Relative Price Dispersion: Evidence and Theory
American Economic Journal: Macroeconomics
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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.
Featured
Publication
Richmond Fed's Economics Magazine Explores Opportunity Zones
First Quarter 2019
The latest issue of the Richmond Fed's economics magazine looks at the promise and pitfalls of opportunity zones. Other articles examine initial coin offerings, monetary policy spillovers, rural hospital closures, and other topics.
Article
Defining Broadband Coverage: It's Complicated
July 15, 2019
By Emily Wavering Corcoran and Sam Storey
Aggregate Implications of Changing Sectoral Trends
May 2019, No. 19-11
Andrew Foerster, Andreas Hornstein, Pierre-Daniel G. Sarte and Mark W. Watson
Hornstein-Kudlyak-Lange Non-Employment Index
July 12, 2019
The Non-Employment Index was 7.6 percent in June 2019, essentially unchanged from the previous month.
Month,HKL Nonemployment Index,HKL Nonemployment Index Including PTER,Civilian Unemployment Rate (U-3),Unemployed plus Marginally Attached (U-5),Unemployed plus Marginally Attached and PTER (U-6) 1994-01-01,10.02432476,11.09114527,6.6,8.1,11.8 1994-02-01,9.850390065,11.00695198,6.6,7.9,11.4 1994-03-01,9.744973613,10.95932546,6.5,7.7,11.4 1994-04-01,9.610944265,10.7958032,6.4,7.6,11.2 1994-05-01,9.399794489,10.62275015,6.1,7.2,10.8 1994-06-01,9.394291919,10.60695968,6.1,7.3,10.9 1994-07-01,9.33558045,10.49671669,6.1,7.3,10.7 1994-08-01,9.284344995,10.4031401,6,7.2,10.5 1994-09-01,9.195911048,10.30349095,5.9,7.1,10.4 1994-10-01,9.120752437,10.2606044,5.8,6.9,10.3 1994-11-01,9.020843713,10.17143265,5.6,6.7,10.1 1994-12-01,8.940417614,10.05759671,5.5,6.7,10 1995-01-01,8.96129841,10.15530946,5.6,6.8,10.2 1995-02-01,8.890781541,9.972418432,5.4,6.6,9.9 1995-03-01,8.92679927,10.03009881,5.4,6.6,9.9 1995-04-01,9.01670194,10.10801712,5.8,6.7,10 1995-05-01,9.05589802,10.19209525,5.6,6.6,10 1995-06-01,8.995001518,10.1164907,5.6,6.7,10.1 1995-07-01,8.981460217,10.1170639,5.7,6.7,10.1 1995-08-01,9.021107609,10.16619762,5.7,6.7,10 1995-09-01,9.012183165,10.16129505,5.6,6.7,10.1 1995-10-01,9.004802686,10.12635735,5.5,6.6,9.9 1995-11-01,8.992020975,10.12803356,5.6,6.6,10 1995-12-01,9.013490181,10.12236833,5.6,6.7,10 1996-01-01,8.984760436,10.02791712,5.6,6.8,9.8 1996-02-01,8.962169013,10.04644325,5.5,6.7,10 1996-03-01,8.897374474,9.993016048,5.5,6.6,9.8 1996-04-01,8.888667142,9.971512279,5.6,6.6,9.9 1996-05-01,8.901289745,9.983089466,5.6,6.5,9.7 1996-06-01,8.75578778,9.82714948,5.3,6.4,9.6 1996-07-01,8.762108891,9.86884356,5.5,6.5,9.7 1996-08-01,8.675259306,9.774363529,5.1,6.1,9.3 1996-09-01,8.612705027,9.696288044,5.2,6.2,9.4 1996-10-01,8.660754751,9.743913211,5.2,6.2,9.4 