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Richmond Fed at a Glance

May 2019

More News

Bonds WV Event
Collaborative team for three recent programs to accelerate Opportunity Zone projects in West Virginia. Left to right: Josh Cook, West Virginia Forward; George Murray, Small Business Administration; Wes White, West Virginia Department of Commerce; Mary Hunt, Benedum Foundation; Jeanne Milliken Bonds, Federal Reserve Bank of Richmond Community Development; and, Aaron Sporck, Office of U.S. Senator Shelley Moore Capito.

Speeches, Presentations and Public Appearances

Community Development

Media Interviews and Commentary

Bank President

Banking

Board of Directors

Community Development

Economic Education

Regional

Selected Publications

  • Navigating Energy Booms and Busts. In recent years, fracking technology has led to major growth in natural gas jobs in West Virginia and other states. But workers who pursue these new opportunities may be doing so at the expense of their educations, which could leave them worse off in the event of a decline in the energy sector. Econ Focus looks at how community colleges in the Marcellus shale region are responding to industry demands while giving students access to flexible tools.
  • CEO Compensation. Median pay for CEOs at S&P 500 companies quadrupled from 1993 to 2017, even after adjusting for inflation. Econ Focus looks at what’s behind the increase.
  • Searching for the Natural Rate of Interest. The natural rate of interest, sometimes referred to as r-star, represents the interest rate consistent with the economy meeting its potential. This would seem to make it the perfect guide for monetary policy. Unfortunately, r-star is unobservable, meaning economists must apply different techniques to existing data to infer its value. The latest Econ Focus looks at how the Fed has used r-star to help guide monetary policy since the Great Recession.
  • What Happens When Bubbles Pop? For Richmond Fed economist Toan Phan, seeing the effects of Japan’s housing bubble in the 1990s sparked in an interest in why asset bubbles form. The latest Econ Focus highlights Phan’s research on the economic trade-offs of a bubble and how the bursting of a bubble affects the economy.
  • Interview With Preston McAfee. Econ Focus talks with Preston McAfee, former chief economist of Microsoft and director of strategic technologies at Google, about how tech companies are combining microeconomics and machine learning, how economists design auctions and why he predicts the coming of a new merger wave.
  • Beyond Business Cycles. When analyzing the economy, it helps to separate long-term trends from business cycle fluctuations and medium-term movements. In a recent Economic Brief, Richmond Fed researchers applied a new way of analyzing inflation, unemployment, GDP growth and interest rates over cycles of different duration. They found that GDP growth and the unemployment rate play by different rules — they are determined by long-term and medium-term forces, respectively.
  • Retiree Medical Spending. Research highlighted in a recent Economic Brief concludes that lifetime medical spending for retirees is high and uncertain in the United States. Households headed by people who turned 70 in 1992 will incur $122,000 in medical spending on average, including out-of-pocket expenditures and Medicaid payments during their remaining lives. And the top 5 percent of households will incur more than $300,000 in such spending. The research confirms that households’ income, initial health and initial marital status have large and predictable effects, but events at older ages account for much of the differences in lifetime medical spending.

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Laura Fortunato (804) 697-8196 (804) 698-0927 (mobile)