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Fourth Quarter 2021

In this issue: the COVID-19 startup boom, inflation forecasting, alternatives to college, crime trends in the Fifth District, and more.

Cover Story

Illustration of lightbulb with different graphics drawn inside to indicate ideas

A surge of interest in starting new businesses could reverse a long-running drought.

President's Message

Thomas I. Barkin

For the Fed, good communication is an important tool


Students with backpacks on walking through hallway together

Will four-year degrees become less of a gateway for high-paying jobs? Should they?


Edward Glaeser

Harvard University economist on urbanization, the future of small towns, and "Yes In My Back Yard."

Genghis Khan

His Pax Mongolica connected Europe and China, leading to exchanges of technology and culture.

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David A. Price (804) 697-8018