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Federal Reserve Bank of Richmond

Economic Research

We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Money and Banks
Article

MMT and Government Finance: You Can't Always Get What You Want

Economic Brief
April 2021, No. 21-12

By Michael U. Krause, Thomas A. Lubik and Karl Rhodes

The "modern monetary theory" tenet that governments can continuously print money to fund deficits ignores the fact that governments ultimately must satisfy creditors.

Speaking of the Economy - Sonya Waddell, Brent Meyer, John Graham
Podcast

The CFO Survey: A Window into the Past and the Future

Speaking of the Economy
April 14, 2021

Hear the latest results of the CFO Survey and learn more about what makes the survey unique from three members of the team that produces it each quarter. Sonya Waddell is a vice president and economist at the Richmond Fed. She manages the Regional and Community Analysis team within the Research Department. Brent Meyer is a policy adviser and economist at the Federal Reserve Bank of Atlanta and leads the Bank's Economic Survey Research Center. John Graham is a finance professor at Duke University and is director of the CFO Survey.

Publications

Data & Analysis

Hornstein-Kudlyak-Lange Non-Employment Index

April 13, 2021

The Non-Employment Index was 8.7 percent in March 2021, declining from February 2021. The index was 0.6 percentage points higher compared to March 2020.

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Being a Research Associate at the Richmond Fed

Research Associates help the Richmond Fed's economists with their research and policy memos for briefing the Bank's president on the state of the economy. For recent graduates thinking about applying to a Ph.D. program, this position is an ideal way to learn more about academic economic research.

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Racial Inequality

As part of its ongoing effort to better understand the dynamics that drive the Fifth District economy, the Richmond Fed is studying racial inequality and the challenges, both past and present, facing communities of color. We have collected some of this published work under the following topics:

  • Access to Credit
  • Workforce Development
  • Regional Differences
  • Health and Justice