1996-11-01,8.741467368,9.749244849,5.4,6.4,9.3 1996-12-01,8.667573367,9.747525204,5.4,6.3,9.5 1997-01-01,8.664550993,9.729175194,5.3,6.4,9.4 1997-02-01,8.664632354,9.699749034,5.2,6.3,9.4 1997-03-01,8.575116901,9.586414325,5.2,6.1,9.1 1997-04-01,8.473122101,9.516764561,5.1,6,9.2 1997-05-01,8.463064767,9.461550193,4.9,5.8,8.8 1997-06-01,8.422774334,9.404894992,5,5.9,8.8 1997-07-01,8.290845196,9.304665151,4.9,5.7,8.6 1997-08-01,8.253624357,9.251374039,4.8,5.7,8.6 1997-09-01,8.330966563,9.309307151,4.9,5.8,8.7 1997-10-01,8.22893263,9.2068611,4.7,5.6,8.4 1997-11-01,8.198197889,9.171138939,4.6,5.5,8.3 1997-12-01,8.224072594,9.166933268,4.7,5.7,8.4 1998-01-01,8.143824657,9.123698864,4.6,5.6,8.4 1998-02-01,8.095499429,9.037153331,4.6,5.6,8.4 1998-03-01,8.145033112,9.083792621,4.7,5.6,8.4 1998-04-01,7.977791907,8.859614721,4.3,5.2,7.9 1998-05-01,7.990406216,8.908131579,4.4,5.2,7.9 1998-06-01,8.057905684,8.979149322,4.5,5.3,8 1998-07-01,8.116174686,9.064579049,4.5,5.4,8.1 1998-08-01,8.089483528,8.957381272,4.5,5.3,7.9 1998-09-01,8.039205954,8.878391482,4.6,5.4,7.9 1998-10-01,8.05479483,8.8943354,4.5,5.3,7.8 1998-11-01,7.957809044,8.763815148,4.4,5.2,7.6 1998-12-01,7.933308497,8.758073584,4.4,5.1,7.6 1999-01-01,7.916387418,8.760610812,4.3,5.2,7.7 1999-02-01,7.95696111,8.783525859,4.4,5.3,7.7 1999-03-01,7.906199872,8.761972532,4.2,5,7.6 1999-04-01,8.087717668,8.879671305,4.3,5.2,7.6 1999-05-01,7.923961656,8.75388988,4.2,5,7.4 1999-06-01,7.945595146,8.764250028,4.3,5.1,7.5 1999-07-01,7.892279252,8.718569739,4.3,5.1,7.5 1999-08-01,7.863965331,8.665397668,4.2,5,7.3 1999-09-01,7.880501377,8.67236926,4.2,5,7.4 1999-10-01,7.77709425,8.5397916,4.1,4.9,7.2 1999-11-01,7.747840242,8.506990146,4.1,4.8,7.1 1999-12-01,7.699584825,8.480529942,4,4.8,7.1 2000-01-01,7.64317697,8.40286362,4,4.8,7.1 2000-02-01,7.757417558,8.503598065,4.1,5,7.2 2000-03-01,7.780777741,8.541306828,4,4.8,7.1 2000-04-01,7.654798656,8.378663406,3.8,4.7,6.9 2000-05-01,7.831030821,8.617862135,4,4.8,7.1 2000-06-01,7.673727073,8.423692892,4,4.7,7 2000-07-01,7.687311828,8.442436574,4,4.8,7 2000-08-01,7.718985302,8.492911608,4.1,4.8,7.1 2000-09-01,7.682440822,8.442225195,3.9,4.7,7 2000-10-01,7.668022633,8.419949286,3.9,4.6,6.8 2000-11-01,7.702738493,8.492409398,3.9,4.7,7.1 2000-12-01,7.686830384,8.43686099,3.9,4.7,6.9 2001-01-01,7.778083219,8.556279712,4.2,5,7.3 2001-02-01,7.809855461,8.571685122,4.2,5.1,7.4 2001-03-01,7.870183876,8.633816901,4.3,5,7.3 2001-04-01,8.020654117,8.769407308,4.4,5.1,7.4 2001-05-01,8.109683959,8.923745583,4.3,5.1,7.5 2001-06-01,8.189054679,9.069696146,4.5,5.3,7.9 2001-07-01,8.143816184,8.985580967,4.6,5.4,7.8 2001-08-01,8.458950255,9.272460421,4.9,5.8,8.1 2001-09-01,8.429814866,9.409201401,5,5.8,8.7 2001-10-01,8.693426137,9.718705848,5.3,6.2,9.3 