Spanish flu pandemic of 1918-1919 was a major social and economic shock

]]> <![CDATA[Superstar Firms and the Falling Labor Share]]> Research Spotlight

]]> <![CDATA[Hurricane Harvey]]> In a joint statement, federal and state banking regulators have committed to provide regulatory assistance to supervised institutions in areas affected by Hurricane Harvey and encourage those institutions to meet the financial services needs of their communities.

]]> <![CDATA[Richmond Fed Appoints Goutam Gandhi as Senior Vice President and CIO]]> The Federal Reserve Bank of Richmond has appointed Goutam Gandhi as senior vice president and chief information officer.

]]> <![CDATA[Regulatory Capital]]> In preparation for forthcoming regulation to simply regulatory capital requirements, a new proposed interagency rule, published today in the Federal Register, would extend existing transitional capital treatment for certain regulatory capital deductions and risk weights. The extension would apply to those banking organizations, generally those with less than $250 billion in total consolidated assets and less than $10 billion in total foreign exposure, that aren’t subject to the agencies’ advanced-approaches capital rules. The deadline for public comment is September 25, 2017.

]]> <![CDATA[The Opioid Epidemic]]> Fifth District states — especially West Virginia — are struggling with the opioid epidemic as drug use and opioid overdose deaths continue to rise.

]]> <![CDATA[Fifth District Survey of Manufacturing Activity]]> <![CDATA[Family Fun Tour]]> <![CDATA[Minutes of the Federal Open Market Committee, July 25-26, 2017]]> <![CDATA[National and Regional Economic Outlook]]> Waddell discussed the national and regional economic outlook in Blacksburg, Va.

]]> <![CDATA[Corporate Governance]]> A new proposed rule, published today in the Federal Register, would refocus the Federal Reserve's supervisory expectations for the largest banking organizations’ boards of directors in order to improve corporate governance, increase efficiency, support greater accountability, and promote compliance with laws and regulations. The deadline for public comment is October 10, 2017.

]]> <![CDATA[Getting to Know the Richmond Fed]]> Recently, our Bank hosted an event for Richmond-area interns to get to know more about who we are and what we do at the Richmond Fed.

]]> <![CDATA[Richmond Fed Research Explores Surge in Commercial Real Estate Lending]]> The latest Economic Brief suggests that some banks with high concentrations of commercial real estate loans could be especially vulnerable to an economic downturn.

]]> <![CDATA[Understanding the Surge in Commercial Real Estate Lending]]> <![CDATA[Hot Topic: Revitalizing Neighborhoods]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Our Latest News & Research]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed at a Glance, August 2017]]> Fed Ambassadors help Fifth District community members learn more about the work of the Fed.

]]> <![CDATA[Understanding the Fed]]> Fed Ambassadors help Fifth District community members learn more about the work of the Fed.

]]> <![CDATA[Focus On … The Economy]]> Our Research Director Kartik Athreya shared his perspectives on the economy during a visit to Charlotte, North Carolina.

]]> <![CDATA[Baltimore Data Day]]> More than 100 community development professionals learned about gentrification, displacement and housing instability.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Looks at a New Way to Model Cities]]> The Richmond Fed’s new Economic Quarterly focuses on new approaches to modeling cities.

]]> <![CDATA[Commercial Real Estate]]> A new proposed rule, published today in the Federal Register, would increase the threshold level above which appraisals wouldn’t be required for commercial real estate transactions. The current threshold is $250,000 and the proposed rule would raise that threshold to $400,000. The deadline for public comment is September 29, 2017. 

]]> <![CDATA[The Heterogeneous Business-Cycle Behavior of Industrial Production]]> <![CDATA[Beveridge Curve Shifts and Time-Varying Parameter VARs]]> <![CDATA[From Stylized to Quantitative Spatial Models of Cities]]> <![CDATA[Supervision News Flash - July 2017]]> In this issue we discuss the need for sound policies and procedures for construction lending; we highlight how third-party relationships that advertise deposit rates and generate funding for your institution may meet the FDIC’s definition for a brokered deposit; we highlight upcoming events and we recap recent Supervision and Regulation Letters.

]]> <![CDATA[Business Dynamics in the Fifth District]]>  

]]> <![CDATA[Economic Update]]> Kaglic discussed local and national economic conditions at an event in Charleston, S.C.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted to keep the target range for the federal funds rate at 1 to 1.25 percent.

]]> <![CDATA[Volcker Rule]]> Five federal financial regulatory agencies are coordinating their respective reviews of the treatment of certain foreign funds under Section 619 of the Dodd-Frank Act, commonly referred to as “the Volcker Rule.” These foreign funds are investment funds organized and offered outside the U.S. and excluded from the definition of “covered fund” under the agencies’ implementing regulations, which were issued in 2013. Section 619 generally prohibits insured depository institutions and their affiliates from engaging in proprietary trading and from investing in, sponsoring, or having certain relationships with hedge funds or private equity funds. The agencies are now considering ways to mitigate possible unintended consequences and extraterritorial impact. To that end, the agencies will not take action under Section 619 for qualifying foreign excluded funds, subject to certain conditions, for a period of one year.

]]> <![CDATA[Family Fun Tour]]> <![CDATA[What Remains of Milton Friedman's Monetarism?]]> <![CDATA[Beige Book]]> The Fifth District economy expanded modestly, but at a somewhat faster pace.

]]> <![CDATA[Our Employees Help the Public Understand the Fed]]> Fed Ambassadors help Fifth District community members learn more about the work of the Fed.

]]> <![CDATA[Richmond Fed Brief Tackles the Economics of Urban Decline]]> The Richmond Fed's Economic Brief for July 2017 examines the dynamics of urban decline and redevelopment.

]]> <![CDATA[Responding to Urban Decline]]> <![CDATA[A Sectoral Look of Real Gross Domestic Product by State]]>  

]]> <![CDATA[Economic Outlook: The Short and Long of It]]> Richmond Fed Research Director Kartik Athreya addressed the Charlotte Economics Club in Charlotte, North Carolina on June 29, 2017.

]]> <![CDATA[Low-Income Housing Tax Credit (LIHTC) Use in the Fifth District]]> This issue of 5th District Footprint examines how counties and independent cities in the Fifth District use the Low-Income Housing Tax Credit (LIHTC) to produce affordable housing units.

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 13-14, 2017]]> <![CDATA[Outlook for the U.S. Economy]]> Bauer offered his outlook on the economy at a meeting in Arlington, Va.

]]> <![CDATA[Focus On … Collaborating for Community Impact]]> <![CDATA[National & Regional Economy]]> <![CDATA[A Look at the Dynamics of Urban Development and Decline]]> The Richmond Fed’s research experts examine the dynamics of urban development, decline and redevelopment in our recently released Annual Report.

]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Richmond Fed at a Glance, June 2017]]> The Richmond Fed’s research experts examine the dynamics of urban development, decline and redevelopment in our recently released Annual Report.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Hot Topic: Housing Market Checkup]]> <![CDATA[Summer Camp Challenge]]> <![CDATA[Richmond Fed Researchers Explore Financial Stability Roles of Central Banks]]> Central banks play strong roles in domestic financial system stability policy, but the full scopes of their financial stability mandates are ambiguous, according to the latest Economic Brief from the Richmond Fed.

]]> <![CDATA[Does the Fed Have a Financial Stability Mandate?]]> <![CDATA[Renting vs. Buying a Home: How Will You Put Down Stakes?]]> This issue explores the decision to rent or buy a home and directs readers to information and tools to inform their decision.

]]> <![CDATA[Richmond Fed's Athreya to Speak June 29 in Charlotte, North Carolina]]> Richmond Fed Executive Vice President and Director of Research Kartik Athreya will discuss the “Economic Outlook: The Short and Long of It” during the Charlotte Economics Club’s luncheon on June 29.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC raised the federal funds by 0.25 percent.

]]> <![CDATA[Supervision News Flash - June 2017]]> In this issue we discuss the need to align your policy limits with your risk tolerance; we highlight analyses you can do now with your most recent HMDA and CRA data; we share how to avoid common BHC issues; we talk about restrictions on sharing confidential supervisory information; we highlight upcoming events and we recap recent Supervision and Regulation Letters.

]]> <![CDATA[2017 Research Seminars, Luigi Bocola]]> Luigi Bocola, an assistant professor of economics at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[BSA Coalition Anti-Money Laundering Conference]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Pient Tran as an assistant vice president.

]]> <![CDATA[What a Shrinking Federal Government Could Mean for the Fifth District]]> The Fifth District has a disproportionately high share of federal government employment and contract dollars, and could be more heavily affected by reductions than other comparable areas. 

]]> <![CDATA[Regulation CC ]]> New final amendments to Reg CC’s check collection and return provisions create a framework for electronic check collection and return and create new warranties for electronic checks. These amendments take effect July 1, 2018. Additional proposed amendments to Reg CC, published today in the Federal Register, would create a presumption in certain disputes that a substitute or electronic check has been altered rather than forged. The presumption is intended to clarify the burden of proof in these disputes. The deadline for public comment is August 1, 2017.

]]> <![CDATA[Richmond Fed’s Econ Focus Magazine Looks at Missing Homebuyers]]> The latest issue of Econ Focus looks at the lack of “boomerang buyers” in the housing market.

]]> <![CDATA[Beige Book]]> The Fifth District economy expanded at a modest pace since the prior reporting period, with broad-based improvement across industry sectors.

]]> <![CDATA[A Focus on Public Engagement]]> Message from the Interim President

]]> <![CDATA[A Level of Concern]]> Poor and minority children disproportionately suffered the ravages of lead paint poisoning.

]]> <![CDATA[Publicly Provided Data and the Fed]]> Opinion

]]> <![CDATA[Regional News at a Glance]]> Upfront

]]> <![CDATA[Econ Focus, First Quarter 2017]]> Cover Story: The Missing Boomerang Buyers
Does it matter whether people who lost their homes during the foreclosure crisis come back to the housing market?

]]> <![CDATA[The Fed's "Tequila Crisis"]]> A financial crisis in Mexico in the mid-1990s sparked a debate about the Fed's role in international markets and its independence

]]> <![CDATA[How Does Finance Fuel Growth?]]> <![CDATA[National Economic Conditions and Small Business]]> Kaglic offered his views of the national economy at an event in Columbia, S.C.

]]> <![CDATA[Richmond Fed Annual Report Explores Urban Decline]]> <![CDATA[Understanding Urban Decline]]> <![CDATA[Annual Report - 2016]]> Reviews economic conditions in the Fifth District during 2016 and includes the article "Understanding Urban Decline"

]]> <![CDATA[Richmond Fed Announces New Community Investment Council Members]]> The council informs the Bank about emerging issues and economic trends in Fifth District communities.

]]> <![CDATA[Minutes of the Federal Open Market Committee, May 2-3, 2017]]> <![CDATA[Collaborating for Community Impact]]> Working with regional partners, the Richmond Fed has helped fill an information gap regarding the Earned Income Tax Credit, a program intended to improve the economic well-being of low- and moderate-income households.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Chris Murphy as an assistant vice president.

]]> <![CDATA[2017 Research Seminars, Pablo Fajgelbaum ]]> Pablo Fajgelbaum, an assistant professor of economics at UCLA, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Real Rates and Consumption Smoothing in a Low Interest Rate Environment: The Case of Japan]]> <![CDATA[Honor Roll – It’s Not Just for Students]]> Our Bank’s long-standing partnership with Richmond Public Schools was recognized as part of the Virginia School Board Association’s Business Honor Roll program.

]]> <![CDATA[2017 Research Seminars, Erik Hurst]]> Erik Hurst, an economics professor at the University of Chicago, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[An Estimated Structural Model of Entrepreneurial Behavior]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Focus On… Fed History]]> We’ve added new features to the Federal Reserve History website to help the public learn more about who we are, what we do, and the history of our role in the nation’s economy.

]]> <![CDATA[Hot Topic: Small Businesses Face Funding Challenges ]]> Our 2016 Small Business Report covering all 50 states reveals significant credit challenges and the critical role personal finances play in these businesses.

]]> <![CDATA[Connecting With Partners on Financial Literacy]]> The Richmond Fed partnered with other organizations on a focused effort to support financial literacy.

]]> <![CDATA[Richmond Fed at a Glance, May 2017]]> The Richmond Fed partnered with other organizations on a focused effort to support financial literacy.

]]> <![CDATA[Why It Matters: Counting the Unauthorized Immigrant Population]]> It is generally stated, but somewhat disputed, that around 11 million unauthorized immigrants currently reside in the United States. Why is it important to know more about the size and characteristics of the unauthorized population? And what role should different levels of governments play in enforcing immigration laws?

]]> <![CDATA[Richmond Fed’s Economic Quarterly Expands on the Non-Employment Index]]> The Richmond Fed’s Economic Quarterly for 2016 Q2 expands on the non-employment index.

]]> <![CDATA[Price Dispersion When Stores Sell Multiple Goods]]> <![CDATA[Monetary Incentives and Mortgage Renegotiation Outcomes]]> <![CDATA[Generalized Matching Functions and Resource Utilization Indices for the Labor Market]]> <![CDATA[Economists Analyze Medicaid Benefits for the Elderly]]> The Richmond Fed’s Economic Brief for May 2017 analyzes Medicaid benefits for the elderly.

]]> <![CDATA[Medical Spending in Old Age]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted to keep the target range for the federal funds rate at 0.75 to 1 percent.

]]> <![CDATA[2017 Research Seminars, Benjamin Moll]]> Benjamin Moll, an assistant professor of economics and international affairs at Princeton University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed Announces Leadership Appointments]]> The Federal Reserve Bank of Richmond announced several leadership appointments.

]]> <![CDATA[Personal Finance is a Big Deal!]]> <![CDATA[2017 Research Seminars, Juan Carlos Conesa]]> Juan Carlos Conesa, an associate professor of economics at Stony Brook University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[2017 Greater Washington Economic Outlook]]> Bauer reviewed economic conditions in the D.C. metro area at a meeting in Leesburg, Va.

]]> <![CDATA[Connecting With Partners on Financial Literacy]]> Our Charlotte Branch hosted financial literacy programs for North Carolina high school students, educators and community members.

]]> <![CDATA[2017 Research Seminars, Cosmin Ilut]]> Cosmin Ilut, an assistant professor of economics at Duke University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity]]> <![CDATA[Beige Book]]> Fifth District economic activity increased at a slightly faster, but still modest pace, according to the Beige Book report.

]]> <![CDATA[North Carolina Personal Finance Challenge]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Richmond Fed announced the appointment of Keith Maglinger as an assistant vice president.

]]> <![CDATA[The Outdoor Recreation Economy in the Fifth District]]> Getting outdoors is healthy for individuals--and maybe for the economy. How large is the economic impact and who measures it?

]]> <![CDATA[Federal Reserve Banks Release Report on Credit Experiences of Small Businesses]]> <![CDATA[2017 Research Seminars, Sara Moreira ]]> Sara Moreira, an assistant professor of strategy at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[North Carolina Economics Challenge]]> <![CDATA[Financial Literacy Workshop Focuses on Educators]]> Our economic education team teaches educators how to use the “Invest in What’s Next: Life after High School” tool.

]]> <![CDATA[Richmond Fed Economists Analyze Data on Retail Payments]]> Richmond Fed Economic Brief for April 2017 features analysis of retail payments data.

]]> <![CDATA[What Two Billion Retail Transactions Reveal about Consumers’ Choice of Payments]]> <![CDATA[Minutes of the Federal Open Market Committee, March 14-15, 2017]]> <![CDATA[Richmond Fed Statement on Jeffrey Lacker's Announcement]]> <![CDATA[2017 Research Seminars, Pete Klenow]]> Pete Klenow, an economics professor at Stanford University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[A Constrained Bureaucratic Model of Behavioral Responses to School Finance Reform]]> <![CDATA[The Missing Boomerang Buyers]]> The absence of "boomerang buyers" in the housing market could have implications for near-term economic growth in the United States.

]]> <![CDATA[Are the Good Times Really Over?]]> <![CDATA[Business Dynamics in the United States and the Fifth District]]> <![CDATA[Janet Currie]]> Interview

]]> <![CDATA[Robots for the Long Haul]]> There are 1.8 million heavy truck and tractor-trailer drivers in the United States. Will self-driving trucks soon mean the end of many of those jobs?

]]> <![CDATA[Fighting Fund Runs]]> <![CDATA[Too Small to Succeed?]]> ]]> <![CDATA[Business Cycles]]> Jargon Alert

]]> <![CDATA[Virginia Economic Outlook]]> Macheras discussed economic conditions at a meeting in Richmond, Va.

]]> <![CDATA[2017 Research Seminars, Matthew Rognlie]]> Matthew Rognlie, a fellow in the International Economics Section at Princeton University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Setting A Path For Economic Mobility In Charlotte]]> Children in low-income communities in the Charlotte, North Carolina, area have among the worst chances in the country to climb the economic ladder.

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2016 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent auditing firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and the Bank's internal controls over financial reporting.

]]> <![CDATA[Should Platforms be Allowed to Charge Ad Valorem Fees? (Revised July 2018)]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed at a Glance, March 2017]]> Our Research Director Kartik Athreya discussed the benefits of investing in early childhood education during a one-day forum in North Carolina.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[Our Latest News & Research]]> <![CDATA[KidoNomiCs: Investing in Children]]> Our Research Director Kartik Athreya discussed the benefits of investing in early childhood education during a one-day forum in North Carolina.

]]> <![CDATA[Hot Topic: Mining Data for Workforce Trends ]]> Our Research department hosted the Bureau of Labor Statistics Data Users Conference to help organizations better mine resources for workforce insights and trends.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Focus On… Central Bank Lending and Monetary Policy]]> Huberto Ennis, group vice president for macro and financial economics, and John A. Weinberg, senior vice president and special advisor to the president, weigh in on the role of central bank lending in monetary policy.

]]> <![CDATA[Ties That Bind: The Carolinas in an Integrated Global Economy]]> While increased global integration required painful adjustments for some workers and communities as well as companies and even entire industries, there have also been significant benefits to this global interconnectedness, including in the Carolinas.

]]> <![CDATA[2017 Research Seminars, Anton Braun]]> R. Anton Braun, a research economist and senior adviser at the Federal Reserve of Atlanta, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Report Analyzes Real Income Post–Great Recession]]> From 2010 to 2015, middle-income households in 79 percent of the counties in the Fifth District experienced an average 1.2 percent annual decline in real mean income.

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Economics Over the Life Cycle]]> The latest issue of Econ Focus magazine examines consumer’s choice of using online-only nonbank lenders.

]]> <![CDATA[Econ Focus, Third/Fourth Quarter 2016]]> Special Issue: Economics Over the Life Cycle
This issue looks at the economic situations that Americans face at various points in their lives — and the implications for economic policy and personal finance.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Richmond Fed announced the appointment of Will Robinson as an assistant vice president.

]]> <![CDATA[Why Aren't More Women Working?]]> The share of American women in the labor force is slipping even as it rises in the rest of the developed world

]]> <![CDATA[Regional News at a Glance]]> Upfront

]]> <![CDATA[The Hispanic Paradox]]> <![CDATA[The Mortality Gap]]> Life expectancy varies considerably across demographic groups.

]]> <![CDATA[Monetary Rules in an Independent Fed]]> President's Message

]]> <![CDATA[Social Networks and Economic Outcomes: Evidence from Refugee Resettlement Programs]]> <![CDATA[Life Cycle Hypothesis]]> Jargon Alert

]]> <![CDATA[Immigration and the Economy]]> <![CDATA[Do Economists Ever Really Retire?]]> The Profession

]]> <![CDATA[Underinsuring for Old-Age Care]]> Research Spotlight

]]> <![CDATA[The Web Taketh Away]]> Book Review

]]> <![CDATA[Reaping the Benefits of the Reaper]]> Economic History

]]> <![CDATA[1965: The Year the Fed and LBJ Clashed]]> The storied showdown between Fed Chairman Bill Martin and President Lyndon Johnson wasn't just about personalities. It was a fundamental dispute over the Fed's policymaking role.

]]> <![CDATA[Are the Kids All Right?]]> Many worry that the Great Recession and mounting student debt have stunted millennials' financial development

]]> <![CDATA[The Changing Face of the American Family]]> Around the Fed

]]> <![CDATA[Jonathan A. Parker]]> Interview

]]> <![CDATA[Real Mean Income Change in the Fifth District]]> This issue of 5th District Footprint examines change in real mean income for the middle quintile of households in the Fifth District following the Great Recession. 

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC raised the federal funds rate by 0.25 percent.

]]> <![CDATA[Inflation Dynamics in Stable and Unstable Policy Regimes: Comment on 'Deflating Inflation Expectations']]> Richmond Fed President Jeffrey M. Lacker spoke March 3, 2017, at the U.S. Monetary Policy Forum in New York.

]]> <![CDATA[Building Momentum: Garrett County, Md., Economy on the Upswing]]> How has the Garrett County economy progressed since the Great Recession? How has the labor market improved? Has business activity stabilized?

]]> <![CDATA[Essay Explores Asymmetric Effects of Monetary Policy]]> The Richmond Fed’s latest Economic Brief looks at the effects of expansionary versus contractionary monetary policy on the unemployment rate.

]]> <![CDATA[Are the Effects of Monetary Policy Asymmetric?]]> <![CDATA[Beige Book]]> Economic activity in the Fifth District grew moderately since the previous Beige Book report.

]]> <![CDATA[Richmond Fed’s Lacker to Speak at U.S. Monetary Policy Forum on March 3]]> Richmond Fed President Jeffrey M. Lacker will speak March 3, 2017, at the U.S. Monetary Policy Forum in New York, New York.

]]> <![CDATA[Apprenticeships: Are They Worth It?]]> Fifth District businesses have expressed concerns over a growing skills mismatch in the local labor force. As a result, some have turned to apprenticeship programs.

]]> <![CDATA[KidoNomiCs: Investing in Children]]> Federal Reserve leaders, including our Bank's research director, contributed perspectives and insights on investing in early childhood education during a forum in Raleigh, North Carolina.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 31 - February 1, 2017]]> <![CDATA[Richmond Fed Researchers Explore How Couples Allocate Their Household Portfolios]]> The Richmond Fed’s Economic Brief for February 2017 discusses how households invest their wealth.

]]> <![CDATA[How Couples Approach Portfolio Allocation]]> <![CDATA[Economic Outlook, February 2017]]> Richmond Fed President Jeffrey M. Lacker spoke and participated in a panel discussion at the 2017 Economic Forecast on February 14 in Newark, Delaware.

]]> <![CDATA[National Economic Conditions]]> Kaglic reviewed the national economy at an event in Raleigh, N.C.

]]> <![CDATA[Hot Topic: Navigating the Future of Chesapeake Bay Watermen]]> <![CDATA[Focus On… Women Lead Diverse Governance Boards]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed at a Glance, February 2017]]> The Bank welcomed seven new directors as well as returning directors to its governance boards in 2017, including three women as board chairs.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines Models of Discount Window Lending]]> The Richmond Fed’s Economic Quarterly for 2016 Q1 examines models of discount window lending.

]]> <![CDATA[How Large Are Returns to Scale in the U.S.? A View Across the Boundary]]> <![CDATA[Models of Discount Window Lending: A Review]]> <![CDATA[Consumer Payment Choice in the Fifth District: Learning from a Retail Chain]]> <![CDATA[Health, Health Insurance, and Retirement: A Survey]]> <![CDATA[Rethinking Detroit]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee today kept the current target range for the federal funds rate at 0.50 to 0.75 percent.

]]> <![CDATA[Supervision News Flash - January 2017]]> In this issue we spotlight additional IT issues we’re seeing, this time focusing on IT change management as well as IT security breaches; we share things to consider when stressing and analyzing scenarios at commercial real estate concentrated banks; and we recap recent Supervision and Regulation Letters.

]]> <![CDATA[Richmond Fed’s Lacker Speaks February 14 at the University of Delaware]]> Richmond Fed President Jeffrey M. Lacker will speak and participate in a panel discussion at the 2017 Economic Forecast on February 14 in Newark, Delaware.

]]> <![CDATA[Richmond Fed’s Athreya to Speak Feb. 7 at the NC Emerging Issues Focus Forum]]> Kartik Athreya speaks on the value of Early Childhood Education at the 2017 Emerging Issues Focus Forum.

]]> <![CDATA[Beige Book - A New Look]]> On Jan. 18, the Board of Governors released the most recent installment of the Beige Book report. With this report comes a new design. What changes can you expect, and why now?

]]> <![CDATA[The Fed and the Economic Outlook for the Nation and Virginia]]> Sonya Waddell discussed the Fed and the economy in Richmond, Va.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announced the appointment of three officers in its Supervision, Regulation and Credit department.

]]> <![CDATA[Beige Book]]> Fifth District economic activity grew at a moderately faster pace since the previous Beige Book report.

]]> <![CDATA[The Effects of Collecting Income Taxes on Social Security Benefits (Revised September 2017)]]> <![CDATA[Educational Attainment in the Fifth District]]>  

]]> <![CDATA[Conversation with the Chair: A Teacher Town Hall Meeting (Washington, D.C.-area educators)]]> <![CDATA[Conversation with the Chair: A Teacher Town Hall Meeting (Richmond, Va.-area educators)]]> <![CDATA[Richmond Fed President Jeffrey Lacker Announces Retirement]]> <![CDATA[Interventions in Markets with Adverse Selection: Implications for Discount Window Stigma (Revised October 2017)]]> <![CDATA[Economic Outlook, January 2017]]> Richmond Fed President Jeffrey M. Lacker spoke January 6, 2017, to the Maryland Bankers Association.

]]> <![CDATA[Richmond Fed Economists Question Conventional Wisdom on Wealth Redistribution]]>  

]]> <![CDATA[Does Redistribution Increase Output?]]> <![CDATA[Minutes of the Federal Open Market Committee, December 13-14, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 13-14, 2016.

]]> <![CDATA[Our Latest News & Research ]]> Our latest news, research and perspectives “at a glance.”

]]> <![CDATA[Focus On … Serving Financially Underserved Communities]]> The Community Reinvestment Act is intended to help low- and moderate-income communities by encouraging banks to make loans and investments, using sound banking practices. Our banking and community development experts are advancing CRA understanding, research and innovation.

]]> <![CDATA[Hot Topic: Cash is Still King!]]> Consumers still prefer to use cash to pay for products and some services, according to a survey by the Richmond, Boston and San Francisco Feds.

]]> <![CDATA[Richmond Fed at a Glance, December 2016]]> Fed policymakers say future increases in the federal funds rate will be gradual. But what do they mean? Will the pace be too slow, too fast or just right?

]]> <![CDATA[National & Regional Economy ]]> <![CDATA[Monetary Policy Update]]> The Federal Open Market Committee voted unanimously to raise its target range for the federal funds rate by 0.25 percentage points to a target range of 0.50 to 0.75 percent during its two-day December meeting.

]]> <![CDATA[Interest Rate Increases: How Fast is Gradual?]]> Fed policymakers say future increases in the federal funds rate will be gradual. But what do they mean? Will the pace be too slow, too fast or just right?

]]> <![CDATA[Richmond Fed’s Lacker to Speak to Maryland Bankers Association on January 6]]> Richmond Fed President Jeffrey M. Lacker will speak January 6, 2017, at the Maryland Bankers Association’s First Friday Economic Outlook Forum in Baltimore, Maryland.

]]> <![CDATA[Updated Survey on Hiring and Wages]]>  

]]> <![CDATA[Fifth Federal Reserve District Board Appointments Announced]]> The Fifth Federal Reserve District member banks elected directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2017.

]]> <![CDATA[Navigating the Future of Chesapeake Bay Watermen]]> Life as a waterman on the Chesapeake Bay is challenging, but there are opportunities according to a Richmond Fed report.

]]> <![CDATA[Private Information in Over-the-Counter Markets]]> <![CDATA[Economic Update and the Fed's Dual Mandate]]> Ann Macheras discussed the economy and the Fed in November 2016.

]]> <![CDATA[Federal Open Market Committee Action]]> ]]> <![CDATA[Joint Council on Economic Education Meeting]]> <![CDATA[Watermen Workforce Challenges and Opportunities: Lessons from the Chesapeake Bay Region]]> This issue of Community Scope will offer a broad overview of the challenges faced by today’s watermen that may be precipitating their declining numbers and will discuss alternative and supplemental employment options that may be available to them.

]]> <![CDATA[Appendix A]]> <![CDATA[Endnotes]]> <![CDATA[The Shrinking of the Watermen Workforce]]> <![CDATA[Exploring Alternative Employment Options]]> <![CDATA[Conclusion]]> <![CDATA[Richmond Fed’s Lacker to Appear on Charlotte Chamber of Commerce Panel]]> Richmond Fed President Jeffrey M. Lacker will participate in a panel discussion December 16, 2016, at the Charlotte Chamber of Commerce Economic Outlook Conference in Charlotte, North Carolina.

]]> <![CDATA[Richmond Fed Economists Explore the Role of Central Bank Lending in the Conduct of Monetary Policy]]>  

]]> <![CDATA[The Role of Central Bank Lending in the Conduct of Monetary Policy]]> <![CDATA[Text Analytics: Using Survey Comments for Sentiment Analysis]]> The qualitative data conveyed through surveys, or gathered at roundtable meetings with business firms or our own Bank directors are very valuable pieces of information. However, summarizing and extracting meaning out of this information are very challenging tasks. So how can we make sense out of this information?

]]> <![CDATA[2016 Research Seminars, Cosmin Ilut (CANCELLED)]]> Cosmin Ilut, an assistant professor of economics at Duke University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Supervision News Flash - December 2016]]> In this issue we spotlight more IT issues we’re seeing, this time focusing on IT project management; we share highlights of the new risk management supervision guidance SR 16-11; we recap recent Supervision and Regulation Letters; we update you on our recent Community Banking Technology Forum; and let you know that holding company annual reports can now be easily searched online.

]]> <![CDATA[Upgrades Coming for Beige Book]]> Beginning with the January 18 publication, the Beige Book will feature several improvements.

]]> <![CDATA[Beige Book]]> <![CDATA[Richmond Fed’s Econ Focus Looks at the Future of Online Nonbank Lenders]]> The latest issue of Econ Focus magazine examines consumer’s choice of using online-only nonbank lenders.

]]> <![CDATA[Will Poor Countries Catch Up?]]> Around the Fed

]]> <![CDATA[Econ Focus, Second Quarter 2016]]> Cover Story: Tomorrow's Lenders?
Online nonbank lenders have experienced tremendous growth. What promises, and perils, do they hold for the financial system?

]]> <![CDATA[The HIV/AIDS Challenge]]> <![CDATA[Out of the Ashes]]> Winston-Salem is transforming its economy from tobacco to medical research

]]> <![CDATA[Was China Behind a Manufacturing Decline?]]> <![CDATA[Tomorrow's Lenders?]]> Online nonbank lenders have experienced tremendous growth. What promises, and perils, do they hold for the financial system?

]]> <![CDATA[How Much Do State Business Taxes Matter?]]> States hope to attract businesses by cutting their taxes, but it’s not clear how well it works

]]> <![CDATA[The Payoff from the Earned Income Tax Credit]]> <![CDATA[Regional News at a Glance]]> Regional news at a glance

]]> <![CDATA[Who's the Boss?]]> <![CDATA[Minority Unemployment and the FOMC]]> <![CDATA[Education and Vulnerability to Economic Shocks in the Carolinas]]> <![CDATA[Social Security: An American Evolution]]> The story of our biggest government program is not just about politics. It’s also about the influence of a diverse group of economists

]]> <![CDATA[New Rules for Nest Egg Advisers]]> <![CDATA[Helicopter Money]]> Jargon Alert

]]> <![CDATA[Josh Lerner]]> Interview

]]> <![CDATA[Targeted Tax Incentives]]> <![CDATA[Small Business Lending in the Fifth District]]> This issue of 5th District Footprint examines the percentage change in the number and total dollar value of small business loans originated in Fifth District counties in the years following the Great Recession — from 2010 to 2015 — by the location of the recipient small businesses. 

]]> <![CDATA[Theory Ahead of Measurement? Assessing the Nonlinear Effects of Financial Market Disruptions]]> <![CDATA[Minutes of the Federal Open Market Committee, November 1-2, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on November 1-2, 2016.

]]> <![CDATA[2016 Research Seminar, Nikolai Roussanov]]> Nikolai Roussanov, an associate professor of finance at the University of Pennsylvania, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[The Geographic Scope of CDFI Activity in the Southeast]]> This issue of Community Scope examines the patterns in geographic service provision by respondent CDFIs in urban, rural, low- and moderate-income (LMI), underserved and distressed markets and areas.


]]> <![CDATA[South Carolina Regional Review]]> Kaglic discussed national and regional economic conditions at an event in Columbia, S.C.

]]> <![CDATA[Measuring Economic Activity: How the Richmond Fed Uses Diffusion Indices]]> The Richmond Fed publishes a series of diffusion indices based off of surveys of manufacturing and service sector firms across the Fifth District. These indices help us to understand business conditions in our region in a timely and more comprehensive way.

]]> <![CDATA[Conversation With the Chair: A Teacher Town Hall Meeting]]> Federal Reserve Board Chair Janet Yellen will address educators in Washington, D.C., and nationwide via webcast on January 12, 2017. Her live message for teachers will discuss the mission and responsibilities of the Federal Reserve System.

]]> <![CDATA[2016 Research Seminars, Benjamin Moll (CANCELLED)]]> Benjamin Moll, an assistant professor of economics and international affairs at Princeton University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Student Loans: Data, Challenges and Resources]]> <![CDATA[Richmond Fed’s Lacker Speaks November 14 at Washington College]]> <![CDATA[Appalachian State University Wins District College Fed Challenge]]> Appalachian State University, located in Boone, North Carolina, competed in the district finals against teams from American University, Washington, D.C., and the University of Virginia, Charlottesville, Virginia.

]]> <![CDATA[Richmond Fed at a Glance, November 2016]]> Baltimore Regional Executive Dave Beck discusses the Fed’s role in the payments system during our most recent Conversations @ the Richmond Fed.

]]> <![CDATA[Focus On … Preparing Students for Life After High School]]> The Richmond and San Francisco Feds debut a new lesson for Invest in What’s Next: Life After High School, an interactive tool that helps students prepare for life after graduation.

]]> <![CDATA[Our Latest News & Research ]]> <![CDATA[Monetary Policy Update]]> <![CDATA[National & Regional Economy]]> <![CDATA[Hot Topic: Access to Affordable Housing ]]> In our most recent Community Pulse survey, community development professionals tell us what they consider as the most pressing issues facing Fifth District communities.

]]> <![CDATA[Our Role in the Payments System]]> Baltimore Regional Executive Dave Beck discusses the Fed’s role in the payments system during our most recent Conversations @ the Richmond Fed.

]]> <![CDATA[A Dramatic Shift in the U.S. Energy Sector: Hitting Close to Home]]> There has been a dramatic change in the energy sector in recent decades. With lower prices, what is the outlook going forward? What has the impact been on West Virginia, the Fifth District’s largest energy producer?

]]> <![CDATA[The Pulse of Our Communities]]> Access to affordable housing is the top current issue facing communities in the Fifth District according to a Richmond Fed survey of local and state government officials and community development professionals. 

]]> <![CDATA[Richmond Fed Research Challenges the ‘Volcker Disinflation’ Story]]> The Richmond Fed’s latest Economic Brief challenges the standard narrative of the causes of the disinflation that occurred under former Federal Reserve Chairman Paul Volcker.

]]> <![CDATA[The Burns Disinflation of 1974]]> <![CDATA[2016 Research Seminars, Luigi Bocola (CANCELLED)]]> Luigi Bocola, an assistant professor of economics at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Supervision News Flash - November 2016]]> In this issue we highlight the need to focus on how bank holding company subordinated debt may affect subsidiary banks; we share highlights of the BSA Coalition Anti-Money Laundering Conference; we recap recent Supervision and Regulation Letters; and we talk about our Community Bankers Forum that’s slated for November 14-15.

]]> <![CDATA[Federal Open Market Committee Action]]> ]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> Julie Yoo has been appointed as a vice president in the Audit department. 

]]> <![CDATA[Debt-to-Income Ratio-Based Mortgage Denials in the Fifth District]]> This issue of 5th District Footprint examines the change in the percentage of mortgage denials based on the applicant’s debt-to-income ratio from 2013 to 2014 and from 2014 to 2015.

]]> <![CDATA[2016 Research Seminars, Jessie Handbury]]> Jessie Handbury, an assistant professor in real estate at the University of Pennsylvania, presents her latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Economic Outlook]]> Bauer reviewed economic conditions in Maryland and the nation at a meeting in Silver Springs, Md.

]]> <![CDATA[Understanding Our Communities]]> The Community Investment Council is one of several advisory groups that provide “on the ground” information to the Bank.

 

]]> <![CDATA[An Evening at the Fed Lecture Series]]> <![CDATA[Supervision News Flash - October 2016]]> In this issue we highlight the need to report a change in bank control before it happens; we share another update on internal audit expectations; we recap recent Supervision and Regulation Letters; we talk about our Community Bankers Forum that’s slated for November 14-15; and we share quick updates on recent speeches.

]]> <![CDATA[What’s New in Financial Ed from the Fed?]]> Learn how the Federal Reserve is raising awareness across the country about the importance of financial education this October.

]]> <![CDATA[Beige Book]]> Fifth District economic activity rose modestly in recent weeks.

]]> <![CDATA[Commuting Patterns around Virginia’s Biggest Cities]]> In 2015, nearly 4 million Virginia residents commuted to work; however, the means of transportation and average commute time varied substantially by location.

]]> <![CDATA[An Evening at the Fed Lecture Series]]> <![CDATA[2016 Research Seminars, Alberto Cavalho]]> Alberto Cavallo, a professor of information technology and management and an associate professor of applied economics at MIT, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Phrases Word Cloud]]> <![CDATA[Community Pulse 2016 Survey Results]]> This issue of the Community Pulse presents the findings from our 2016 survey.

]]> <![CDATA[Termination as an Incentive Device (Revised July 2019)]]> <![CDATA[2016 Research Seminars, Shengxing Zhange]]> Shengxing Zhang, an assistant professor at the London School of Economics, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Estimating Matching Efficiency with Variable Search Effort (Revised December 2016)]]> <![CDATA[Is Your High School Student College- and Career-Choice Ready?]]> Our tool Invest in What’s Next helps students build their plan for life after high school.

]]> <![CDATA[Minutes of the Federal Open Market Committee, September 20-21, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 20-21, 2016.

]]> <![CDATA[Richmond Fed Research Assesses the Affordable Care Act’s Effect on Part-Time Employment]]> The Richmond Fed’s latest Economic Brief provides insight into the Affordable Care Act’s effect on part-time employment.

]]> <![CDATA[Model Risk Management Forum]]> <![CDATA[Assessing the Effect of the Affordable Care Act on Part-Time Employment]]> <![CDATA[Does Federal Reserve Governance Need Reform?]]> Richmond Fed President Jeffrey M. Lacker delivered a speech, "Does Federal Reserve Governance Need Reform?" on October 5, 2016, at Marshall University in Huntington, West Virginia.

]]> <![CDATA[Economic Outlook, October 2016]]> Richmond Fed President Jeffrey M. Lacker spoke October 4, 2016, to the West Virginia Economic Outlook Conference in Charleston.

]]> <![CDATA[Income Inequality Across the Fifth District]]> Income has been growing, but many households have not fully recovered from the recession. Income inequality persists at the national level and varies by state and metro area within the Fifth District.

]]> <![CDATA[Bankruptcy and Delinquency in a Model of Unsecured Debt]]> <![CDATA[Our Latest News & Research]]> <![CDATA[Focus On … Our Charlotte Branch’s Cash Operations]]> <![CDATA[Richmond Fed at a Glance, September 2016]]> The latest news and research from the Richmond Fed including President Lacker’s testimony on Fed Governance.

]]> <![CDATA[National & Regional Economy]]> <![CDATA[President Lacker Testifies on Fed Governance]]> Richmond Fed President Jeffrey M. Lacker testified on Federal Reserve Bank Governance before the Subcommittee on Monetary Policy and Trade of the House Financial Services Committee on September 7, 2016.

]]> <![CDATA[In the Community: ‘Fill the Bus’]]> <![CDATA[Monetary Policy Update]]> <![CDATA[2016 Research Seminars, Toan Phan]]> Toan Phan, an assistant professor of economics at the University of North Carolina-Chapel Hill, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[CDFI Fund Institution Level Data and CDFI Asset Size in the Southeast]]> <![CDATA[CDFI Fund Transaction Level Data and CDFI Lending in the Southeast]]> <![CDATA[Acknowledgements, References and Endnotes]]> <![CDATA[Voices From the Field/Spotlight On: Best Practices]]> <![CDATA[Filling in the Gaps: Using CDFI Fund Data to Learn More about CDFI Activity]]> <![CDATA[Richmond Fed’s Lacker to Speak at West Virginia Economic Outlook Conference]]> Richmond Fed President Jeffrey M. Lacker will speak October 4, 2016, at the West Virginia Economic Outlook Conference in Charleston, West Virginia.