2001-11-01,8.781966982,9.750512072,5.5,6.4,9.4 2001-12-01,8.891885825,9.899562583,5.7,6.6,9.6 2002-01-01,8.967747473,9.904729069,5.7,6.7,9.5 2002-02-01,8.872354255,9.847909767,5.7,6.6,9.5 2002-03-01,8.856709221,9.801675951,5.7,6.6,9.4 2002-04-01,8.924221869,9.875086833,5.9,6.8,9.7 2002-05-01,8.849369394,9.803710591,5.8,6.7,9.5 2002-06-01,8.838223306,9.775086232,5.8,6.7,9.5 2002-07-01,8.855070407,9.823089861,5.8,6.8,9.6 2002-08-01,8.791329055,9.817907675,5.7,6.7,9.6 2002-09-01,8.755238846,9.747204208,5.7,6.6,9.6 2002-10-01,8.730093017,9.722093858,5.7,6.6,9.6 2002-11-01,8.871445187,9.831103229,5.9,6.8,9.7 2002-12-01,8.802635263,9.780874212,6,6.9,9.8 2003-01-01,8.849315727,9.893239376,5.8,6.9,10 2003-02-01,8.874682346,9.954547693,5.9,6.9,10.2 2003-03-01,8.98682928,10.04565562,5.9,6.9,10 2003-04-01,8.941334522,10.01470696,6,6.9,10.2 2003-05-01,9.016472358,10.06317625,6.1,7,10.1 2003-06-01,9.055295852,10.10204191,6.3,7.2,10.3 2003-07-01,9.024097565,10.08824933,6.2,7.1,10.3 2003-08-01,8.999768363,10.03794395,6.1,7.1,10.1 2003-09-01,8.987373078,10.08944732,6.1,7.1,10.4 2003-10-01,8.975133055,10.04761751,6,7,10.2 2003-11-01,8.839927563,9.903028004,5.8,6.8,10 2003-12-01,8.826701687,9.894476297,5.7,6.6,9.8 2004-01-01,8.767844126,9.829657012,5.7,6.8,9.9 2004-02-01,8.720390447,9.730045813,5.6,6.6,9.7 2004-03-01,8.84630187,9.914787667,5.8,6.8,10 2004-04-01,8.718900912,9.729488716,5.6,6.5,9.6 2004-05-01,8.71185221,9.74952313,5.6,6.6,9.6 2004-06-01,8.689000541,9.688742746,5.6,6.6,9.5 2004-07-01,8.680348786,9.681871157,5.5,6.5,9.5 2004-08-01,8.651257734,9.680783741,5.4,6.4,9.4 2004-09-01,8.634737823,9.640049702,5.4,6.4,9.4 2004-10-01,8.671657257,9.735311435,5.5,6.5,9.7 2004-11-01,8.624601706,9.615415716,5.4,6.3,9.4 2004-12-01,8.611058646,9.600082837,5.4,6.3,9.2 2005-01-01,8.561583063,9.53573454,5.3,6.4,9.3 2005-02-01,8.621777299,9.56553049,5.4,6.4,9.3 2005-03-01,8.545751884,9.525363705,5.2,6.2,9.1 2005-04-01,8.506001131,9.433074505,5.2,6.1,8.9 2005-05-01,8.427032055,9.391604137,5.1,6,8.9 2005-06-01,8.458912633,9.443782117,5,6,9 2005-07-01,8.371601855,9.346013868,5,5.9,8.8 2005-08-01,8.285734172,9.299814408,4.9,5.9,8.9 2005-09-01,8.433232152,9.468456557,5,5.9,9 2005-10-01,8.393121744,9.333335912,5,5.9,8.7 2005-11-01,8.456768671,9.36390344,5,5.9,8.7 2005-12-01,8.409978866,9.312029429,4.9,5.8,8.6 2006-01-01,8.297026393,9.197018404,4.7,5.7,8.4 2006-02-01,8.292596384,9.211214902,4.8,5.7,8.4 2006-03-01,8.189823977,9.064815687,4.7,5.6,8.2 2006-04-01,8.325251228,9.152937349,4.7,5.5,8.1 2006-05-01,8.146222129,9.050794625,4.6,5.5,8.2 2006-06-01,8.138752005,9.080254521,4.6,5.6,8.4 2006-07-01,8.198663029,9.138295797,4.7,5.7,8.5 2006-08-01,8.166280775,9.104065444,4.7,5.7,8.4 2006-09-01,8.151914272,9.068899663,4.5,5.3,8 2006-10-01,8.11511074,9.065423062,4.4,5.3,8.2 