]]> <![CDATA[Richmond Fed’s Lacker to Speak on Federal Reserve Governance at Marshall University]]> Richmond Fed President Jeffrey M. Lacker will speak on October 5, 2016, at Marshall University in Huntington, West Virginia.

]]> <![CDATA[Regional Economics Workshop]]> ]]> <![CDATA[CDFI Activity in LMI, Distressed and Underserved Areas]]> <![CDATA[Urban and Rural Service Provision]]> <![CDATA[National, State and Local Respondent CDFIs]]> <![CDATA[Geographic Reach of State and Local Respondent CDFIs]]> <![CDATA[Federal Open Market Committee Action]]> ]]> <![CDATA[Triangle Regional Housing Summit: Investing for Impact ]]> <![CDATA[Leading Practices]]> <![CDATA[Survey Methodology]]> <![CDATA[Policy Challenges and Regulations]]> <![CDATA[Looking Ahead]]> <![CDATA[Community Conditions]]> <![CDATA[Significant Concern]]> <![CDATA[Current Issues]]> <![CDATA[Made in the Fifth District: A Snapshot of Manufacturing]]> This Regional Matters post examines manufacturing in the Fifth District.

]]> <![CDATA[The Fed Retains Strong Influence Over Short-Term Interest Rates]]> The Federal Reserve System’s influence over short-term interest rates remains strong.

]]> <![CDATA[How Did Short-Term Market Rates React to Liftoff?]]> <![CDATA[A Proposal to Clarify the Objectives and Strategy of Monetary Policy (Revised January 2017)]]> <![CDATA[Beige Book]]> Economic growth in the Fifth District slowed since the previous Beige Book.

]]> <![CDATA[Lacker Testifies on Federal Reserve Bank Governance]]> Richmond Fed President Jeffrey M. Lacker testified on Federal Reserve Bank Governance before the Subcommittee on Monetary Policy and Trade of the House Financial Services Committee on September 7, 2016.

]]> <![CDATA[Richmond Fed’s Lacker to Testify to U.S. House Subcommittee]]> Richmond Fed President Jeffrey M. Lacker will testify September 7 at a hearing of the U.S. House Financial Services Committee’s Monetary Policy and Trade Subcommittee.

]]> <![CDATA[Interest Rate Benchmarks]]> Richmond Fed President Jeffrey M. Lacker addressed the Virginia Association of Economists and the Richmond Association for Business Economics in Richmond, Virginia on September 2.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Looks at Monitoring Economic Activity in Real Time Using Diffusion Indices]]> The Richmond Fed’s new Economic Quarterly focuses on economic activity in real time using diffusion indices.

]]> <![CDATA[Time-Varying Parameter Vector Autoregressions: Specification, Estimation, and an Application]]> <![CDATA[Does Bank Lending Matter for Large Firms' Investment?]]> <![CDATA[Monitoring Economic Activity in Real Time Using Diffusion Indices: Evidence from the Fifth District]]> <![CDATA[The Fed and the Piedmont Region]]> Waddell reviewed regional economic conditions in Martinsville, Va.

]]> <![CDATA[Ray Owens: Baby Boomers, Millennials and the Economy]]> Ray Owens, Richmond Fed senior economist and research advisor, explains the finer points of economic growth during a recent event by the Institute of Real Estate Management.

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at Sluggish Wage Growth]]> <![CDATA[Virginia's Labor Market Recovery Resumes]]> Virginia gained jobs at a brisk pace during 2015, but the pace slowed during the first five months of 2016 and has only recently picked up again. Employment growth by industry and by metro area varies substantially. 

]]> <![CDATA[Getting Back Into Equilibrium]]> <![CDATA[Erik Hurst]]> Interview

]]> <![CDATA[Long Run]]> Jargon Alert

]]> <![CDATA[Econ Focus, First Quarter 2016]]> Cover Story: Will America Get a Raise?
Economists debate why wage growth has been so sluggish during the recovery from the Great Recession

]]> <![CDATA[Regional News at a Glance]]> <![CDATA[No More Free Lunch]]> <![CDATA[Why Do Economists and the Public Disagree?]]> <![CDATA[Credit History]]> <![CDATA[Opening Your Own Bank]]> <![CDATA[Will America Get a Raise?]]> Economists debate why wage growth has been so sluggish during the recovery from the Great Recession

]]> <![CDATA[Nuclear Power and Global Warming]]> <![CDATA[Paying for World War I: The Creation of the Liberty Bond]]> Paying for World War I: The Creation of the Liberty Bond

]]> <![CDATA[Nuclear Reactions]]> Lessons learned from projects in Georgia and South Carolina might determine the course of U.S. nuclear development for decades to come

]]> <![CDATA[Measuring Income Inequality and Economic Mobility]]> <![CDATA[Subzero Interest]]> <![CDATA[Joining Community Development and Research]]> <![CDATA[Market Jitters]]> <![CDATA[Who Wants to Start a Bank?]]> Virtually no new banks have opened since the Great Recession began. What's behind this drought, and should we be worried?

]]> <![CDATA[Richmond Fed Essay Traces the Evolution of Reserve Bank Boards]]> The Richmond Fed’s latest Economic Brief traces the evolution of board composition since the Fed’s founding.

]]> <![CDATA[Whom Do the Federal Reserve Bank Boards Serve? ]]> <![CDATA[Social Determinants of Health in the Fifth District]]>

]]> <![CDATA[Richmond Fed’s Lacker Speaks September 2 at the Federal Reserve Bank of Richmond ]]> Richmond Fed President Jeffrey M. Lacker will address The Virginia Association of Economists and the Richmond Association for Business Economics on September 2, 2016, at the Federal Reserve Bank of Richmond in Richmond, Virginia.

]]> <![CDATA[Minutes of the Federal Open Market Committee, July 26-27, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 26-27, 2016.

]]> <![CDATA[What Caused the Great Recession in the Eurozone?]]> <![CDATA[Choosing Prior Hyperparameters]]> <![CDATA[Social Determinants of the Health in the Fifth District]]> <![CDATA[Social Determinants of Health in the Fifth District]]> <![CDATA[Supervision News Flash - August 2016]]> In this issue we highlight SR 09-4 and capital distributions; we discuss the need to periodically review CRA assessment areas; we share another update on CECL; we recap recent Supervision and Regulation Letters; we talk about our Community Banking Technology Forum that’s slated for September 12; and we share quick updates on monetary policy and our regional economy.

]]> <![CDATA[Getting to Know the Fed in 90 Minutes]]> The Fed Experience exhibit attracts more than 5,000 visitors of all ages and backgrounds to participate in its year-long learning programs.

]]> <![CDATA[Foreign Trade: Top Import and Export Partners]]> The latest Regional Matters post looks at Fifth District trade partners.

]]> <![CDATA[Focus On … The Fed’s Role in Currency]]> The Richmond Fed and several of its leaders featured prominently in a local television segment titled “Money: The Evolution of Currency in America,” which aired the week of July 4. 

]]> <![CDATA[Hot Topic: Building Collaborations in Baltimore]]> The Richmond Fed’s Baltimore branch recently brought together several minority professional organizations as part of an ongoing effort to build collaborative relationships with diverse business groups.

]]> <![CDATA[Richmond Fed Presidents Featured in Special Business Section]]> Richmond Fed President Jeffrey M. Lacker and his two predecessors — J. Alfred Broaddus and Robert P. Black — were featured in a special edition of the Richmond Times-Dispatch’s Metro Business.

]]> <![CDATA[Our Latest News & Research]]> <![CDATA[National & Regional Economy]]> <![CDATA[Richmond Fed at a Glance, August 2016]]> The latest news and research from the Richmond Fed including a special business section feature on Richmond Fed Presidents.

]]> <![CDATA[Monetary Policy Update]]> <![CDATA[Economic Outlook]]> Bauer reviewed economic conditions at a meeting of CFOs in Columbia, Md.

]]> <![CDATA[Federal Open Market Committee Action]]> ]]> <![CDATA[Net Migration Rate Change in the Fifth District]]> This issue of 5th District Footprint explores changes in the net migration rates of individuals within Fifth District counties from 2011 to 2015.

]]> <![CDATA[Industry Employment: Losses & Gains, Recession & Recovery]]> Regional Matters examines job growth during and after the Great Recession.

]]> <![CDATA[Teachers Help Guide Our Economic Education Work ]]> Our Teacher Collaborative Committee supports the Bank’s development and delivery of economic and financial education resources and programs.

]]> <![CDATA[Beige Book]]> The Fifth District economy expanded modestly on balance since the previous Beige Book report.

]]> <![CDATA[Gaussian Mixture Approximations of Impulse Responses and the Nonlinear Effects of Monetary Shocks]]> <![CDATA[Richmond Fed Presidents Featured in Special Business Section]]> Richmond Fed President Jeffrey M. Lacker and his two predecessors -- J. Alfred Broaddus and Robert P. Black -- were featured in a special edition of the Richmond Times Dispatch’s Metro Business. The special section included 30 companies, 30 people, 30 products and 30 projects that have impacted the Richmond region over the past 30 years. 

]]> <![CDATA[Richmond Fed Presidents Featured in Special Business Section]]> Richmond Fed President Jeffrey M. Lacker and his two predecessors -- J. Alfred Broaddus and Robert P. Black -- were featured in a special edition of the Richmond Times Dispatch’s Metro Business.

]]> <![CDATA[Richmond Fed Essay Offers Hope for U.S. Growth]]> The Richmond Fed’s latest Economic Brief challenges the idea that the U.S. economy will be stuck in slow-growth mode for many years.

]]> <![CDATA[A "New Normal"? The Prospects for Long-Term Growth in the United States]]> <![CDATA[Minutes of the Federal Open Market Committee, June 14-15, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14-15, 2016.

]]> <![CDATA[TV Special on Money Features Fed Historian and Richmond Fed Currency Officer]]> Henrico County Television featured Fed Historian Gary Richardson and Jonathan Martin of the Currency Technology Office in a special segment "Money: The Evolution of Currency in America."

]]> <![CDATA[FOMC 2017 Schedule Announced]]> The Federal Open Market Committee announced its tentative meeting schedule for 2017.

]]> <![CDATA[U.S. Economic Update and Outlook]]> Kaglic reviewed national economic conditions at an event in Myrtle Beach, S.C.

]]> <![CDATA[Will Technology Take Your Job?]]> The latest Regional Matters post looks at educational attainment in the Carolinas.

]]> <![CDATA[In the Eye of a Storm: Manhattan's Money Center Banks during the International Financial Crisis of 1931]]> <![CDATA[Regional Economy]]> <![CDATA[Understanding the Fed’s Governance and Role]]> Learn more about our role in the economy and the purpose of our public-private governance structure.

]]> <![CDATA[Has Economic Growth in the U.S. Reached a "New Normal"?]]> The Richmond Fed’s 2015 Annual Report essay looks at prospects for long-term economic grow.

]]> <![CDATA[Richmond Fed Tests New $20 Notes]]> You’ve probably heard that Harriet Tubman will be featured on the new $20 bill. But did you know that our Currency Technology Office will help design the note’s security features? 

]]> <![CDATA[Girl Scouts Experience the Fed]]> Daisies, Brownies, and Juniors Program, 10-11:30am

You work for it, spend it, and save it. We count it, sort it, and store it. Have you ever stopped to think about what money is and why it’s valuable? At Girl Scouts Experience the Fed, explore the characteristics of money while discovering everyday items that were once used as money.

Cadettes, Ambassadors, and Seniors Program, 2-:3:30pm

Money is all around us, but have you ever stopped to think how your human capital can affect your future cash flow? At Girl Scouts Experience the Fed, explore the idea of human capital and consider how your unique set of knowledge, experience and skills can help shape your future. You’ll also learn what the Fed is and how your human capital may relate to the many jobs at the Federal Reserve Bank of Richmond.

Girl Scouts will earn a patch and make a swap as a reminder of their day. Space is limited and registration is required. A $6 fee applies per Girl Scout to cover patch and administrative fees. Payments can be made to Girl Scouts at registration.

]]> <![CDATA[BSA Coalition Anti-Money Laundering Conference]]> <![CDATA[Summer Camp Challenge]]> Mark your calendars for Summer Camp Challenge at The Fed Experience! Our annual FREE program brings economics to life through engaging age-based games and activities. Camps are scheduled according to students’ rising grade levels as follows:

K-2 Goods & Services Adventurers
3-5 Econ Explorers
6-8 Human Capital Connectors

Camps are held from 10-11:30 a.m. or 1:30-3 p.m., Monday through Thursday from June 20 to August 25, 2016.

]]> <![CDATA[Mortgage Markets: A Long Road Home]]> A new Regional Matters post on District foreclosure and forfeiture rates.

]]> <![CDATA[Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC today kept the current target range for the federal funds rate at 0.25 to 0.50 percent.

]]> <![CDATA[Richmond Fed Hosts Workforce Skills Gap Meeting]]> The Richmond Fed will host a meeting on bridging workforce skill gaps on June 13. Partners include the Centralina Council of Governments and the Federal Deposit Insurance Corporation. 

]]> <![CDATA[Why Richmond Got a Reserve Bank]]> There are 12 Federal Reserve Banks across the country: How did one land in Richmond, Virginia?

]]> <![CDATA[Beige Book]]> The Fifth District economy continued to expand in recent weeks.

]]> <![CDATA[Richmond Fed Economists Use Inventories to Help Explain Post-1984 Business Cycles]]> The Richmond Fed's Economic Brief examines real business cycle models.

]]> <![CDATA[Using Inventories to Help Explain Post-1984 Business Cycles]]> <![CDATA[Richmond Fed’s Annual Report Asks Whether Growth Has Reached a ‘New Normal’]]> The Richmond Fed released its 2015 Annual Report.

]]> <![CDATA[2016 Research Seminars, Venky Venkateswaran]]> Venky Venkateswaran, an assistant professor of economics at New York University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Annual Report - 2015]]> Reviews the Bank's operations and includes the article "A 'New Normal'? The Prospects for Long-Term Growth in the United States"

]]> <![CDATA[A "New Normal"? The Prospects for Long-Term Growth in the United States]]> <![CDATA[Survey Says: Employers' Hiring and Wage Plans]]> In May, the Richmond Fed added questions to our regular monthly surveys to explore employer opinions on hiring, employee retention, and wage plans.

]]> <![CDATA[Population Living in LMI Areas in the Fifth District ]]> This issue of 5th District Footprint examines the share of people living in a county’s low- and moderate-income (LMI) areas.

]]> <![CDATA[Federal Reserve System Conference on Economic and Financial History]]> <![CDATA[Craft Beer: A-Head of the Beverage Curve]]>

]]> <![CDATA[The Fed and the Fifth District]]> Waddell reviewed regional economic conditions in Richmond, Va.

]]> <![CDATA[Credit Union Forum Connects to Main Street]]> Credit Union leaders from across our District learned how the data they share with the Richmond Fed on a regular basis connect them to monetary policy decisions.

]]> <![CDATA[Minutes of the Federal Open Market Committee, April 26-27, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 26-27, 2016.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> Christin Patel has been promoted to assistant vice president and corporate secretary.

]]> <![CDATA[Richmond Fed’s Econ Focus Looks at the Economics of Disasters]]> The cover article in the latest issue of Econ Focus magazine examines questions about preparation for calamity

]]> <![CDATA[Procuring Innovation]]> Research Spotlight

]]> <![CDATA[Goodbye, Globalization?]]> Why trade growth has slowed down — and what it might mean for the global economy

]]> <![CDATA[Asteroid Defense and Types of Public Goods]]> <![CDATA[Long Hours and High Turnover – For What?]]> Long Hours and High Turnover – For What?

]]> <![CDATA[Market Power]]> Jargon Alert

]]> <![CDATA[Inequality: The Long View]]> Inequality: The Long View

]]> <![CDATA[Dealing with Disasters]]> From hurricanes to asteroids, how should we determine what steps to take to avert catastrophe?

]]> <![CDATA[Conflagration in Baltimore]]> The 1904 disaster was a turning point for U.S. fire prevention

]]> <![CDATA[Econ Focus, Fourth Quarter 2015]]> Cover Story: Dealing with Disasters
From hurricanes to asteroids, how should we determine what steps to take to avert catastrophe?

]]> <![CDATA[The Importance of Researcher Independence]]> The Importance of Researcher Independence

]]> <![CDATA[Predicting Economic Activity through Richmond Fed Surveys]]> <![CDATA[Getting Unstuck]]> Washington, D.C., is notorious for congestion. Can smarter pricing provide a way out of clogged highways, packed parking, and overburdened mass transit?

]]> <![CDATA[The Fed-Bank Relationship Under Scrutiny]]> <![CDATA[Eric Leeper]]> Interview

]]> <![CDATA[Liquidity Requirements and the Lender of Last Resort]]> The financial crisis of 2007-2008 was just the latest chapter in a long debate over how to minimize the risk of bank runs and other liquidity crunches

]]> <![CDATA[Regional News at a Glance]]> Upfront

]]> <![CDATA[A Piece of the Action]]> Policy Update

]]> <![CDATA[Scrambling for Economists: The Ph.D. Job Search]]> Scrambling for Economists: The Ph.D. Job Search

]]> <![CDATA[Richmond Fed Will Help Put New Notes to the Test]]> The Richmond Fed's Currency Technology Office will play a key role, along with others, in helping to define some security features for the new $20 bill and other notes.

]]> <![CDATA[Richmond Fed Announces New Community Investment Council Members]]> The new members will help inform the Bank about emerging issues and economic trends in communities.

]]> <![CDATA[New Web Series Focuses on Urban and Regional Economics]]> New web feature highlights topics and data that matter to areas within the Fifth Federal Reserve District.

]]> <![CDATA[Welcome to Regional Matters]]> In this new web series, we will focus on topics and data related to urban and regional economic issues, particularly those that are important to areas within the Fifth Federal Reserve District.

]]> <![CDATA[Finding a Job: Higher-Skilled and Lower-Skilled Workers in Demand]]>

]]> <![CDATA[Richmond Fed Economists Question Whether Higher Interest Rates Will Increase Banks’ Net Interest Margins]]> Richmond Fed’s Economic Brief for May 2016 examines possible impact of higher interest rates on net interest margins for banks.

]]> <![CDATA[Do Net Interest Margins and Interest Rates Move Together?]]> <![CDATA[Small Business and Access to Credit]]> Profitability, revenues and employment conditions appear to be improving for small businesses, according to the results of an annual Federal Reserve survey.

]]> <![CDATA[2016 Research Seminars, Gustavo Ventura]]> Gustavo Ventura, chair of the economics department at Arizona State University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Personal Financial Ed @ the Fed]]> The Federal Reserve Bank of Richmond, in partnership with the North Carolina Council on Economic Education, invites middle and high school educators to participate in a special professional development workshop during Money Smart Week North Carolina. The program “Personal Financial Ed @ the Fed” will feature interactive resources for teaching personal finance to middle and high school students.

Teachers will receive certificates for 7 or 10 hours of PD. Lunch will be provided.  This event is free, but registration is required.

]]> <![CDATA[Supervision News Flash - April 2016]]> In this issue we discuss the third in a series of IT hot topics for exams that covers Disaster Recovery and Business Continuity Planning; we share an update on InTREx — the inter-agency Information Technology Risk Examination Program; we highlight a few upcoming banking events at the Richmond Fed; we share a recent economic-outlook speech from Richmond Fed President Jeffrey Lacker; and we recap recent Supervision and Regulation Letters.

]]> <![CDATA[2016 Research Seminars, Rafael Dix-Carneiro]]> Rafael Dix-Carneiro, an assistant professor of economics at Duke University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC today kept the current target rate for the federal funds rate at 0.25 to 0.50 percent.

]]> <![CDATA[National and Virginia Economic Update]]> Ann Macheras provided an update on the U.S. and Virginia economies in April 2016.

]]> <![CDATA[2016 Research Seminars, Randy Wright]]> Randy Wright, professor of finance and economics at the University of Wisconsin, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Student Loans: Are Yours Afloat?]]> This issue examines student loans and directs readers to information and tools for managing student loan repayment.

]]> <![CDATA[View From Main Street]]> The Community Investment Council is one of several advisory groups that provide regional information to the Bank.

]]> <![CDATA[Richmond Fed Examines Whether Living Wills Can Alleviate ‘Too Big to Fail’]]> <![CDATA[What We Know About Wage Adjustment During the 2007-09 Recession and Its Aftermath]]> <![CDATA[Relative Price Changes and the Optimal Inflation Rate]]> <![CDATA[Understanding Living Wills]]> <![CDATA[Beige Book]]> Economic conditions across the Fifth District strengthened in recent weeks.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> <![CDATA[2016 Research Seminars, Edouard Schaal]]> Edouard Schaal, an assistant professor of economics at New York University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[Economic Leadership in an Uncertain World]]> Richmond Fed President Jeffrey M. Lacker was a featured speaker for the Chancellor’s Distinguished Lecture Series at the University of North Carolina Wilmington on April 12, 2016.

]]> <![CDATA[Report Examines Community Development Financial Institutions in the Southeast]]> CDFIs are major providers of small business loans, financial education and technical assistance in underserved markets.

]]> <![CDATA[Community Development Financial Institutions in the Southeast: Surveying the Social Investment Landscape]]> The Federal Reserve Bank of Richmond Community Development department  conducts a biennial survey of community development financial institutions  (CDFIs) in the Southeast region of the United States. This issue of Community  Scope uses the results of the 2015 survey to present timely key findings on  CDFI activity in the Southeast, including capitalization, demand, capacity,  non-lending programs and services, and impact investing. We find growing demand  for the products and services offered by CDFIs, including small business loans,  financial education and technical assistance. CDFIs, however, continue to face  financial constraints in responding to this demand.


]]> <![CDATA[North Carolina Economics Challenge]]> <![CDATA[2016 Research Seminars, Tao Zha]]> Tao Zha, executive director of the Center for Quantitative Economic Research in the research department of the Federal Reserve Bank of Atlanta and professor of economics at Emory University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[North Carolina Personal Finance Challenge]]> <![CDATA[Minutes of the Federal Open Market Committee, March 15-16, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 15-16, 2016.

]]> <![CDATA[Richmond Fed Explores the College Drop-Out Option]]> The Richmond Fed's April Economic Brief explores issues related to skipping or dropping out of college.

]]> <![CDATA[UPDATE: Richmond Fed’s Lacker Speaks April 12 at University of North Carolina Wilmington]]> Richmond Fed President Jeffrey M. Lacker is the featured speaker April 12, 2016, at the Chancellor’s Distinguished Lecture Series sponsored by the University of North Carolina Wilmington’s Cameron School of Business.

]]> <![CDATA[The Role of Option Value in College Decisions]]> <![CDATA[U.S. and North Carolina Economic Outlook]]> Kaglic discussed economic conditions at a networking event in Greensboro, N.C.

]]> <![CDATA[Revisiting the Behavior of Small and Large Firms during the 2008 Financial Crisis (Revised December 2016)]]> <![CDATA[Nonprofit Sector in the U.S. and the Fifth District]]> <![CDATA[Nonprofit Sector in the U.S. and the Fifth District]]> <![CDATA[Nonprofit Sector in the U.S. and the Fifth District]]> <![CDATA[Appendix: CDFI Response Profiles by Geography]]> <![CDATA[Nonprofit Sector in the U.S. and the Fifth District]]> This issue of 5th District Spotlight looks at the nonprofit sector in the United States and within the Fifth District.

]]> <![CDATA[Appendix: CDFI Response Profiles by Geography]]> <![CDATA[2016 Research Seminars, Simon Gilchrist]]> Simon Gilchrist, a professor of economics at Boston University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[2016 Research Seminars, Fabio Canova]]> Fabio Canova, a professor of economics at the European University Institute, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[The Outlook for Inflation and Inflation Expectations]]> Richmond Fed President Jeffrey M. Lacker spoke at the Global Interdependence Center’s Central Banking Series conference in Paris on March 21.

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2015 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC (ML LLC), and the Board of Governors. An independent auditing firm engaged by the Board has issued unmodified opinions on these financial statements and unqualified opinions on the Board’s and the Bank’s internal controls over financial reporting.

]]> <![CDATA[Financial Fragility and Over-the-Counter Markets]]> <![CDATA[2016 Research Seminars, Pablo Kurlat]]> Pablo Kurlat, an assistant professor of economics at Stanford University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed’s Lacker Speaks at the Banque de France in Paris]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC today kept the current target rate for the federal funds rate at 0.25 to 0.50 percent.

]]> <![CDATA[Beneficial Ownership: What You Need to Know]]> <![CDATA[Fifth Federal Reserve District Branch Director Appointed]]> The Richmond Fed Board of Directors has appointed Jerry L. Ocheltree, president and CEO of Carolina Trust Bank in Lincolnton, North Carolina, to serve on the Charlotte branch board for a three-year term.

]]> <![CDATA[Non-Lending Programs and Services]]> <![CDATA[Conclusion]]> <![CDATA[Demand and Capacity]]> <![CDATA[CDFI Survey Background]]> <![CDATA[Overview of Respondent CDFIs]]> <![CDATA[Capitalization]]> <![CDATA[Richmond Fed Compares Methods of Measuring CEO Pay]]> The Economic Brief for March 2016 compares three methods of measuring CEO pay.

]]> <![CDATA[Measuring CEO Compensation]]> <![CDATA[2016 Research Seminars, Stephen Redding]]> Stephen Redding, a professor of economics at Stanford University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[Federal Reserve Banks Release Report on Credit Experiences of Small Businesses]]> Report finds that economic conditions for small businesses appear to be improving.

]]> <![CDATA[Network Contagion and Interbank Amplification during the Great Depression]]> <![CDATA[Beige Book]]> The Fifth District economy grew moderately, on balance, since the previous Beige Book report.

]]> <![CDATA[US Economic Outlook]]> Bauer discussed the national economy at a conference in Morgantown, W.Va.

]]> <![CDATA[Richmond Fed’s Econ Focus Examines Lessons from Mass Migrations to the U.S.]]> The Federal Reserve Bank of Richmond has published its Econ Focus magazine for the third quarter of 2015.

]]> <![CDATA[Strategic Default and Mortgage Fraud]]> Around the Fed

]]> <![CDATA[Trading With Cuba]]> Trading with Cuba

]]> <![CDATA[What Are They Working On Now? ]]> <![CDATA[Econ Focus, Third Quarter 2015]]> Featured Article: A Fresh Look at the "Huddled Masses"
Economists are looking at past mass migration waves to understand Europe's refugee surge.

]]> <![CDATA[A Bridge Too Far?]]> A Bridge Too Far?

]]> <![CDATA[Are Large Excess Reserves a Problem for the Fed?]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[The Need for (Trading) Speed]]> Research Spotlight

]]> <![CDATA[A Fresh Look at the "Huddled Masses"]]> A Fresh Look at the “Huddled Masses”

]]> <![CDATA[Reverse Repo]]> Jargon Alert

]]> <![CDATA[A Territory in Crisis]]> A Territory in Crisis

]]> <![CDATA[Emi Nakamura]]> Interview

]]> <![CDATA[Only Two Cheers for Capitalism?]]> Only Two Cheers for Capitalism?

]]> <![CDATA[Worker Pay vs. CEO Pay]]> Policy Update

]]> <![CDATA[Post-Recession Labor Market Trends in the Fifth District]]> <![CDATA[The Techonomist in the Machine]]> The Techonomist in the Machine

]]> <![CDATA[The Dual Mandate and Emerging Markets]]> ]]> <![CDATA[The Role of Lower-Ranked Economics Ph.D. Programs]]> Profession

]]> <![CDATA[Can Monetary Policy Affect Economic Growth?]]> Richmond Fed President Jeffrey M. Lacker was featured speaker for the “Legends + Leaders” lecture series at Johns Hopkins Carey Business School in Baltimore on February 24.

]]> <![CDATA[Richmond Fed Leadership Reappointed]]> The Federal Reserve’s Board of Governors affirmed the reappointment of 10 Federal Reserve Bank presidents and 10 first vice presidents by their respective boards of directors.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 26-27, 2016]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 26-27, 2016.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> Kerri Coard has been appointed an assistant vice president in Cash Services. The appointment was effective February 16.

]]> <![CDATA[Relative Price Dispersion: Evidence and Theory]]> <![CDATA[#IEIFutureWork: Our Place in the Discussion]]> Richmond Fed Leads Workforce Discussion at the 31st Annual Emerging Issues Forum in North Carolina.

]]> <![CDATA[Richmond Fed’s Lacker Speaks February 24 at Johns Hopkins Carey Business School]]> <![CDATA[Richmond Fed’s Economic Brief Explores History of Fed Dividends]]> The Richmond Fed’s Economic Brief for February 2016 explores the history of Fed dividends to member banks.

]]> <![CDATA[The Cost of Fed Membership]]> <![CDATA[Richmond Fed’s Economic Quarterly Special Issue Looks at Household Topics]]> The Richmond Fed’s new Economic Quarterly is a special issue containing essays from annual reports that address broad issues affecting the economic well-being of U.S. households. The topics largely deal with longer-run trends in the economy – phenomena that play out over longer intervals than the typical business cycle. 

]]> <![CDATA[Are We Saving Enough? Households and Retirement]]> <![CDATA[Unsustainable Fiscal Policy: Implications for Monetary Policy]]> <![CDATA[Essays from our Annual Reports, Part II]]> <![CDATA[Land of Opportunity: Economic Mobility in the United States]]> <![CDATA[The Rise in Long-Term Unemployment: Potential Causes and Implications]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee today kept the current target rate for the federal funds rate at 0.25 to 0.50 percent.

]]> <![CDATA[Beige Book]]> Economic conditions strengthened modestly since the previous Beige Book report. Manufacturing expanded, with a mild increase in shipments and new orders.

]]> <![CDATA[Money, Banking, and Monetary Policy from the Formation of the Federal Reserve until Today]]> <![CDATA[Economic Outlook, January 2016]]> Richmond Fed President Jeffrey M. Lacker spoke at the Annual Meeting of the South Carolina Business & Industry Political Education Committee in Columbia, South Carolina, on January 12.

]]> <![CDATA[Economic Outlook, January 2016]]> Richmond Fed President Jeffrey M. Lacker spoke at the Maryland Bankers Association’s First Friday Economic Outlook Forum in Baltimore, Maryland, on January 8.

]]> <![CDATA[Economic Outlook, January 2016]]> Richmond Fed President Jeffrey M. Lacker spoke at the Greater Raleigh Chamber of Commerce’s 2016 Economic Forecast event in Raleigh, North Carolina on January 7.

]]> <![CDATA[Economic Brief Discusses New Liquidity Requirements for Banks]]> The Richmond Fed’s Economic Brief for January 2016 highlights a new regulation that requires banks to hold minimum levels of liquid assets.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 15-16, 2015]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 15-16, 2015. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.

]]> <![CDATA[Understanding the New Liquidity Coverage Ratio Requirements]]> <![CDATA[Richmond Fed’s Lacker Speaks January 12 in Columbia, South Carolina]]> <![CDATA[Fifth Federal Reserve District Office Chairs Elected, Directors Appointed]]> The boards of directors of the Richmond Fed’s Baltimore and Charlotte branches announce chairs, appointments and reappointments for 2016.

]]> <![CDATA[Richmond Fed Directors Reappoint Federal Advisory Council Member]]> The Richmond Fed's Board of Directors have reappointed Kelly S. King, chairman and chief executive officer of BB&T Corp., Winston-Salem, N.C., as the Fifth District representative on the Federal Advisory Council.

]]> <![CDATA[Special Issue of Richmond Fed's Economic Quarterly Revisits the Financial Crisis]]> The Richmond Fed’s newly released Economic Quarterly is a special issue reprinting past Annual Report articles focusing on the financial crisis. Taken together, these essays reflect much of the thinking the Richmond Fed has done on the sources of financial instability and the means by which public policy can promote stability.

]]> <![CDATA[Fifth Federal Reserve District Board Reappointments Announced]]> The Board of Governors reappointed the chair and deputy chair of the Richmond Fed’s Board of Directors for 2016.

]]> <![CDATA[Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's First 100 Years]]> <![CDATA[The Financial Crisis: Toward an Explanation and Policy Response]]> <![CDATA[The Pursuit of Financial Stability: Essays from the Federal Reserve Bank of Richmond Annual Reports]]> <![CDATA[Systemic Risk and the Pursuit of Efficiency]]> <![CDATA[Living Wills: A Tool for Curbing Too Big to Fail]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces that Terry Wright has been promoted to group vice president.

]]> <![CDATA[D.C. Economic Inclusion Series Sets Path for 2016]]> The fourth event of the year highlighted new research and helped set goals for 2016.

]]> <![CDATA[Richmond Fed’s Lacker to Speak in Raleigh, North Carolina, on January 7]]>

]]> <![CDATA[Richmond Fed’s Lacker to Speak to Maryland Bankers Association on January 8]]> <![CDATA[Rent Share of Household Income in the Fifth District]]> This issue of 5th District Footprint examines the share of household income spent on rent in the Fifth District.

]]> <![CDATA[Carolinas Economic Outlook]]> Kaglic discussed economic conditions in the U.S. at an event in Rock Hill, S.C.

]]> <![CDATA[FOMC Raises Federal Funds Rate]]> The FOMC raises rates for the first time in more than nine years.

]]> <![CDATA[What Is the Monetary Standard?]]> <![CDATA[Microbusiness in the Fifth District ]]> This issue of 5th District Footprint offers a look at microbusiness in the Fifth District before and after the Great Recession.

]]> <![CDATA[Richmond Fed’s Lacker to Appear on Charlotte Chamber of Commerce Panel]]> Richmond Fed President Jeffrey M. Lacker will take part in a panel discussion December 18, 2015, at the Charlotte Chamber of Commerce Economic Outlook Conference in Charlotte, North Carolina.

]]> <![CDATA[Impact Investing in the U.S. and the Fifth District]]> This issue of 5th District Spotlight presents key facts about impact investing in the United States and within the Fifth District.

]]> <![CDATA[Impact Investing in the U.S. and the Fifth District]]> This issue of 5th District Spotlight presents key facts about impact investing in the United States and within the Fifth District.

]]> <![CDATA[Richmond Fed's Economic Quarterly Explores the Dropout Option in a Model of College Education]]> In this issue of Economic Quarterly, economists Nicholas Trachter of the Richmond Fed and Ali Ozdagli of the Boston Fed present a simple dynamic model of education where some students are pessimistic about their ability to accumulate human capital in college and find it optimal to join the workforce instead of pursuing higher education, while others are more optimistic and enroll.

]]> <![CDATA[Impact Investing in the U.S. and the Fifth District]]> This issue of 5th District Spotlight presents key facts about impact investing in the United States and within the Fifth District.

]]> <![CDATA[The Dropout Option in a Simple Model of College Education]]> <![CDATA[Loan Guarantees for Consumer Credit Markets]]> <![CDATA[Optimal Institutions in Economies with Private Information: Exclusive Contracts, Taxes, and Bankruptcy Law]]> <![CDATA[Beige Book]]> The Fifth District economy expanded modestly since our previous report.

]]> <![CDATA[Survey Results Suggest Effects of Durbin Regulation Have Been Limited and Uneven]]> The Richmond Fed’s December Economic Brief features the results of a study to determine the impact of the Durbin Amendment on merchants’ costs.

]]> <![CDATA[Community Pulse 2015 Survey Results]]> The current issue of Community Pulse presents the results of our 2015 survey.

]]> <![CDATA[Did the Durbin Amendment Reduce Merchant Costs? Evidence from Survey Results]]> <![CDATA[2015 Research Seminars, Enghim Atalay]]> Enghim Atalay, an assistant professor of economics at the University of Wisconsin-Madison, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[In Their Own Words]]> <![CDATA[Economic Prospects/Concept Map]]> <![CDATA[Survey Methodology]]> <![CDATA[Board Members Elected to Federal Reserve Bank of Richmond]]> The Fifth Federal Reserve District member banks elected directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2016.

]]> <![CDATA[2015 Research Seminars, Gustavo Ventura (CANCELLED)]]> Gustavo Ventura, chair of the economics department at Arizona State University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Current Issues]]> <![CDATA[Emerging Issues]]> <![CDATA[UNC-Chapel Hill Wins District College Fed Challenge]]> Students from the University of North Carolina at Chapel Hill won the district title in the Federal Reserve Bank of Richmond’s College Fed Challenge competition.

]]> <![CDATA[Richmond Fed’s Econ Focus Highlights Economic Risks of Private Debt]]> The cover article in the latest issue of Econ Focus magazine examines the potential effects of high private debt.

]]> <![CDATA[The Public Perils of Private Debt]]> The public perils of private debt

]]> <![CDATA[James Poterba]]> Interview

]]> <![CDATA[Effect of the 'Polar Vortex' on Economic Activity]]> Around the Fed

]]> <![CDATA[What's a Life Worth?]]> What's a Life Worth?

]]> <![CDATA[Building a Smarter Grid]]> Building a Smarter Grid

]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[Real Interest Rate]]> Jargon Alert

]]> <![CDATA[Economic Development in Paradise]]> <![CDATA[Share and Share Alike]]> Book Review: "On Equality"

]]> <![CDATA[Net Neutrality 2.0]]> Policy Update

]]> <![CDATA[Why Do College Graduates Earn More?]]> <![CDATA[Econ Focus, Second Quarter 2015]]> Cover Story: The Public Perils of Private Debt
Debt makes the wheels of commerce turn. But under certain circumstances, it can also heighten financial crises and recessions.

]]> <![CDATA[Scaling Back Debt Subsidies]]> President's Message

]]> <![CDATA[Where Are the Grocery Stores?]]> Research Spotlight

]]> <![CDATA[Alchemy Island]]> Turning Dirt into Gold on Hilton Head

]]> <![CDATA[Show and TEL: Are Tax and Expenditure Limitations Effective?]]> <![CDATA[Shifting into Neutral]]> Shifting into Neutral

]]> <![CDATA[Economists Learn to Grapple with Big Data]]> The Profession

]]> <![CDATA[On the Distribution of College Dropouts: Wealth and Uninsurable Idiosyncratic Risk]]> <![CDATA[Minutes of the Federal Open Market Committee, October 27-28, 2015]]> The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on October 27-28, 2015.

]]> <![CDATA[Connecting Communities]]> Symposium focuses on transit-oriented development initiatives for improving access to quality housing, jobs and education for low-income individuals and communities.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the appointment of Lisa White as senior vice president.

]]> <![CDATA[Intergenerational Linkages in Household Credit (Revised December 2016)]]> <![CDATA[2015 Research Seminars, Òscar Jordà ]]> Òscar Jordà, an economics professor at University of California, Davis and a research advisor at the Federal Reserve Bank of San Francisco, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[What Monetary Policy Can and Can’t Do]]> <![CDATA[Measurement Errors and Monetary Policy: Then and Now]]> <![CDATA[Supervision News Flash - November 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[The Richmond Fed: Building Partnerships and Communities]]> Our Community Development team partners with regional organizations to enhance working knowledge of the Community Reinvestment Act.

]]> <![CDATA[Economic Brief Links Lower Female LFP Rate to More Single Women in School]]> The new Economic Brief analyzes data to understand the decline in the female labor force participation rate since 2000.

]]> <![CDATA[Why Are Women Leaving the Labor Force?]]> <![CDATA[U.S. and Virginia Economic Update]]> Ann Macheras provided an update on economic conditions in October 2015.

]]> <![CDATA[Richmond Fed’s Lacker to Speak at Cato Institute Monetary Conference]]> Richmond Fed President Jeffrey M. Lacker will speak on a panel at the Cato Institute.

]]> <![CDATA[Richmond Fed President Jeffrey Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting October 27-28, 2015.

]]> <![CDATA[Education, Economics and Employability]]> Our financial education programs are aimed at helping students become financially successful and, in turn, make our community a better place to live.

]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee today kept the current target rate for the federal funds rate at 0 to .25 percent.

]]> <![CDATA[2015 Research Seminars, Dirk Krueger]]> Dirk Krueger, an economics professor at the University of Pennsylvania, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[Supervision News Flash - October 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[Labor Force Participation in the Fifth District]]> This issue of 5th District Footprint examines labor force participation (LFP) rates in the Fifth District before and after the Great Recession. 