2006-11-01,8.166126999,9.058889541,4.5,5.4,8.1 2006-12-01,8.065294382,8.971414082,4.4,5.2,7.9 2007-01-01,8.14100341,9.059212648,4.6,5.6,8.4 2007-02-01,8.112329522,9.020555994,4.5,5.4,8.2 2007-03-01,7.959796488,8.883266386,4.4,5.3,8 2007-04-01,8.239754431,9.143510724,4.5,5.4,8.2 2007-05-01,8.191193183,9.161127896,4.4,5.3,8.2 2007-06-01,8.159731434,9.091265788,4.6,5.5,8.3 2007-07-01,8.178764017,9.129764449,4.7,5.5,8.4 2007-08-01,8.20602134,9.217290149,4.6,5.5,8.4 2007-09-01,8.252076481,9.248098324,4.7,5.5,8.4 2007-10-01,8.248806093,9.189863513,4.7,5.6,8.4 2007-11-01,8.167431573,9.118298653,4.7,5.5,8.4 2007-12-01,8.337892266,9.319596569,5,5.8,8.8 2008-01-01,8.351528427,9.389929513,5,6,9.2 2008-02-01,8.341010554,9.384437066,4.9,5.9,9 2008-03-01,8.459696042,9.512436263,5.1,5.9,9.1 2008-04-01,8.489264614,9.574599787,5,5.8,9.2 2008-05-01,8.643861564,9.779074016,5.4,6.3,9.7 2008-06-01,8.69771457,9.883465304,5.6,6.5,10.1 2008-07-01,8.881406032,10.1666643,5.8,6.7,10.5 2008-08-01,9.027133774,10.29922933,6.1,7.1,10.8 2008-09-01,9.114654149,10.44078972,6.1,7.1,11 2008-10-01,9.253671896,10.68270534,6.5,7.5,11.8 2008-11-01,9.505360841,11.04459516,6.8,8,12.6 2008-12-01,9.778601162,11.47938392,7.3,8.4,13.6 2009-01-01,10.21099334,11.94022226,7.8,9.1,14.2 2009-02-01,10.4292179,12.28995353,8.3,9.5,15.2 2009-03-01,10.62292152,12.561725,8.7,9.9,15.8 2009-04-01,10.72142179,12.57699333,9,10.2,15.9 2009-05-01,10.92095188,12.85181574,9.4,10.6,16.5 2009-06-01,10.96315278,12.89391025,9.5,10.8,16.5 2009-07-01,10.80142427,12.73313273,9.5,10.8,16.4 2009-08-01,10.81481267,12.73458998,9.6,10.9,16.7 2009-09-01,10.88613391,12.74596759,9.8,11,16.7 2009-10-01,10.99931089,12.89877461,10,11.4,17.1 2009-11-01,10.85530821,12.75959023,9.9,11.2,17.1 2009-12-01,10.9189965,12.82470391,9.9,11.3,17.1 2010-01-01,10.83070092,12.63903759,9.8,11.3,16.7 2010-02-01,10.84021209,12.71776989,9.8,11.3,17 2010-03-01,10.81504014,12.75269557,9.9,11.2,17.1 2010-04-01,10.66463005,12.58342257,9.9,11.3,17.1 2010-05-01,10.55292043,12.41187949,9.6,10.9,16.6 2010-06-01,10.47695706,12.30200044,9.4,10.9,16.4 2010-07-01,10.54073472,12.37980674,9.4,11,16.4 2010-08-01,10.61143989,12.45583911,9.5,10.9,16.5 2010-09-01,10.64031119,12.535868,9.5,10.9,16.8 2010-10-01,10.59117421,12.45110776,9.4,11,16.6 2010-11-01,10.74052495,12.57958646,9.8,11.2,16.9 2010-12-01,10.54385936,12.40581188,9.3,10.9,16.6 2011-01-01,10.45993701,12.23950978,9.1,10.8,16.2 2011-02-01,10.40545212,12.17805866,9,10.6,16 2011-03-01,10.3200701,12.1310052,9,10.4,15.9 2011-04-01,10.4390656,12.25103652,9.1,10.5,16.1 2011-05-01,10.37810702,12.1780527,9,10.3,15.8 2011-06-01,10.48398968,12.26235777,9.1,10.7,16.1 2011-07-01,10.46930508,12.23483788,9,10.6,15.9 2011-08-01,10.40555281,12.21645184,9,10.5,16.1 