]]> <![CDATA[Early Childhood Education in the Context of Lifetime Human Capital Investment]]> Richmond Fed President Jeffrey Lacker's remarks on the economics of early childhood education were presented during a program by the Virginia Early Childhood Foundation and Virginia Chamber of Commerce.

]]> <![CDATA[Richmond Fed Announces Appointment]]> The Federal Reserve Bank of Richmond announces the appointment of Mike Wilder as chief financial officer.

]]> <![CDATA[Beige Book]]> Information gathered since the last Beige Book indicates that Fifth District economic growth moderated in recent weeks.

]]> <![CDATA[2015 Research Seminars, Eric Swanson]]> Eric Swanson, an economics professor at University of California, Irvine, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed Partners With UNC Charlotte Urban Institute on Data Day 2015]]> Charlotte Data Day 2015 drew 165  people for the third annual program, which featured the data and information on the demographic changes in North Carolina communities.

]]> <![CDATA[Minutes of the Federal Open Market Committee, September 16-17, 2015]]> The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on September 16-17, 2015.

]]> <![CDATA[Briefing on U.S. Economy]]> Bauer reviewed national economic conditions at a meeting in Hughesville, Md.

]]> <![CDATA[Richmond Fed Hosts College and Career Readiness Workshop October 15 in Baltimore, Md.]]> Richmond Fed Hosts College and Career Readiness Workshop


]]> <![CDATA[Richmond Fed’s Lacker Discusses Early Childhood Education October 19 in Richmond, Virginia]]> The program will be held at the University of Richmond.

]]> <![CDATA[2015 Research Seminars, Gabriel Chodorow-Reich]]> Gabriel Chodorow-Reich, an assistant professor of economics at Harvard University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Optimal Liquidity Regulation With Shadow Banking (Revised November 2017)]]> <![CDATA[Richmond Fed Economist Discusses the Economic Outlook]]> Sonya Ravindranath Waddell discussed the economic outlook during a meeting of the Virginia, Maryland & Delaware Association of Electric Cooperatives in Virginia Beach on September 29.

]]> <![CDATA[Age Composition in the Fifth District]]> This issue of 5th District Footprint examines age composition for the Fifth District through dependency ratios, which measure the degree to which the population may be composed of dependents.

]]> <![CDATA[Economic Inclusion Program Focuses on the Unbanked and Underbanked]]> Dave Beck, senior vice president and the Richmond Fed’s Baltimore regional executive, discusses "Emerging Payment Alternatives for the Unbanked and Underbanked."

]]> <![CDATA[Tales of Transition Paths: Policy Uncertainty and Random Walks]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the appointment of Chad Harper as vice president and senior payments advisor and Dan C. Lewis as assistant vice president.

]]> <![CDATA[Richmond Fed Economic Brief Compares Approaches to Calculating the Natural Interest Rate]]> The Richmond Fed’s October Economic Brief compares approaches to calculating the natural interest rate.

]]> <![CDATA[Calculating the Natural Rate of Interest: A Comparison of Two Alternative Approaches]]> <![CDATA[Richmond Fed President Jeffrey Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting September 16-17, 2015.

]]> <![CDATA[Regional Economics Workshop]]> The Federal Reserve Bank of Richmond holds its fifth annual Regional Economics Workshop on September 18. This year, economists from institutions around the Fifth District — including the College of William and Mary, the Federal Housing Finance Agency, George Washington University, University of North Carolina at Charlotte, University of Virginia, and West Virginia University — will share their insights on regional economics.

]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee today reaffirmed its view that the current target range of 0 to .25 percent for the federal funds rate remains appropriate.

]]> <![CDATA[2015 Research Seminars, Pierre Yared ]]> Pierre Yared, an associate business professor at Columbia University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[2015 Research Seminars, Randy Wright]]> Randy Wright, a professor of economics and finance at the University of Wisconsin-Madison, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.
]]> <![CDATA[Supervision News Flash - September 14, 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[2015 Research Seminars, Emin Dinlersoz]]> Emin Dinlersoz, senior economist at the Center for Economic Studies at the U.S. Census Bureau, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Approximating Time Varying Structural Models With Time Invariant Structures]]> <![CDATA[The Case Against Further Delay]]> Richmond Fed President Jeffrey Lacker addressed the Retail Merchants Association in Richmond, Virginia, on September 4.

]]> <![CDATA[Beige Book Shows Moderate Growth in Fifth District Economy]]> The Fifth District economy grew moderately since the previous Beige Book.

]]> <![CDATA[Richmond Fed Economic Brief Says Bad Luck Could Explain Inflation-Target Misses]]> The Richmond Fed’s September Economic Brief examines the role of luck in explaining the Federal Open Market Committee’s string of one-sided inflation-target misses.

]]> <![CDATA[Inflation Targeting: Could Bad Luck Explain Persistent One-Sided Misses?]]> <![CDATA[Supervision News Flash - September 2, 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[Learning About Consumer Uncertainty from Qualitative Surveys: As Uncertain As Ever]]> <![CDATA[2015 Research Seminars, Roc Armenter]]> Roc Armenter, a vice president and economist at the Federal Reserve Bank of Philadelphia, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed’s Lacker Discusses the Economic Outlook September 4 in Richmond, Virginia]]> <![CDATA[Minutes of the Federal Open Market Committee, July 28-29, 2015]]> The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on July 28-29, 2015.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Looks at Durbin Amendment Impact on Merchants]]>

]]> <![CDATA[How Can Consumption-Based Asset-Pricing Models Explain Low Interest Rates?]]> <![CDATA[The Impact of the Durbin Amendment on Merchants: A Survey Study]]> <![CDATA[Should Greece Remain in the Eurozone?]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Pinkaj Klokkenga as assistant vice president.

]]> <![CDATA[Richmond Fed's Econ Focus Highlights the Economics of Secession]]> <![CDATA[Economists and the Real World]]> The Profession

]]> <![CDATA[The Competitiveness of Inner Cities]]> Around the Fed

]]> <![CDATA[Creating the Richmond Fed's Bailout Barometer]]> President's Message

]]> <![CDATA[Food Fights]]> Book Review

]]> <![CDATA[Campbell Harvey]]> Interview

]]> <![CDATA[Statistical Significance]]> Jargon Alert

]]> <![CDATA[Superstars of Tax Flight]]> Research Spotlight

]]> <![CDATA[The Secession Question]]> The Secession Question

]]> <![CDATA[Keeping Monetary Policy Constrained]]> <![CDATA[State Labor Markets: What Can Data Tell (or Not Tell) Us?]]> <![CDATA[Econ Focus, First Quarter 2015]]> Cover Story: The Secession Question
What are the economic costs and benefits of nations breaking apart?

]]> <![CDATA[Marriage on the Outs?]]> The institution of marriage is solid -- but only for certain groups. Economics helps explain why

]]> <![CDATA[Divided States of America]]> <![CDATA[Risk Retention Contention]]> Policy Update

]]> <![CDATA[The Crop Insurance Boom]]> A long-standing U.S. farm support program now covers almost every almost crop -- but it attracts more and more critics as well

]]> <![CDATA[The Last Big Housing Finance Reform]]> <![CDATA[Regional News at a Glance]]> Regional News at a Glance

]]> <![CDATA[Jekyll Island: Where the Fed Began]]> Jekyll Island: Where the Fed Began

]]> <![CDATA[CRA Training for Communities]]> The Richmond Fed teamed up with the OCC and FDIC to provide Community Reinvestment Act training.

]]> <![CDATA[Richmond Fed Economic Brief Explores Benefits and Challenges of Living Wills]]> The Richmond Fed’s August Economic Brief explores the benefits and challenges of developing credible living wills – resolution plans for systemically important financial institutions, known as SIFIs.

]]> <![CDATA[Living Wills for Systemically Important Financial Institutions: Some Expected Benefits and Challenges]]> <![CDATA[Workforce Development and the Role of Human Capital]]> Kartik Athreya discussed workforce development in Richmond, Va.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC today voted unanimously to keep the target range of the federal funds rate at 0 to .25 percent.

]]> <![CDATA[Bank Leader Named to Maryland Financial Literacy Post]]> ]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Ron Barnes as assistant vice president.

]]> <![CDATA[Beige Book: Fifth District economic conditions strengthened moderately]]> Economic conditions in the Fifth District strengthened moderately in recent weeks, according to our Beige Book report.

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 16-17, 2015]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 16-17, 2015.

]]> <![CDATA[Richmond Fed’s Annual Survey of Virginia Realtors Shows Housing Market Improving]]> Virginia’s housing market showed several signs of improvement during the first quarter of 2015, according to the Federal Reserve Bank of Richmond’s recent survey of more than 350 members of the Virginia Association of Realtors.

]]> <![CDATA[Richmond Fed Research Ties Price Dispersion to Shopping Around]]>

The Richmond Fed’s July Economic Brief highlights new research that suggests buyers’ differing ability and willingness to shop around might explain price dispersion – wide variations in price for the same product.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the appointment of Huberto Ennis as group vice president and Gina Friese as assistant vice president.

]]> <![CDATA[Buyers' Ability and Willingness to Shop Around: An Explanation for Price Dispersion]]> <![CDATA[Innovation, Deregulation, and the Life Cycle of a Financial Service Industry (Revised March 2017)]]> <![CDATA[Regional Economic Update]]> Waddell provided an update on the Fifth District economy in Richmond, Va.

]]> <![CDATA[Stock Market Participation: The Role of Human Capital (Revised February 2018)]]> <![CDATA[Optimal Banking Contracts and Financial Fragility]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee today reaffirmed its view that the current target range of 0 to .25 percent for the federal funds rate remains appropriate.

]]> <![CDATA[BSA Coalition Anti-Money Laundering Conference]]> Our 2015 BSA Coalition Anti-Money Laundering Conference will feature keynote speaker Richard Weber, chief or the IRS Criminal Investigative Division. He will highlight key challenges and opportunities that he and his agency are facing in the fight against money laundering, tax, narcotics-related and other counterterrorism financial crimes. This year’s event also features regulators, including FinCEN and National Credit Union Administration representatives, as well as officials and industry professionals versed in cutting edge AML topics such as virtual currency and marijuana-related businesses. The popular law enforcement panel is also back to discuss recent money laundering cases.

The BSA Coalition is comprised of bankers, regulators, law enforcement officials and other AML professionals, and was founded in 2008 to provide tools, resources and expertise to assist financial institutions in creating highly effective BSA/AML programs. The ACAMS Private-Public Sector Service Award was given to the BSA Coalition in 2013 for its tremendous partnership efforts in addressing AML/Sanctions/Financial Crime.

The group’s website, www.bsacoalition.org, provides membership information and links to other sites designed to facilitate BSA/AML compliance.  We look forward to seeing you!

]]> <![CDATA[2015 Research Seminars, Matteo Iacoviello]]> Matteo Iacoviello, chief of the trade and financial studies section at the Federal Reserve Board of Governors, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed’s Economic Quarterly Examines Post-Recession Part-Time Employment ]]> ]]> <![CDATA[Large U.S. Bank Holding Companies During the 2007-09 Financial Crisis: An Overview of the Data]]> <![CDATA[The Real Bills Views of the Founders of the Fed]]> <![CDATA[Flows To and From Working Part Time for Economic Reasons and the Labor Market Aggregates During and After the 2007-09 Recession]]> <![CDATA[Richmond Fed’s Economic Brief Questions Whether Banking Reforms of the Early 1990s Failed]]> The Federal Reserve Bank of Richmond’s June Economic Brief highlights new research that compares failures of community and midsize banks in 1986–92 with those in 2007–13 as a way of evaluating the Federal Deposit Insurance Corporation Improvement Act (FDICIA) and the international Basel Accord (Basel I).

]]> <![CDATA[Did Banking Reforms of the Early 1990s Fail? Lessons from Comparing Two Banking Crises]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Richmond Fed Names New Chair of Payments Advisory Council]]> The Federal Reserve Bank of Richmond has appointed E. Stephen Lilly, chief operating officer of First Community Bancshares Inc. and First Community Bank of Bluefield, Virginia, as chair of the Richmond Fed’s Payments Advisory Council.

]]> <![CDATA[2015 Research Seminars, Eric Sims (CANCELLED)]]> Eric Sims, an associate professor of economics at the University of Notre Dame, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Regional Economic Outlook]]> Bauer reviewed economic conditions in the U.S. and Maryland at a forum in Baltimore, Md.

]]> <![CDATA[2015 Research Seminars, Jon Steinsson]]> Jon Steinsson, an associate professor of economics at Columbia University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[From Country Banks to SIFIs: The 100-year Quest for Financial Stability]]> Richmond Fed President Jeffrey M. Lacker gave a speech on financial stability at the Louisiana State University Graduate School of Banking in Baton Rouge on May 26, 2015.

]]> <![CDATA[Community Leaders in South Carolina Discuss the Earned Income Tax Credit]]> Richmond Fed Research Director Kartik Athreya discusses research on the Earned Income Tax Credits, which benefit working people with low-to-moderate incomes.

]]> <![CDATA[Minutes of the Federal Open Market Committee, April 28-29, 2015 ]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2015.

]]> <![CDATA[2015 Research Seminars, Giorgio Primiceri]]> Giorgio Primiceri, an associate professor of economics at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Charlotte Joins "Legacy Cities" to Discuss Broadband]]> The Federal Reserve Banks of Richmond, Chicago, Cleveland and Philadelphia held a videoconference meeting for Redefining Rustbelt 2015–16, entitled “Broadband and Digital Technology: Infrastructure of the Future," on Friday, May 15.

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on the Sharing Economy]]> A slew of Web startups have launched the “sharing” economy, making it easier for individuals to rent out their homes to travelers and to provide transportation services using their own cars, among other endeavors. The sharing economy may increase consumer welfare by giving consumers new choices. But critics argue that these businesses have gained an unfair advantage over incumbents by ignoring regulations designed to protect consumers.

]]> <![CDATA[Richmond Fed's Annual Report Looks at a New Tool for Curbing "Too Big to Fail"]]> The Federal Reserve Bank of Richmond today released its 2014 Annual Report, which features the essay, "Living Wills: A Tool for Curbing ‘Too Big to Fail.'"

]]> <![CDATA[Annual Report - 2014]]> Reviews the Bank's operations and includes the article "Living Wills: A Tool for Curbing 'Too Big to Fail'"

]]> <![CDATA[Living Wills: A Tool for Curbing "Too Big to Fail"]]> <![CDATA[Corporations and K Street]]> Money Talks sidebar

]]> <![CDATA[Building the Aerospace Cluster in South Carolina ]]> <![CDATA[Money Talks]]> Legal changes have opened the door to new kinds of political spending. What does the money buy?

]]> <![CDATA[Last-Resort Lending for the 21st Century]]> <![CDATA[What's It Like on the FOMC? ]]> President's Message

]]> <![CDATA[Car Wars]]> Economic History

]]> <![CDATA[Claudia Goldin]]> Interview

]]> <![CDATA[Economics and Ideology ]]> The Profession

]]> <![CDATA[Averting Financial Crises: Advice from Classical Economists]]> <![CDATA[The Sharing Economy]]> Are new online markets creating economic value or threatening consumer safety?

]]> <![CDATA[Bottoms Up]]> Craft brewers raise the bar in the American beer industry

]]> <![CDATA[Craft Beer in the Fifth District]]> Bottoms Up Sidebar

]]> <![CDATA[How Real is the U.S. Manufacturing Revival?]]> Around the Fed

]]> <![CDATA[Revisiting the 'Paradox of Choice']]> Research Spotlight

]]> <![CDATA[Regional News at a Glance]]> Upfront

]]> <![CDATA[Banning the Box ]]> Policy Update

]]> <![CDATA[Trillion Dollar Economists]]> Book Review

]]> <![CDATA[Econ Focus, Fourth Quarter 2014]]> Cover Story: The Sharing Economy
Are new online markets creating economic value or threatening consumer safety?

]]> <![CDATA[A New Payments Role for the Fed?]]> <![CDATA[Aggregate Demand]]> Jargon Alert

]]> <![CDATA[Supervision News Flash - May 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[Did the Financial Reforms of the Early 1990s Fail? A Comparison of Bank Failures and FDIC Losses in the 1986-92 and 2007-13 Periods]]> <![CDATA[UPDATE: Economic Inclusion: Tools to Build the Financial Strength of Low-Income Families and Communities]]> Our Bank's Community Development office is partnering with the SC Association of Community Economic Development, United Way of SC, and the FDIC on a conference, "Economic Inclusion: Tools to Build the Financial Strength of Low-Income Families and Communities."

Senior Vice President and Research Director Kartik Athreya is among the speakers who will present research and information on the Earned Income Tax Credit (EITC), the nation's largest income-support program. EITCs are tax credits that help low-income working families build financial strength and foster economic inclusion.

Agenda

]]> <![CDATA[Richmond Fed Names 2015 Community Investment Council Chair and New Members]]> The Federal Reserve Bank of Richmond has named a new chair and three new members to its Community Investment Council.

]]> <![CDATA[2015 Research Seminars, Tom Holmes]]> Thomas Holmes, an economics professor at the University of Minnesota, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed's Lacker Discusses Financial Stability May 26 in Baton Rouge, Louisiana]]> Richmond Fed President Jeffrey M. Lacker will address students and faculty of the Louisiana State University Graduate School of Banking in Baton Rouge, Louisiana, on May 26, 2015.

]]> <![CDATA[Regional Economist Discusses National Economic Conditions at Asian Chamber of Commerce Conference]]> Richmond Fed Regional Economist Sonya Ravindranath Waddell addressed business and government officials from the mid-Atlantic region during the Virginia Asian Chamber of Commerce’s ProcureCon Asia 2015 Conference and Expo held May 7. 

]]> <![CDATA[Richmond Fed's Economic Brief Highlights Policy Trade-offs of Central Bank Emergency Lending]]> The Federal Reserve Bank of Richmond’s May Economic Brief presents the Bank of New York’s computer failure of 1985 as a case study on the policy trade-offs of central bank emergency lending.

]]> <![CDATA[Discount Window Lending: Policy Trade-offs and the 1985 BoNY Computer Failure]]> <![CDATA[Regional Forum Returns to the Lowcountry]]> For the first time, the Richmond Fed’s spring regional forum visit brought Bank leaders back to a Fifth District community they’ve previously visited.

]]> <![CDATA[2015 Research Seminars, Guillaume Rocheteau]]> Guillaume Rocheteau, an economics professor at the University of California at Irvine, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Should Greece Remain in the Eurozone? (Revised July 2015)]]> <![CDATA[Assessing the State of the Economy]]> Kaglic discussed the national and regional economy at an event in Sanford, N.C.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee today unanimously reaffirmed its view that the current target range of 0 to .25 percent for the federal funds rate remains appropriate.

]]> <![CDATA[Richmond Fed and Partners Host First Maryland Financial Education Summit]]> The Richmond Fed’s Community Development office convened the first ever Maryland Financial Education Summit in Baltimore on Friday, April 24, in collaboration with the Maryland CASH Campaign and the FDIC.

]]> <![CDATA[2015 Research Seminars, Jidong Zhou]]> Jidong Zhou, an assistant professor of economics at New York University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[2015 Research Seminars, Jeffrey Coles]]> Jeffrey Coles, a finance professor at the University of Utah, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Investing in People for Long-Term Prosperity]]> Richmond Fed President Jeffrey M. Lacker presents a comprehensive approach to preparing skilled workers who can develop and implement new technologies, and reap the benefits of economic growth.

]]> <![CDATA[2015 Research Seminars, Todd Walker]]> Todd Walker, an associate professor of economics at Indiana University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Economic Outlook, April 2015]]> Richmond Fed President Jeffrey M. Lacker addressed the Global Interdependence Center in Sarasota, Florida.

]]> <![CDATA[Minutes of the Federal Open Market Committee, March 17-18, 2015]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 17-18, 2015.

]]> <![CDATA[2015 Research Seminars, Fatih Guvenen]]> Fatih Guvenen, an economics professor at the University of Minnesota, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Dani Rodrik]]> Interview

]]> <![CDATA[Richmond Fed's Economic Brief Evaluates Nominal GDP Targeting]]> The Federal Reserve Bank of Richmond’s April Economic Brief recommends benchmarks instead of a target for nominal gross domestic product, or GDP.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Kerri O’Rourke-Robinson as assistant vice president.

]]> <![CDATA[Richmond Fed and Partners Convene Discussion on EITC]]> Richmond Fed Research Director Kartik Athreya discussed the prevailing research on the Earned Income Tax Credit for low-income families and households during a March 31 conference on economic inclusion. The Raleigh, North Carolina, event drew more than 100 experts, community development practitioners and government leaders, as well as banking and financial organizations.

]]> <![CDATA[Nominal GDP: Target or Benchmark?]]> <![CDATA[Discussion on "Scarcity of Safe Assets, Inflation, and the Policy Trap" by Andolfatto and Williamson]]> <![CDATA[Economic Outlook, March 2015]]> Richmond Fed President Jeffrey Lacker addressed the Greater Richmond Chamber of Commerce.

]]> <![CDATA[Richmond Fed's Lacker Addresses Business and Community Leaders in Charleston, South Carolina]]> Richmond Fed President Jeffrey M. Lacker Addresses Business and Community Leaders in Charleston, South Carolina, on April 15.

]]> <![CDATA[US and Virginia Economic Outlook]]> Ann Macheras reviewed economic conditions in February 2015.

]]> <![CDATA[Richmond Fed's Lacker Speaks on the Economy April 10 in Sarasota, Florida]]> Richmond Fed President Jeffrey M. Lacker speaks on the economic outlook to the Global Interdependence Center and FPA of the Suncoast.

]]> <![CDATA[2015 Research Seminars, Tai-Wei Hu ]]> Tai-Wei Hu, an assistant professor of managerial economics and decision sciences at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified audit opinions for 2014.

]]> <![CDATA[Economic Inclusion: Tools to Build the Financial Strength of Low-Income Families and Communities ]]> The Richmond Fed’s Community Development Office will partner in hosting a conference on economic issues affecting low- and moderate-income individuals, families and communities on March 31, 2015.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee today reaffirmed its view that the current target range of 0 to .25 percent for the federal funds rate remains appropriate.

]]> <![CDATA[2015 Research Seminars, John Jones]]> John Jones, an associate professor of economics at the University of Albany-SUNY, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed's Lacker Speaks March 31 to the Greater Richmond Chamber of Commerce]]> Richmond Fed President Jeffrey M. Lacker speaks on the economic outlook at the Greater Richmond Chamber of Commerce’s Spring Regional Forum.

]]> <![CDATA[Richmond Fed Announces Research Appointments]]> The Federal Reserve Bank of Richmond appoints John Weinberg senior vice president and special advisor to the president and names Kartik Athreya  senior vice president and director of research, effective April 1.

]]> <![CDATA[Richmond Fed's Economic Brief Attributes Dwindling Number of Banks to Lack of New Banks]]> The Federal Reserve Bank of Richmond’s March Economic Brief helps explain the decline in the number of banks since the Great Recession.

]]> <![CDATA[Explaining the Decline in the Number of Banks since the Great Recession]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Econ Focus, Third Quarter 2014]]> Featured Article: Birds of a Feather
Does the hawk-dove distinction still matter in the modern Fed?

]]> <![CDATA[Richmond Fed's Economic Quarterly Surveys the Labor Market]]> In the latest issue of Economic Quarterly, Richmond Fed economists Andreas Hornstein and Marianna Kudlyak and McGill University professor Fabian Lange observe these labor market transitions and suggest that the standard unemployment rate and its extensions proposed by the Bureau of Labor Statistics are both too coarse and too narrow as measures of resource utilization in the labor market.

]]> <![CDATA[Measuring Resource Utilization in the Labor Market]]> <![CDATA[The Financial Crisis, the Collapse of Bank Entry, and Changes in the Size Distribution of Banks]]> <![CDATA[A Business Cycle Analysis of Debt and Equity Financing]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announced the appointment of Melanie Rose as assistant vice president.

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on the Changing Hawk-Dove Distinction in Monetary Policy]]> News stories tell us that some Fed officials are "hawks" and others are "doves." But now that Fed policymakers are closer to a consensus on inflation than in past decades, do these terms still mean what they used to? The featured article in the latest issue of Econ Focus magazine looks at the changing nature of monetary policy debates — and the changing nature of the hawk-dove divide.

]]> <![CDATA[Raise the Wage?]]> Some argue that there's no downside to a higher minimum wage, but others say the poor would be hit hardest

]]> <![CDATA[The Value of High School Employment]]> Research Spotlight

]]> <![CDATA[Richmond's Hawkish Tradition]]> Federal Reserve Sidebar

]]> <![CDATA[Birds of a Feather]]> Federal Reserve

]]> <![CDATA[Financial Learning is a Lifelong Process]]> Presidents Message

]]> <![CDATA[How the Geography of Jobs Affects Unemployment]]> Why job accessibility is limited for some groups and what it means for anti-poverty policies

]]> <![CDATA[Free to Speculate]]> Economic History

]]> <![CDATA[Disinflation]]> Jargon Alert

]]> <![CDATA[The Long View of the Labor Market]]> <![CDATA[The Rising Tide of Large Ships]]> <![CDATA[Limiting Bank Size is not the Answer]]> Around the Fed

]]> <![CDATA[When Economists Make Mistakes]]> The Profession

]]> <![CDATA[Cracking Down on Fraud?]]> Policy Update

]]> <![CDATA[Regional News at a Glance]]> Upfront

]]> <![CDATA[Publish or Perish]]> <![CDATA[The Dropout Dilemma]]> Why do kids drop out of high school, and what can be done to help them finish?

]]> <![CDATA[Education, Innovation and Economic Growth]]> Richmond Fed president Jeffrey Lacker spoke about innovation and human capital at the 2015 Emerging Issues Forum.

]]> <![CDATA[Fixed Prices and Regulatory Discretion as Triggers for Contingent Capital Conversion: An Experimental Examination]]> <![CDATA[Richmond Fed Participates in Emerging Issues Forum]]> The 30th Annual Emerging Issues Forum, "Innovation Reconstructed," drew more than 1,000 business, government and academic leaders, community development practitioners and economic development experts to Raleigh, N.C. The Feb. 9-10 forum is the signature event of the Institute for Emerging Issues at North Carolina State University.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 27-28, 2015]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 27-28, 2015.

]]> <![CDATA[Economic Brief Urges Caution in Interpreting Slow Wage Growth]]> The Federal Reserve Bank of Richmond’s new Economic Brief addresses the question of whether slow wage growth indicates labor market “slack” that is not adequately reflected in the unemployment rate alone.

]]> <![CDATA[How Should the Fed Interpret Slow Wage Growth?]]> <![CDATA[Richmond Fed Presents Panels on Community Development in Raleigh, North Carolina, on February 10, 2015]]> The Federal Reserve Bank of Richmond presents two panel discussions on innovations in community development at the 30th Annual Emerging Issues Forum on February 10, 2015. Richmond Fed President Jeffrey M. Lacker is also a featured speaker for the event.

]]> <![CDATA[National and Regional Economic Outlook]]> Kaglic discussed economic conditions at an event in New Bern, N.C.

]]> <![CDATA[Equilibrium Price Dispersion Across and Within Stores]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee today voted unanimously to keep the target range for the federal funds rate at its current level of 0 to .25 percent. Richmond Fed President Jeffrey M. Lacker is a voting member this year.

]]> <![CDATA[Supervision News Flash - January 2015]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[Federal Reserve Releases "Strategies for Improving the U.S. Payment System"]]> The Federal Reserve System today released “Strategies for Improving the U.S. Payment System,” which presents a multifaceted plan for collaborating with payment system stakeholders, including large and small businesses, emerging payments firms, card networks, payment processors, consumers and financial institutions to enhance the speed, safety and efficiency of the U.S. payment system.

]]> <![CDATA[Richmond Fed's Lacker Will Speak in Raleigh, North Carolina, on February 10, 2015]]> Richmond Fed President Jeffrey M. Lacker is a featured speaker for the 30th Annual Emerging Issues Forum, Innovation Reconstructed.

Update! The Richmond Fed also will present two panel discussions on innovations in community development.

]]> <![CDATA[Community Development Staff Co-Publishes Op-Ed in the Charleston Daily Mail]]> In December, Regional Community Development Manager Jennifer Giovannitti partnered with TechConnect West Virginia to publish an op-ed highlighting innovative ways to connect small business to capital. The strategies and opportunities they discuss are shared to help address challenges in obtaining early stage and seed capital.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Fifth Federal Reserve District Board Appointments Announced]]> The Board of Governors of the Federal Reserve System has appointed the chair and deputy chair of the Board of Directors of the Federal Reserve Bank of Richmond for 2015.

]]> <![CDATA[Economic Outlook, January 2015]]> Richmond Fed's Lacker addressed the Virginia Bankers Association and Virginia Chamber of Commerce during their annual financial forecast event in Richmond, Virginia, on Jan. 9.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 16-17, 2014]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on December 16-17, 2014. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.

]]> <![CDATA[Economic Brief Explains Why the Fed Studies Regional Economics]]> The Federal Reserve Bank of Richmond’s January Economic Brief discusses how the Federal Reserve uses regional economic information.

]]> <![CDATA[Why Does the Fed Study Regional Economics?]]> <![CDATA[Fifth Federal Reserve District Office Chairs, Directors Appointed]]> The boards of directors of the Federal Reserve Bank of Richmond’s Baltimore and Charlotte branches have elected chairs to serve one-year terms beginning Jan. 1, 2015.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments, effective January 1.

]]> <![CDATA[Regional Economic Outlook]]> Ann Macheras discussed economic conditions in the U.S. and Virginia in Nov. 2014.

]]> <![CDATA[Modeling Labor Markets in Macroeconomics: Search and Matching]]> <![CDATA[Federal Open Market Committee Action]]> The Federal Open Market Committee reaffirmed its view that the current 0 to 0.25 percent target range for the federal funds rate remains appropriate.

]]> <![CDATA[Changes in the Rural-Urban Composition of the Fifth District ]]> This issue of 5th District Footprint provides a look at changes along the rural-urban continuum for localities in the Fifth District between 2003 and 2013.

]]> <![CDATA[2014 Research Seminars, Thomas Holmes]]> Thomas Holmes, an economics professor at the University of Minnesota, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Making Our Communities A Better Place to Live]]> The Richmond Fed recently convened experts and practitioners in Baltimore to discuss the critical public policy issues affecting low-income populations.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the promotion of Hattie Barley to vice president.

]]> <![CDATA[Economic Prospects]]> FALL 2014 SURVEY: Respondents were asked whether they thought general economic conditions in their community six months from now will be better, about the same or worse than they are currently.

]]> <![CDATA[Issues: Current and Emerging]]> FALL 2014 SURVEY: Respondents were asked to identify the top three current and ermeging issues having the most significant impact on the welfare of their communities.

]]> <![CDATA[Fall 2014 Survey Results]]> Community Pulse Fall 2014

]]> <![CDATA[Understanding Market Failure in the 2007-08 Crisis]]> Did market failures cause the 2007–08 financial crisis? The answer is important because financial regulation that does not address a specific market failure risks causing new inefficiencies and unintended consequences in the financial system and the broader economy.

]]> <![CDATA[Beige Book Shows Moderately Stronger Fifth District Economy]]> The Fifth District economy strengthened moderately since the previous report. Manufacturing activity increased at a slightly slower pace, as shipments and new orders grew modestly.

]]> <![CDATA[2014 Research Seminars, Gueorgui Kambourov]]> Gueorgui Kambourov, an associate professor of economics at the University of Toronto, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Understanding Market Failure in the 2007-08 Crisis]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on the Economic Effects of Population Growth]]> For centuries, thinkers have predicted economic and resource collapse from overpopulation. The prophecies of doom have failed to come true, however. As developing countries have become more prosperous, their fertility rates have tended to decline. Economists now say that large populations can boost the growth of an economy. The cover story in the latest issue of Econ Focus looks at these and other economic issues involved in population growth.

]]> <![CDATA[Survey Methodology]]> FALL 2014 SURVEY: Respondents were asked whether they thought general economic conditions in their community six months from now would be better than they are now, about the same or worse.

]]> <![CDATA[Survey Methodology]]> FALL 2014 SURVEY: Respondents were asked whether they thought general economic conditions in their community six months from now would be better than they are now, about the same or worse.

]]> <![CDATA[Crowded]]> While more is not always merrier, population growth over the last century has had many positive effects

]]> <![CDATA[Take Your Pick on Job Stats]]> Around the Fed

]]> <![CDATA[Benefits of B.A. Alternatives]]> Research Spotlight

]]> <![CDATA[Reading Between the Lines]]> Economic History

]]> <![CDATA[Coal Crunch]]> Upfront

]]> <![CDATA[It's All Business]]> Upfront

]]> <![CDATA[Islamic Banking, American Regulation]]> <![CDATA[In for a Dollar]]> Upfront

]]> <![CDATA[Will the Graying of America Change Monetary Policy?]]> Federal Reserve

]]> <![CDATA[Moral Hazard and Measurement Hazard]]> <![CDATA[Econ Focus, Second Quarter 2014]]> Cover Story: Crowded
While more is not always merrier, population growth over the last century has had many positive effects

]]> <![CDATA[Expanding Unemployment Insurance]]> Longer unemployment benefits often mean longer unemployment spells, but economists say that's not always a bad thing

]]> <![CDATA[The Birth of Bretton Woods]]> Book Review

]]> <![CDATA[Investing in People as an Economic Growth Strategy]]> Presidents Message

]]> <![CDATA[Breaking into the Mainstream]]> The Profession

]]> <![CDATA[Adverse Selection]]> Jargon Alert

]]> <![CDATA[The Unconventional Oil and Gas Boom]]> <![CDATA[Accounting for the Vagaries of the Wind]]> Policy Update

]]> <![CDATA[Nicholas Bloom]]> Interview

]]> <![CDATA[UNC Wins District College Fed Challenge]]> Students from the University of North Carolina won the district title in the Federal Reserve Bank of Richmond’s College Fed Challenge competition.

]]> <![CDATA[Minutes of the Federal Open Market Committee, October 28-29, 2014]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 28-29, 2014.

]]> <![CDATA[2014 Research Seminars, Fabian Lange]]> Fabian Lange, an associate professor of economics at McGill University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Educational Attainment Rates in the Fifth District ]]> This issue of 5th District Footprint discusses changes in educational attainment in the Fifth District between 1990 and 2012.

]]> <![CDATA[Richmond Fed Marks 100th Anniversary]]> One hundred years ago on November 16, 1914, the Richmond Fed opened for business in downtown Richmond with 16 employees.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the promotion of Kimberly Fuller to assistant vice president.

]]> <![CDATA[Does Enforcement of Employee Noncompete Agreements Impede the Development of Industry Clusters?]]> <![CDATA[U.S. Economic Outlook]]> Bauer provided his view of the national economy at a conference in Charleston. W.Va.

]]> <![CDATA[2014 Research Seminars, Matthias Doepke]]> Matthias Doepke, an economics professor at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[2014 Research Seminars, Viktor Tsyrennikov]]> Viktor Tsyrennikov, an assistant professor at Cornell University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Committing to Financial Stability]]> Richmond Fed president Jeffrey M. Lacker spoke about financial stability and ending “too big to fail.”

]]> <![CDATA[Fifth Federal Reserve District Directors Elected]]> The Fifth Federal Reserve District member banks elected directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2015.

]]> <![CDATA[Forum Brings Bank Leaders to Asheville, N.C.]]> This fall’s regional forum brought Richmond Fed leaders to Asheville, North Carolina, in October to learn more about the area’s diversified economy and its workforce.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee decided to conclude its asset purchase program this month and maintain the current target range for the federal funds rate.

]]> <![CDATA[Regional Economics Workshop]]> The Federal Reserve Bank of Richmond holds its fourth annual Regional Economics Workshop on October 24. This year, economists from institutions around the country — including the U.S. Bureau of Economic Analysis, the Federal Housing Finance Agency, East Carolina University, George Washington University, Longwood University, Ohio State University, and West Virginia University — will share their insights on regional economics.

]]> <![CDATA[2014 Research Seminars, Treb Allen]]> Treb Allen, an assistant professor of economics at Northwestern University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments in its Information Technology department:

]]> <![CDATA[Supervision News Flash - October 2014]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[2014 Research Seminars, Shouyong Shi]]> Shouyong Shi, a professor at Pennsylvania State University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Measuring Heterogeneity in Job Finding Rates Among the Nonemployed Using Labor Force Status Histories]]> <![CDATA[Beige Book Shows Modest Improvement in District Economic Conditions]]> The October Beige Book summarizes economic conditions in the Fifth District and across the country.

]]> <![CDATA[2014 Research Seminars, Guido Menzio]]> Guido Menzio, an associate professor of economics at the University of Pennsylvania, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Rethinking the Unthinkable: Bankruptcy for Large Financial Institutions]]> Richmond Fed president Jeffrey M. Lacker spoke about the use of the Bankruptcy Code to resolve large complex financial institutions.

]]> <![CDATA[Prospects for Growth and Labor Markets]]> Richmond Fed president Jeffrey M. Lacker spoke about the national economic outlook during the Bank’s Regional Forum in Asheville, N.C.

]]> <![CDATA[Minutes of the Federal Open Market Committee, September 16-17, 2014 ]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 16-17, 2014. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.

]]> <![CDATA[2014 Research Seminars, Hugo Hopenhayn]]> Hugo Hopenhayn, an economics professor at the University of California, Los Angeles, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Investing over the Life Cycle: One Size Doesn't Fit All]]> The Federal Reserve Bank of Richmond's October Economic Brief questions the conventional wisdom that young people should invest more heavily in risky assets.

]]> <![CDATA[Richmond Fed Announces Officer Promotions]]> The Federal Reserve Bank of Richmond announces the following officer appointments, effective October 1:

]]> <![CDATA[The Labor Market after The Great Recession]]> The Federal Reserve Bank of Richmond and the Kiel Institute for the World Economy, as part of the Ensuring Economic and Employment Stability network, organized a conference on new developments in macroeconomics and labor economics. The conference was held at the Federal Reserve Bank of Richmond on October 2-3, 2014. Approximately 10 papers were selected for presentation. John Haltiwanger (University of Maryland), Giuseppe Moscarini (Yale University), Harald Uhlig (University of Chicago) and Carl Walsh (UC Santa Cruz) delivered plenary talks.

The conference aims to bring together high-quality research that is at the intersection of labor economics and macroeconomics. Among the areas of interest are:

1. Persistent long-term unemployment and its implications for monetary and fiscal policy

2. Changes in labor force participation: trends and cycles

3. Employment outcomes and earnings inequality over the medium and long run

]]> <![CDATA[Investing over the Life Cycle: One Size Doesn't Fit All]]> <![CDATA[Price Dynamics with Customer Markets]]> <![CDATA[A Century of Change: Charlotte, Banking and the Federal Reserve]]> In 1914, Charlotte was one of 37 cities that submitted a formal petition for a regional Reserve Bank. Though the North Carolina city was one of the smallest by population to compete, it held its own in terms of deposits per capita, reflecting a strong banking sector.

]]> <![CDATA[2014 Research Seminars, Ferdinando Monte]]> Ferdinando Monte, an assistant professor at Johns Hopkins University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Business Establishment Changes in the Fifth District]]> This issue of 5th District Footprint explores changes in the number of business establishments between 2011 and 2012.

]]> <![CDATA[Richmond Fed President Jeffrey M. Lacker Comments on Policy Normalization Principles and Plans]]> Richmond Fed President Jeffrey M. Lacker commented on FOMC actions regarding on policy normalization principles and plans.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate. Also, the FOMC released key elements of the approach it intends to implement when it becomes appropriate to begin normalizing the stance of monetary policy.

]]> <![CDATA[Richmond City Council Honors Bank]]> Richmond City Council honored the Richmond Fed on September 8 with a resolution “on the momentous and historic occasion” of the Bank’s centennial.

]]> <![CDATA[2014 Research Seminars, Jennifer La'O ]]> Jennifer La'O, an assistant professor of economics at Columbia University, presents her latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments, which were effective Sept. 1:

]]> <![CDATA[2014 Research Seminars, Derek Neal]]> Derek Neal, a professor of economics at the University of Chicago, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Putting the Beveridge Curve Back to Work]]> <![CDATA[The Complexity of CEO Compensation]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Is the Real Recovery Here at Last?]]> Kaglic provided an overview of the national economy at an event in Raleigh, N.C.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments:

]]> <![CDATA[Supervision News Flash - August 2014]]> The Supervision News Flash is an occasional publication of the Richmond Fed that provides information on topics and trends affecting financial institutions as well as Supervision, Regulation and Credit throughout the Fifth Federal Reserve District.

]]> <![CDATA[Minutes of the Federal Open Market Committee, July 29-30, 2014]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 29-30, 2014.

]]> <![CDATA[Learning and Life Cycle Patterns of Occupational Transitions]]> <![CDATA[The Prevalence of Apprenticeships in Germany and the United States]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces an officer appointment.

]]> <![CDATA[Factors of Immobility: Why the Unemployment Rate is Slow to Adjust]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate.

]]> <![CDATA[NMTC Investment in the Fifth District]]> This issue of 5th District Footprint examines the distribution of the New Markets Tax Credit (NMTC).

]]> <![CDATA[Different Cities, Different Ladders]]> Research Spotlight

]]> <![CDATA[Weimar's Money Deluge]]> Book Review

]]> <![CDATA[Maturity Mismatch and Financial Stability]]> Presidents Message

]]> <![CDATA[Taking Charge]]> Federal Reserve

]]> <![CDATA[Betting the Farm]]> Preservation programs pay farmers to forgo development

]]> <![CDATA[Rolling Out the Volcker Rule]]> Policy Update

]]> <![CDATA[It's All Local]]> Around the Fed

]]> <![CDATA[Babies and Dollars]]> Upfront

]]> <![CDATA[Why U.S. Economics Departments Won]]> The Profession

]]> <![CDATA[Fed Communications in Unusual Times]]> Opinion

]]> <![CDATA[A Few Questions About Income Inequality]]> The widening income gap is a serious problem in the United States — or is it?

]]> <![CDATA[The Richmond Fed at 100 Years]]> <![CDATA[Richard Timberlake]]> Interview

]]> <![CDATA[World War II and the Richmond Fed]]> <![CDATA[From Loophole to Mandate]]> Economic History

]]> <![CDATA[Time is Money]]> Upfront

]]> <![CDATA[Equilibrium]]> Jargon Alert

]]> <![CDATA[Capital Heights]]> Upfront

]]> <![CDATA[Cybersecuring Payments]]> Are we losing the fight against next-gen bank robbers?

]]> <![CDATA[Summer Camp Challenge Draws Local Kids and the Media]]> Local kids aged 5 through 13 are filling our Fed Experience exhibit as Summer Camp Challenge moves into full swing.

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on the Economics of Securing Digital Payments]]> The convenience of debit and credit cards has come with the risk of cyberattacks and fraud. Hacking of payment systems has led not only to direct costs for financial institutions and retail businesses, but also to damage to company reputations and stock prices. Yet making systems more secure isn't free, either -- and the companies that would bear the cost of upgrading aren't necessarily the ones that would benefit. The cover story in the latest issue of Econ Focus looks at these and other economic problems involved in payment security.

]]> <![CDATA[Higher Education: Are You Ready for the Next Frontier? ]]> Information and tools to help evaluate the higher education decision.

]]> <![CDATA[US and Virginia Economic Outlook]]> Ann Macheras discussed economic trends related to small businesses in June 2014.

]]> <![CDATA[Richmond Fed's Economic Quarterly Explores GDP Growth During and After the Great Recession]]> In the latest issue of Economic Quarterly, Richmond Fed senior advisor Pierre-Daniel Sarte and research associates Jonathon Lecznar and Robert Sharp examine the extent to which U.S. per capita gross domestic product (GDP) growth has been uncharacteristically slow in the recovery from the 2007-09 recession and investigate whether this tepid growth might be a short- or longer-term phenomenon. They first examine several conventional univariate time series representations of per capita GDP and use these to assess the most recent recession and recovery in relation to its previous behavior over the U.S. post-war period. They then present a decomposition of per capita GDP into three components---each of which tends to fluctuate at different frequencies from the others---and find that the substantial decline in the labor force participation rate during and after the Great Recession played a key role in the unusually large fall and slow recovery of per capita GDP. Since the labor force participation rate moves slowly over time, one might expect per capita GDP to continue to recover at a considerably slower pace than what has been observed after other post-war recessions.

]]> <![CDATA[A Simple General Equilibrium Model of Large Excess Reserves]]> <![CDATA[Beige Book - The Fifth District economy grew modestly in recent weeks.]]> The Fifth District economy grew modestly in recent weeks. Regional economic reports are in the new Beige Book.

]]> <![CDATA[Econ Focus, First Quarter 2014]]> Cover Story: Cybersecuring Payments
Are we losing the fight against next-gen bank robbers?

]]> <![CDATA[Minutes of the Federal Open Market Committee, June 17-18, 2014]]> The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on June 17-18, 2014.

]]> <![CDATA[2014 Research Seminars, Marvin Goodfriend]]> Marvin Goodfriend, a professor of international finance and capital markets at the University of Pennsylvania, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Should the Fed Do Emergency Lending?]]> <![CDATA[Economic Outlook, July 2014]]> Richmond Fed President Jeffrey M. Lacker addressed business leaders during a luncheon hosted by the Rotary Club of Charlotte in Charlotte, N.C.

]]> <![CDATA[Richmond Fed Leaders Visit Lynchburg, Va.]]> Bank leaders learned about the wireless technology and manufacturing sectors, early childhood education and local workforce development programs during a two-day visit to Lynchburg, Va.

]]> <![CDATA[National and Maryland Economic Outlook]]> Bauer provided an overview of economic conditions at a meeting in Silver Spring, Md.

]]> <![CDATA[Richmond Fed Survey of Virginia Realtors Shows a Softening of the Housing Market]]> Virginia’s housing market softened during the first quarter of 2014, according to the Federal Reserve Bank of Richmond’s recent survey of more than 1,400 members of the Virginia Association of Realtors.

]]> <![CDATA[Visit FedCommunities.org]]> In coordination with Community Development offices across the Federal Reserve System, our Bank’s Community Development office has helped launch FedCommunities.org.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the following officer appointment:

]]> <![CDATA[Investing in People as an Economic Growth Strategy]]> Richmond Fed President Jeffrey M. Lacker discussed workforce development in a speech at the Lynchburg College School of Business and Economics in Lynchburg, Va.

]]> <![CDATA[Labor-Market Uncertainty and Portfolio Choice Puzzles (Revised July 2017)]]> <![CDATA[Charlotte Data Day Draws Experts, Policymakers and Community Leaders]]> Housing data, trends and analysis for the Charlotte region was at the core of the second annual Charlotte Data Day held June 17. The event, which was hosted by the Federal Reserve Bank of Richmond and the UNC Charlotte Urban Institute, featured more than a dozen presentations and workshops by regional and national experts, policymakers and community leaders.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate.

]]> <![CDATA[Reinventing Older Communities]]> “Reinventing Older Communities: Bridging Growth and Opportunity” — a biennial conference that this year incorporated the last of the four-part Rust Belt series that the Richmond Fed’s Community Development office helped organize — examined how communities can promote economic growth in ways that benefit all residents.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments:

]]> <![CDATA[Charlotte Regional Executive Matthew Martin on "Charlotte Talks"]]> Matthew Martin, Charlotte regional executive, spoke with Mike Collins on "Charlotte Talks" June 13.

]]> <![CDATA[2014 Research Seminars, Urban Jermann]]> Urban Jermann, a professor of international finance and capital markets at the University of Pennsylvania, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[2014 Research Seminars, Scott Fulford]]> Scott Fulford, an assistant professor of economics and international studies at Boston College, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Does the Unemployment Rate Really Overstate Labor Market Recovery?]]> <![CDATA[The Federal Reserve System and Central Banking in the US]]> Waddell discussed the Fed's structure and evolution in Bangalore, India.

]]> <![CDATA[The Fed as Lender of Last Resort: Comments on "Rules for a Lender of Last Resort" by Michael Bordo]]> Richmond Fed President Jeffrey M. Lacker spoke on May 30, 2014 during the Hoover Institution’s Central Banking Conference at Stanford University.

]]> <![CDATA[High School Graduation Rates in the Fifth District]]> This issue of 5th District Footprint discusses four-year cohort high school graduation rates for the class of 2013.

]]> <![CDATA[2014 Research Seminars, Fernando Alvarez]]> Fernando Alvarez, an economics professor at the University of Chicago, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Minutes of the Federal Open Market Committee, April 29-30, 2014]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 29-30, 2014.

]]> <![CDATA[Richmond Fed's Annual Report Asks, "Should the Fed Have a Financial Stability Mandate?"]]> The Federal Reserve Bank of Richmond today released its 2013 Annual Report, which features the essay, “Should the Fed Have a Financial Stability Mandate? Lessons from the Fed’s first 100 Years.”

]]> <![CDATA[Annual Report - 2013]]> Reviews the Bank's operations and includes the article "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years"

]]> <![CDATA[Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years]]> <![CDATA[2014 Research Seminars, Pierre Liang]]> Pierre Liang, an associate professor of accounting at Carnegie Mellon University, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed Chartered 100 Years Ago]]> The Richmond Fed is marking an historic milestone – 100 years ago on May 18, 1914, the Bank was incorporated.

]]> <![CDATA[The Intensity of Job Search and Search Duration (Revised July 2016)]]> <![CDATA[2014 Research Seminars, Noah Williams]]> Noah Williams, a profesor of economics at the University of Wisconsin-Madison, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Welcome and Introductory Remarks, 2014 Credit Markets Symposium]]> Richmond Fed President Jeffrey M. Lacker welcomed participants to the 2014 Credit Markets Symposium and spoke about the evolution of the financial system since the Fed’s founding.

]]> <![CDATA[2014 Research Seminars, Alexei Tchistyi]]> Alexei Tchistyi, an assistant profesor of real estate and finance at UC Berkley, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Richmond Fed's Economic Quarterly Discusses the Monetarist-Keynesian Debate and the Phillips Curve, Focusing on Lessons from the Great Inflation]]> Since the early 1950s, debate between economists mainly at the Cowles Commission and economists mainly at the University of Chicago, led by Milton Friedman, has developed along two parallel but integrally interconnected tracks. The Cowles Commission track involves development of a model of the economy organized around a system of stochastic difference equations with research efforts directed toward providing microeconomic foundations for the individual equations. The Friedman macroeconomic-oriented track involves using changes over time in the systematic character of monetary policy and departures from a given policy as surrogates for controlled experiments in an attempt to distinguish between alternative models. In the latest issue of Economic Quarterly, Richmond Fed senior economist Robert L. Hetzel discusses how the Monetarist-Keynesian debate of the 1960s and 1970s illustrates this ongoing dialectic within macroeconomics.

]]> <![CDATA[2014 Research Seminars, Thijs van Rens]]> Thijs van Rens, an associate profesor of economics at the University of Warwick, presents his latest work at this seminar. Seating is limited and must be reserved by contacting the Research Department at least one day prior to the event date.

]]> <![CDATA[Expanding the Scope of Workforce Development]]> <![CDATA[2014 Research Seminars, Juan Pablo Nicolini]]> Juan Pablo Nicolini, a senior research economist at the Federal Reserve Bank of Minneapolis, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Spring 2014 Survey Results]]> Community Pulse Spring 2014

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted Wednesday to make a further measured reduction in the pace of its asset purchases  and maintain the current target range for the federal funds rate.

]]> <![CDATA[Emerging Issues]]> SPRING 2014 SURVEY: Respondents were asked to identify the top three emerging issues having the most significant impact on the welfare of their communities a year from now.

]]> <![CDATA[Current Issues]]> SPRING 2014 SURVEY: Respondents were asked to identify the top three current issues having the most significant impact on the welfare of their communities.

]]> <![CDATA[Economic Prospects]]> SPRING 2014 SURVEY: Respondents were asked whether they thought general economic conditions in their community six months from now would be better than they are now, about the same or worse.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond appointed Rebecca Goldberg as a vice president and Gail Ball as an assistant vice president.

]]> <![CDATA[Life After High School]]> What path should a student choose after high school? Apply to college? Join the workforce? Enroll in career or technical training?

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on Captives in the Insurance Industry]]> Insurance in the United States is big business: Insurance premiums (not counting health insurance) totaled $1.1 trillion in 2012. To protect themselves against large claims, many insurance companies have long bought insurance from other insurers to share their risks. In a new wrinkle, some life insurers have started setting up "captive" insurance companies to, in effect, buy insurance from themselves — a practice that critics say makes these companies look healthier than they really are. The cover story in the latest issue of Econ Focus looks at these and other questions about the business of insurance.

]]> <![CDATA[Econ Focus - Fourth Quarter 2013]]> Cover story: "Risky Business?"
Insurance is boring...or at least it's supposed to be

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[2014 Research Seminars, George-Levi Gayle]]> George-Levi Gayle, an associate profesor of economics at Washington University in St. Louis, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Fifth Federal Reserve District Office Director Appointed]]> The Board of Governors of the Federal Reserve System has appointed Laura Y. Clark to serve on the Charlotte office board for the remaining portion of a three-year term that ends Dec. 31, 2015.

]]> <![CDATA[2014 Research Seminars, Sophie Osotimehin]]> Sophie Osotimehin, an assistant profesor of economics at the University of Virginia, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Young Unskilled Women and the Earned Income Tax Credit: Insurance Without Disincentives? (Revised July 2014)]]> <![CDATA[Minutes of the Federal Open Market Committee, March 18-19, 2014]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 18-19, 2014 and of the conference call held on March 4, 2014.

]]> <![CDATA[Drifts, Volatilities, and Impulse Responses Over the Last Century]]> <![CDATA[Payment Choice and Currency Use: Insights from Two Billion Retail Transactions (Revised September 2016)]]> <![CDATA[Former Governor Betsy Duke Honored]]> Betsy Duke receives Virginia Women in History Award.

]]> <![CDATA[The First Time the Fed Bought GSE Debt]]> <![CDATA[2014 Research Seminars, Jeremy Lise]]> Jeremy Lise, an assistant professor of economics at University College London, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search]]> <![CDATA[EITC Usage in the Fifth District (Revised May 2015)]]> This issue looks at earned income tax credit (EITC) usage and its potential economic benefits within Fifth District zip codes.

]]> <![CDATA[Which Way is the Economy Headed?]]> Kaglic discussed national economic conditions at a conference in Charlotte, N.C.

]]> <![CDATA[2014 Research Seminars, Gilles Duranton]]> Gilles Duranton, an economist and professor of real estate at the University of Pennsylvania, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Optimized Taylor Rules for Disinflation When Agents are Learning]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted Wednesday to further reduce its monthly purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Richmond Fed Promotes Becky Bareford to Senior Vice President]]> The Federal Reserve Bank of Richmond has promoted Becky Bareford to senior vice president with responsibility for the organization’s human resources function.

]]> <![CDATA[Richmond Fed Announces Officer Promotions]]> The Federal Reserve Bank of Richmond has appointed Jeremy Caldwell and Christy Cleare as vice presidents.

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Friday released the 2013 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, the consolidated variable interest entities (VIEs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

]]> <![CDATA[Developments in U.S. Energy Markets and the Implications for Future Growth]]> Bauer discussed energy markets at a meeting in Baltimore, Md.

]]> <![CDATA[Sharing Perspectives With Maryland Leaders]]> More than 120 alumni of statewide and regional leadership programs recently gathered at the Richmond Fed’s Baltimore branch for an annual economic forum.

]]> <![CDATA[2014 Research Seminars, Michael Kiley (RESCHEDULED)]]> Michael Kiley, associate director of the Office of Financial Stability Policy and Research at the Federal Reserve's Board of Governors, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

(Rescheduled from March 3, 2014 due to inclement weather)

]]> <![CDATA[What Inventory Behavior Tells Us About How Business Cycles Have Changed (Revised May 2015)]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[The Richmond Fed Manufacturing and Service Sector Surveys: A User's Guide]]> <![CDATA[Asset Trading and Valuation with Uncertain Exposure]]> <![CDATA[Does Redistribution Increase Output? The Centrality of Labor Supply (Revised December 2016)]]> <![CDATA[Transcripts of the Federal Open Market Committee 2008 Meetings]]> The Federal Reserve Board and the Federal Open Market Committee released the transcripts of the Committee meetings held January through December 2008.

]]> <![CDATA[Economics After the Crisis: Models, Markets, and Implications for Policy]]> Richmond Fed President Jeffrey M. Lacker spoke Feb. 21, 2014, at Arizona State University's Center for Advanced Study in Economic Efficiency in Tempe, Arizona.

]]> <![CDATA[Minutes of the Federal Open Market Committee, January 28-29, 2014]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on January 28-29, 2014.

]]> <![CDATA[South Carolina and U.S. Economic Outlook]]> Kaglic discussed economic conditions in South Carolina and the nation in Dillon, S.C.

]]> <![CDATA[The Path to Financial Stability]]> Richmond Fed president Jeffrey M. Lacker spoke about steps to increase financial stability on Feb. 11, 2014, at the Stanford Institute for Economic Policy Research.

]]> <![CDATA[Reforming Money Market Mutual Funds: A Difficult Assignment]]> <![CDATA[2014 Research Seminars, Kevin Williams ]]> Kevin Williams, a Ph.D. candidate at the University of Minnesota, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Stepping Stone and Option Value in a Model of Postsecondary Education]]> <![CDATA[Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation]]> <![CDATA[Economic Outlook, February 2014]]> Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Feb. 4, 2014, in remarks to students, faculty and community leaders at Shenandoah University in Winchester, Virginia.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond appointed Sandra L. Tormoen as community affairs officer and Jeffrey R. Gerlach as an assistant vice president.

]]> <![CDATA[Fed Chair Janet Yellen Takes Office]]> Janet Yellen succeeds Ben Bernanke to become the first female chair of the Federal Reserve.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond appointed Sandra L. Tormoen as community affairs officer and Jeffrey R. Gerlach as an assistant vice president.

]]> <![CDATA[Federal Open Market Committee Action]]> The FOMC voted Wednesday to further reduce its monthly purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[2014 Research Seminars, Allen Tran]]> Allen Tran, a Ph.D. candidate at the University of California, Los Angeles, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[2014 Research Seminars, Victoria Vanasco]]> Victoria Vanasco, a Ph.D. candidate at the University of California, Berkeley, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Richmond Fed Economist Testifies Before Congressional Panel ]]> Regional Economist Rick Kaglic provided an economic overview for the nation and South Carolina during a field hearing of the House Committee on Small Business. The hearing of the Subcommittee on Economic Growth, Tax and Capital Access was held in Dillion, S.C. on January 24, 2014.

]]> <![CDATA[2014 Research Seminars, Roberto Robatto]]> Roberto Robatto, a Ph.D. candidate at the University of California, Los Angeles, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[2014 Research Seminars, Ilwoo Hwang]]> Ilwoo Hwang, a Ph.D. candidate at the University of Pennsylvania, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[2014 Research Seminars, Juliane Begenau]]> Juliane Begenau, a Ph.D. candidate at Stanford University, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data]]> <![CDATA[Economic Outlook, January 2014]]> Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 17, 2014, in remarks to the Richmond chapter of the Risk Management Association.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[2014 Research Seminars, Thomas Youle]]> Thomas Youle, a Ph.D. candidate at the University of Minnesota, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[2014 Research Seminars, Jake Zhao]]> Jake Zhao, a Ph.D. candidate at the University of Wisconsin-Madison, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Economic Outlook, January 2014]]> Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 10, 2014, in remarks to the Greater Raleigh Chamber of Commerce.

]]> <![CDATA[2014 Research Seminars, Erik Hembre]]> Erik Hembre, a Ph.D. candidate at the University of Wisconsin-Madison, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Minutes of the Federal Open Market Committee, December 17-18, 2013]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on December 17-18, 2013.

]]> <![CDATA[Richmond Fed Directors Reappoint Federal Advisory Council Member]]> Directors of the Federal Reserve Bank of Richmond have reappointed Kelly S. King, chairman and chief executive officer of BB&T Corp., Winston-Salem, N.C., to serve a one-year term as the Fifth District representative on the Federal Advisory Council. The term began Jan. 1, 2014.

]]> <![CDATA[Fifth Federal Reserve District Office Chairs, Directors Appointed]]> The boards of directors of the Federal Reserve Bank of Richmond’s Baltimore and Charlotte offices have elected chairs to serve one-year terms beginning Jan. 1, 2014.

]]> <![CDATA[Fifth Federal Reserve District Office Directors Appointed]]> The Board of Governors of the Federal Reserve System has reappointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2014.

]]> <![CDATA[Learning about Fiscal Policy Uncertainty]]> <![CDATA[William B. Grant Recognized for Richmond Fed Board Service]]> Baltimore director completed two terms on board.

]]> <![CDATA[Economic Outlook, January 2014]]> Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 3, 2014, in remarks to the Maryland Bankers Association Seventh Annual First Friday Economic Outlook Forum.

]]> <![CDATA[Evaluating Executive Compensation Packages]]> <![CDATA[Pecuniary Externalities, Segregated Exchanges, and Market Liquidity in a Diamond-Dybvig Economy with Retrade]]> <![CDATA[The Business Cycle Behavior of Working Capital]]> <![CDATA[MBS Real Estate Investment Trusts: A Primer]]> <![CDATA[Characterizing the Unusual Path of U.S. Output During and After the Great Recession]]> <![CDATA[Does Intra-Firm Bargaining Matter for Business Cycle Dynamics?]]> <![CDATA[Too Big to Manage? Two Book Reviews]]> <![CDATA[The Monetarist-Keynesian Debate and the Phillips Curve: Lessons from the Great Inflation]]> <![CDATA[Federal Reserve Interdistrict Settlement]]> <![CDATA[Richmond Fed's Economic Quarterly Explores Developments in the Labor Market]]> Unemployment and labor force participation (LFP) are usually negatively correlated over the business cycle -- that is, once the unemployment rate starts to decline the LFP rate starts to increase after about half a year. In the latest issue of Economic Quarterly, Richmond Fed senior advisor Andreas Hornstein shows that this cyclical co-movement pattern between the unemployment rate and the LFP rate can be attributed to two factors.

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on Economic Research About the College Decision]]> College is becoming scarier, financially speaking: The cost of college has been growing more than twice as fast as inflation. Delinquency rates on student loans have jumped, a sign of struggle for some grads. But at the same time, the extra earnings that come with a college degree have been growing too. Should more students – or fewer — be signing on the dotted line for college? The cover story in the latest issue of Econ Focus looks at these and other questions about investing in higher education.

]]> <![CDATA[Econ Focus - Third Quarter 2013]]> Cover Story: Has College Become a Riskier Investment?
The payoff has become more uncertain — but you're probably still better off going

]]> <![CDATA[Saving for Retirement with Job Loss Risk]]> <![CDATA[A Cohort Model of Labor Force Participation]]> <![CDATA[Why Labor Force Participation (Usually) Increases when Unemployment Declines]]> <![CDATA[FOMC Action]]> The FOMC voted Wednesday to reduce its monthly purchases of Treasury and agency mortgage-backed securities starting in January and to keep the federal funds rate low.

]]> <![CDATA[Bank Leaders Visit Charlotte]]> Richmond Fed leaders recently spent time in Charlotte, N.C., for the latest regional economic forum.

]]> <![CDATA[Community Scope - Volume 3, Issue 2 2013]]> Foreclosure Crisis and Response: How Homeowners Fared in Reaching Out for Mortgage Assistance

]]> <![CDATA[Fall 2013 Research Seminar, Scott Frame]]> W. Scott Frame, a financial economist and senior policy adviser at the Federal Reserve Bank of Atlanta, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Economic Outlook, December 2013]]> President Lacker Speaks About Economic Outlook in Charlotte, N.C.

]]> <![CDATA[Federal Reserve launches History Web Gateway ]]> The Federal Reserve on Friday launched the History Web Gateway, a new online resource with biographies, images, and essays on key events in the Fed's 100-year history. The gateway is part of the Fed's effort during its centennial year to encourage a deeper reflection on its role in the nation's economy.

]]> <![CDATA[Beige Book]]> Fifth District economy expanded moderately in recent weeks.

]]> <![CDATA[Fall 2013 Research Seminar, Aubhik Khan]]> Aubhik Khan, an associate professor of economics at Ohio State University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[How Risky Are Young Borrowers?]]> <![CDATA[Lacker Testifies on Bankruptcy and Financial Institution Insolvency]]> Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, testified Dec. 3 about bankruptcy and financial institution insolvency to a subcommitee of the U.S. House of Representatives Committee on the Judiciary.

]]> <![CDATA[The Fed Connects with Teachers Nationwide]]> This fall the Federal Reserve held two nationwide programs to support teachers’ instruction and students’ understanding of personal finance, economics and the role of the Fed.

]]> <![CDATA[Fall 2013 Research Seminar, Greg Kaplan]]> Greg Kaplan, assistant professor of economics at Princeton University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Economic Outlook, November 2013]]> Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook in remarks to business and community leaders in Asheboro, N.C.

]]> <![CDATA[Minutes of the Federal Open Market Committee, October 29-30, 2013]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on October 29-30, 2013.

]]> <![CDATA[James Madison University Wins College Fed Challenge Round]]> James Madison University students win district finals of College Fed Challenge sponsored by the Federal Reserve Bank of Richmond.

]]> <![CDATA[Fall 2013 Research Seminar, Stefania Albanesi]]> Stefania Albanesi, a senior economist at the Federal Reserve Bank of New York, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[5th District Footprint - November 2013]]> This issue looks at patterns in population growth in the Fifth District between 2007 and 2012.

]]> <![CDATA[mREITs and Their Risks (Revised December 2013)]]> <![CDATA[Community Pulse - Fall 2013]]> The new issue of Community Pulse presents the results of our fall 2013 survey.

]]> <![CDATA[The Benefits of Commitment to a Currency Peg: Aggregate Lessons from the Regional Effects of the 1896 U.S. Presidential Election (Revised January 2019)]]> <![CDATA[Understanding the Sluggish Recovery from the Great Recession]]> The Federal Reserve Bank of Richmond and the Kiel Institute for the World Economy, as part of the Ensuring Economic and Employment Stability Network, are organizing a conference which will take place at the Kiel Institute in Germany on November 11-12, 2013. The conference aims to bring together researchers working on theoretical and empirical issues related to the patterns of recovery from the Great Recession. Among the areas of interest are:

  1. The role of labor markets in macroeconomic rebalancing (in particular, the euro area)
  2. Jobless recoveries
  3. The emergence of long-term unemployment and policy responses
  4. Hysteresis in the labor market
  5. The interaction of credit and labor markets over the business cycle
  6. The welfare costs of unemployment
]]> <![CDATA[Fall 2013 Research Seminar, Lukasz Drozd]]> Lukasz Drozd, an assistant professor of finance at the University of Pennsylvania, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Assessing the Risks of Mortgage REITs]]> <![CDATA[Richmond Fed Announces Winners of College Fed Challenge Preliminary Rounds]]> Teams from James Madison University, American University and Elon University won preliminary rounds of the College Fed Challenge Competition held by the Federal Reserve Bank of Richmond. The teams will compete for the Fifth District championship on November 15.

]]> <![CDATA[Fall 2013 Research Seminar, Kenichi Ueda]]> Kenichi Ueda, a senior economist at the International Money Fund, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Starting Early in Workforce Development]]> Richmond Fed President Jeffrey M. Lacker discussed workforce development during his speech to Charlotte business leaders on Nov. 5.

]]> <![CDATA[Fall 2013 Research Seminar, Galina Vereshchagina]]> Galina Vereshchagina, an assistant professor of economics at Boston University, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Global Interdependence and Central Banking]]> President Jeff Lacker addresses the Global Interdependence Center in Philadelphia, which named him its 2013 Global Citizen.

]]> <![CDATA[Fifth Federal Reserve District Directors Elected]]> The Fifth Federal Reserve District member banks elected directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2014.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted Wednesday to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Fall 2013 Research Seminar, Mark Roberts]]> Mark Roberts, a professor of economics at Penn State University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[State Dependent Monetary Policy]]> <![CDATA[5th District Footprint - October 2013]]> This issue examines commuting patterns in the Fifth District.

]]> <![CDATA[Fall 2013 Research Seminar, Warren Weber]]> Warren Weber, a former economist with the Federal Reserve Bank of Minneapolis, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[National and Regional Update]]> Rick Kaglic reviewed economic conditions in the U.S. and the Charlotte metro area in Sept. 2013.

]]> <![CDATA[Regional Economics Workshop]]> The Federal Reserve Bank of Richmond held its third annual Regional Economics Workshop on October 18. This year, economists from around the country — including the University of Tennessee, the Office of the Comptroller of the Currency, the University of Virginia, Princeton University, West Virginia University, and the University of South Carolina — shared their insights on regional economics.

]]> <![CDATA[Toward Orderly Resolution]]> Richmond Fed President Jeffrey M. Lacker offered introductory remarks at the Federal Reserve 2013 Resolution Conference in Washington, D.C.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Fall 2013 Research Seminar, Stefania Garetto]]> Stefania Garetto, an assistant professor of economics at Boston University, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Human Capital Investment as a Major Financial Decision]]> Richmond Fed President Jeffrey M. Lacker addressed teachers at the Council for Economic Education’s 52nd Annual Conference in Baltimore.

]]> <![CDATA[Welfare Analysis of Debit Card Interchange Fee Regulation]]> <![CDATA[The Shifting and Twisting Beveridge Curve: An Aggregate Perspective]]> <![CDATA[Learning about Fiscal Policy and the Effects of Policy Uncertainty]]> <![CDATA[Fall 2013 Research Seminar, William Dupor]]> William Dupor of the Federal Reserve Bank of St. Louis presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[The High Point Initiative]]> One North Carolina city sought a different way of breaking up drug markets without contributing to the higher incarceration rate of black men

]]> <![CDATA[Fifth Federal Reserve District Director Appointed]]> The Federal Reserve Board of Governors made the following appointment to the Federal Reserve Bank of Richmond’s Board of Directors, effective September 11, 2013.

]]> <![CDATA[The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy (Revised July 2017)]]> <![CDATA[Monetary Policy in the United States: The Risks Associated With Unconventional Policies]]> Richmond Fed President Jeffrey M. Lacker discussed U.S. monetary policy at the Swedbank Economic Outlook Seminar on Sept. 26 in Stockholm.

]]> <![CDATA[Homelessness in the U.S. and the Fifth District]]> 5th District Spotlight, Issue 2]]> <![CDATA[A Road Map for Efficiently Taxing Heterogeneous Agents (Revised June 2015)]]> <![CDATA[FOMC Action]]> The FOMC voted Wednesday to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Fall 2013 Research Seminar, Fernanda Nechio]]> Fernanda Nechio, an economist at the Federal Reserve Bank of San Francisco, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Federal Reserve Banks Solicit Input on Improving the Future U.S. Payment System]]> The Federal Reserve Banks today announced the publication of their “Payment System Improvement – Public Consultation Paper” and an opportunity to provide input on the information, ideas and concepts in the document.

]]> <![CDATA[Fall 2013 Research Seminar, Andrew Atkeson]]> Andrew Atkeson, a professor of economics and finance at UCLA, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Fall 2013 Research Seminar, Craig Burnside]]> Craig Burnside, a professor of economics at Duke University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Is Fiscal Austerity Good for the Economy?]]> <![CDATA[A Look Back at the History of the Federal Reserve]]> Richmond Fed President Jeffrey M. Lacker discussed Federal Reserve history at Christopher Newport University on Aug. 29 in Newport News, Va.

]]> <![CDATA[Minutes of the Federal Open Market Committee, July 30-31, 2013]]> The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on July 30-31, 2013.

]]> <![CDATA[5th District Footprint - August 2013]]> Looks at the distribution of manufacturing employment in the Fifth District.

]]> <![CDATA[5E Educator - Spring/Summer 2013]]> This issue of 5E Educator highlights the distinctions between monetary and fiscal policy.

]]> <![CDATA[Richmond Fed Magazine Econ Focus, Formerly Region Focus, Reports on Measuring Poverty in America]]> Many economists and policymakers believe that China keeps its currency artificially cheap to help its export industries. But there is much less agreement on how the policy affects the United States. If China's currency policy has hurt U.S. exporters, it has also benefited our consumers. Moreover, with a more expensive Chinese currency, would we simply import from other low-cost producers instead? And is China's currency, in fact, still substantially undervalued? The cover story in the latest issue of Econ Focus (formerly Region Focus) looks at these and other questions about currency manipulation.

]]> <![CDATA[Richmond Fed Magazine Econ Focus Reports on the Debate Over Chinese Currency Policy]]> Many economists and policymakers believe that China keeps its currency artificially cheap to help its export industries. But there is much less agreement on how the policy affects the United States. If China's currency policy has hurt U.S. exporters, it has also benefited our consumers. Moreover, with a more expensive Chinese currency, would we simply import from other low-cost producers instead? And is China's currency, in fact, still substantially undervalued? The cover story in the latest issue of Econ Focus (formerly Region Focus) looks at these and other questions about currency manipulation.

]]> <![CDATA[The Time-Varying Beveridge Curve]]> <![CDATA[Econ Focus - Second Quarter 2013]]> Cover Story: Sizing Up Currency Manipulation
The Chinese government may be holding down its currency to increase exports. But it's not clear what — if anything — the United States should do about it

]]> <![CDATA[Mother of the Domestic Slave Trade]]> Virginia was the center of a domestic slave trade that fueled the Deep South’s agricultural economy.

]]> <![CDATA[Community Scope - Volume 3, Issue 1 2013]]> Reemploying Displaced Workers: Lessons from North Carolina

]]> <![CDATA[Richmond Fed's Economic Quarterly Considers Net Asset Values for Money Market Funds]]> The instability of money market mutual funds is a subject of active debate. In the latest issue of Economic Quarterly, Richmond Fed economist Huberto M. Ennis explores a new regulatory framework that is likely to be implemented soon in the United States. The design of such a framework should depend on an assessment of which is the main economic function fulfilled by these funds. If money funds are providing maturity transformation, then redemption values that permanently reflect the market value of assets may be hard to compute and may undermine the purpose of the funds. If funds are mainly investment managers, then market-based redemption values can be appropriate and increase the stability of the funds.

]]> <![CDATA[Productivity Insurance: The Role of Unemployment Benefits in a Multi-Sector Model]]> <![CDATA[Internet Banking: An Exploration in Technology Diffusion and Impact (Revised November 2017)]]> <![CDATA[Will a Surge in Labor Force Participation Impede Unemployment Rate Improvement?]]> <![CDATA[Are Young Borrowers Bad Borrowers? (Revised June 2014)]]> <![CDATA[Fall 2013 Research Seminar, Andrew Levin]]> Andrew Levin, an economist at the Board of Governors of the Federal Reserve System, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[FOMC Action]]> The FOMC voted Wednesday to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the appointment of Christopher J. Palumbo as assistant vice president.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Can Monetarists Explain Recession in the Eurozone? (Revised August 2015)]]> <![CDATA[Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt]]> <![CDATA[Richmond Fed Survey of Virginia Realtors Shows Housing Market Improvements]]> Survey focused on residential housing.

]]> <![CDATA[Bank Leaders Tour Baltimore Area]]> Richmond Fed leaders recently visited Baltimore, Md., to learn more about the region’s economy, focusing on additive manufacturing, the business of cybersecurity and health care.

]]> <![CDATA[Land of Opportunity? Economic Mobility in the United States]]> Minorities are less likely to climb the economic ladder than whites. Access to high-quality early childhood education plays an important role.

]]> <![CDATA[Students Look Ahead to Major Financial Decisions]]> The Richmond Fed had a unique opportunity to ask students what they consider to be the biggest financial decisions they’ll make in their lives.

]]> <![CDATA[Economic Outlook, June 2013]]> Richmond Fed President Jeffrey M. Lacker discussed the economic outlook during the Judicial Conference of the Fourth Circuit on June 28 in White Sulphur Springs, W.Va.

]]> <![CDATA[Richmond Fed President Jeffrey M. Lacker Testifies on the Issue of 'Too Big to Fail.']]> Richmond Fed President Jeffrey M. Lacker appeared before the House Financial Services Committee on June 26 to discuss the Dodd-Frank Act and the persistent problem of “too big to fail,” as well as strategies for resolving the issue.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted 10-2 to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[New Community Development Publications]]> Our Bank's Community Development department is releasing two new publications that examine topical issues in the Fifth District.

]]> <![CDATA[Banking On It?]]> 5th District Spotlight, Issue 1]]> <![CDATA[Community Pulse - Spring 2013]]> Presents the results of our spring 2013 survey.

]]> <![CDATA[Workforce Development and Economic Growth]]> Rick Kaglic discussed the national economy in June 2013 and explained the factors behind economic growth.

]]> <![CDATA[Federal Reserve Board Begins 2013 Survey of Consumer Finances]]> John Weinberg, senior vice president and director of research for the Federal Reserve Bank of Richmond, will serve a three-year term on the Virginia Early Childhood Foundation’s board of directors. Weinberg offers his voice and perspectives on early childhood education and its role in enhancing the economic vitality of communities.

]]> <![CDATA[Richmond Fed's Research Director Tapped for Virginia Early Childhood Foundation Board]]> John Weinberg, senior vice president and director of research for the Federal Reserve Bank of Richmond, will serve a three-year term on the Virginia Early Childhood Foundation’s board of directors. Weinberg offers his voice and perspectives on early childhood education and its role in enhancing the economic vitality of communities.

]]> <![CDATA[5th District Footprint - June 2013]]> Looks at student loan delinquency rates in the Fifth District.

]]> <![CDATA[Spring 2013 Research Seminar, Nicolas Vincent]]> Nicolas Vincent, an assistant professor of economics at HEC Montréal, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Implications of Risks and Rewards in College Decisions]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the appointment of James Trotta as assistant vice president.

]]> <![CDATA[Richmond Fed's Annual Report Asks, "Is America the Land of Opportunity?"]]> The Federal Reserve Bank of Richmond today released its 2012 Annual Report, which features the essay, "Land of Opportunity? Economic Mobility in the United States."

]]> <![CDATA[Land of Opportunity? Economic Mobility in the United States]]> <![CDATA[Annual Report - 2012]]> Reviews the Bank's operations and includes the article "Land of Opportunity? Economic Mobility in the United States"

]]> <![CDATA[Spring 2013 Research Seminar, Alan Taylor]]> Alan Taylor, a professor at the University of Virginia, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Price Cap Regulation in a Two-sided Market: Intended and Unintended Consequences (Revised December 2015)]]> <![CDATA[Economic Outlook, May 2013]]> Richmond Fed President Jeffrey M. Lacker addressed business leaders from the Baltimore area at a dinner at the Richmond Fed’s Baltimore office.

]]> <![CDATA[Spring 2013 Research Seminar, Sylvain Leduc]]> Sylvain Leduc, a research advisor at the Federal Reserve Bank of San Francisco, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Spring 2013 Research Seminar, Jonathan Heatchote]]> Jonathan Heatchote, a senior economist at the Federal Reserve Bank of Minneapolis, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Ending 'Too Big to Fail' Is Going to Be Hard Work]]> Richmond Fed President Jeffrey Lacker discusses the federal financial safety net.

]]> <![CDATA[Richmond Fed's Economic Quarterly Explores Interchange Fee Regulations and the Durbin Amendment]]> The debit card interchange fee regulation introduced by the Durbin Amendment to the Dodd-Frank Act went into effect in October 2011. The regulation limits the maximum permissible interchange fee that a covered issuer can collect from merchants for a debit card transaction. In this issue of Economic Quarterly, Richmond Fed economist Zhu Wang reviews the regulation's first-year impact on different players in the debit card market.

]]> <![CDATA[Market-based Incentives (Revised May 2016)]]> <![CDATA[Does Money Still Matter for Monetary Policy?]]> <![CDATA[Spring 2013 Research Seminar, Marc Rysman]]> Marc Rysman, a professor of economics at Boston University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Economic Outlook, May 2013]]> Richmond Fed President Jeffrey M. Lacker addressed the local chapter of the Risk Management Association at their economic outlook luncheon in Richmond, Va.

]]> <![CDATA[Econ Focus - First Quarter 2013]]> Cover Story: Drawing the Line
New measures of poverty illustrate just how hard it is to define who is poor

]]> <![CDATA[The Outlook Amidst Fiscal Uncertainty]]> Rick Kaglic reviewed national economic conditions in May 2013.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Recap: Credit Markets Symposium 2013]]> More than 100 leaders in financial markets, the regulatory arena and academia attended the Richmond Fed’s seventh annual Credit Markets Symposium. View videos and more from the event.

]]> <![CDATA[Spring 2013 Research Seminar, Andrea Stella]]> Andrea Stella, an economist at the Federal Reserve Board of Governors, presents her latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Federal Reserve Bank of Richmond Announces New Chief Operating Officer Mark Mullinix]]> The Federal Reserve Bank of Richmond has announced that Mark L. Mullinix is the organization's newly-named first vice president and chief operating officer. Mullinix will oversee the financial services and support areas of the Bank's Fifth District operations beginning June 1, 2013. In this role, he will work with the Bank's leadership in setting strategic vision and business objectives and will work with other first vice presidents within the Federal Reserve System to lead operational strategy and policy. Mullinix succeeds Sally Green, who is retiring in May 2013, after an impressive Federal Reserve System career that has spanned more than 35 years.

]]> <![CDATA[New $100 Note Scheduled Release]]> The Board of Governors announced the new day of issue for the redesigned $100 note will be October 8, 2013.

]]> <![CDATA[Spring 2013 Research Seminar, William Dupor]]> William Dupora, an associate professor of economics at Ohio State University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Spring 2013 Research Seminar, David Lagakos]]> David Lagakos, an assistant professor of economics at Arizona State University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Honoring A Commitment to Military Service]]> Serving our country can be a challenge under even the best of circumstances. The Richmond Fed’s Alvin Peyton knows that based on experience, and he was recently recognized for helping a team member balance work and military service.

]]> <![CDATA[5th District Footprint - April 2013]]> Explores patterns of cash back transactions in the Fifth District.

]]> <![CDATA[Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry (Revised January 2018)]]> <![CDATA[Spring 2013 Research Seminar, Boragan Aruoba]]> Boragan Aruoba, an associate professor of economics at the University of Maryland, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Minutes of the Federal Open Market Committee, March 19-20, 2013]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on March 19-20, 2013.

]]> <![CDATA[Introducing 5E Navigator]]> The Federal Reserve Bank of Richmond is producing a new publication called 5E Navigator. The publication’s mission is to provide reliable information in an imaginative format to help people make informed decisions about their personal finances. Each issue of 5E Navigator takes the reader on a journey exploring a personal finance topic. The first issue features credit reports.

]]> <![CDATA[Ending 'Too Big to Fail' Is Going to Be Hard Work]]> Richmond Fed President Jeffrey Lacker discusses the federal financial safety net.

]]> <![CDATA[Job Search Behavior: Lessons from Online Job Search]]> <![CDATA[Financial Literacy Month 2013]]> April is National Financial Literacy Month! The Richmond Fed will be engaged in a number of financial education activities across the Fifth Federal Reserve District during April. These activities, along with recently debuted resources, represent a snapshot of our ongoing financial education efforts throughout the year. These efforts focus on providing reliable economics-based information and tools to help people make informed decisions about their personal finances, especially key financial decisions that can have large and long-lasting impacts on their well-being.

]]> <![CDATA[Fed History Shared With New Media Tools]]> As part of the commemoration of its centennial, the Federal Reserve has launched two new social media channels to help the public better understand the Fed and its history.

]]> <![CDATA[Spring 2013 Research Seminar, Daniel Xu]]> Daniel Xu, an assistant professor of economics at Duke University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[New Features: Community Development Resources]]> Among them is an interactive data and mapping resource which allows users to spatially display data and create customized maps of communities, counties and states using PolicyMap’s web based mapping tool. This resource replaces our Community Data and Mapping Resource Centers.  We have also introduced new resources for small businesses.

]]> <![CDATA[5th District Footprint - March 2013]]> Latest 5th District Footprint looks at the most recent poverty rates within the Fifth District counties.

]]> <![CDATA[Richmond Fed Announces Online Help for Major Financial Decisions]]> Do you or someone you know have a major financial decision to make, such as paying for college, buying a home or planning for retirement? Then be sure to visit majorfinancialdecisions.org, a new website launched by the Federal Reserve Bank of Richmond.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the appointment of Brent Stanton as assistant vice president.

]]> <![CDATA[Spring 2013 Research Seminar, Tony Doblas-Madrid]]> Tony Doblas-Madrid, an assistant professor of economics at Michigan State University, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Richmond Fed's Anti-Money Laundering Work Recognized]]> A professional organization formed with the support of the Federal Reserve Bank of Richmond has won a national award for its work addressing money laundering and other financial crimes.

]]> <![CDATA[Richmond Fed Names 2013 Community Investment Council New Members]]> The Federal Reserve Bank of Richmond has named four new members to its Community Investment Council.

]]> <![CDATA[Richmond Fed's Anti-Money Laundering Work Recognized]]> A professional organization formed with the support of the Federal Reserve Bank of Richmond has won a national award for its work addressing money laundering and other financial crimes.

]]> <![CDATA[FOMC Action]]> The Federal Open Market Committee voted to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Tuesday released the 2012 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

]]> <![CDATA[Spring 2013 Research Seminar, Carlos Carvalho]]> Carlos Carvalho, an associate professor of economics at Pontifical Catholic University of Rio de Janeiro, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Spring 2013 Research Seminar, James Costain]]> James Costain, a staff economist in the Research Division of the Banco de España, presents his latest work at this seminar presented by the Research Department. Seating is limited and available on a first-come, first-serve basis.

]]> <![CDATA[Fed Credit Policy during the Great Depression]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[Banker Compensation, Relative Performance, and Bank Risk (Revised November 2019)]]> <![CDATA[Risk, the College Premium, and Aggregate Human Capital Investment (Revised November 2018)]]> <![CDATA[Minutes of the Federal Open Market Committee, January 29-30, 2013]]> The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on January 29-30, 2013.

]]> <![CDATA[Richmond Fed Announces Advisory Council Appointments]]> The Federal Reserve Bank of Richmond today announced the appointment of two members to its Community Depository Institutions Advisory Council.

]]> <![CDATA[Credit Reports: Have You Checked Yours Lately? ]]> A new online publication designed to help people make informed decisions about their personal finances. The first issue features credit reports.

]]> <![CDATA[Economics and the Federal Reserve After the Crisis]]> Richmond Fed President Jeffrey Lacker speaks with students and faculty at Franklin & Marshall College in Lancaster, Pa.

]]> <![CDATA[Why Do Debit Card Networks Charge Percentage Fees?]]> <![CDATA[Richmond Fed Publication Reports on Stress Testing of Banks]]> How can regulators make sure that America's banks are ready to weather a future crisis in the economy? There are no guaranteed solutions, but many believe that part of the answer is subjecting banks to stress tests. What is stress testing, and how does it work? This featured article in the latest issue of Region Focus looks at these and other questions about this recent addition to regulators' toolkits.

]]> <![CDATA[International Reserves and Rollover Risk]]> <![CDATA[Region Focus - Fourth Quarter 2012]]> Putting Banks to the (Stress) Test

]]> <![CDATA[FOMC Action]]> In its first meeting of the year, the Federal Open Market Committee voted to continue its purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate exceptionally low.

]]> <![CDATA[Fifth District Economic Outlook]]> Rick Kaglic reviewed national and regional economic conditions in Jan. 2013.

]]> <![CDATA[Op-Ed: Early Investment in Child Development Helps Kids and Commonwealth]]> Richmond Fed Chief Operating Officer Sally Green wrote about the benefits of early childhood education in an op-ed appearing in the Richmond Times-Dispatch.

]]> <![CDATA[5th District Footprint - December 2012]]> Latest 5th District Footprint looks at financing activities of community development financial institutions in the Fifth District.

]]> <![CDATA[Fifth Federal Reserve District Board Chair and Deputy Chair Appointed]]> The Board of Governors of the Federal Reserve System has appointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2013.

]]> <![CDATA[Fifth Federal Reserve District Office Directors Appointed]]> The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond board of directors appointed directors for the Baltimore and Charlotte offices, effective Jan. 1, 2013.

]]> <![CDATA[Fifth Federal Reserve Branch Directors Elect Chairmen]]> The boards of directors of the Federal Reserve Bank of Richmond’s Baltimore and Charlotte offices elected the following as chairmen for one-year terms, effective Jan. 1, 2013.

]]> <![CDATA[Richmond Fed Announces Retirement of Chief Operating Officer Sally Green]]> The Federal Reserve Bank of Richmond announced that its first vice president and chief operating officer, Sally Green, will retire in May 2013, after a career spanning over 35 years with the Federal Reserve System.

]]> <![CDATA[Lacker Featured in German Financial Newspaper Handelsblatt]]> Richmond Fed President Jeffrey Lacker met with Handelsblatt reporter Rolf Benders to discuss monetary policy, the economy and the unique features of our nation’s central bank.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces officer appointment.

]]> <![CDATA[2007 Comments on the Term Auction Facility]]> During a December 6, 2007 conference call, the Committee discussed a proposal to establish a Term Auction Facility.

]]> <![CDATA[A Timely Talk on Payments Trends]]> Senior Vice President David E. Beck speaks to the Commonwealth Association for Financial Professionals.

]]> <![CDATA[Beige Book]]> The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

]]> <![CDATA[All Mortgages Are Not Created Equal]]> <![CDATA[Lacker on the Economy]]> Lacker speaks at the South Carolina Business & Industry Political Education Committee's 27th Annual Meeting in Columbia, S.C.

]]> <![CDATA[Economic Outlook, January 2013]]> Lacker speaks at the Maryland Bankers Association’s Sixth Annual First Friday Economic Outlook Forum.

]]> <![CDATA[The Distribution of Household Wealth within and Across Rural Areas: Are There Links to the Natural Resource Base?]]> <![CDATA[Operation Twist]]> When the Great Recession hit, the Fed launched a program to lower long-term interest rates by exchanging short-term Treasuries for long-term ones.

]]> <![CDATA[Debt Default and the Insurance of Labor Income Risk]]> <![CDATA[Regulation and the Composition of CEO Pay]]> <![CDATA[Some Theoretical Considerations Regarding Net Asset Values for Money Market Funds]]> <![CDATA[5th District Footprint - November 2012]]> Latest 5th District Footprint shows the location of designated distressed and underserved areas within the Fifth District.

]]> <![CDATA[Economic Outlook, December 2012]]> Lacker speaks at the Charlotte Chamber of Commerce's Annual Economic Outlook Conference.

]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting December 11–12, 2012

]]> <![CDATA[Virginia State University Wins Richmond Fed Video Contest]]> Students from Virginia State University won the Federal Reserve Bank of Richmond’s third annual Share the Wealth financial literacy video contest.

]]> <![CDATA[A Citizen's Guide to Unconventional Monetary Policy]]> <![CDATA[Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models (Revised September 2015)]]> <![CDATA[Housing Services Price Inflation]]> <![CDATA[When Do Credit Frictions Matter for Business Cycles?]]> <![CDATA[Debit Card Interchange Fee Regulation: Some Assessments and Considerations]]> <![CDATA[Metrics for Success: Critical Elements for Workforce Development Programs]]> In a November podcast, Jen Giovannitti at the Richmond Fed interviewed Elizabeth Weigensberg, senior researcher at Chapin Hall at the University of Chicago. Dr. Weigensberg discussed her recent research on key components of successful workforce development programs and provided recommendations on how to improve the effectiveness of the existing programs.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> Diane Knapp has been promoted to assistant vice president in the Bank’s Corporate Accounting department with responsibility for its financial accounting function and oversight in the preparation of financial statements and Ann Harrison has been promoted to assistant vice president in the Bank’s Supervision, Regulation and Credit department with responsibilities in the Community and Regional Safety and Soundness group.

]]> <![CDATA[Margaret McDermid Named Federal Reserve System's Chief Information Officer]]> The Federal Reserve Bank of Richmond has appointed Margaret E. "Lyn" McDermid as the Federal Reserve System’s chief information officer. McDermid, in her new role, will oversee national information technology for the Federal Reserve System.

]]> <![CDATA[Ad-valorem platform fees, indirect taxes and efficient price discrimination (Revised August 2016)]]> <![CDATA[Perspectives on Monetary and Credit Policy]]> Lacker Speaks at Shadow Open Market Committee Symposium in New York.

]]> <![CDATA[Fifth Federal Reserve District Directors Elected]]> The Fifth Federal Reserve District member banks elected directors to the board of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2013.

]]> <![CDATA[Economic Outlook ]]> Lacker Gives Keynote Address at the West Virginia Economic Outlook Conference

]]> <![CDATA[American University Wins Richmond Fed Economic Competition]]> American University won the Federal Reserve Bank of Richmond’s annual College Fed Challenge competition.

]]> <![CDATA[University of Virginia Wins College Fed Challenge Round]]> The University of Virginia won a preliminary round of the College Fed Challenge competition, held November 9 at the Federal Reserve Bank of Richmond.

]]> <![CDATA[University of North Carolina Wins College Fed Challenge Round]]> The University of North Carolina won the preliminary round of the College Fed Challenge competition held November 5 at the Federal Reserve Bank of Richmond’s Charlotte branch.

]]> <![CDATA[Richmond Fed's Economic Quarterly Focuses on the Relevance of Monetarism]]> Implicitly, most central banks now reject the propositions of monetarism, argues Robert L. Hetzel in the latest issue of Economic Quarterly. They do not characterize themselves as creators of money, but instead emphasize their role in influencing financial intermediation. They do not discuss monetary policy in terms of a rule, but instead use the language of discretion. They refer to the low level of interest rates to characterize monetary policy as stimulative despite low rates of growth of money and nominal gross domestic product. Hetzel explores the question of whether monetarist ideas retain relevance for central banks.

]]> <![CDATA[Does Monetarism Retain Relevance?]]> <![CDATA[The Performance of Non-Owner-Occupied Mortgages During the Housing Crisis]]> <![CDATA[On the Benefits of GDP-Indexed Government Debt: Lessons from a Model of Sovereign Defaults]]> <![CDATA[Are Depression-Era Employment Swings Overstated?]]> <![CDATA[American University Wins College Fed Challenge Round]]> American University won the preliminary round of the College Fed Challenge competition held November 1 at the Federal Reserve Bank of Richmond’s Baltimore branch.

]]> <![CDATA[Accounting for Unemployment: The Long and Short of It]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting October 23-24, 2012

]]> <![CDATA[Richmond Fed Directors Appoint Federal Advisory Council Member]]> Directors of the Federal Reserve Bank of Richmond have appointed Kelly S. King, chairman and chief executive officer of BB&T Corp., of Winston-Salem, N.C., to serve a one-year term as the Fifth District representative on the Federal Advisory Council.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> Alexander L. Wolman has been appointed to the position of vice president for monetary and macroeconomic research in the Bank’s Research department.

]]> <![CDATA[Fifth District Banker to Lead Community Depository Institutions Advisory Council ]]> The Federal Reserve Board on Thursday announced the members of its Community Depository Institutions Advisory Council (CDIAC) for 2013. Charles H. Majors, executive chairman of American National Bank and Trust Company, Danville, Va., will serve as president of the council.

]]> <![CDATA[Economic Outlook, October 2012]]> Lacker Addresses Business and Government Leaders in Roanoke, Va.

]]> <![CDATA[Richmond Fed Announces Senior Advisor Appointments]]> The Federal Reserve Bank of Richmond announces a number of Senior Advisor Appointments.

]]> <![CDATA[Challenges to Economic Growth]]> Lacker Speaks With UVA Students and Faculty and Local Business Leaders

]]> <![CDATA[Richmond Fed Hires Historian for Centennial Research]]> The Federal Reserve Bank of Richmond has hired Gary Richardson as the Federal Reserve System Historian. This new position was established in connection with the upcoming Centennial. The Federal Reserve System will mark its 100th anniversary in December 2013.

]]> <![CDATA[Explaining an Industry Cluster: The Case of U.S. Car Makers from 1895-1969]]> <![CDATA[The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage]]> <![CDATA[Richmond Fed Wellness Program Wins Award]]> The Federal Reserve Bank of Richmond’s “Wellness @ Work” program received a 2012 Wellness in the Workplace Award from the Virginia Business Coalition on Health.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces a number of officer appointments effective October 1.

]]> <![CDATA[5th District Footprint - September 2012]]> Latest 5th District Footprint looks at government benefits as a share of personal income.

]]> <![CDATA[Maximum Employment and Monetary Policy]]> Speech before Money Marketeers Sept. 18, 2012

]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting September 13, 2012

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> Dr. Kevin W. Fergusson has been appointed to the position of vice president and medical director with responsibility for the Bank’s Health Services department.

]]> <![CDATA[Can Orderly Liquidation Solve the Problems of Bailouts and Bankruptcies?]]> <![CDATA[Richmond Fed Publication Reports on Who's Leaving the Workforce]]> Millions of American workers have left the labor force since the end of the recession in 2009. Who are these missing workers? What are they doing, and how are they making ends meet? The cover story in the latest issue of Region Focus magazine looks at these and other questions about the drastic drop in labor force participation.

]]> <![CDATA[Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks]]> <![CDATA[Region Focus - Second/Third Quarter 2012]]> Where Have All the Workers Gone?

]]> <![CDATA[Teachers Talk Financial Education with Chairman Ben Bernanke]]> The Richmond Fed’s Economic Education team took a busload of teachers to "Conversation with the Chairman: A Teacher Town Hall Meeting" at the Federal Reserve Board.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces officer appointments.

]]> <![CDATA[Richmond Fed's Economic Quarterly Addresses Bankruptcy and the Orderly Liquidation Authority]]> In response to the financial crisis of 2007-2008, Congress created the Orderly Liquidation Authority (OLA) as part of its financial regulatory reform bill, the Dodd-Frank Act. The OLA's provisions are aimed at simultaneously addressing two conflicting goals — mitigating systemic risk, which is thought to emerge when large financial firms enter the bankruptcy process, while also minimizing moral hazard, which arises when investors believe that firms are likely to be granted a government bailout to save them from bankruptcy and prevent systemic problems. In this issue of Economic Quarterly, Sabrina R. Pellerin and John R. Walter review the features of both bankruptcy and the OLA and identify how certain provisions of the OLA aim to address apparent weaknesses inherent in the core features of bankruptcy when resolving systemically important financial institutions, and specifically, how these provisions intend to balance the conflicting goals of limiting systemic risk and the almost inevitable increase in moral hazard.

]]> <![CDATA[TARGET2: Symptom, Not Cause, of Eurozone Woes]]> <![CDATA[Exchange Rate Volatility in a Simple Model of Firm Entry and FDI ]]> <![CDATA[Orderly Liquidation Authority as an Alternative to Bankruptcy]]> <![CDATA[Contingent Capital: The Trigger Problem]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting August 1, 2012

]]> <![CDATA[5E Educator - Spring/Summer 2012]]> What does it mean to live in poverty? How is poverty measured? Why do some countries thrive while others do not? This edition of the 5E Educator explores the issue of poverty and the role of institutions in fostering economic growth and reducing poverty.  Article excerpts, a classroom activity and additional resources are included to help you and your students explore these questions.

]]> <![CDATA[Richmond Fed Announces Appointment of Officer]]> The Federal Reserve Bank of Richmond announces the appointment of Richard Gilbert as a vice president.

]]> <![CDATA[Richmond Fed Hosts Community Development Finance Conference]]> The Federal Reserve Banks of Richmond and Atlanta and the Opportunity Finance Network host the Southeastern Community Development Finance Conference July 18–19.

]]> <![CDATA[5th District Footprint - July 2012]]> Latest 5th District Footprint looks at the change in household income in Fifth District counties from 1980 to 2010.

]]> <![CDATA[Unsustainable Fiscal Policy: Implications for Monetary Policy]]> <![CDATA[New Publication Summarizes Externally Published Research by Richmond Fed Economists]]> The Federal Reserve Bank of Richmond today launched the Richmond Fed Research Digest, a mid-year annual that summarizes work published externally by economists in the Bank’s Research Department.

]]> <![CDATA[Richmond Fed Publication Takes a Look at Innovation in the Financial Sector and the Broader Economy]]> Innovation is the key to long-term economic growth. But as the United States continues its slow recovery from the deepest recession since the Great Depression, restoring the country's "innovation economy" has taken on new urgency. The cover story in the latest issue of Region Focus examines how much economists know about what spurs innovation, as well as how policymakers might use that information to boost jobs and GDP. And in his opening column Richmond Fed President Jeffrey Lacker argues that we should be cautious about attempting to limit financial innovation.

]]> <![CDATA[Richmond Fed Publication Takes a Look at Innovation in the Financial Sector and the Broader Economy]]> Innovation is the key to long-term economic growth. But as the United States continues its slow recovery from the deepest recession since the Great Depression, restoring the country's "innovation economy" has taken on new urgency.

]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting June 22, 2012

]]> <![CDATA[Region Focus - First Quarter 2012]]> What We Don't Know About Innovation

]]> <![CDATA[Richmond Fed's Survey of Virginia Realtors Examines State's Residential Housing Market]]> A majority of Virginia Realtors indicated that housing market conditions were slightly or significantly better in the first quarter of 2012, according to a survey released by the Federal Reserve Bank of Richmond.

]]> <![CDATA[The Increased Role of Flows Between Nonparticipation and Unemployment During the Great Recession and Recovery]]> <![CDATA[Accounting for Unemployment in the Great Recession: Nonparticipation Matters]]> <![CDATA[Richmond Fed's Annual Report Considers the Implications of Unsustainable Fiscal Policy]]> The Federal Reserve Bank of Richmond today released its 2011 Annual Report, which features the essay, "Unsustainable Fiscal Policy: Implications for Monetary Policy."

]]> <![CDATA[Annual Report - 2011]]> Reviews the Bank's operations and includes the article "Unsustainable Fiscal Policy: Implications for Monetary Policy"

]]> <![CDATA[Unsustainable Fiscal Policy: Implications for Monetary Policy]]> <![CDATA[Federal Reserve Assembles Inventory of Historical Materials on Central Banking in the United States]]> The Federal Reserve System is preparing an inventory of historical materials to enhance transparency through improved web access to records of the Federal Reserve's past. The initiative is motivated by the 100th anniversary of the signing of the Federal Reserve Act in December 2013 and the 100th anniversary of the opening of the Federal Reserve Banks in November 2014. The inventory will serve as a resource for researchers, academics, and others interested in studying the history of the nation's central bank.

]]> <![CDATA[Richmond Fed Announces Appointment of Officer]]> The Federal Reserve Bank of Richmond announces the appointment of Richard Gilbert as a vice president.

]]> <![CDATA[Richmond Fed's Economic Quarterly Examines the Trend of Working-Age Men Leaving the Labor Force]]> Marianna Kudlyak, Thomas Lubik, and Jonathan Tompkins of the Richmond Fed explore changes in the aggregate employment of men between the ages of 25 and 64 in the United States from 1968 to 2010. Since 1970, the percentage of this group that is employed has trended down, and the percentage that is out of the labor force has trended up. In the aftermath of the Great Recession, 76.3 percent of the group was employed in 2010 (an all-time low), while 14.7 percent was out of the work force (an all-time high). The authors decompose the changes in these labor market outcomes into changes in the sociodemographic composition of the population and changes in the labor market outcomes of different sociodemographic groups. Using those results, they project that the share of men aged 25 to 64 out of the labor force may increase to 16 percent in 2015.

]]> <![CDATA[Financial Literacy: A Year-Round Effort]]> The Richmond Fed’s Community Development and Economic Education teams immersed themselves in a monthlong effort to promote financial education during Financial Literacy Month.

]]> <![CDATA[Triad Visit Gives Bank Leaders Close View of Economy]]> Regional economic forums, like the visit to the Triad, enhance the Richmond Fed's connection to communities throughout the Fifth District by fostering mutually beneficial relationships and giving Bank leaders the opportunity to tell people about who we are and what we do.

]]> <![CDATA[Technology, Unemployment and Workforce Development in a Rapidly Changing World]]> Lacker Addresses Business and Community Leaders in Greensboro, N.C.

]]> <![CDATA[Microenterprise and the Small-Dollar Loan Market]]> <![CDATA[Economic Outlook, May 2012]]> Lacker Addresses the Economics Club of Hampton Roads

]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting April 25, 2012.

]]> <![CDATA[Systematic Job Search: New Evidence from Individual Job Application Data (Revised September 2014)]]> <![CDATA[Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts]]> <![CDATA[The Spice of Life: Allowing for Heterogeneity in Macro Models]]> <![CDATA[Richmond Fed Announces Appointment of Officer]]> The Federal Reserve Bank of Richmond announces officer appointment.

]]> <![CDATA[A Program for Financial Stability]]> Lacker Addresses Bankers and Lawyers at UNC's Banking Institute in Charlotte, N.C.

]]> <![CDATA[Fiscal Rules and the Sovereign Default Premium]]> <![CDATA[Federal Reserve System Publishes Annual Financial Statements]]> The Federal Reserve System on Tuesday released the 2011 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of RichmondStatement on Dissenting Vote at FOMC Meeting March 13, 2012

]]> <![CDATA[Special Issue of the Richmond Fed's Economic Quarterly Explores Modern Macroeconomic Theory]]> The great recession of 2007--2009 has generated significant external criticism of the way economists study and try to understand aggregate economic outcomes. Modern macroeconomic theory, in particular, has been criticized for its representation of the economy through highly stylized environments that abstract from distributional issues, ignore or minimize linkages between the financial and nonfinancial sectors of the economy, and, in general, rely too much on highly aggregative frameworks. This special issue of Economic Quarterly collects four articles that describe how modern macroeconomic research has dealt with some of these issues as part of a research program that has been ongoing for more than a decade.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces officer appointments.

]]> <![CDATA[5th District Footprint - February 2012]]> Latest 5th District Footprint compares income inequality in the Fifth District counties.

]]> <![CDATA[Loan Loss Reserve Accounting and Bank Behavior]]> <![CDATA[Region Focus - Fourth Quarter 2011]]> American Made

]]> <![CDATA[Richmond Fed Announces Appointment of Officer]]> The Federal Reserve Bank of Richmond announces officer appointment.

]]> <![CDATA[Experimenting with Contingent Capital Triggers]]> <![CDATA[Richmond Fed President Lacker Comments on FOMC Dissent]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting January 25, 2012

]]> <![CDATA[Anderson University Wins Richmond Fed Video Contest]]> Students from Anderson University won the Federal Reserve Bank of Richmond’s second annual Share the Wealth financial literacy video contest.

]]> <![CDATA[Fifth Federal Reserve District Charlotte Director Appointed]]> The Federal Reserve Board of Governors appointed the following director for the Charlotte office, effective Jan. 18, 2012.

]]> <![CDATA[Fifth Federal Reserve District Office Directors Appointed]]> The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed Directors for the Baltimore and Charlotte offices.

]]> <![CDATA[Fifth Federal Reserve Bank Directors Elect Chairpersons]]> The Boards of Directors for the Federal Reserve Bank of Richmond’s Baltimore and Charlotte offices elected chairpersons.

]]> <![CDATA[Economic Outlook, January 2012]]> Lacker Addresses Richmond Risk Management Association.

]]> <![CDATA[Richmond Fed Directors Reappoint Federal Advisory Council Member]]> Directors of the Federal Reserve Bank of Richmond have reappointed Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One Financial Corp. of McLean, Va., to serve as the Fifth District's representative on the Federal Advisory Council.

]]> <![CDATA[Where Are Households in the Deleveraging Cycle?]]> <![CDATA[Rural Wealth Creation: Concepts, Measures and Strategies]]> <![CDATA[Economic Outlook, December 2011]]> Lacker Speaks at the Charlotte Chamber Economic Outlook Conference

]]> <![CDATA[Loan Loss Reserves, Accounting Constraints, and Bank Ownership Structure]]> <![CDATA[5th District Footprint - December 2011]]> Latest 5th District Footprint shows increase in vacant housing across many parts of the District.

]]> <![CDATA[Richmond Fed Names Chair, New Members for Community Investment Council]]> The Federal Reserve Bank of Richmond has named the chair of its Community Investment Council for 2012 and announced two new members.

]]> <![CDATA[Chair, Deputy Chair Appointed For Richmond Fed Board]]> The Board of Governors of the Federal Reserve System has appointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2012.

]]> <![CDATA[The Federal Reserve's "Dual Mandate": The Evolution of an Idea]]> <![CDATA[Federal Reserve Holds Conference on Strategic Investment in Distressed Communities]]> The Richmond Fed is sponsoring a conference with the Federal Reserve Board of Governors focusing on identifying innovative ways to use data to spur more strategic investment in older communities.

]]> <![CDATA[Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting November 28, 2011]]> Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting November 28, 2011

]]> <![CDATA[Fifth Federal Reserve District Directors Elected]]> The Fifth Federal Reserve District member banks elected the following directors of the Federal Reserve Bank of Richmond for three-year terms effective Jan. 1, 2012:

]]> <![CDATA[Deep Habits in the New Keynesian Phillips Curve]]> <![CDATA[Community Scope - Volume 2, Issue 2 2011]]> Neighborhood Stabilization - Putting Policy into Practice: A Study of Five NSP1 Indirect Recipients

]]> <![CDATA[Richmond Fed Publication Looks at What Policymakers Can -- and Cannot -- Do to Create Jobs]]> With unemployment above 9 percent for more than two years, policymakers are grappling with how to create jobs. But many proposals, such as more fiscal stimulus, temporary tax breaks, and subsidies for private hiring, may not have the punch that their supporters hope. The cover story in the latest issue of Region Focus magazine looks at these and other job-creation concepts.

]]> <![CDATA[Richmond Fed Appoints Michael Stough as General Auditor]]> The Federal Reserve Bank of Richmond announces the appointment of Michael D. Stough as senior vice president and general auditor.

]]> <![CDATA[Region Focus - Third Quarter 2011]]> Why Aren't We Creating More Jobs?

]]> <![CDATA[University of North Carolina Wins College Fed Challenge]]> The University of North Carolina won the Federal Reserve Bank of Richmond's annual College Fed Challenge. The UNC team won the Fifth District title in competition with finalists Old Dominion University of Norfolk, Va., and Loyola University of Baltimore

]]> <![CDATA[Understanding the Interventionist Impulse of the Modern Central Bank]]> CATO Institute Monetary Conference

]]> <![CDATA[5E Educator - Fall 2011]]> In this edition of the 5E Educator, two articles shed light on the causes of – and possible impediments to – recoveries. These articles pose such critical questions as: What factors determine the strength of recoveries? Why has unemployment been so severe? We hope these articles and accompanying activities encourage students to consider the underlying causes and complexities of economic recoveries and generate meaningful discussion about what lies ahead.

]]> <![CDATA[Contingent Capital: The Trigger Problem]]> <![CDATA[5th District Footprint - November 2011]]> Innovation is the focus of the latest 5th District Footprint.

]]> <![CDATA[Recoveries From Recessions Associated With Banking Crises: How Does This One Compare?]]> <![CDATA[Old Dominion University Wins College Fed Challenge Round]]> Old Dominion University of Norfolk, Va., won a preliminary round of the College Fed Challenge competition, held Nov. 4, at the Federal Reserve Bank of Richmond.

]]> <![CDATA[Loyola University Wins College Fed Challenge Round]]> Loyola University of Baltimore won the preliminary round of the College Fed Challenge Competition held Nov. 2 at the Federal Reserve Bank of Richmond's Baltimore branch.

]]> <![CDATA[Accounting for the Non-Employment of U.S. Men, 1968-2010]]> <![CDATA[Strategic Behavior in the Tri-Party Repo Market ]]> <![CDATA[K-Core Inflation]]> <![CDATA[University of North Carolina Wins College Fed Challenge Round]]>

The University of North Carolina won the preliminary round of the College Fed Challenge competition held Nov. 1 at the Federal Reserve Bank of Richmond’s Charlotte branch office.

]]> <![CDATA[The Cost of Unanticipated Household Financial Shocks: Two Examples]]> <![CDATA[Financial Frictions in Macroeconomic Fluctuations]]> <![CDATA[A Perspective on Modern Business Cycle Theory]]> <![CDATA[Introduction to the Special Issue on Modern Macroeconomic Theory]]> <![CDATA[Macroeconomics with Heterogeneity: A Practical Guide]]> <![CDATA[Recent Developments in Economic Growth]]> <![CDATA[Economic Outlook, October 2011]]> Lacker Addresses Business, Community and Economic Development Leaders in Salisbury, Md.

]]> <![CDATA[S.C. Foreclosure Challenges Addressed ]]> Realtors, housing counselors and community service providers across upstate South Carolina met in Greenville to learn about resources to help homeowners facing foreclosure.

]]> <![CDATA[5th District Footprint - October 2011]]> 5th District Footprint examines the location of bank branches across the region.

]]> <![CDATA[Richmond Fed's Economic Quarterly Analyzes the Effects of a Higher Inflation Rate Target]]> Bennett T. McCallum of Carnegie Mellon University and the National Bureau of Economic Research and a visiting scholar at the Richmond Fed discusses whether central banks should set higher inflation targets, such as 4 percent rather than 2 percent. Some economists have argued that because providing monetary stimulus when interest rates are at the zero lower bound is more difficult, central banks should consider increasing their inflation rate targets. McCallum notes that the benefits of providing additional monetary stimulus at the zero lower bound must be weighed against the costs of maintaining higher inflation outside of that scenario. To make that comparison, he explores pertinent research and theory, including Milton Friedman’s “optimal quantity of money” result, New Keynesian literature on resource misallocation caused by price stickiness that affects only some sellers, and the contention that the zero lower bound does not necessarily constitute a limit to monetary stimulus.

]]> <![CDATA[Richmond Fed's Economic Quarterly Analyzes the Effects of a Higher Inflation Rate Target]]> Bennett T. McCallum of Carnegie Mellon University and the National Bureau of Economic Research and a visiting scholar at the Richmond Fed discusses whether central banks should set higher inflation targets, such as 4 percent rather than 2 percent. Some economists have argued that because providing monetary stimulus when interest rates are at the zero lower bound is more difficult, central banks should consider increasing their inflation rate targets. McCallum notes that the benefits of providing additional monetary stimulus at the zero lower bound must be weighed against the costs of maintaining higher inflation outside of that scenario. To make that comparison, he explores pertinent research and theory, including Milton Friedman’s “optimal quantity of money” result, New Keynesian literature on resource misallocation caused by price stickiness that affects only some sellers, and the contention that the zero lower bound does not necessarily constitute a limit to monetary stimulus.

]]> <![CDATA[Sectoral Disturbances and Aggregate Economic Activity]]> <![CDATA[Financial Firm Resolution Policy as a Time-Consistency Problem]]> <![CDATA[Should Central Banks Raise Their Inflation Targets? Some Relevant Issues]]> <![CDATA[Legal Protection to Foreign Investors]]> <![CDATA[Fifth District Manufacturing and the Recession: An Analysis of Subsector Performance]]> <![CDATA[Loan Guarantees for Consumer Credit Markets]]> <![CDATA[Economics After the Crisis: Reflections on a Return to Madison]]> Lacker Speaks to Students at the University of Wisconsin, Madison, Wis.

]]> <![CDATA[Mortgage Defaults and Prudential Regulations in a Standard Incomplete Markets Model (Revised February 2014)]]> <![CDATA[Immediate Funds Transfer: A Central Bank Perspective]]> Lacker Speaks at Chicago Fed's Symposium

]]> <![CDATA[Potential Causes and Implications of the Rise in Long-Term Unemployment]]> <![CDATA[5th District Footprint - August 2011]]> 5th District Footprint Examines Home Affordable Modification Program (HAMP) Activity

]]> <![CDATA[Richmond Fed Publication Looks at Housing Finance Abroad]]> In the wake of the crisis in U.S. housing markets, policymakers are considering how to reform mortgage finance. Many other developed nations intervene in housing finance to a lesser degree than the United States does—can their experiences provide some insight? The cover story in the latest issue of Region Focus magazine puts U.S. housing finance in an international context.

]]> <![CDATA[Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea (Revised August 2013)]]> <![CDATA[Region Focus - Second Quarter 2011]]> Foreign Housing Finance

]]> <![CDATA[Is Stimulative Fiscal Policy More Effective at the Zero Lower Bound?]]> <![CDATA[What Does the Path to Full Recovery Look Like?]]> Lacker Addresses Dulles Regional Chamber of Commerce, Chantilly, Va.

]]> <![CDATA[Community Scope - Volume 2, Issue 1 2011]]> This issue of Community Scope assesses the strategies that recipients of the first round of Neighborhood Stabilization Program funding (NSP1) used to combat the rising numbers of foreclosures in their communities.

]]> <![CDATA[Fed Experience Reaches Thousands in First Year]]> Tourists, students, teachers, community and business groups, and Richmond-area residents are among the 11,000 people who have visited The Fed Experience since it opened last summer at the Federal Reserve Bank of Richmond.

]]> <![CDATA[Monetary Policy with Unknown Natural Rates]]> <![CDATA[Housing and the Great Recession: A VAR Accounting Exercise]]> <![CDATA[A Regional Look at the Role of House Prices and Labor Market Conditions in Mortgage Default]]> <![CDATA[Optimal Contracts for Housing Services Purchases]]> <![CDATA[Mortgage Reform and the Countercyclical Role of the Federal Housing Administration's Mortgage Mutual Insurance Fund]]> <![CDATA[New Community Development Bank Resource Center]]> The Community Development Bank Resource Center provides information about the structure and function of community development banks, including financial data on a peer group of U. S. banks tracked over time. The data on the site will be updated annually.

]]> <![CDATA[Richmond Fed Holding Community Development Week Events in Baltimore]]> The Federal Reserve Bank of Richmond, in collaboration with national, regional, and local partners, is holding several events from June 20-25. The events focus on housing and community financing and are being held at the Bank's Baltimore Branch, located at 502 S. Sharp St.

]]> <![CDATA[Anti-Money Laundering Conference Planned at Richmond Fed]]> The story of how a Brooklyn ice cream shop was used as a front for an unlicensed and unregistered money-remittance operation will be told at the BSA Coalition's 2011 Anti-Money Laundering Conference. The conference is being held June 28 at the Federal Reserve Bank of Richmond, starting at 8:30 a.m.

]]> <![CDATA[Richmond Fed Holding Workshop on Nonprofit Leadership]]> The Federal Reserve Bank of Richmond will hold a workshop for nonprofit organizations seeking to recruit business and financial professionals to their boards.

]]> <![CDATA[Manufacturing in the New Southern Economy]]> Lacker speaks at Southern Growth's 2011 Chairman's Conference in Roanoke, Va. (audio available)

]]> <![CDATA[Discretionary Monetary Policy in the Calvo Model (Revised March 2017)]]> <![CDATA[Basel III and the Continuing Evolution of Bank Capital Regulation]]> <![CDATA[Long-Term Unemployment Focus of Richmond Fed's Annual Report]]> The Federal Reserve Bank of Richmond today released its 2010 Annual Report, which features the essay "The Rise in Long-Term Unemployment: Potential Causes and Implications."

]]> <![CDATA[Broadband Access Focus of New 5th District Footprint]]> The Federal Reserve Bank of Richmond has published its latest 5th District Footprint, which maps the presence of broadband infrastructure across the Fifth District.

]]> <![CDATA[Annual Report - 2010]]> Reviews the Bank's operations and includes the article "The Rise in Long-Term Unemployment: Potential Causes and Implications."

]]> <![CDATA[The Rise in Long-Term Unemployment: Potential Causes and Implications]]> <![CDATA[Richmond Fed Sponsors Small Business Workshop in Fayetteville, N.C.]]> The Federal Reserve Bank of Richmond, in partnership with the North Carolina Institute of Minority Economic Development and Fayetteville State University's Small Business Technology Development Center, is holding a forum for small business owners at Fayetteville State University on June 7.

]]> <![CDATA[5th District Footprint - May 2011]]> 5th District Footprint Shows Spectrum of Broadband Speed Across the Region

]]> <![CDATA[5E Educator - Spring 2011]]> This issue of the 5E Educator focuses on a key financial decision – financing higher education. Inside the issue is a feature article on student loan debt, complemented by several activities and lesson plans, designed to prompt thoughtful discussion about this decision and the expected returns from investment in human capital.

]]> <![CDATA[Richmond Fed's Economic Quarterly Explores Taylor Rules and Multiple Equilibria]]> Since late 2008, both inflation and nominal interest rates have been extremely low in the United States. These facts have focused attention on ideas motivated by the theory discussed in several articles by economists Jess Benhabib, Stephanie Schmitt-Grohé, and Martín Uribe—in particular, that an active Taylor rule, together with a moderate inflation target, could have the unintended consequence of leading the economy to undesirably low inflation with a near-zero nominal interest rate.

]]> <![CDATA[Richmond Fed's Economic Quarterly Explores Taylor Rules and Multiple Equilibria]]> Since late 2008, both inflation and nominal interest rates have been extremely low in the United States. These facts have focused attention on ideas motivated by the theory discussed in several articles by economists Jess Benhabib, Stephanie Schmitt-Grohé, and Martín Uribe—in particular, that an active Taylor rule, together with a moderate inflation target, could have the unintended consequence of leading the economy to undesirably low inflation with a near-zero nominal interest rate.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments:

]]> <![CDATA[Richmond Fed Outreach Engages D.C. Area]]> Firsthand, real-time engagement helps the Richmond Fed stay in touch with the issues that affect the people, communities and economy of the Fifth District.

]]> <![CDATA[Economic Outlook, May 2011]]> Lacker Addresses Northern Virginia Business and Community Leaders (audio and video available)

]]> <![CDATA[The Role of Interchange Fees on Debit and Credit Card Transactions in the Payments System]]> <![CDATA[Aggregate Labor Market Dynamics in Hong Kong]]> <![CDATA[Richmond Fed Honored with Awards for Diversity Excellence and Best Recruitment, Engagement and Retention Practices]]> The Federal Reserve Bank of Richmond has received the Diversity Excellence Award and the Best Recruitment, Engagement and Retention Practices for large-sized businesses in the annual Employer All Star Awards.

]]> <![CDATA[Richmond Fed Publication Looks at What Drives Economic Thought ]]> The recent financial crisis caught many economists by surprise. Were they studying the wrong things? If so, how did it come to be that way — and will the financial crisis bring about a fundamental change in economic research? The cover story in the latest issue of Region Focus puts these questions into historical context.

]]> <![CDATA[Region Focus - First Quarter 2011]]> What Drives Changes in Economic Thought? Why economists study what they do -- and how the crisis might change it

]]> <![CDATA[Economic Outlook, April 2011]]> Lacker Speaks at the University of Baltimore in Maryland (audio available)

]]> <![CDATA[Richmond Fed Introduces New Online Map Publication]]> The Federal Reserve Bank of Richmond's latest online publication, "5th District Footprint," provides a spatial analysis of various types of issues affecting communities in the region. The publication will be available online six times a year.

]]> <![CDATA[Identifying Systemically Important Financial Institutions]]> <![CDATA[Innovation in the New Financial Regulatory Environment]]> Lacker Speaks at Ferrum College Forum in Roanoke, Va. (Includes Panel Q&A)

]]> <![CDATA[Richmond Fed Announces Appointment of Director]]> The Federal Reserve Bank of Richmond announces director appointment.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces officer appointments.

]]> <![CDATA[Address to the Oversight and Investigations Subcommittee, Committee on Financial Services]]> Richmond Fed’s Jeff Lacker addresses the Oversight and Investigations Subcommittee of the Committee on Financial Services

]]> <![CDATA[5th District Footprint - March 2011]]> This issue of 5th District Footprint looks at poverty rates in the region from 2009.

]]> <![CDATA[Federal Reserve System Financial Statements]]> The Federal Reserve System on Tuesday released the 2010 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

]]> <![CDATA[An Experimental Analysis of Contingent Capital Triggering Mechanisms (Revised Oct. 2011)]]> <![CDATA[Richmond Fed Forms Community Investment Council]]> The Federal Reserve Bank of Richmond announced the formation of a Community Investment Council and the appointment of members.

]]> <![CDATA[Richmond Fed Holding Neighborhood Stabilization Event in Winston-Salem]]> The Federal Reserve Bank of Richmond is holding a forum on community land trusts on March 17, 2011, in Winston-Salem, N.C. Community Land Trusts: A Model for Neighborhood Stabilization and Revitalization will feature consultants from Burlington Associates, a leading provider of technical assistance to community land trusts in the United States, discussing how to effectively use land trusts to support neighborhood stabilization efforts and preserve long-term affordable housing.

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the following officer appointment.

]]> <![CDATA[The Earned Income Tax Credit: Recipients, Labor Force Participation, and Credit Constraints]]> <![CDATA[Richmond Fed Forms Community Depository Institutions Advisory Council]]> Richmond Fed Forms Community Depository Institutions Advisory Council

]]> <![CDATA["Prudential Stress Testing in Theory and Practice: Comments on 'Stressed Out: Macroprudential Principles for Stress Testing'"]]> Lacker discusses "stress testing" at U.S. Monetary Policy Forum

]]> <![CDATA[Richmond Fed Publication Examines Causes of Economic Recoveries]]> Economists have declared that the latest recession stretched from December 2007 to June 2009 -- making it the longest downturn since the Great Depression. Moreover, while the recovery is under way, weaknesses still persist, especially in the labor market. The cover story of the latest issue of Region Focus looks at the causes of recoveries and examines what policymakers can do to hasten them and which factors are often beyond their control.

]]> <![CDATA[Economic Outlook, February 2011]]> Lacker Speaks in Newark, DE (audio available)

]]> <![CDATA[Small Business Lending During the Recession]]> <![CDATA[5E Educator - Winter 2010/2011]]> This issue of 5E Educator explores the effects of immigration on the U.S. economy. Inside this issue are several lesson plans and activities designed to prompt thoughtful discussion on immigration and the economy. Consider beginning your classroom discussion today!

]]> <![CDATA[Richmond Fed Hires Deputy Director for Diversity and Inclusion]]> The Federal Reserve Bank of Richmond has hired William S. Cooper, Jr., as vice president and deputy director for diversity and inclusion.

]]> <![CDATA[Economic Outlook, January 2011]]> Lacker addresses RMA -- Richmond Chapter, Jan. 14 (audio available)

]]> <![CDATA[UPDATE - Richmond Fed Holding Forum for Minority- and Women-Owned Small Businesses]]> The Federal Reserve Bank of Richmond is holding a forum to help provide knowledge and resources for minority and women small business owners.

]]> <![CDATA[How Might the Fed's Large-Scale Asset Purchases Lower Long-Term Interest Rates?]]> <![CDATA[Risk Sharing, Investment, and Incentives in the Neoclassical Growth Model ]]> <![CDATA[Hidden Effort, Learning by Doing, and Wage Dynamics]]> <![CDATA[News Shocks and Business Cycles]]> <![CDATA[Monetary Policy and Global Equilibria in a Production Economy ]]> <![CDATA[Directors Appointed for Richmond Fed Branch Offices]]> The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed the following for three-year terms as directors for the Baltimore and Charlotte branch offices, effective Jan. 1, 2011.

]]> <![CDATA[Board Chairmen Selected for Richmond Fed Branch Offices]]> The boards of directors of the Federal Reserve Bank of Richmond's Baltimore and Charlotte branch offices elected the following to serve one-year terms as chairmen, effective Jan. 1, 2011.

]]> <![CDATA[Federal Reserve's Baltimore Branch Executive among Noted Leaders]]> David E. Beck, a senior vice president and regional executive for the Federal Reserve Bank of Richmond's Baltimore Branch, has completed Leadership Maryland's eight-month leadership development program.

]]> <![CDATA[Instability and Indeterminacy in a Simple Search and Matching Model]]> <![CDATA[Earned Income Tax Credit Recipients: Income, Marginal Tax Rates, Wealth, and Credit Constraints]]> <![CDATA[The Politics of Sovereign Defaults]]> <![CDATA[How Large Has the Federal Financial Safety Net Become?]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces the following officer appointments.

]]> <![CDATA[Richmond Fed Holds Awards Event For Student Video Contest]]> The Federal Reserve Bank of Richmond is hosting a movie premiere for its Share the Wealth: A Financial Literacy Video contest to present awards to the winning financial education videos.

]]> <![CDATA[The Service Sector and the "Great Recession"]]> <![CDATA[Economic Outlook, December 2010]]> President Lacker Addresses Charlotte, N.C.'s Business Leaders (audio available)

]]> <![CDATA[Richmond Fed Publication Examines the Health of Public Pensions]]> Millions of Americans receive -- or plan to receive -- retirement benefits from public pension plans. But the financial viability of many of those plans has come under scrutiny recently. Some observers worry that already precarious funding levels are likely to worsen, while others believe they will gradually improve as the economy recovers. The cover story of the latest issue of Region Focus examines this looming issue and considers options for putting public pensions on track toward better financial health.

]]> <![CDATA[Region Focus - Third Quarter 2010]]> Fuzzy Math: Public pensions are underfunded – how bad is it?

]]> <![CDATA[Region Focus - Fourth Quarter 2010]]> What Causes Recoveries? How good policy and good luck can trigger the upward side of the business cycle

]]> <![CDATA[Richmond Fed Announces Officer Appointment]]> The Federal Reserve Bank of Richmond announces a new officer appointment.

]]> <![CDATA[Virginia Commonwealth University Wins Richmond Fed Challenge]]> Virginia Commonwealth University of Richmond, Va., won the district title in the Federal Reserve Bank of Richmond's annual College Fed Challenge.

]]> <![CDATA[Unemployment and Monetary Policy: Lessons from Half a Century Ago]]> President Lacker Addresses AP Economics Teachers (video available)

]]> <![CDATA[Virginia Commonwealth University Wins College Fed Challenge Preliminary]]> Virginia Commonwealth University of Richmond, Va., won a preliminary round of the College Fed Challenge competition, held Nov. 9, at the Federal Reserve Bank of Richmond.

]]> <![CDATA[Richmond Fed Sponsors South Carolina Forum on Small Business Finances]]> The Federal Reserve Bank of Richmond, along with several South Carolina partners, is holding a forum on small business credit issues on Nov. 16, 2010, at Midlands Technical College's Northeast Campus at the Center of Excellence for Technology in Columbia, S.C.

]]> <![CDATA[Mount St. Mary's University Wins Regional Fed Challenge Competition]]> Mount St. Mary's University of Emmitsburg, Md., won the preliminary round of the College Fed Challenge competition, held Nov. 2, at the Federal Reserve Bank of Richmond's Baltimore branch.

]]> <![CDATA[What Trends Exist in Regional Housing Market Data?]]> <![CDATA[UNC-Chapel Hill Wins Local College Fed Challenge Competition]]> The University of North Carolina at Chapel Hill, Chapel Hill, N.C. won the preliminary round of the College Fed Challenge Competition held November 2 at the Charlotte Branch, Federal Reserve Bank of Richmond.

]]> <![CDATA[Deferred Pay for Bank Employees: Implications of Hidden Actions with Persistent Effects in Time (Revised September 2015)]]> <![CDATA[Time to Produce and Emerging Market Crises (Revised July 2012)]]> <![CDATA[Forum Focuses on Economic Benefits of Car Ownership]]> The Federal Reserve Bank of Richmond and the National Consumer Law Center, with the support of the Annie E. Casey Foundation, are hosting a national forum on cars and working families on October 29, 2010, at the Federal Reserve Board of Governors in Washington, D.C.

]]> <![CDATA[On the Optimality of Ramsey Taxes in Mirrlees Economies]]> <![CDATA[Richmond Fed Holds Forum on Community Land Trusts]]> The Federal Reserve Bank of Richmond's Community Affairs department is holding a forum on community land trusts on October 26, 2010. Community Land Trust: A Shared Equity Model will feature consultants from Burlington Associates, discussing how to effectively use the land trusts to preserve long-term affordable homeownership and stabilize neighborhoods impacted by foreclosure.

]]> <![CDATA[Fifth Federal Reserve District Directors Elected]]> The Fifth Federal Reserve District member banks elected the following directors of the Federal Reserve Bank of Richmond for three-year terms effective Jan. 1, 2011.

]]> <![CDATA[The Responses of Small and Large Firms to Tight Credit Shocks: The Case of 2008 through the Lens of Gertler and Gilchrist (1994)]]> <![CDATA[Economic Outlook, October 2010]]> President Lacker addresses Piedmont, NC Business Leaders.

]]> <![CDATA[Richmond Fed Directors Reappoint Federal Advisory Council Member ]]> Directors of the Federal Reserve Bank of Richmond have reappointed Richard D. Fairbank, chairman and chief executive officer of Capital One Financial Corp. of McLean, Va., to a second term as the Fifth Federal Reserve District's representative on the Federal Advisory Council. The new term begins Jan. 1, 2011.

]]> <![CDATA[Community Scope - Volume 1, Issue 1 2010]]> This issue of Community Scope looks at the reach of community development financial institutions (CDFIs) in the Southeast region of the United States.

]]> <![CDATA[Board Streams Video of Home Mortgage Disclosure Act Hearing]]> The Board of Governors offers live streaming video of the final in a series of four hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act. Hearing is scheduled Sept. 24 from 9 a.m. until 4 p.m.

]]> <![CDATA[Reflections on Economics, Policy and the Financial Crisis]]> President Lacker addresses Kentucky Economic Association.

]]> <![CDATA[Richmond Fed Announces Officer Appointments]]> The Federal Reserve Bank of Richmond announces the following officer appointments.

]]> <![CDATA[Richmond Fed Takes High School Mentoring Program Online]]> As students return to classes for another year of academic achievements and challenges, employees of the Federal Reserve Bank of Richmond are expanding the mentoring assistance they provide to students at a Richmond high school through an innovative online program.

]]> <![CDATA[The Effects of Local Demographic Characteristics and State-Level Legislation on Foreclosure Rates]]> <![CDATA[The Cyclical Price of Labor When Wages Are Smoothed]]> <![CDATA[Richmond Fed Publication Examines the Effects of Budget Deficits]]> Economists have long debated how important deficit spending is to macroeconomic outcomes. Most economists now agree that deficits are not inherently inflationary, but they differ on the effects of fiscal imbalances on interest rates and other economic variables.

]]> <![CDATA[Region Focus - Second Quarter 2010]]> Do Deficits Matter? And If So, How? As fiscal imbalances increase, economists debate their effect on the macroeconomy

]]> <![CDATA[Richmond Fed's Economic Quarterly Examines Monetary Policy During Greenspan Era]]> In the new issue of Economic Quarterly Yash Mehra and Bansi Sawhney examine whether monetary policy actions during the Greenspan era, in particular between 2002 and 2006.

]]> <![CDATA[Changes in Monetary Policy and the Variation in Interest Rate Changes Across Credit Markets]]> <![CDATA[Inflation Measure, Taylor Rules, and the Greenspan-Bernanke Years]]> <![CDATA[Are Wages Rigid Over the Business Cycle?]]> <![CDATA[Monetary Policy with Interest on Reserves]]> <![CDATA[When Did the Recession End?]]> <![CDATA[Chairman, Deputy Chairman Appointed For Richmond Fed Board]]> The Board of Governors of the Federal Reserve System has appointed the chairman and deputy chairman of the Board of Directors for the Federal Reserve Bank of Richmond for 2011.

]]> <![CDATA[Richmond Fed and Opportunity Finance Network Hold CDFI Meeting]]> The Federal Reserve Bank of Richmond and the Opportunity Finance Network will host the 2010 Opportunity Finance Network Southeast Regional Meeting on July 19 and 20 in Richmond.

]]> <![CDATA[The Economic Outlook, July 2010]]> President Lacker addresses Hampton Roads Business Leaders.

]]> <![CDATA[How Useful Are Consumer Surveys as Macroeconomic Indicators?]]> <![CDATA[Richmond Fed Opens New Interactive Exhibit: The Fed Experience]]> The Federal Reserve Bank of Richmond today unveiled The Fed Experience, an interactive, multimedia exhibit designed to bring the economy to life. Featuring real-life stories from Federal Reserve employees, their families and people in communities the Richmond Fed serves, the exhibit helps visitors understand how stable prices over time affect living standards.

]]> <![CDATA[Unveiling The Fed Experience ]]> President Lacker introduces "The Fed Experience."

]]> <![CDATA[On the Job Search and the Cyclical Dynamics of the Labor Market]]> <![CDATA[Now How Large Is the Safety Net?]]> <![CDATA[Richmond Fed Small Business Roundtable Set in Baltimore]]> As part of the Federal Reserve System’s ongoing series Addressing the Financing Needs of Small Business, the Federal Reserve Bank of Richmond is hosting a small business roundtable on June 14, 2010, from 8:30 a.m. to 10:30 a.m. at its Baltimore branch. This roundtable is one in a series of forums on small business access to credit and support services being held across the country.

]]> <![CDATA[Special Issue of the Richmond Fed's Economic Quarterly Surveys the Diamond-Dybvig Model of Bank Fragility and its Implications for Current Banking and Monetary Policy]]> This special issue of Economic Quarterly is devoted to Douglas Diamond and Philip Dybvig's seminal 1983 article on bank fragility and banking regulation, which continues to provide insights for today's policymakers and researchers.

]]> <![CDATA[Bailouts]]> <![CDATA[Monetary Theory and Electronic Money: Reflections on the Kenyan Experience]]> <![CDATA[Inside-Money Theory after Diamond and Dybvig]]> <![CDATA[On the Fundamental Reasons for Bank Fragility]]> <![CDATA[Introduction to the Special Issue on the Diamond-Dybvig Model]]> <![CDATA[The Role of Non-Owner-Occupied Homes in the Current Housing and Foreclosure Cycle]]> <![CDATA[Housing Default: Theory Works and So Does Policy]]> <![CDATA[The Regulatory Response to the Financial Crisis: An Early Assessment]]> President Lacker keynote speaker at The Institute for International Economic Policy.

]]> <![CDATA[Richmond Fed's Annual Report Features Essay on Systemic Risk]]> The Federal Reserve Bank of Richmond today released its 2009 Annual Report, which features the essay, "Systemic Risk and the Pursuit of Efficiency."

]]> <![CDATA[Annual Report - 2009]]> Reviews the Bank's operations and includes the article entitled "Systemic Risk and the Pursuit of Efficiency"

]]> <![CDATA[Systemic Risk and the Pursuit of Efficiency]]> <![CDATA[Debt Dilution and Sovereign Default Risk (Revised February 2012)]]> <![CDATA[Learning About Informational Rigidities from Sectoral Data and Diffusion Indices]]> <![CDATA[The Piedmont-Triad Regional Economic Outlook, May 2010]]> President Lacker addresses Greensboro, NC Business Leaders.

]]> <![CDATA[Region Focus - First Quarter 2010]]> The New Normal? Economists ponder whether the "natural" rate of unemployment has risen

]]> <![CDATA[Federal Reserve Bank of Richmond Honored with Diversity Excellence Award]]> The Federal Reserve Bank of Richmond has received the Diversity Excellence Award for large-sized businesses in the annual Employer All Star Awards. The awards are presented by the Richmond chapter of the Society for Human Resource Management, the Greater Richmond Chamber and the Richmond Times-Dispatch.

]]> <![CDATA[The Economic Outlook, May 2010]]> President Lacker addresses Virginia International Investors.

]]> <![CDATA[Richmond Fed Publication Examines the Unemployment Situation]]> The cover story of the latest issue of Region Focus surveys the debate over whether we should expect a “new normal” for labor markets in the future.

]]> <![CDATA[Richmond Fed, Fannie Mae, Capital Area Foreclosure Network Hold Training]]> The Federal Reserve Bank of Richmond, the Capital Area Foreclosure Network and Fannie Mae are hosting the Washington Metro Area Tenants Conference to help educate mortgage servicers, realtors, local government representatives, housing counselors and attorneys on new federal and state laws for tenants facing foreclosure.

]]> <![CDATA[Is There Stigma Associated with Discount Window Borrowing?]]> <![CDATA[Richmond Fed Sponsors Legal Training on Mortgage Issues]]> The Federal Reserve Bank of Richmond is teaming with Civil Justice Inc., a Maryland nonprofit public interest law firm, to host the second free basic training for attorneys on how to review home purchase contracts and mortgage loan documents.

]]> <![CDATA[Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market (Revised February 2012)]]> <![CDATA[Chantilly to Represent Richmond Fed in National Competition]]> Students from Chantilly High School in Chantilly, Va., won the Fifth District championship round of the 2010 Fed Challenge competition held at the Federal Reserve Bank of Richmond.

]]> <![CDATA[Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index]]> <![CDATA[Federal Reserve System Financial Statements]]> The Federal Reserve System on Wednesday published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks and several limited liability companies (LLCs) that have been consolidated with the Federal Reserve Bank of New York.

]]> <![CDATA[Federal Reserve Bank of Richmond co-sponsors foreclosure prevention event]]> The Federal Reserve Bank of Richmond joins Housing Opportunities Made Equal and the city of Richmond to help co-sponsor a home preservation clinic to help Virginia homeowners who may be at risk of foreclosure. Free foreclosure counseling sessions and fraud prevention counseling will be offered on April 24 from 9 a.m. to 4 p.m. at the Blackwell Community Center at 300 E. 15th Street in Richmond.

]]> <![CDATA[Collegiate School Wins Regional Fed Challenge Preliminary Round]]> Collegiate School students won the preliminary round of the Federal Reserve's 2010 High School Fed Challenge competition held in Richmond on April 19.

]]> <![CDATA[Economics, Policy and Politics]]> President Lacker addresses West Virginia University students.

]]> <![CDATA[Federal Reserve Presenting Small Businesses Credit Forum in Chapel Hill ]]> The Federal Reserve Bank of Richmond is holding a forum on small business credit issues on April 20 from 8:30 a.m. until 1 p.m. in the William and Ida Friday Center for Continuing Education at the University of North Carolina in Chapel Hill, N.C.

]]> <![CDATA[Chantilly High School won the preliminary round of the regional Fed Challenge Competition]]> Chantilly High School students from Chantilly, Virginia, won the preliminary round of the Federal Reserve’s 2010 High School Fed Challenge competition held at the Baltimore Branch on April 12th, 2010.

]]> <![CDATA[5E Educator - Spring 2010]]> This issue considers whether quantitative measures alone capture quality of life. Also discussed are important economic concepts relevant to the recent recession and recovery along with several lesson plans and resources specially selected to enhance your 21st Century classroom.

]]> <![CDATA[The Economic Outlook, April 2010]]> President Lacker addresses Morgantown WVA Business Leaders

]]> <![CDATA[Quantifying the Impact of Financial Development on Economic Development]]> <![CDATA[Quantitative Properties of Sovereign Default Models: Solution Methods Matter]]> <![CDATA[Comparing Labor Markets across Recessions]]> <![CDATA[Richmond Fed Promotes Jennifer Burns to Senior Vice President]]> The Federal Reserve Bank of Richmond has promoted Jennifer J. Burns to the role of senior vice president with responsibility for the Bank's Supervision, Regulation and Credit function as of April 1, 2010.

]]> <![CDATA[Pro Bono Attorney Training Assists Maryland Homeowners Avoid Mortgage Scams]]> The Federal Reserve Bank of Richmond and Civil Justice Inc., a Maryland nonprofit public interest law firm, will sponsor pro bono attorney training as part of the Maryland Mortgage Fraud Prevention Project.

]]> <![CDATA[How Large Has the Federal Financial Safety Net Become? (Revised February 2013)]]> <![CDATA[Excess Reserves and the New Challenges for Monetary Policy]]> <![CDATA[Residential Mortgage Default: The Roles of House Price Volatility, Euphoria and the Borrower's Put Option]]> <![CDATA[Real Regulatory Reform]]> President Lacker addresses the Institute of International Bankers.

]]> <![CDATA[Richmond Fed Names New Officers]]> The Federal Reserve Bank of Richmond announces the following officer appointments effective March 1, 2010 and March 15, 2010.

]]> <![CDATA[Richmond Fed Publication Examines the "Efficient Market Hypothesis"]]> The featured article in this issue of Region Focus surveys the debate over the efficient market hypothesis in the wake of the financial crisis.

]]> <![CDATA[Region Focus - Fall 2009]]> The Price is Right? Has the financial crisis provided a fatal blow to the efficient market hypothesis?

]]> <![CDATA[Inventories, Inflation Dynamics, and the New Keynesian Phillips Curve]]> <![CDATA[Is a New Asset Bubble Emerging in Certain Markets?]]> <![CDATA[Education Spending and State Economic Growth: Are All Dollars Created Equal?]]> <![CDATA[The Economic Outlook, January 2010]]> President Lacker addresses Richmond risk management professionals.

]]> <![CDATA[Richmond Fed's Economic Quarterly Examines Sectoral Employment and the Business Cycle]]> At the aggregate level, employment can be well explained by a relatively small number of factors. But when individual sectors are examined, things are quite different, according to findings by Richmond Fed economist Pierre-Daniel Sarte and research assistant Nadezhda Malysheva. Their results suggest that across all goods and services, common shocks explain on average only 31 percent of the variation in sectoral employment. "In other words, employment at the sectoral level is driven mostly by idiosyncratic shocks, rather than common shocks, to the different sectors," the authors write.

]]> <![CDATA[The Economic Outlook, January 2010]]> President Lacker addresses the Maryland Bankers Association.

]]> <![CDATA[Is the Output Gap a Faulty Gauge for Monetary Policy?]]> <![CDATA[Assessing Community Capacity and Social Capital in Rural America: Lessons from Two Rural Observatories]]> <![CDATA[The Impact of Teachers Unions on State-Level Productivity]]> <![CDATA[Inventories and Optimal Monetary Policy]]> <![CDATA[The U.S. Establishment-Size Distribution: Secular Changes and Sectoral Decomposition]]> <![CDATA[Heterogeneity in Sectoral Employment and the Business Cycle]]> <![CDATA[Dynamic Provisioning: A Countercyclical Tool for Loan Loss Reserves.]]> <![CDATA[The Effect of Interest on Reserves on Monetary Policy]]> <![CDATA[The Economic Outlook]]> President Lacker addresses Charlotte Business Leaders.

]]> <![CDATA[Region Focus - Summer 2009]]> Measuring Quality of Life: How should we assess improvements to our standard of living?

]]> <![CDATA[The Economic Outlook]]> President Lacker addresses Virginia House Appropriations Committee.

]]> <![CDATA[5E Educator - Fall 2009]]> In this issue, you will find articles that examine the costs and benefits associated with Corporate Social Responsibility (CSR) and Cap and Trade policies. You will also find active lessons to teach your students about the issues...

]]> <![CDATA[Rolling Back the Financial Safety Net]]> <![CDATA[On the Cyclicality of the Interest Rate in Emerging Economy Models: Solution Methods Matter]]> <![CDATA[Financial Education in the Wake of the Crisis]]> President Lacker addresses Council for Economic Education Annual Conference.

]]> <![CDATA[The Case for Direct Methods to Address CO2 Emissions and Other Negative Environmental Externalities]]> <![CDATA[Distortionary Taxation for Efficient Redistribution]]> <![CDATA[Short-Term Headline-Core Inflation Dynamics]]> <![CDATA[The Behavior of Household and Business Investment over the Business Cycle]]> <![CDATA[Why Could Political Incentives Be Different During Election Times?]]> <![CDATA[The Cyclicality of the User Cost of Labor (Revised: March 2013)]]> <![CDATA[Choices in Financial Regulation]]> President Lacker addresses Charlotte RMA. (Video Available)

]]> <![CDATA[Deterring Default: Why Some State Laws Decrease the Probability of Mortgage Foreclosures]]> <![CDATA[Region Focus - Spring 2009]]> Reforming the Raters: Can regulatory reforms adequately realign the incentives of credit rating agencies?

]]> <![CDATA[The Economic Outlook]]> President Lacker addresses Danville Chamber of Commerce.

]]> <![CDATA[Recent Fiscal Policy and the Manipulation of Aggregate Economic Activity]]> <![CDATA[Are Harsh Penalties for Default Really Better?]]> <![CDATA[Systemic Risk Regulation and the "Too Big to Fail" Problem]]> <![CDATA[Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States (Revised June 2010)]]> <![CDATA[The Consolidation of Financial Regulation: Pros, Cons, and Implications for the United States]]> <![CDATA[Should Increased Regulation of Bank Risk-Taking Come from Regulators or from the Market?]]> <![CDATA[Estimating a Search and Matching Model of the Aggregate Labor Market]]> <![CDATA[Monetary Policy in the 2008--2009 Recession]]> <![CDATA[The Economic Outlook]]> President Lacker addresses North Carolina Senate Appropriations Committee.

]]> <![CDATA[Unemployment Insurance with a Hidden Labor Market]]> <![CDATA[The Growth of Paperless Money: Retail Payments in the United States Continue to Evolve]]> <![CDATA[Annual Report - 2008]]> Reviews the Bank's operations and includes the article entitled "The Financial Crisis: Toward an Explanation and Policy Response"

]]> <![CDATA[The Financial Crisis: Toward an Explanation and Policy Response]]> <![CDATA[The Costs and Benefits of Bank Supervisory Disclosure]]> <![CDATA[The Role of the Safety Net in the Financial Crisis]]> President Lacker addresses Beijing Banking Summit.

]]> <![CDATA[The Economic Outlook,]]> President Lacker keynote speaker at D.C. Chamber Business Summit.

]]> <![CDATA[The Consolidation of Financial Market Regulation: Pros, Cons, and Implications for the United States]]> <![CDATA[The Economic Outlook]]> President Lacker addresses Charlottesville Business Leaders

]]> <![CDATA[Problems for a Fundamental Theory of House Prices]]> <![CDATA[Indeterminacy from Inflation Forecast Targeting: Problem or Pseudo-Problem?]]> <![CDATA[Consumption Smoothing and the Measured Regressivity of Consumption Taxes]]> <![CDATA[Semiparametric Estimation of Land Price Gradients Using Large Data Sets]]> <![CDATA[5E Educator - Spring 2009]]> Read about the battle between Andrew Jackson and Nicholas Biddle, the head of the Second Bank of the United States. Learn how Jackson was finally able to kill the Bank, and pick up great ideas for teaching your students about the issues that have confronted U.S. central banking.

]]> <![CDATA[Region Focus - Winter 2009]]> Know When to Fold 'Em: How the corporate bankruptcy system benefits and hinders the economy

]]> <![CDATA[Assessing the Effectiveness of the Paulson "Teaser Freezer" Plan: Evidence from the ABX Index]]> <![CDATA[On the Implementation of Markov-Perfect Monetary Policy (Revised August 2011)]]> <![CDATA[Credit and Self-Employment]]> <![CDATA[Notes on Collateral Constraints in a Simple Model of Housing]]> <![CDATA[The Role of Information in the Rise in Consumer Bankruptcies]]> <![CDATA[What We Do and Don't Know about Discretionary Fiscal Policy]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker addresses Charleston Metro Chamber of Commerce.

]]> <![CDATA[The Optimal Rate of Inflation with Trending Relative Prices]]> <![CDATA[Rationalizing Financial Literacy Policy]]> <![CDATA[Government Lending and Monetary Policy]]> President Lacker addresses NABE.

]]> <![CDATA[Fiscal Policy and Default Risk in Emerging Markets]]> <![CDATA[Residential Externalities]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker addresses the Richmond Chapter Risk Management Association.

]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker addresses South Carolina Business & Industry Political Education Committee.

]]> <![CDATA[Region Focus - Fall 2008]]> House Bias: The economic consequences of subsidizing homeownership

]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker addresses to the Maryland Bankers Association.

]]> <![CDATA[5E Educator - Winter 2008/2009]]> This issue features new research that examines the relationship between your ability to resist dessert and your savings behavior. You'll also find engaging lesson plans and resources presented in the newsletter.

]]> <![CDATA[The Size and Structure of Exports in the Fifth District Economy]]> <![CDATA[DSGE Model-Based Estimation of the New Keynesian Phillips Curve]]> <![CDATA[The New Keynesian Phillips Curve: Lessons From Single-Equation Econometric Estimation]]> <![CDATA[Policy Implications of the New Keynesian Phillips Curve]]> <![CDATA[The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996]]> <![CDATA[Introduction to the New Keynesian Phillips Curve]]> <![CDATA[Understanding Monetary Policy Implementation]]> <![CDATA[New Keynesian Economics: A Monetary Perspective ]]> <![CDATA[Nominal Frictions, Relative Price Adjustment, and the Limits to Monetary Policy ]]> <![CDATA[CEO Compensation: Trends, Market Changes, and Regulation ]]> <![CDATA[Financing Development: The Role of Information Costs (Revised August 2009)]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker speaks at the Economic Outlook Conference in

Charlotte, NC.]]> <![CDATA[Turmoil in the Student Loan Market]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker addresses the Tech Council of Maryland.

]]> <![CDATA[What Lessons Can We Learn From the Boom and Turmoil?]]> President Lacker speaks at the Cato Institute 26th Annual Monetary Conference in Washington, DC.

]]> <![CDATA[What is the Monetary Standard, Or, How Did the Volcker-Greenspan FOMCs Tame Inflation?]]> <![CDATA[On the Sources of Movements in Inflation Expectations: A Few Insights from a VAR Model]]> <![CDATA[Limits to Redistribution and Intertemporal Wedges: Implications of Pareto Optimality with Private Information]]> <![CDATA[Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production]]> <![CDATA[What Income Inequality Measures Can (and Cannot) Tell Us]]> <![CDATA[Financial Conditions and the Economic Outlook]]> President Lacker speaks at the Hebrew University of Jerusalem in Jerusalem, Israel.

]]> <![CDATA[A Quantitative Theory of Information and Unsecured Credit (Revised July 2011)]]> <![CDATA[Inflation Expectations: Their Sources and Effects]]> <![CDATA[Region Focus - Spring/Summer 2008]]> The State of Modern Economics: Unsteady State

]]> <![CDATA[Brent Meyer]]> <![CDATA[John Graham]]> <![CDATA[Nicholas Parker]]> <![CDATA[Sonya Ravindranath Waddell]]> <![CDATA[Researchers]]> <![CDATA[Region Focus - Winter 2008]]> Going Private

]]> <![CDATA[Optimal Personal Bankruptcy Design: A Mirrlees Approach]]> <![CDATA[On the Evolution of Income Inequality in the United States]]> <![CDATA[Review of "Welfare Reform in Persistent Rural Poverty: Dreams, Disenchantments, and Diversity" by K. Pickering et al. ]]> <![CDATA[The Economic Outlook]]> President Lacker addresses the National Economic Club in Washington, DC.

]]> <![CDATA[Repeated Moral Hazard with Effort Persistence]]> <![CDATA[5E Educator - Spring 2008]]> Read Chairman Ben Bernanke's take on the financial turmoil and the Fed's response. Also download a lesson that will give your students insight into the next FOMC meeting.

]]> <![CDATA[The Economic Outlook]]> President Lacker speaks at the Spartanburg Marriott at Renaissance Park.

]]> <![CDATA[Financial Stability and Central Banks]]> The financial market events of the last nine months have raised a number of questions about our financial markets and institutions, about financial regulation, and about the central bank's role in credit markets.1 Some analyses have focused on the drying up of trading activity in certain structured finance products where the key observation is how abruptly liquidity conditions in a financial market can change. Others have focused on the underlying fundamentals of credit quality in these financial products, with a key observation being that, after the fact, it looks as though many decisions regarding the extension of credit yielded quite disappointing results.

]]> <![CDATA[Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs]]> <![CDATA[Are We Saving Enough? Households and Retirement]]> <![CDATA[Annual Report - 2007]]> Reviews the Bank's operations and includes the article entitled "Are We Saving Enough? Households and Retirement"

]]> <![CDATA[A Quantitative Study of the Role of Wealth Inequality on Asset Prices]]> <![CDATA[Should Bank Supervisors Disclose Information About Their Banks?]]> <![CDATA[Credit Access, Labor Supply, and Consumer Welfare]]> <![CDATA[Antitrust Analysis in Banking: Goals, Methods, and Justifications in a Changed Environment]]> <![CDATA[Long-Duration Bonds and Sovereign Defaults (Revised July 2009)]]> <![CDATA[Inflation Dynamics with Search Frictions: A Structural Econometric Analysis]]> <![CDATA[The Economic Outlook for 2008]]> President Lacker addresses the West Virginia Bankers Association and the Community Bankers of West Virginia.

]]> <![CDATA[Region Focus - Fall 2007]]> Downtown is Dead. Long Live Downtown

]]> <![CDATA[The Economic Outlook for 2008]]> President Lacker addresses the Risk Management Association.

]]> <![CDATA[Economic Outlook]]> Thank you very much, Henry. It's a pleasure to return to Charlotte again at the end of the year to discuss the economic outlook.1 I'll begin by discussing current conditions in a bit more detail, before going on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies – the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

]]> <![CDATA[Moral Hazard and Persistence]]> <![CDATA[Avoiding the Inflation Tax]]> <![CDATA[The Role of Central Banks in Credit Markets]]> By now I'm sure the events of this past summer are very familiar to most financial market professionals.1 Since these events form the backdrop for my discussion of the central bank's role in credit markets, I will begin with a quick review. As the housing downturn that began early in 2006 deepened, delinquencies, defaults, and loss rates rose on high-risk mortgages, particularly more recent vintages. In response to unfolding events — including rating agency downgrades and losses and insolvencies at various intermediaries — participants in markets for instruments with mortgage debt exposure revised downward their assessments of the likely future returns on the underlying assets. At times investors had difficulty discerning the magnitude of their counterparty's vulnerability and thus distinguishing among various instruments. This became particularly acute in early August following a suspension of fund redemptions by a large European intermediary, and for several days thereafter many markets were roiled as investors appeared to pull back from a broad range of asset classes.

]]> <![CDATA[Region Focus - Summer 2007]]> Democracy and Other Failures

]]> <![CDATA[The Anatomy of U.S. Personal Bankruptcy under Chapter 13]]> <![CDATA[When Disclosure is Not Enough]]> <![CDATA[The Economic Outlook]]> I am pleased to be with you here today to discuss my views on the economic outlook. 1 When this date was arranged many months ago, I was looking forward to delivering my remarks during the sleepy dog days of summer. Instead, we meet during fairly tumultuous times in financial markets. Over the last several weeks, we have seen substantial revisions in market participants' assessments of the fundamental value of securities related to sub-prime and other non-standard mortgages, financial distress related to mortgage finance at several entities, considerable widening of credit spreads, and significantly larger swings in asset prices. This turbulence makes assessing the economic outlook more challenging than usual, and of course makes central bank policymaking especially challenging.

]]> <![CDATA[Notes on the Inflation Dynamics of the New Keynesian Phillips Curve]]> <![CDATA[Early Childhood Development and Economic Growth]]> Early childhood development may seem like an odd topic for a Federal Reserve Bank president.1 The public policy responsibility for which the Fed is best known is the nation’s monetary policy – a macroeconomic subject that would seem to stand in sharp contrast to the more microeconomic focus of Governor Kaine’s summit today. But as a regional Reserve Bank in a federated central banking system like the Fed, we spend a good deal of time trying to understand the economies that make up our District, which, as you may know, includes Maryland, D.C., Virginia, West Virginia and the Carolinas. We supplement formal data on the national economy with information we gather from numerous sources – both formal and informal – about economic conditions in our region. This process gives us an opportunity to observe and learn about the economic trends and challenges facing the people of our District. It also allows us to observe the range of public policies and private initiatives undertaken across the District aimed at promoting local and regional economic growth.

]]> <![CDATA[Region Focus - Spring 2007]]> Academic Alternatives

]]> <![CDATA[A Literature Review on the Effectiveness of Financial Education]]> <![CDATA[The Inflation Outlook]]> I am very pleased to be with you today to discuss my views on the economic outlook, with particular emphasis on the outlook for inflation.1 In its most recent statements, the Federal Open Market Committee has identified "the risk that inflation will fail to moderate as expected" as its "predominant policy concern." This places current inflation and the inflation outlook squarely at center stage in thinking about the economy and monetary policy. So in my remarks today, I will take a closer look at inflation's recent behavior and the prospects for its future behavior. In doing so, I'll discuss the interplay between real activity and inflation expectations. As always, these remarks should be taken as my own personal views, and not necessarily those of any of my colleagues in the Federal Reserve.

]]> <![CDATA[The Inflation Outlook]]> I am pleased to be with you tonight to discuss my views on the outlook for inflation.1 In its most recent statements, the Federal Open Market Committee has identified "the risk that inflation will fail to moderate as expected" as its "predominant policy concern." This places current inflation and the inflation outlook squarely at center stage in thinking about the economy and monetary policy. So in my remarks tonight, I will take a closer look at inflation's recent behavior and the prospects for its future behavior. In doing so, I'll place particular emphasis on what we've learned in recent years about inflation dynamics, particularly the interplay between real activity and inflation expectations. As always, these remarks should be taken as my own personal views, and not necessarily shared by any of my colleagues in the Federal Reserve.

]]> <![CDATA[Annual Report - 2006]]> Reviews the Bank's operations and includes the article entitled "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"

]]> <![CDATA[Inflation and Unemployment: A Layperson's Guide to the Phillips Curve]]> <![CDATA[Inflation and Unemployment (revised)]]> Let me begin by telling you about some recent experiences. I had the opportunity earlier this year to guest-teach a couple of business school economics classes. I opened my discussions with a pair of questions, asking students to put themselves in the place of a monetary policymaker choosing a target for the federal funds rate. First I gave them a set of hypothetical facts about the state of the economy: a slowdown in housing in the wake of multi-year housing boom; rising mortgage default rates; preliminary indicators of a slowing in business investment. And then I asked them: "What are you going to do?" The students dutifully responded that this situation could call for a reduction in the funds rate. They'd obviously been doing their homework.

]]> <![CDATA[Evolving Inflation Dynamics and the New Keynesian Phillips Curve]]> <![CDATA[The Evolution of City Population Density in the United States]]> <![CDATA[Currency Quality and Changes in the Behavior of Depository Institutions]]> <![CDATA[Non-Stationarity and Instability in Small Open Economy Models]]> <![CDATA[Bank Runs and Institutions: The Perils of Intervention]]> <![CDATA[Community Affairs Research Conference -- Opening Remarks]]> On behalf of the Federal Reserve System, I would like to add my welcome to the fifth Community Affairs Research Conference. These biennial meetings are a unique opportunity for academics, policy makers and community development professionals to gather together and consider new research findings that can inform our judgments on a variety of issues. I applaud the organizers for compiling such an interesting and provocative program.

]]> <![CDATA[Inflation and Unemployment]]> I recently had the opportunity to guest-teach a couple of business school economics classes. It was great to be back in the classroom. Don’t get me wrong – I like my current job. But it was nice not to have to vote on anything.

]]> <![CDATA[Heterogeneous Borrowers in Quantitative Models of Sovereign Default (Revised: Sep. 2008)]]> <![CDATA[Comments on "Understanding the Evolving Inflation Process"]]> I have to admit that I was apprehensive when Steve and Anil asked me to participate in this Forum and comment on a report on inflation dynamics, especially when I found out that one of the authors was going to be an old friend, Mark Watson. Mark is a pre-eminent time-series econometrician, so my first thought was that I was going to need to brush up on unit-root asymptotics. When the report arrived, however, I was pleasantly surprised to find a wide-ranging and insightful review of the historical behavior of inflation in the G-7 countries along with a thoughtful examination of alternative explanations of those dynamics. I think the Report makes a very useful contribution to applied monetary economics and illuminates well some of the key challenges in monetary policy today. The usual disclaimer applies here, however; the views I express are my own and not necessarily shared by my colleagues in the Federal Reserve System.

]]> <![CDATA[Inflation and Unemployment: A Layperson's Guide to the Phillips Curve]]> <![CDATA[A Taylor Rule and the Greenspan Era]]> <![CDATA[Quantitative Models of Sovereign Default and the Threat of Financial Exclusion]]> <![CDATA[Region Focus - Winter 2007]]> Options on the Outs

]]> <![CDATA[Barriers to Foreign Direct Investment Under Political Instability]]> <![CDATA[Interest on Reserves and Daylight Credit]]> <![CDATA[How Accurate Are Real-Time Estimates of Output Trends and Gaps?]]> <![CDATA[The Economics of Sovereign Defaults]]> <![CDATA[Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model]]> <![CDATA[Economic Outlook]]> It’s a pleasure to be here again this year for what has come to be called the “Broaddus Breakfast.” I am honored to be invited back for a third appearance. Before I begin, I owe you the usual disclaimer that these views are my own and are not necessarily shared by my colleagues around the Federal Reserve System. But for those of you who have followed my voting record, this should come as no surprise.

]]> <![CDATA[The Contributions of Milton Friedman to Economics]]> <![CDATA[Implications of Some Alternatives to Capital Income Taxation]]> <![CDATA[Exchange Rates and Business Cycles Across Countries]]> <![CDATA[Optimal Nonlinear Income Taxation with Costly Tax Avoidance]]> <![CDATA[Economic Outlook]]> It's a pleasure to be here in Charlotte again this year for the Annual Economic Conference. I am honored to be invited back for a third appearance, particularly after my forecasting performance last year. Before I begin, I owe you the usual disclaimer that these views are my own and are not necessarily shared by my colleagues around the Federal Reserve System. For those of you who have followed my voting record, however, this should come as no surprise.

]]> <![CDATA[Risky Human Capital and Deferred Capital Income Taxation]]> <![CDATA[How Should Regulators Respond to Financial Innovation?]]> The subject of this panel is "Financial Markets and Growth." There is now quite a substantial literature devoted to understanding how improvements in the effectiveness of the financial sector can and do contribute to growth and economic well-being in developing countries. My focus will be on the innovations in financial markets and practices that have been particularly striking in the United States over the last couple of decades, and the key benefits of those innovations. We've seen tremendous changes in financial arrangements in recent years, particularly with regard to the ways in which financial markets allocate risk; derivative markets have made risks increasingly divisible and tradable, and consumers have seen vastly expanded opportunities in credit markets. I believe these changes have produced noteworthy economic benefits. Many observers, however, acknowledge the benefits but believe the recent wave of financial innovation also has contributed to increasing financial fragility. The proliferation of new instruments seems to have made it easier for someone to accumulate large risk exposures and harder for counterparties to evaluate them.

]]> <![CDATA[Region Focus - Fall 2006]]> Charged by the Market

]]> <![CDATA[Technology-Policy Interaction in Frictional Labor Markets]]> <![CDATA[Market-Based Regulation and the Informational Content of Prices]]> <![CDATA[Computing Business Cycles in Emerging Economy Models]]> <![CDATA[Monetary Policy Tactics and Strategy]]> Thank you for that kind introduction, Don. It is a pleasure to be with this esteemed group today. This morning, I’d like to talk about monetary policy, but before I do, I need to note that, as always, the views I express are my own, and do not necessarily coincide with the views of my colleagues within the Federal Reserve. I’d like to talk about monetary policy from two different perspectives: tactics and strategy. These obviously are two pertinent aspects of any sustained planning or decision-making endeavor, whether it involves public policy or the private goals of businesses or households. By tactics, I mean the decisions we make and the actions we take on a day-to-day, month-to-month, or, in the case of the Federal Open Market Committee, twice-a-quarter basis. Our most visible tactical decision is our choice of the federal funds rate. You have probably noticed that I have disagreed with many of my colleagues on this tactical choice at recent meetings, and I will say a few words later on about why.

]]> <![CDATA[The Regional Economic Outlook]]> It is a pleasure to be with you today to discuss the economic outlook for the region. I work, as Barbara’s kind introduction noted, at the Federal Reserve Bank of Richmond. The fact that our nation’s capital lies within the Richmond Federal Reserve District, rather than the other way around, is an odd byproduct of decisions made over 90 years ago. When establishing the Federal Reserve System as the nation’s central bank, Congress created a confederation of regional banks, rather than a single, centrally located bank. The founding organizers then made Richmond the headquarters for the Fifth Federal Reserve District, which covers the area from West Virginia and Maryland in the North down to the Carolinas in the South. The founders’ motivating vision was that the nation was better served by an institution that was closely linked to the diverse economies that make up our country. And so, one of our key responsibilities at the Reserve Banks is to understand local economic conditions around our Districts. Of course, the Fed is well represented inside the beltway, since Washington is the home of the Board of Governors of the Federal Reserve System, the entity that oversees Reserve Bank activities. They are kind enough to let me roam Washington at will, and we are kind enough to cut their paychecks for them.

]]> <![CDATA[Technical Appendix for "Frictional Wage Dispersion in Search Models: A Quantitative Assessment"]]> <![CDATA[The Political Economy of Labor Subsidies]]> <![CDATA[Frictional Wage Dispersion in Search Models: A Quantitative Assessment]]> <![CDATA[Understanding How Employment Responds to Productivity Shocks in a Model with Inventories]]> <![CDATA[Region Focus - Summer 2006]]> $afety First

]]> <![CDATA[The Lucas Critique and the Stability of Empirical Models]]> <![CDATA[Home Production]]> <![CDATA[Borrowing by U.S. Households]]> <![CDATA[Annual Report - 2005]]> Reviews the Bank's operations and includes the article entitled "Borrowing by U.S. Households"

]]> <![CDATA[The Evolution of Consumer Finance]]> At the outset this morning I would like to congratulate you: 2005 marked the first year in the history of the federal deposit insurance program in which there were no failures of FDIC-insured institutions. While the banking industry clearly has benefited from a relatively healthy macroeconomic environment, I think the lack of bank failures last year is strong evidence that supervisory agencies — both state and federal — have been doing an outstanding job. In fact, one could argue that we have done too good a job, since, as our recently retired Fed Chairman was fond of observing, the optimal number of bank failures is certainly not zero, the point being that risk-taking is an essential part of banking, and even if our banking system as a general matter is taking only prudent, well-managed risks, there may still be some failures from time to time. Furthermore, risk is an inherent part of innovation, and when banks are trying new things, some will succeed and some will not. But innovation is vital to the continued growth and progress of the industry and its ability to provide the public with ever more useful and efficient financial services over time. I would like to note, as usual, that the views expressed are my own and are not necessarily those of my colleagues in the Federal Reserve System.

]]> <![CDATA[Region Focus - Spring 2006]]> The End of the "Free" Ride: Tolls bring home the true cost of roads

]]> <![CDATA[Nontraded Goods, Market Segmentation, and Exchange Rates]]> <![CDATA[The Economic Outlook]]> It is a pleasure to speak on the economic outlook this morning, in part due to this distinguished Ohio Valley audience, and in part because the outlook is so encouraging. Growth is proceeding on a solid pace this year, and inflation is low and stable. Moreover, our economy has withstood several substantial shocks over the last several years, and yet has remained on course. So, I think we have abundant reason to be grateful for a quite positive economic outlook. Before I begin reviewing that outlook, however, I would like to note, as usual, that the views expressed are my own and are not necessarily those of my colleagues in the Federal Reserve System.

]]> <![CDATA[Changes in the Size Distribution of U. S. Banks: 1960 - 2005]]> <![CDATA[Bond Price Premiums]]> <![CDATA[Stark Optimal Fiscal Policies and Sovereign Lending]]> <![CDATA[Not Your Father's Credit Union]]> <![CDATA[Central Bank Credit in the Theory of Money and Payments]]> I’m honored to have the opportunity to speak at this conference, although I must admit that I find the conference’s title a bit puzzling. I can certainly think of more than two conferences on payment economics. Why, the Richmond Fed alone has sponsored two; one in 2000 and one way back in 1987.

]]> <![CDATA[Borrowing by U.S. Households]]> <![CDATA[The Productivity of Nations]]> <![CDATA[Inflation Uncertainty and the Recent Low Level of the Long Bond Rate]]> <![CDATA[Making the Systematic Part of Monetary Policy Transparent]]> <![CDATA[Transition and Continuity at the Federal Reserve]]> I would like to talk to you tonight about the evolution in the way the Federal Reserve goes about conducting monetary policy. As my title suggests, one theme is that a transition is taking place. Of course, the most striking transition at the Federal Reserve this year is the change in leadership. On January 31, Federal Reserve Board Chairman Alan Greenspan served his last day in office and chaired his last meeting of the Federal Open Market Committee. His successor, Ben Bernanke, took over the following day, and tomorrow morning, he delivers his first testimony to Congress as chairman.

]]> <![CDATA[Region Focus - Winter 2006]]> Family Portrait

]]> <![CDATA[The Problem of Small Change in Early Argentina]]> <![CDATA[Implementation of Optimal Monetary Policy]]> <![CDATA[On the Aggregate and Distributional Implications of Productivity Differences across Countries]]> <![CDATA[Can Feedback from the Jumbo CD Market Improve Bank Surveillance?]]> <![CDATA[The Economic Outlook ]]> It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. And after a brief pause this fall, employment is expanding again at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the champagne. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge.

]]> <![CDATA[The Economic Outlook ]]> It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. And after a brief pause this fall, employment is expanding again at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the champagne. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge.

]]> <![CDATA[Discretionary Policy and Multiple Equilibria]]> <![CDATA[Credit Exclusion in Quantitative Models of Bankruptcy: Does It Matter?]]> <![CDATA[The 3-6-3 Rule: An Urban Myth?]]> <![CDATA[Reputation, Career Concerns, and Job Assignments (Revised Apr. 2009)]]> <![CDATA[Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns]]> <![CDATA[The Economic Outlook ]]> It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this years run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.

]]> <![CDATA[The Economic Outlook ]]> It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.

]]> <![CDATA[A Quantitative Study of the Role of Wealth Inequality on Asset Prices]]> <![CDATA[Optimal Wealth Taxes with Risky Human Capital]]> <![CDATA[Firms as Clubs in Walrasian Markets with Private Information: Technical Appendix]]> <![CDATA[Avoiding the Inflation Tax]]> <![CDATA[Interest Rate Policy After Greenspan]]> Early next year, we will experience an event that happens rarely in the Federal Reserve — the retirement of the Chairman of the Board of Governors. Alan Greenspan is just the fifth Fed Chairman in the modern era that began with the Treasury-Fed Accord in 1951, and his retirement provides us with an excellent opportunity both to look back at a period of extraordinary success in monetary policy-making and to look forward to the principles that might allow future policy to continue this success. I plan to do some of both today, but I may spend as much time looking back as looking forward, not because I’m particularly nostalgic for the 1990s, but because I think it’s important for us to understand the nature of our policy successes in order to draw the right lessons to guide our future thinking about policy. As always, the views expressed are my own, and do not necessarily represent the views of my colleagues in the Federal Reserve System.

]]> <![CDATA[Region Focus - Fall, 2005]]> Minds Matter

]]> <![CDATA[A Quantitative Theory of the Gender Gap in Wages]]> <![CDATA[A General Equilibrium Analysis of Parental Leave Policies]]> <![CDATA[Asymmetric Information and the Lack of International Portfolio Diversification]]> <![CDATA[The Value of Information with Heterogeneous Agents and Partially Revealing Prices]]> <![CDATA[A Theory of Political Cycles (Revised: Dec. 2008)]]> <![CDATA[Should the FDIC Worry about the FHLB? The Impact of Federal Home Loan Bank Advances on the Bank Insurance Fund]]> <![CDATA[Region Focus - Summer 2005]]> Lights Out

]]> <![CDATA[Retail Financial Innovation]]> Over the last two decades, we have witnessed what can arguably be called a revolution in retail consumer finance. Perhaps the hallmark of this revolution has been the dramatic expansion of unsecured lending through the proliferation of credit cards. This growth has not been limited to unsecured credit, but also includes mortgage and home equity lending. One of my themes this morning will be that these trends are the result of a wave of innovation, largely related to information technology, that has brought widespread change to financial services and other industries. At the same time, as retail credit extension has grown we have also seen a significant expansion of regulations pertaining to the extension of such credit, and a growing concern in some quarters that American households have lost control of their finances to a dizzying array of new products and options. My second theme concerns the relationship between these two broad developments. I will argue that there is a natural tendency for credit expansions like the one we've seen to lead to calls for new regulation. My hope is that understanding this relationship will better equip us to assess current conditions in retail credit markets, including legislative and regulatory proposals, and to think clearly about the industry's future direction.

]]> <![CDATA[Retail Financial Innovation]]> Over the last two decades, we have witnessed what can arguably be called a revolution in retail consumer finance. Perhaps the hallmark of this revolution has been the dramatic expansion of unsecured lending through the proliferation of credit cards. This growth has not been limited to unsecured credit, but also includes mortgage and home equity lending. One of my themes this morning will be that these trends are the result of a wave of innovation, largely related to information technology, that has brought widespread change to financial services and other industries. At the same time, as retail credit extension has grown we have also seen a significant expansion of regulations pertaining to the extension of such credit, and a growing concern in some quarters that American households have lost control of their finances to a dizzying array of new products and options. My second theme concerns the relationship between these two broad developments. I will argue that there is a natural tendency for credit expansions like the one we've seen to lead to calls for new regulation. My hope is that understanding this relationship will better equip us to assess current conditions in retail credit markets, including legislative and regulatory proposals, and to think clearly about the industry's future direction.

]]> <![CDATA[Firm Fragmentation and Urban Patterns]]> <![CDATA[Do Technological Improvements in the Manufacturing Sector Raise or Lower Employment?]]> <![CDATA[Annual Report - 2004]]> Reviews the Bank's operations and includes the article entitled "What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market"

]]> <![CDATA[What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market]]> <![CDATA[Payment Economics and the Role of the Central Banks]]> I would like to start by commending the organizers of this conference for their goal of “making payments mainstream.” If I could do a bit of wordsmithing, I would add the word “economics” after the word “payment,” because a distinct and coherent field of payment economics appears to be emerging, and it deserves some attention, especially among central bank policymakers (Lacker and Weinberg, 2003). In my remarks today, I will say a few words about payment economics, and then discuss the role of the Central Bank in the payment system and implications of that role for several current issues. As always, the views expressed do not necessarily represent the views of my colleagues in the Federal Reserve System.

]]> <![CDATA[Community Affairs Research Conference - Opening Remarks]]> On behalf of the Federal Reserve System, it is my pleasure to welcome you to the fourth Community Affairs Research Conference. I believe this year’s conference has brought together a set of papers and participants that will make interesting and useful contributions to our knowledge on matters of consumer finance and community development. These are areas in which innovations in lending practices and supporting information technologies have led to a substantial expansion of credit to U.S. households. I think its fair to say that these markets are in a state of flux, making it particularly difficult to assess the costs and benefits of private sector practices and public policies. Against this backdrop, research like that represented at this conference is all the more valuable.

]]> <![CDATA[Monetary Policy and the Term Structure of Interest Rates]]> <![CDATA[How Well Do Diffusion Indexes Capture Business Cycles? A Spectral Analysis]]> <![CDATA[Technological Design and Moral Hazard]]> <![CDATA[The Replacement Problem in Frictional Economies: A Near-Equivalence Result]]> <![CDATA[Region Focus - Spring 2005]]> Homeward Bound

]]> <![CDATA[Trend Inflation, Firm-Specific Capital, and Sticky Prices]]> <![CDATA[What's Driving Wage Inequality?]]> <![CDATA[Unemployment and Vacancy Fluctuations in the Matching Model: Inspecting the Mechanism]]> <![CDATA[Inflation Targeting and the Conduct of Monetary Policy]]> I am pleased to be here with you today to talk about inflation targeting and the conduct of monetary policy. I would like to thank Dr. Coughlan, Dean Newman and the University of Richmond for giving me an opportunity at this time to express my views on this important subject. The timing is right for two reasons. It has been just a little more than half a year since I became president of the Federal Reserve Bank of Richmond. As bank president, I participate regularly in the Federal Open Market Committee, the body that makes monetary policy in the United States. And I welcome this as an opportunity to make the first comprehensive presentation of my views on the conduct of monetary policy. As I will explain in detail, I believe that the adoption and announcement of an explicit, numerical, long-run inflation target by the Fed would enhance the effectiveness of monetary policy.

]]> <![CDATA[Oil Prices and Consumer Spending]]> <![CDATA[Limited Participation and the Neutrality of Money]]> <![CDATA[Bank Risk of Failure and the Too-Big-to-Fail Policy]]> <![CDATA[What Difference Would an Inflation Target Make?]]> <![CDATA[Equilibrium Models of Personal Bankruptcy: A Survey]]> <![CDATA[Technology and Labor Markets]]> Labor market developments receive a considerable amount of media coverage. Over the last two years there have been countless stories about the “jobless recovery.” Employment growth following the 2001 recession has been slow compared to previous business cycles, slower in fact than any other recovery since WWII. In fact, only in 2004 did the economy get to something we might consider a normal pace of employment growth for a period of expansion. Many observers see technology as the culprit in sluggish employment growth. By raising productivity, we are told, technology weakens the demand for labor, and allows firms to meet growing demand without adding workers. In the last year or so, there also have been widespread stories about the growing number of jobs lost to imports or outsourcing. Of course, this movement of jobs overseas has been facilitated by technological advances in communication and information processing, so there is a sense in which one can describe these jobs as being lost to technology as well.

]]> <![CDATA[Inflation and Changing Expenditure Shares]]> <![CDATA[The Economic Outlook ]]> I am delighted to be here today to discuss the economic outlook for 2005 and beyond. But before I do, it would be helpful to review briefly the course of economic activity over the past year or so. The usual disclaimer applies, however: the views expressed are my own, and are not necessarily those of others in the Federal Reserve System.

]]> <![CDATA[On the Aggregate Labor Supply]]> <![CDATA[Depression-Era Bank Failures: The Great Contagion or the Great Shakeout?]]> <![CDATA[Region Focus - Winter 2005]]> Branch Bonanza

]]> <![CDATA[Banking Markets in a Decade of Mergers: A Preliminary Examination of Five North Carolina Markets]]> <![CDATA[Alfred Marshall and the Quantity Theory of Money]]> <![CDATA[The Effects of Technical Change on Labor Market Inequalities]]> <![CDATA[Economic Outlook ]]> I am delighted to be here today to discuss the economic outlook for 2005 and beyond. But before I do, it would be helpful to review briefly the course of economic activity over the past year or so. The usual disclaimer applies here, however: the views expressed are my own, and are not necessarily those of others in the Federal Reserve System.

]]> <![CDATA[Productivity, Employment, and Inventories]]> <![CDATA[Region Focus - Fall, 2004]]> Why Cities Grow

]]> <![CDATA[Whither North Carolina Furniture Manufacturing?]]> <![CDATA[The Output Gap, Expected Future Inflation and Inflation Dynamics: Another Look]]> <![CDATA[Region Focus - Winter, 2004]]> Global Gain, Local Pain

]]> <![CDATA[Region Focus - Summer, 2004]]> The Road To Recovery

]]> <![CDATA[Comments on the Economy and Monetary Policy]]> As usual I’ll begin with a recap of recent developments in the economy to put the outlook in perspective. Then I’ll comment on the outlook — as others see it and I see it — and finally I’ll conclude with a few remarks about monetary policy.

]]> <![CDATA[An Inquiry into the Existence and Uniqueness of Equilibrium with State-Dependent Pricing]]> <![CDATA[Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria]]> <![CDATA[VCU School of Business Commencement]]> Dean Sesnowitz; distinguished members of the faculty; proud parents and other family members; guests; and, of course most importantly, members of the Virginia Commonwealth University School of Business Class of 2004: thank you for your welcome and the privilege of sharing a few reflections with you this afternoon on this very special occasion.

]]> <![CDATA[Annual Report - 2003]]> Reviews the Bank's operations and includes the article entitled "Sustaining Price Stability"

]]> <![CDATA[Sustaining Price Stability]]> <![CDATA[Comments on the Economy and Banking]]> It is a pleasure to be with you this morning, and I am honored by your invitation to address this Convention once again. When Jack Benny was honored in some way back during his career, he said he didn't deserve the honor.

]]> <![CDATA[Hampden-Sydney College Commencement]]> President Bortz; distinguished members of the faculty and board of trustees; proud, satisfied — and probably relieved — parents; guests; and — most importantly, of course — members of the Hampden-Sydney Class of 2004: thank you for your welcome and for the privilege of joining you on this memorable day.

]]> <![CDATA[Competition in Banking: Achieving the Right Balance]]> It is a pleasure to be with you this morning. The theme of this session is “How Banks Compete.” I want to develop a variation on this theme and consider how the intensity of competition in banking has increased over the years, and some of the challenges this change presents.

]]> <![CDATA[Tom Humphrey: An Appreciation]]> <![CDATA[Ricardo versus Wicksell on Job Losses and Technological Change]]> <![CDATA[(Un)Balanced Growth]]> <![CDATA[Auditing and Bank Capital Regulation]]> <![CDATA[Region Focus - Spring, 2004]]> Working for Health Care

]]> <![CDATA[Using Manufacturing Surveys to Assess Economic Conditions]]> <![CDATA[Editor's Note]]> <![CDATA[Sustaining Price Stability]]> <![CDATA[Monetary Policy in the New Neoclassical Synthesis: A Primer]]> <![CDATA[How Do Central Banks Control Inflation?]]> <![CDATA[Bank Runs and Investment Decisions Revisited]]> <![CDATA[Predicting the Recent Behavior of Inflation Using Output Gap-Based Phillips Curves]]> <![CDATA[State-Contingent Bank Regulation With Unobserved Actions and Unobserved Characteristics]]> <![CDATA[Price Stability and Japanese Monetary Policy]]> <![CDATA[Shame As It Ever Was: Stigma and Personal Bankruptcy]]> <![CDATA[Monetary Policy and the Adjustment to Country-Specific Shocks]]> <![CDATA[Some Recent Trends in Commercial Banking]]> <![CDATA[Which Price Index Should a Central Bank Employ?]]> <![CDATA[The Economic Outlook for 2004]]> It's a pleasure to be back with you once again. I don't know exactly how many years you've honored me by inviting me back, but it's an appreciable number, and I always enjoy being with you. I guess I should say most of the time.

]]> <![CDATA[Macroeconomic Principles and Monetary Policy]]> <![CDATA[Classical Deflation Theory]]> <![CDATA[Accommodating Rising Population in Rural Areas: The Case of Loudoun County, Virginia]]> <![CDATA[Closing Troubled Banks: How the Process Works]]> <![CDATA[Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts]]> <![CDATA[Payment System Disruptions and the Federal Reserve Following September 11, 2001]]> <![CDATA[Real Implications of the Zero Bound on Nominal Interest Rates]]> <![CDATA[Unsecured Debt with Public Insurance: From Bad to Worse (Revised: Nov. 2004)]]> <![CDATA[Macroeconomic Principles and Monetary Policy]]> It's a great pleasure and honor for me to be invited to participate in this Forum, although I have to tell you that I was more than a little intimidated when I learned that I would be part of a panel featuring Bob King and Tom Sargent.

]]> <![CDATA[Classical Deflation Theory]]> <![CDATA[Attack at the Economic Heart of America: What 9/11 Taught the United States about Its Economic Security]]> It's a great pleasure and honor for me to be invited to participate in this Forum, although I have to tell you that I was more than a little intimidated when I learned that I would be part of a panel featuring Bob King and Tom Sargent.

]]> <![CDATA[Region Focus - Fall, 2003]]> Building in Uncle Sam's Backyard.

]]> <![CDATA[The Economy: Where is it Headed and When?]]> It is a pleasure to be with you this evening, and a pleasure to serve as Longwood's Executive-in-Residence earlier today.

]]> <![CDATA[Shortages of Small Change in Early Argentina]]> <![CDATA[Optimal Public Investment with and without Government Commitment]]> <![CDATA[Fiscal Policy and Regional Inflation in a Currency Union]]> <![CDATA[Mechanism Design and Assignment Models]]> <![CDATA[Update on the Economy and Monetary Policy]]> These remarks update other recent speeches Mr. Broaddus has made regarding the U.S. economic outlook.

]]> <![CDATA[James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor]]> <![CDATA[Fresh Start or Head Start? Uniform Bankruptcy Exemptions and Welfare (Revised: Jul. 2004)]]> <![CDATA[Labor Supply Shifts and Economic Fluctuations]]> <![CDATA[From Individual to Aggregate Labor Supply: A Quantitative Analysis based on a Heterogeneous Agent Macroeconomy]]> <![CDATA[On the Employment Effect of Technology: Evidence from U.S. Manufacturing for 1958-1996]]> <![CDATA[Risky Higher Education and Subsidies]]> <![CDATA[Aggregate Demand Management with Multiple Equilibria]]> <![CDATA[Region Focus - Summer, 2003]]> Dollars and Defense

]]> <![CDATA[Remarks on the Economy and Monetary Policy]]> It is a pleasure to be back with you once again. I'm truly honored that you invite me back so frequently, although I'm reminded of something that Jack Benny said once when he received an award of some sort.

]]> <![CDATA[Accounting for Corporate Behavior]]> <![CDATA[Annual Report - 2002]]> Reviews the Bank's operations and includes the article entitled "Accounting for Corporate Behavior"

]]> <![CDATA[Remarks at the 13th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies]]>  And certainly the extraordinary difficulty currently in trying to discern U.S. macroeconomic prospects for the next year or so is not inconsistent with Twain's observation.

]]> <![CDATA[Boom and Bust in Telecommunications]]> <![CDATA[Why Does Consumer Sentiment Predict Household Spending?]]> <![CDATA[Implications of the Capital-Embodiment Revolution for Directed R&D and Wage Inequality]]> <![CDATA[Region Focus - Spring, 2004]]> Running on Empty?

]]> <![CDATA[Firms, Assignments, and Earnings]]> <![CDATA[The Economic Outlook in a Turbulent Period]]> It is a pleasure to be with you today, although I have to confess that I am not very alert because I had a nightmare last night.

]]> <![CDATA[Accounting for Corporate Behavior]]> <![CDATA[Japanese Monetary Policy and Deflation]]> <![CDATA[The Euro and Inflation Divergence in Europe]]> <![CDATA[How Did Leading Indicator Forecasts Perform During the 2001 Recession?]]> <![CDATA[Economic Fundamentals and Bank Runs]]> <![CDATA[Monetary Policy in a Low Inflation Environment]]> <![CDATA[Unemployment Insurance and Personal Bankruptcy]]> <![CDATA[Banking and Commerce: Tear Down This Wall?]]> <![CDATA[The Economic Outlook for 2003]]> It is a pleasure to be with you today. Each year I receive several invitations to give talks on the economic outlook for the year ahead, and this is my first such talk for 2003.

]]> <![CDATA[Japanese Monetary Policy, 1991-2001]]> <![CDATA[Comments on Monetary Policy in a Low Inflation Environment]]> It's a pleasure to be here today and to have this opportunity to comment on conducting monetary policy in a low inflation environment.

]]> <![CDATA[Efficient Public Investment in a Model with Transition Dynamics]]> <![CDATA[Potential Consequences of Linear Approximation in Economics]]> <![CDATA[Economic Growth, Liquidity, and Bank Runs]]> <![CDATA[Region Focus]]> Beyond the Turmoil

]]> <![CDATA[The Cyclical Behavior of Prices and Employee Compensation]]> <![CDATA[Should Optimal Discretionary Monetary Policy Look at Money?]]> <![CDATA[The Macroeconomics of U.S. Consumer Bankruptcy Choice: Chapter 7 or Chapter 13?]]> <![CDATA[The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s]]> <![CDATA[Vintage Capital as an Origin of Inequalities]]> <![CDATA[Annual Report - 2001]]> Reviews the Bank's operations and includes the article entitled "The Economics of Financial Privacy"

]]> <![CDATA[The Economics of Financial Privacy]]> <![CDATA[The Phases of U.S. Monetary Policy: 1987 to 2001]]> <![CDATA[Competition Among Bank Regulators]]> <![CDATA[Structure From Shocks]]> <![CDATA[Expectations and the Term Structure of Interest Rates: Evidence and Implications]]> <![CDATA[The Economics of Financial Privacy: To Opt Out or Opt In?]]> <![CDATA[Survey Measures of Expected Inflation: Revisiting the Issues of Predictive Content and Rationality]]> <![CDATA[Private Money and Counterfeiting]]> <![CDATA[Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule]]> <![CDATA[What Can Price Theory Say about the Community Reinvestment Act?]]> <![CDATA[German Monetary History in the Second Half of the Twentieth Century: From the Deutsche Mark to the Euro]]> <![CDATA[Towards a Theory of Capacity Utilization: Shiftwork and the Workweek of Capital]]> <![CDATA[Can Risk-Based Deposit Insurance Premiums Control Moral Hazard?]]> <![CDATA[German Monetary History in the First Half of the Twentieth Century]]> <![CDATA[Pitfalls in Interpreting Tests of Backward-Looking Pricing in New Keynesian Models]]> <![CDATA[Imperfect Competition and the Pricing of Interbank Payment Services]]> <![CDATA[Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence]]> <![CDATA[Growth Effects of Progressive Taxes]]> <![CDATA[Transparency in the Practice of Monetary Policy]]> This has been a very useful conference in my view, and I am honored by this opportunity to be a part of it.1 As some of you may know, I was the second choice for this slot, but that doesn't bother me at all because the first choice was Don Brash, the Governor of the Reserve Bank of New Zealand and a pathbreaker in bringing both transparency and accountability to central banking in practice.

]]> <![CDATA[The Pitfalls of Monetary Discretion]]> <![CDATA[The Role of Real Wages, Productivity, and Fiscal Policy in Germany's Great Depression 1928-37]]> <![CDATA[The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s]]> <![CDATA[Macroeconomic Fluctuations and Bargaining]]> <![CDATA[Housing as an Economic Development Tool]]>

It is a pleasure to be with you this evening. Most of the speeches I make deal with national economic outlook and Fed monetary policy, and it is refreshing to have an opportunity to talk about something else.

]]> <![CDATA[Moving up, Moving Forward, and Moving Out]]> Thank you very much. Ms. Roberson, members of the faculty, parents and friends, and — most importantly — members of the Thomas Jefferson High School Class of 2001, it is truly a pleasure and an honor to be with you this afternoon.

]]> <![CDATA[Optimal Policy with Probabilistic Equilibrium Selection]]> <![CDATA[Annual Report - 2000]]> Reviews the Bank's operations and includes the article entitled "What Assets Should the Federal Reserve Buy?"

]]> <![CDATA[What Assets Should the Federal Reserve Buy?]]> <![CDATA[On the Size Distribution of Banks]]> <![CDATA[A Primer on Optimal Monetary Policy with Staggered Price-Setting]]> <![CDATA[Should Banks Be Recapitalized?]]> <![CDATA[The Case for Price Stability]]> <![CDATA[International Pricing in New Open-Economy Models]]> <![CDATA[Transparency in the Practice of Monetary Policy]]> <![CDATA[The Growth of Unsecured Credit: Are We Better Off?]]> <![CDATA[Regulating Bank Capital Structure to Control Risk]]> <![CDATA[Sticky Prices and Inventories: Production Smoothing Reconsidered]]> <![CDATA[Consumption, Savings, and the Meaning of the Wealth Effect in General Equilibrium]]> <![CDATA[To Forgive or Not to Forgive: An Analysis of U.S. Consumer Bankruptcy Choices]]> <![CDATA[Optimal Taxation in Infinitely-Lived Agent and Overlapping Generations Models: A Review]]> <![CDATA[The Wealth Effect in Empirical Life-Cycle Aggregate Consumption Equations]]> <![CDATA[Using the Federal Funds Futures Market to Predict Monetary Policy Actions]]> <![CDATA[Introduction to Special Issue]]> <![CDATA[What Assets Should the Federal Reserve Buy?]]> <![CDATA[Why We Need an "Accord" for Federal Reserve Credit Policy: A Note]]> <![CDATA[The Treasury-Fed Accord: A New Narrative Account]]> <![CDATA[After the Accord: Reminiscences on the Birth of the Modern Fed]]> <![CDATA[Financial Stability, Deflation, and Monetary Policy]]> <![CDATA[Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s]]> <![CDATA[Banking and the Political Support for Dollarization]]> <![CDATA[Incentives, Communication, and Payment Instruments]]> <![CDATA[Optimal Monetary Policy]]> <![CDATA[The Behavior of the Real Rate of Interest Over the Business Cycle]]> <![CDATA[Firms as Clubs in Walrasian Markets with Private Information]]> <![CDATA[Medicine Worse than the Malady: Cure Rates, Population Shifts, and Health Insurance]]> <![CDATA[Our Money or Your Life: Indemnities vs. Deductibles in Health Insurance]]> <![CDATA[Optimal Taxation in Life-Cycle Economies]]> <![CDATA[Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s]]> <![CDATA[Getting Better, Feeling Worse: Cure Rates, Health Insurance, and Welfare]]> <![CDATA[Overcoming the Zero Bound on Interest Rate Policy]]> <![CDATA[Investigating Fluctuations in U.S. Manufacturing: What are the Direct Effects of Informational Frictions?]]> <![CDATA[Current Challenges for U.S. Monetary Policy]]> It is a pleasure and an honor to be invited to participate in this conference.

]]> <![CDATA[Annual Report - 1999]]> Reviews the Bank's operations and includes the article entitled "The Role of a Regional Bank in a System of Central Banks"

]]> <![CDATA[The Role of a Regional Bank in a System of Central Banks]]> <![CDATA[Market Discipline and Fed Lending]]> It's a pleasure to address this Conference once again.

]]> <![CDATA[The Frequency and Costs of Individual Price Adjustment]]> <![CDATA[Is Money Useful in the Conduct of Monetary Policy?]]> <![CDATA[The IT Revolution: Is It Evident in the Productivity Numbers?]]> <![CDATA[A Study of U.S. Employment Rates with Emphasis on Gender Considerations]]> <![CDATA[Wage-Price Dynamics: Are They Consistent with Cost Push?]]> <![CDATA[The New IS-LM Model: Language, Logic, and Limits]]> <![CDATA[An Overview of the Gramm-Leach-Bliley Act and Brief Remarks on the Economy]]> It has been a while since I had the pleasure of speaking to this group, and I've been looking forward to this dinner.

]]> <![CDATA[The Taylor Rule: Is It a Useful Guide to Understanding Monetary Policy?]]> <![CDATA[How the Asian Crisis Affected the World Economy: A General Equilibrium Perspective]]> <![CDATA[Benjamin Strong, the Federal Reserve, and the Limits to Interwar American Nationalism Part I: Intellectual Profile of a Central Banker Part II: Strong and the Federal Reserve System in the 1920s]]> <![CDATA[Current Challenges for U.S. Monetary Policy]]> <![CDATA[The Role of a Regional Bank in a System of Central Banks]]> <![CDATA[The Business Cycle and Industry Comovement]]> <![CDATA[Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan]]> <![CDATA[What is the Real Story for Interest Rate Volatility?]]> <![CDATA[Incentives and Banking]]> It's a pleasure to be with you tonight. Bryce has welcomed you on behalf of the Powell Endowment.

]]> <![CDATA[Analyzing Firm Location Decisions: Is Public Intervention Justified?]]> <![CDATA[Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth]]> <![CDATA[Does State-Dependent Pricing Imply Coordination Failure?]]> <![CDATA[Structure from Shocks]]> <![CDATA[The Role of a Regional Bank in a System of Central Banks]]> <![CDATA[Annual Report - 1998]]> Reviews the Bank's operations and includes the article entitled "Mercantilists and Classicals: Insights from Doctrinal History"

]]> <![CDATA[Mercantilists and Classicals: Insights from Doctrinal History]]> <![CDATA[EMU and the Role of the National Central Banks in the Eurosystem]]> It is a pleasure to be with you tonight here at Davidson. I have counted a number of Davidson alumni as good friends and colleagues over the years, but for some reason this is the first opportunity I have had to visit the Davidson campus. I am happy to have the chance to do so this evening even though I have to make a speech to earn it!

]]> <![CDATA[Limited Commitment and Central Bank Lending]]> <![CDATA[Sticky Prices, Marginal Cost, and the Behavior of Inflation]]> <![CDATA[Firm-Specific Learning and the Investment Behavior of Large and Small Firms]]> <![CDATA[Means of Payment, the Unbanked, and EFT '99]]> <![CDATA[Explaining the Increased Variability in Long-Term Interest Rates]]> <![CDATA[Growth Accounting with Technological Revolutions]]> <![CDATA[Two Approaches to Macroeconomic Forecasting]]> <![CDATA[An Empirical Investigation of Fluctuations in Manufacturing ]]> <![CDATA[The Importance of Systematic Monetary Policy for Economic Activity]]> <![CDATA[The Fed's Entry into Check Clearing Reconsidered]]> <![CDATA[A Forward-Looking Monetary Policy Reaction Function]]> <![CDATA[Mercantilists and Classicals: Insights from Doctrinal History]]> <![CDATA[Limited Commitment and Central Bank Lending]]> <![CDATA[Japanese Monetary Policy: A Quantity Theory Perspective]]> <![CDATA[Pooling or Purchase: A Merger Mystery]]> <![CDATA[A Primer on Moral-Hazard Models]]> <![CDATA[Industrial Development and the Convergence Question]]> <![CDATA[Gauging Manufacturing Activity: The Federal Reserve Bank of Richmond's Survey of Manufacturers]]> <![CDATA[Staggered Prices and Inventories: Production Smoothing Reconsidered]]> <![CDATA[The Bank Merger Wave: Causes and Consequences]]> I'm delighted to be here today to talk with you about the wave of bank mergers that is sweeping across our country-our hometown included.

]]> <![CDATA[The Dynamic Effects of Government Spending Shocks on Employment and Work Hours]]> <![CDATA[Challenges and Choices in Post-Crisis East-Asia: Simulations of Investment Policy Reform in An Intertemporal Global Model]]> <![CDATA[Computing Moral Hazard Problems Using the Dantzig-Wolfe Decomposition Algorithm]]> <![CDATA[The New Neoclassical Synthesis and The Role of Monetary Policy]]> <![CDATA[Annual Report - 1997]]> Reviews the Bank's operations and includes the article entitled "Can the Fed be a Payment System Innovator?"

]]> <![CDATA[Can the Fed be a Payment System Innovator?]]> <![CDATA[Collateralized Debt as the Optimal Contract]]> <![CDATA[Staggered Price Setting and the Zero Bound on Nominal Interest Rates]]> <![CDATA[Government Loan, Guarantee, and Grant Programs: An Evaluation]]> <![CDATA[Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model]]> <![CDATA[Fisher's Equation and the Inflation Risk Premium in a Simple Endowment Economy]]> <![CDATA[The Bank Merger Wave: Causes and Consequences]]> <![CDATA[Using the Term Structure of Interest Rates for Monetary Policy]]> <![CDATA[The Predictive Content of the Interest Rate Term Spread for Future Economic Growth]]> <![CDATA[Historical Origins of the Cost-Push Fallacy]]> <![CDATA[Can the Fed be a Payment System Innovator?]]> <![CDATA[The Bond Rate and Actual Future Inflation]]> <![CDATA[Inventory Investment and the Business Cycle]]> <![CDATA[New Evidence Connecting Exchange Rates to Business Cycles]]> <![CDATA[Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate? (Published: Apr. 1996; Revised: Jan. 1998)]]> <![CDATA[Can a Safety Net Subsidy Be Contained?]]> <![CDATA[Arthur Burns and Inflation]]> <![CDATA[External vs. Internal Learning-by-Doing in an R&D Based Growth Model]]> <![CDATA[National Productivity Statistics]]> <![CDATA[Longwood College Commencement Address ]]> President Cormier, distinguished members of the faculty, graduates, families and friends.

]]> <![CDATA[Collaborative Community Development: Creating Linkages for the Future]]> Good afternoon, ladies and gentlemen. Thank you for joining us here in Baltimore to discuss community economic development.

]]> <![CDATA[The Economy: New Paradigm or Old Paradigm?]]> Ladies and gentlemen, it is a pleasure to be with you today for your 11th Annual Business Expo.

]]> <![CDATA[Entrepreneurship and Government Subsidies Under Capital Constraints: A General Equilibrium Analysis]]> <![CDATA[Reflections on Community Banking]]> It is a pleasure to be with you today, and I thank you for inviting me.

]]> <![CDATA[The Effects of Fiscal Policy in a Neoclassical Growth Model]]> <![CDATA[Monetary Policy Comes of Age: A 20th Century Odyssey]]> <![CDATA[Annual Report - 1996]]> Reviews the Bank's operations and includes the article entitled "Monetary Policy Comes of Age: A 20th Century Odyssey"

]]> <![CDATA[Intermediate Inputs and Sectoral Comovement in the Business Cycle]]> <![CDATA[Inflation Uncertainty and Growth in a Simple Monetary Model]]> <![CDATA[(S,s) Inventory Policies in General Equilibrium]]> <![CDATA[Zero Inflation and the Friedman Rule: A Welfare Comparison]]> <![CDATA[Group Lending and Financial Intermediation: An Example]]> <![CDATA[Investing in Equities: Can it Help Social Security?]]> <![CDATA[A Framework for the Analysis of Moderate Inflations]]> <![CDATA[Fisher and Wicksell on the Quantity Theory]]> <![CDATA[The Check Float Puzzle]]> <![CDATA[A Review of the Recent Behavior of M2 Demand]]> <![CDATA[On the Identification of Structural Vector Autoregressions]]> <![CDATA[The Bond Rate and Actual Future Inflation]]> <![CDATA[Testing Long-Run Neutrality]]> <![CDATA[Economic Education: Making the Half-Truths Whole]]> Ladies and gentlemen, it is a pleasure and a privilege to address you today, both for professional and personal reasons.

]]> <![CDATA[State Dependent Pricing and Dynamics of Business Cycles]]> <![CDATA[John Maynard Keynes]]> <![CDATA[The Organization of Private Payment Networks]]> <![CDATA[The Case for a Monetary Rule in a Constitutional Democracy]]> <![CDATA[Tax Disincentives to Commercial Bank Lending]]> <![CDATA[Clearing, Settlement, and Monetary Policy]]> <![CDATA[Algebraic Production Functions and Their Uses Before Cobb-Douglas]]> <![CDATA[The Pre-Commitment Approach in a Model of Regulatory Banking Capital]]> <![CDATA[Monetary Policy Comes of Age: A 20th Century Odyssey]]> <![CDATA[U.S. Monetary Policy: Looking Back to Find the Future]]> Needless to say, it's a great pleasure for both Margaret and me to have this opportunity to return to IU, where we spent four very happy years between mid-1966 and mid-1970.

]]> <![CDATA[Stored Value Cards: Costly Private Substitutes for Government Currency]]> <![CDATA[Theory of the Firm: Applied Mechanism Design]]> <![CDATA[Annual Report - 1995]]> Reviews the Bank's operations and includes the article entitled "Foreign Exchange Operations and the Federal Reserve"

]]> <![CDATA[Foreign Exchange Operations and the Federal Reserve]]> <![CDATA[Central Banking in a Democracy]]> <![CDATA[Some Not-So-Unpleasant Monetarist Arithmetic]]> <![CDATA[Firewalls]]> <![CDATA[Neoclassical vs. Endogenous Growth Analysis: An Overview]]> <![CDATA[Stored Value Cards: Costly Private Substitutes for Government Currency]]> <![CDATA[Monetary Policy and Long-Term Interest Rates]]> <![CDATA[Financial Intermediation as Delegated Monitoring: A Simple Example]]> <![CDATA[A Theory of the Capacity Utilization/Inflation Relationship]]> <![CDATA[Sterilized Foreign Exchange Intervention: The Fed Debate in the 1960s]]> <![CDATA[Tie-in Sales and Banks]]> <![CDATA[Limits on Interest Rate Rules in the IS Model]]> <![CDATA[Stopping Inflations, Big and Small]]> <![CDATA[The Economics of Electronic Benefit Transfer Payments]]> <![CDATA[Foreign Exchange Operations and the Federal Reserve]]> <![CDATA[The Early History of the Box Diagram]]> <![CDATA[Long-Term Interest Rates and Inflation: A Fisherian Approach]]> <![CDATA[The Adverse Selection Approach to Financial Intermediation: Some Characteristics of the Equilibrium Financial Structure]]> <![CDATA[Customer Flows, Countercyclical Markups, and the Persistent Effects of Monetary Shocks]]> <![CDATA[A Federal Funds Rate Equation]]> <![CDATA[Derivatives Debacles: Case Studies of Large Losses in Derivatives Markets]]> <![CDATA[Was the Disinflation of the Early 1980s Anticipated?]]> <![CDATA[The Fair Lending Laws and Their Enforcement]]> <![CDATA[The Increasing-Returns-to-Scale/Sticky-Price Approach to Monetary Analysis]]> <![CDATA[Reflections on Monetary Policy]]> Mr. Broaddus wishes to thank his long-time colleague, Timothy Cook, for substantial assistance in preparing the address.

]]> <![CDATA[Cycles in Lending Standards?]]> <![CDATA[Quantitative Theory and Econometrics]]> <![CDATA[Errors in Variables and Lending Discrimination]]> <![CDATA[Some Not So Unpleasant Monetarist Arithmetic]]> <![CDATA[Some Key Empirical Determinants of Short-Term Nominal Interest Rates]]> <![CDATA[Reflections on Monetary Policy]]> <![CDATA[Neighborhoods and Banking]]> <![CDATA[When Geometry Emerged: Some Neglected Early Contributions to Offer-Curve Analysis]]> <![CDATA[An Index of Leading Indicators for Inflation]]> <![CDATA[Is "High" Capacity Utilization Inflationary?]]> <![CDATA[An Empirical Measure of the Real Rate of Interest]]> <![CDATA[Using the Permanent Income Hypothesis for Forecasting]]> <![CDATA[Optimal Disinflationary Paths]]> <![CDATA[The Rational Expectations Hypothesis of the Term Structure, Monetary Policy, and Time-Varying Term Premia]]> <![CDATA[The Effects of Open Market Operations a Model of Intermediation and Growth]]> <![CDATA[The Coalition-Proof Core in Adverse Selection Economies]]> <![CDATA[Forecasts of Inflation from VAR Models]]> <![CDATA[Commercial Real Estate Overbuilding in the 1980's: Beyond the Hog Cycle]]> <![CDATA[Money and the Gain from Enduring Relationships in the Turnpike Model]]> <![CDATA[Money, Banking, and Capital Formation]]> <![CDATA[Selling Federal Reserve Payment Services: One Price Fits All?]]> <![CDATA[Were Bank Examiners Too Strict with New England and California Banks?]]> <![CDATA[An Error-Correction Model of the Long-Term Bond Rate]]> <![CDATA[Medical Care Price Indexes]]> <![CDATA[Short-Run Effects of Money When Some Prices Are Sticky]]> <![CDATA[A Shift-Adjusted M2 Indicator for Monetary Policy]]> <![CDATA[The Role of Interest Rate Swaps in Corporate Finance]]> <![CDATA[The Welfare Cost of Inflation in General Equilibrium]]> <![CDATA[John Wheatley's Theory of International Monetary Adjustment]]> <![CDATA[Choices in Banking Policy]]> <![CDATA[Corporate Capital Structure: The Control Roles of Bank and Public Debt with Taxes and Costly Bankruptcy]]> <![CDATA[The Free Trade Debate: The Illusion of Security Versus Growth]]> <![CDATA[The Effects of Fiscal Policy in a Neoclassical Growth Model]]> <![CDATA[Early Development]]> <![CDATA[Variance Properties of Solow's Productivity Residual and Their Cyclical Implications]]> <![CDATA[Delivering Deposit Services: ATMs Versus Branches]]> <![CDATA[Two Perspectives on Growth and Taxes]]> <![CDATA[Firm Size, Finance, and Investment]]> <![CDATA[M2 and Monetary Policy: A Critical Review of the Recent Debate]]> <![CDATA[Does Adverse Selection Justify Government Intervention in Loan Markets?]]> <![CDATA[The Origins of Velocity Functions]]> <![CDATA[Public Investment and Economic Growth]]> <![CDATA[Central Banking: Then and Now]]> Thank you very much for that kind introduction. It is very nice indeed to be here in the Shenandoah Valley.

]]> <![CDATA[Unit Labor Costs and the Price Level]]> <![CDATA[Is All Government Capital Productive?]]> <![CDATA[Irving Fisher and His Compensated Dollar Plan]]> <![CDATA[A Quantity Theory Framework for Monetary Policy]]> <![CDATA[Credit Aggregates from the Flow of Funds Accounts]]> <![CDATA[Identifying Credit Crunches]]> <![CDATA[Over-the-Counter Interest Rate Derivatives]]> <![CDATA[Central Banking: Then and Now]]> <![CDATA[Unit Roots in Macroeconomic Time Series: Some Critical Issues]]> <![CDATA[Commercial Paper]]> <![CDATA[Liquidity Effects and Transactions Technologies]]> <![CDATA[Personal Saving Behavior and Real Economic Activity]]> <![CDATA[Price Stability Under Long-Run Monetary Targeting]]> <![CDATA[Interest Rate Policy and the Inflation Scare Problem: 1979-1992]]> <![CDATA[Bankers Acceptances]]> <![CDATA[Should We Subsidize the Use of Currency?]]> <![CDATA[Endogenous Financial Innovation and the Demand for Money]]> <![CDATA[Forecasting the Effects of Reduced Defense Spending]]> <![CDATA[A Simple Model of Irving Fisher's Price-Level Stabilization Rule]]> <![CDATA[Money Market Futures]]> <![CDATA[Behind the Money Market: Clearing and Settling Money Market Instruments]]> <![CDATA[How Useful Is M2 Today?]]> <![CDATA[Has M2 Demand Become Unstable?]]> <![CDATA[The Case of the Reluctant Recovery]]> <![CDATA[Oil Shocks, Monetary Policy, and Economic Activity]]> <![CDATA[Deficits and Long-Term Interest Rates: An Empirical Note]]> <![CDATA[Credit Rationing by Loan Size in Commercial Loan Markets]]> <![CDATA[In Search of a Stable, Short-Run M1 Demand Function]]> <![CDATA[Marshallian Cross Diagrams and Their Uses before Alfred Marshall]]> <![CDATA[Identifying Credit Crunches]]> <![CDATA[Evidence of Improved Inventory Control]]> <![CDATA[Indexed Bonds as an Aid to Monetary Policy]]> <![CDATA[Too Big to Fail: Origins, Consequences, and Outlook]]> <![CDATA[Financial Evolution and the Long-Run Behavior of Velocity]]> <![CDATA[The Reaction of Interest Rates to the Employment Report]]> <![CDATA[Monetary Policy and Operating Procedures in New Zealand]]> <![CDATA[International Trade and Payments Data: An Introduction]]> <![CDATA[Why Is There Debt?]]> <![CDATA[Loan Loss Reserves]]> <![CDATA[Information-Aggregation Bias]]> <![CDATA[An Error-Correction Model of U.S. M2 Demand]]> <![CDATA[A Total Production Index for Washington, D.C.]]> <![CDATA[The Stealth Budget: Unfunded Liabilities of the Federal Government]]> <![CDATA[Survey Evidence of Tighter Credit Conditions: What Does It Mean?]]> <![CDATA[Nonneutrality of Money in Classical Monetary Thought]]> <![CDATA[Survey Evidence of Tighter Credit Conditions: What Does It Mean?]]> <![CDATA[Productivity in Banking and Effects from Deregulation]]> <![CDATA[Scope Economies: Fixed Costs, Complementarity, and Functional Form]]> <![CDATA[Money, Trade Credit and Asset Prices]]> <![CDATA[Reflections on Deposit Insurance]]> <![CDATA[Money, Credit, Banking, and Payments System Policy]]> <![CDATA[External Increasing Returns, Short-Lived Agents and Long-Lived Waste]]> <![CDATA[A Reserve Bank for Richmond]]> <![CDATA[Welfare-Improving Credit Controls]]> <![CDATA[Measures of Savings as Indicators of Economic Growth]]> <![CDATA[Liquidity Constraints in Commercial Loan Markets with Imperfect Information and Imperfect Competition]]> <![CDATA[Hypothesis Testing and Finite Sample Properties of Generalized Method of Moments Estimators: A Monte Carlo Study]]> <![CDATA[How Well Do Linear Approximation Methods Work? Results for Suboptimal Dynamic Equilibria]]> <![CDATA[A 'Coalition Proof' Equilibrium for a Private Information Credit Economy]]> <![CDATA[The Case for Interstate Branch Banking]]> <![CDATA[Ricardo Versus Thornton on the Appropriate Monetary Response to Supply Shocks]]> <![CDATA[Credit Controls: 1980]]> <![CDATA[Interest Rate Expectations and the Slope of the Money Market Yield Curve]]> <![CDATA[The Macroeconomic Effects of Government Spending]]> <![CDATA[Why do Estimates of Bank Scale Economies Differ?]]> <![CDATA[Wicksell's Monetary Framework and Dynamic Stability]]> <![CDATA[Interest Rates and the Conduct of Monetary Policy]]> <![CDATA[Reflections on the Strategy of Monetary Policy]]> <![CDATA[The EMU: Forerunners and Durability]]> <![CDATA[A Yankee Recipe for a EuroFed Omelet]]> <![CDATA[Fifth District Bank Performance 1989]]> <![CDATA[Real Output and Unit Labor Costs as Predictors of Inflation]]> <![CDATA[Costs and Technical Change: Effects from Bank Deregulation]]> <![CDATA[Fisherian and Wicksellian Price-Stabilization Models in the History of Monetary Thought]]> <![CDATA[Free Enterprise and Central Banking in Formerly Communist Countries]]> <![CDATA[Is Saving Too Low in the United States?]]> <![CDATA[Reforming Deposit Insurance: Lessons from the Savings and Loan Crisis]]> <![CDATA[Takeovers and Stock Price Volatility]]> <![CDATA[A Mandate for Price Stability ]]> <![CDATA[Maintaining Price Stability: A Proposal]]> <![CDATA[The Competitiveness of Rural County Manufacturing During a Period of Dollar Appreciation]]> <![CDATA[Limited Commitment and Costly Enforcement]]> <![CDATA[Collateralized Debt as the Optimal Contract (Revised: Feb. 1991)]]> <![CDATA[Interest Rate Rules and Nominal Determinacy]]> <![CDATA[In Support of Price Stability]]> <![CDATA[The Federal Reserve Bank of Richmond: Governor Seay and the Issues of the Early Years]]> <![CDATA[The Lender of Last Resort: Alternative Views and Historical Experience]]> <![CDATA[The Credibility of THE WALL STREET JOURNAL in Reporting the Timing and Details of Monetary Policy Events]]> <![CDATA[Estimating Intertemporal Elasticity of Substitution]]> <![CDATA[Labor Market Data]]> <![CDATA[Top Performing Small Banks: Making Money the Old-Fashioned Way]]> <![CDATA[The Feasibility of Market Value Accounting for Commercial Banks]]> <![CDATA[Some Further Results on the Source of Shift in M1 Demand in the 1980s]]> <![CDATA[M2 and Monetary Policy]]> <![CDATA[The Changing Labor Force: Some Provocative Findings]]> <![CDATA[Changes in Manufacturing Employment in North Carolina Counties, 1980-85]]> <![CDATA[Money, Credit, Banking, and Payments System Policy]]> <![CDATA[Precursors of the P-Star Model]]> <![CDATA[The U.S. Productivity Slowdown: What the Experts Say]]> <![CDATA[Macroeconomic Price Indexes]]> <![CDATA[The Future of Deposit Insurance: An Analysis of the Alternatives]]> <![CDATA[Fifth District Banks' Return on Assets: Highest in Decade]]> <![CDATA[Market Responses to Pricing Fedwire Daylight Overdrafts]]> <![CDATA[Wage Growth and the Inflation Process: An Empirical Note]]> <![CDATA[Cointegration and a Test of the Quantity Theory of Money]]> <![CDATA[Banking Under Changing Rules: The Fifth District Since 1970]]> <![CDATA[Lender of Last Resort: The Concept in History]]> <![CDATA[Improving America's Competitiveness]]> <![CDATA[An Examination of International Trade Data in the 1980s]]> <![CDATA[Determinants of the Federal Funds Rate: 1979-1982]]> <![CDATA[Monetary Aggregates: A User's Guide]]> <![CDATA[Commodity Prices as Predictors of Aggregate Price Change]]> <![CDATA[SIC: Switzerland's New Electronic Interbank Payment System]]> <![CDATA[International Risk-Based Capital Standard: History and Explanation]]> <![CDATA[Rival Notions of Money]]> <![CDATA[The Forecast Performance of Alternative Models of Inflation]]> <![CDATA[The Monetary Responsibilities of a Central Bank]]> <![CDATA[Determinants of the Federal Funds Rate: 1979 - 1982]]> <![CDATA[An Analysis of the Determinants of the Yield on Individual Municipal Securities]]> <![CDATA[On Recognizing Inflation]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1987]]> <![CDATA[The Federal Reserve Act of 1913 in the Stream of U.S. Monetary History]]> <![CDATA[Central Banking Under the Gold Standard]]> <![CDATA[On Recognizing Inflation]]> <![CDATA[The Effect of Changes in the Federal Funds Rate Target on Market Interest Rates in the 1970s]]> <![CDATA[Fifth District Indexes of Manufacturing Output]]> <![CDATA[Financial Deregulation, Monetary Policy, and Central Banking]]> <![CDATA[Fifth District Indexes of Manufacturing Output]]> <![CDATA[Legal and Regulatory Reform in Electronic Payments: An Evaluation of Finality of Payment Rules]]> <![CDATA[Financial Deregulation, Monetary Policy, and Central Banking]]> <![CDATA[Rational Expectations Business Cycle Models: A Survey]]> <![CDATA[Electronic Payments in Retrospect]]> <![CDATA[Agricultural Summary and Outlook]]> <![CDATA[The Trade Theorist's Sacred Diagram: Its Origin and Early Development]]> <![CDATA[Theoretical Analysis of the Demand for Money]]> <![CDATA[The Irrelevance of Tests for Bias in Series of Macroeconomic Forecasts]]> <![CDATA[Money Growth Volatility and High Nominal Interest Rates]]> <![CDATA[Aggregate Fluctuations and Economic Growth: A Case of Random-Walk Hypothesis]]> <![CDATA[Monetary Control under Alternative Operating Procedures]]> <![CDATA[The Economic Effects of Corporate Taxes in a Stochastic Growth Model]]> <![CDATA[The Fed's Anti-Inflationary Strategy: Is it Adequate?]]> <![CDATA[The Case for Rules in the Conduct of Monetary Policy: A Concrete Example]]> <![CDATA[The Australian Money Market and the Operations of the Reserve Bank of Australia]]> <![CDATA[Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank]]> <![CDATA[Classical and Neoclassical Roots of The Theory of Optimum Tariffs]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1986]]> <![CDATA[Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated]]> <![CDATA[Interest Rate Smoothing and Price Level Trend-Stationarity]]> <![CDATA[On Predicting the Stage of the Business Cycle]]> <![CDATA[Swiss and United States Monetary Policy: Has Monetarism Failed?]]> <![CDATA[The Effect of Exchange Rate Variation on U.S. Textile and Apparel Imports]]> <![CDATA[Cost Dispersion and the Measurement of Economies in Banking]]> <![CDATA[An Overview of Agricultural Policy . . . Past, Present, and Future]]> <![CDATA[The Theory of Multiple Expansion of Deposits: Why it is and Whence it Came]]> <![CDATA[The Equilibrium Approach to Exchange Rates]]> <![CDATA[IPC or Total Deposits? There Is a Difference!]]> <![CDATA[Intraday Credit: Risk, Value, and Pricing]]> <![CDATA[Repurchase and Reverse Repurchase Agreements]]> <![CDATA[The Agricultural Outlook for 1987 . . . Financial Turnaround Unlikely]]> <![CDATA[Options on Short-Term Interest Rate Futures]]> <![CDATA[Japanese Monetary Policy, A Comparative Analysis]]> <![CDATA[Short-Term Municipal Securities]]> <![CDATA[A Critique of Theories of Money Stock Determination]]> <![CDATA[Federal Funds: Instrument of Federal Reserve Policy]]> <![CDATA[Short-Term Interest Rate Futures]]> <![CDATA[The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates]]> <![CDATA[Treasury Bill versus Private Money Market Yield Curves]]> <![CDATA[Recent Financial Deregulation and the Interest Elasticity of M1 Demand]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1985]]> <![CDATA[Interest Rate Smoothing and Price Level Trend-Stationarity ]]> <![CDATA[Theoretical Analysis of the Demand for Money]]> <![CDATA[The Reaction of Interest Rates to Unanticipated Federal Reserve Actions and Statements, 1977-1984: Implications for the Money Announcement Controversy]]> <![CDATA[The Discount Window]]> <![CDATA[The National Income and Product Accounts]]> <![CDATA[Cumulative Process Models from Thornton to Wicksell]]> <![CDATA[The Industrial Mix of Employment in the Fifth District, 1950-1985]]> <![CDATA[An Analysis of Federal Reserve Pricing]]> <![CDATA[Monetary Policy in the Early 1980s]]> <![CDATA[Real Budget Deficit Implications of Gramm-Rudman-Hollings]]> <![CDATA[The Demand for Currency in the United States]]> <![CDATA[Thrift Competition: Does It Matter?]]> <![CDATA[A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure]]> <![CDATA[The Agricultural Outlook for 1986 . . . Continued Financial Weakness Seen]]> <![CDATA[The Rules versus Discretion Debate over Monetary Policy in the 1920s]]> <![CDATA[CBO and OMB Projections, Adjusted for Inflation, Show Federal Budget Deficit under Control]]> <![CDATA[Controversy Over the Federal Budget Deficit: A Theoretical Perspective]]> <![CDATA[The Early History of the Phillips Curve]]> <![CDATA[Monetary Mystique: Secrecy and Central Banking]]> <![CDATA[Toward More Accurate Macroeconomic Forecasts from Vector Autoregressions]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1984]]> <![CDATA[The Monetary Control Act and the Role of the Federal Reserve in the Interbank Clearing Market]]> <![CDATA[Logit Analysis of the Effect of Rent Control on Housing Quality]]> <![CDATA[The Recent Financial Deregulation and the Interest Elasticity of the Simple M1 Demand Function: An Empirical Note]]> <![CDATA[The Effect of Second Generation Rent Controls on the Quality of Rental Housing]]> <![CDATA[Monetary Policy, Secrecy, and Federal Funds Rate Behavior]]> <![CDATA[Are NOWs Being Used as Savings Accounts?]]> <![CDATA[Daylight Overdrafts and Payments System Risks]]> <![CDATA[The Evolution and Policy Implications of Phillips Curve Analysis]]> <![CDATA[Inflationary Expectations, Money Growth, and the Vanishing Liquidity Effect of Money on Interest: A Further Investigation]]> <![CDATA[Financial Innovation in the United States - Background, Current Status and Prospects]]> <![CDATA[Forecasts 1985]]> <![CDATA[The Agricultural Outlook for 1985 . . . A Little Promise Seen]]> <![CDATA[Base Drift and the Longer Run Growth of M1: Experience From a Decade of Monetary Targeting]]> <![CDATA[Financial Innovation in the United States -- Background, Current Status and Prospects]]> <![CDATA[Base Drift and the Longer Run Growth of M1: Experience from a Decade of Monetary Targeting]]> <![CDATA[A Monetarist Money Demand Function]]> <![CDATA[The Behavior of the M1 Demand Function in the Early 1980s]]> <![CDATA[Defining and Improving the Accuracy of Macroeconomic Forecasts: Contributions From a VAR Model]]> <![CDATA[Informational Implications of Interest Rate Rules]]> <![CDATA[Inadequate Tests of the Rationality of Expectations]]> <![CDATA[An Investigation of Cash Management Practices and Their Effects on the Demand for Money]]> <![CDATA[Algebraic Quantity Equations before Fisher and Pigou]]> <![CDATA[A Weekly Perfect Foresight Model of the Nonborrowed Reserve Operating Procedure]]> <![CDATA[Fisher, Thornton and the Analysis of the Inflation Premium]]> <![CDATA[The Fed's Mandate: Help or Hindrance?]]> <![CDATA[The Tax Effect, and the Recent Behaviors of the After-Tax Real Rate: Is It Too High?]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1983]]> <![CDATA[The Lender of Last Resort: A Historical Perspective]]> <![CDATA[The Promises and Pitfalls of Contemporaneous Reserve Requirements for the Implementation of Monetary Policy]]> <![CDATA[On Nonneutral Relative Price Effects in Monetarist Thought: Some Austrian Misconceptions]]> <![CDATA[Equalizing Regional Differences in Wages: A Study of Wages and Migration in the South and Other Regions]]> <![CDATA[The Formulation of Monetary Policy]]> <![CDATA[Monetary Policy in the Early 1980's]]> <![CDATA[The Evolution of the Bank Regulatory Structure: A Reappraisal]]> <![CDATA[The 1983 M1 Seasonal Factor Revisions: An Illustration of Problems That May Arise in Using Seasonally Adjusted Data for Policy Purposes]]> <![CDATA[Vector Autoregressions as a Tool for Forecast Evaluations]]> <![CDATA[Forecasts 1984]]> <![CDATA[The Economic Outlook for Fifth District States in 1984: Forecasts from Vector Autoregression Models]]> <![CDATA[The Behavior of the Spread Between Treasury Bill Rates and Private Money Market Rates Since 1978]]> <![CDATA[The Behavior of the Spread between Treasury Bill Rates and Private Money Market Rates since 1978]]> <![CDATA[Empirical Comparisons of Credit and Monetary Aggregates Using Vector Autoregressive Methods]]> <![CDATA[Money, Credit, and Federal Reserve Policy: Reply to Porter and Offenbacher]]> <![CDATA[Response to Friedman]]> <![CDATA[An Examination of Implicit Interest Rates on Demand Deposits]]> <![CDATA[Can the Central Bank Peg Real Interest Rates? A Survey of Classical and Neoclassical Opinion]]> <![CDATA[A Review of Bank Performance in the Fifth District, 1982]]> <![CDATA[Why Economic Data Should Be Handled with Care: The Case of the Suspiciously Slow Growth Statistic]]> <![CDATA[The Early History of the Real/Nominal Interest Rate Relationship]]> <![CDATA[The Relationship between Money and Expenditure in 1982]]> <![CDATA[A Historical Assessment of the Rationales and Functions of Reserve Requirements]]> <![CDATA[Measurement Error and a Reinterpretation of the Conventional Money Demand Regression]]> <![CDATA[Forecasts 1983]]> <![CDATA[The 1983 Outlook for Agriculture]]> <![CDATA[The Relationship between the Discount Rate and the Federal Funds Rate under the Federal Reserve's Post-October 6, 1979 Operating Procedure]]> <![CDATA[The Effects of Cash Management Practices on the Demand for Demand Deposits]]> <![CDATA[A Historical Assessment of the Rationales and Functions of Reserve Requirements]]> <![CDATA[Macroeconomics after a Decade of Rational Expectations: Some Critical Issues]]> <![CDATA[Of Hume, Thornton, the Quantity Theory, and the Phillips Curve]]> <![CDATA[The Real Bills Doctrine]]> <![CDATA[The October 1979 Regime of Monetary Control and the Behavior of the Money Supply in 1980]]> <![CDATA[Interest Rates and Federal Deficits]]> <![CDATA[Money, the Monetary Base, and Nominal GNP]]> <![CDATA[Determinants of Individual Tax-Exempt Bond Yields: A Survey of the Evidence]]> <![CDATA[The Competition for Transaction Accounts]]> <![CDATA[The Federal Reserve's Role in the Payments Mechanism and It's Communication Patterns]]> <![CDATA[A Model of Money Stock Determination with Loan Demand and a Banking System Balance Sheet Constraint]]> <![CDATA[Forecasts 1982]]> <![CDATA[The Agricultural Outlook for '82]]> <![CDATA[Adam Smith and the Monetary Approach to the Balance of Payments]]> <![CDATA[A Prescription for Monetary Policy 1981]]> <![CDATA[Inflation and Monetary Growth: Experience in Fourteen Countries of Europe and North America Since 1958]]> <![CDATA[Monetary Policy - The Possible and the Impossible]]> <![CDATA[Unemployment and Its Measurement: Implications from a Survey of Long-Term Unemployment in Baltimore City]]> <![CDATA[Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure]]> <![CDATA[The Market for Federal Funds]]> <![CDATA[Monetary Policy and Economic Performance, Summer 1976-November 1980: An Overview]]> <![CDATA[Keynes on Inflation ]]> <![CDATA[Explaining Exchange Rate Behavior: An Augmented Version of the Monetary Approach]]> <![CDATA[Eurodollars]]> <![CDATA[The Quantity Theory Tradition and the Role of Monetary Policy]]> <![CDATA[Evolution in Banking Competition]]> <![CDATA[Commercial Paper]]> <![CDATA[1980: A Difficult Year for Farmers]]> <![CDATA[Forecasts 1981]]> <![CDATA[More Promising . . . The Outlook for Agriculture in '81]]> <![CDATA[Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure]]> <![CDATA[Redlining: An Economic Analysis]]> <![CDATA[Taxing Capital Gains]]> <![CDATA[Short-Term Investment Pools]]> <![CDATA[Investments for Small Savers at Commercial Banks]]> <![CDATA[Evolution in Banking Competition]]> <![CDATA[Eliminating Runaway Inflation: Lessons from the German Hyperinflation]]> <![CDATA[Negotiable Certificates of Deposit]]> <![CDATA[Current Issues in Monetary Control]]> <![CDATA[Depression or Price Controls: A Fictitious Dilemma for Anti-Inflation Policy]]> <![CDATA[Trends in Federal Taxation Since 1950]]> <![CDATA[Dennis H. Robertson and the Monetary Approach to Exchange Rates]]> <![CDATA[Bank Profits and Inflation]]> <![CDATA[The Economics of Gold Price Movements]]> <![CDATA[Recent Financial Innovations: Courses, Consequences for the Payments System, and Implications for Monetary Control]]> <![CDATA[The Financial Services Industry: Recent Trends and Future Prospects]]> <![CDATA[Forecasts 1980]]> <![CDATA[Less Promising . . . The 1980 Outlook for Agriculture]]> <![CDATA[Bullionists' Exchange Rate Doctrines and Current Policy Debates]]> <![CDATA[Nonbank Activities of Fifth District Bank Holding Companies]]> <![CDATA[On Fiscal Responsibility]]> <![CDATA[The Persistence of Inflation]]> <![CDATA[Exchange Rate Policy and the Dual Role of Exchange Rate Movements in International Adjustment]]> <![CDATA[Determinants of the Spread Between Treasury Bill and Private Sector Money Market Rates]]> <![CDATA[An Alternate Method of Estimating the Cagan Money Demand Function in Hyperinflation Under Rational Expectations]]> <![CDATA[Demand Deposits: A Comparison of the Behavior of Household and Business Balances]]> <![CDATA[Money Market Mutual Funds: A Reaction to Government Regulations or A Lasting Financial Innovation?]]> <![CDATA[Average Costs of Money Market Mutual Funds]]> <![CDATA[Stocks and Depreciation of Human Capital: New Evidence from a Present Value Perspective]]> <![CDATA[The Purchasing Power Parity Doctrine]]> <![CDATA[Wage-Price Restraint and Macroeconomic Disequilibrium]]> <![CDATA[The Determinants of Labor Force Participation: An Empirical Analysis]]> <![CDATA[Farmland . . . An Increasingly Valuable Asset]]> <![CDATA[Profitability of Minority Banks in 1977]]> <![CDATA[A Note on the Neutrality of Temporary Monetary Disturbances]]> <![CDATA[Determinants of Correspondent Banking Relationships with the Federal Reserve System]]> <![CDATA[The Interest Cost-Push Controversy]]> <![CDATA[Forecasts 1979]]> <![CDATA[A Summary of the International Banking Act of 1978]]> <![CDATA[Automatic Transfers from Savings to Checking: Perspective and Prospects]]> <![CDATA[Regulation Q and the Behavior of Savings and Small Time Deposits at Commercial Banks and the Thrift Institutions]]> <![CDATA[Correspondent Services, Federal Reserve Services, and Bank Cash Management Policy]]> <![CDATA[Measuring the Default Risk of Bonds Using Yields to Maturity]]> <![CDATA[The Implicit Deposit Rate Concept: Issues and Applications]]> <![CDATA[Honest Money]]> <![CDATA[Managing Cash Assets: Operating Balances and Reserve Requirements]]> <![CDATA[The Monetary Approach to Exchange Rates: Its Historical Evolution and Role in Policy Debates]]> <![CDATA[Seasonal Movements in Short-Term Yield Spreads]]> <![CDATA[LIFO Inventory Accounting: Effects on Corporate Profits, Inventory-Sales Ratios, and Inventory Investment]]> <![CDATA[District Enjoys Strong Income Growth]]> <![CDATA[The Farm Income and Debt Situation in Perspective]]> <![CDATA[The Cause of the Dollar Depreciation]]> <![CDATA[Required Reserves, Correspondent Balances and Cash Asset Positions of Member and Non-Member Banks: Evidence from the Fifth Federal Reserve District]]> <![CDATA[Perspectives on Fifth District Banking: 1960-1976]]> <![CDATA[The Impact of Large Time Deposits on the Growth Rate of M2]]> <![CDATA[Farm Financial and Credit Conditions]]> <![CDATA[Uncertain Inflation, Systematic Risk, and the Capital Asset Pricing Model]]> <![CDATA[Business Forecasts 1978]]> <![CDATA[The Outlook for Agriculture in '78]]> <![CDATA[Short-Term Business Credit in the Recovery]]> <![CDATA[Some Recent Developments in Phillips Curve Analysis]]> <![CDATA[Federal Reserve Policy Strategy and Interest Rate Seasonality]]> <![CDATA[Interest Rate Expectations and the Demand for Short-Term Business Credit]]> <![CDATA[The Risk-Free U.S. Bond Rate: Errors in Construction and Use in Econometric Work]]> <![CDATA[Some Factors Affecting Short-Run Growth Rates of the Money Supply]]> <![CDATA[Seasonal Adjustment of the Money Stock: Problems and policy Implications]]> <![CDATA[A Primer on the Importance of the Money Supply]]> <![CDATA[Two Views of Monetary Policy: The Attwood-Mill Debate Revisited]]> <![CDATA[Bank Capital Adequacy: Perspectives and Prospects]]> <![CDATA[Changes in Banking Concentration in Selected Fifth District SMSAs, 1970-1976]]> <![CDATA[The Need for Order in International Finance]]> <![CDATA[On Cost-Push Theories of Inflation in the Pre-War Monetary Literature]]> <![CDATA[Factors Determining Exchange Rates: A Simple Model and Empirical Tests]]> <![CDATA[Changing Yield Spreads in the U. S. Government Bond Market]]> <![CDATA[Private Domestic Investment in the Current Business Cycle]]> <![CDATA[Focusing on . . . Farm Financial and Credit Conditions]]> <![CDATA[The Cost of Membership in the Federal Reserve System]]> <![CDATA[A Monetarist Model of Exchange Rate Determination]]> <![CDATA[Forecasts 1977: A Persistent but Gradual Expansion]]> <![CDATA[Cautiously Optimistic . . . the Outlook for Agriculture in 1977]]> <![CDATA[Performance Characteristics of High-Earning Minority Banks]]> <![CDATA[A Monetarist Model of World Inflation and the Balance of Payments]]> <![CDATA[Determinants of Long-Term Bond Risk Premiums]]> <![CDATA[FDIC Policy Toward Bank Failures]]> <![CDATA[Federal Deficits, Inflation, and Monetary Growth: Can They Predict Interest Rates?]]> <![CDATA[The Economic Outlook: Cause for Optimism?]]> <![CDATA[Some Current Controversies in the Theory of Inflation]]> <![CDATA[Net Corporate Saving in the 1970's]]> <![CDATA[Regulations Affecting Competition Between Banks and Thrift Institutions in the Fifth District]]> <![CDATA[Stabilization Policy: Time for a Reappraisal?]]> <![CDATA[A Review of the Municipal Bond Market]]> <![CDATA[The $2 Bill Returns]]> <![CDATA[The Motivation for Bank Holding Company Acquisitions]]> <![CDATA[Foreign Banking in the United States: Movement Toward Federal Regulation]]> <![CDATA[Forecasts 1976: Recovery But No Bicentennial Boom]]> <![CDATA[Predicting the Rate of Inflation in 1976]]> <![CDATA[Outlook for Agriculture Optimistic]]> <![CDATA[Bank Management, Competition, and Interest Rates: A Portfolio Model of Discount Window Activity]]> <![CDATA[Aggregating the Monetary Aggregates: Concepts and Issues]]> <![CDATA[A Monetarist Model of the Inflationary Process]]> <![CDATA[The Strategy of Monetary Policy]]> <![CDATA[Loan Commitments to Business in United States Banking History]]> <![CDATA[On Labor Market Indicators]]> <![CDATA[A Valuation Approach to Bank Holding Company Acquisitions]]> <![CDATA[Multibank Holding Companies and Bank Behavior]]> <![CDATA[Interest Rates, Expectations, and the Wicksellian Policy Rule]]> <![CDATA[The Current Recession in Perspective]]> <![CDATA[A Time Series Analysis of Business Loans at Large Commercial Banks]]> <![CDATA[Farmers' Financial Position]]> <![CDATA[The District Economy in Perspective: 1974]]> <![CDATA[Medical Care: Rising Cost in a Peculiar Marketplace]]> <![CDATA[Agriculture: Outlook for 1975 is Cloudy]]> <![CDATA[Financial Forecasts: 1975]]> <![CDATA[The Classical Concept of the Lender of Last Resort]]> <![CDATA[Financial Highlights: 1974]]> <![CDATA[Forecasts 1975]]> <![CDATA[The Concept of Indexation in the History of Economic Thought]]> <![CDATA[Indexation as a Response to Inflation: An Examination]]> <![CDATA[The Residential Mortgage Market in Recent Years]]> <![CDATA[Factors Behind Rising Food Costs]]> <![CDATA[Commercial Banking Performance and Structure: A Factor Analysis Approach]]> <![CDATA[A General Model of Bank Decisions]]> <![CDATA[Public Utility Pricing, Debt Financing, and Consumer Welfare]]> <![CDATA[State Taxation of Fifth District Banks]]> <![CDATA[An Employment Pressure Index as an Alternative Measure of Labor Market Conditions]]> <![CDATA[Alternate Reserve Concepts as Operating Targets in Monetary Policy Implementation: Specification of the Structural Model]]> <![CDATA[The Quantity Theory of Money: Its Historical Evolution and Role in Policy Debates]]> <![CDATA[Letter on Monetary Policy]]> <![CDATA[Alternative Optimal Open Market Strategies: A Classical Optimization Certainty Equivalence Approach]]> <![CDATA[The District Economy in Perspective: 1973]]> <![CDATA[Forecasts 1974]]> <![CDATA[The Agricultural Outlook for '74]]> <![CDATA[Financial Forecasts: 1974]]> <![CDATA[Thrift Institution Competition With Commercial Banks: Empirical Evidence]]> <![CDATA[Financial Highlights of 1973]]> <![CDATA[Investor Participation in Financing Residential Mortgages: 1963-1972]]> <![CDATA[The Cost of Capital, the Desired Capital Stock, and a Variable Investment Tax Credit as a Stabilization Tool]]> <![CDATA[Monetary Policy, Bank Credit, and Total Credit: A Preliminary Analysis]]> <![CDATA[Simulations of Marginal Reserve Requirements on Large Denomination Certificates of Deposit in the FRB Model]]>