2011-09-01,10.36815942,12.21057463,9,10.5,16.4 2011-10-01,10.31561323,12.12532713,8.8,10.3,15.8 2011-11-01,10.24470653,11.99064786,8.6,10.1,15.5 2011-12-01,10.1586794,11.85549688,8.5,10,15.2 2012-01-01,10.04718167,11.74956414,8.3,9.9,15.2 2012-02-01,10.02527884,11.73344203,8.3,9.8,15 2012-03-01,10.02935826,11.64380454,8.2,9.6,14.5 2012-04-01,10.03069593,11.66815992,8.2,9.6,14.6 2012-05-01,9.992262022,11.67388744,8.2,9.6,14.7 2012-06-01,10.02750121,11.70273437,8.2,9.6,14.8 2012-07-01,10.03838034,11.71717574,8.2,9.6,14.8 2012-08-01,10.0998289,11.71608482,8.1,9.6,14.6 2012-09-01,9.861044247,11.57593655,7.8,9.3,14.8 2012-10-01,9.827114383,11.53247842,7.8,9.2,14.4 2012-11-01,9.890893633,11.55654432,7.7,9.2,14.4 2012-12-01,9.944079593,11.57309863,7.9,9.4,14.4 2013-01-01,10.05661575,11.68185604,8,9.4,14.6 2013-02-01,9.873288754,11.54795352,7.7,9.2,14.4 2013-03-01,9.810945892,11.38804891,7.5,8.9,13.8 2013-04-01,9.82022629,11.4485423,7.6,8.9,14 2013-05-01,9.821291213,11.43330361,7.5,8.8,13.8 2013-06-01,9.795105414,11.45108317,7.5,9.1,14.2 2013-07-01,9.63881975,11.28539111,7.3,8.7,13.8 2013-08-01,9.547402305,11.11238485,7.2,8.6,13.6 2013-09-01,9.526060488,11.1072079,7.2,8.6,13.5 2013-10-01,9.592788776,11.25785518,7.2,8.5,13.6 2013-11-01,9.391842901,10.95979766,6.9,8.2,13.1 2013-12-01,9.323292815,10.9145137,6.7,8.1,13.1 2014-01-01,9.286807811,10.73038015,6.6,8.1,12.7 2014-02-01,9.305453092,10.79027777,6.7,8,12.6 2014-03-01,9.293421735,10.79429412,6.7,7.9,12.6 2014-04-01,9.122639541,10.64224506,6.2,7.5,12.3 2014-05-01,9.191427451,10.64152078,6.3,7.6,12.2 2014-06-01,9.089568496,10.59461302,6.1,7.3,12 2014-07-01,9.129536953,10.61893993,6.2,7.5,12.1 2014-08-01,9.164418963,10.59672176,6.1,7.4,12 2014-09-01,9.066130862,10.47642719,5.9,7.3,11.7 2014-10-01,8.921979686,10.39317709,5.7,7.1,11.5 2014-11-01,8.997396499,10.38488279,5.8,7.1,11.4 2014-12-01,8.869929588,10.24715271,5.6,6.9,11.2 2015-01-01,8.90722567,10.23775115,5.7,7,11.3 2015-02-01,8.855034332,10.19455844,5.5,6.8,11 2015-03-01,8.800424008,10.12321185,5.4,6.7,10.8 2015-04-01,8.79765915,10.11715606,5.4,6.7,10.8 2015-05-01,8.755537278,10.05912583,5.6,6.7,10.9 2015-06-01,8.727790438,10.0031103,5.3,6.4,10.4 2015-07-01,8.726900118,9.96998183,5.2,6.4,10.3 2015-08-01,8.555822949,9.835252081,5.1,6.2,10.2 2015-09-01,8.610976842,9.807914341,5,6.2,10 2015-10-01,8.595473425,9.802945361,5,6.2,9.8 2015-11-01,8.573378687,9.800158951,5.1,6.1,10 2015-12-01,8.502122758,9.708641585,5,6.1,9.9 2016-01-01,8.432630991,9.587657266,4.9,6.1,9.8 2016-02-01,8.431633123,9.618454049,4.9,6,9.7 2016-03-01,8.428698875,9.625340589,5,6,9.8 2016-04-01,8.48442594,9.666755063,5,6,9.7 2016-05-01,8.388920637,9.649360073,4.8,5.8,9.9 2016-06-01,8.377748614,9.508484218,4.9,6,9.5 2016-07-01,8.388263844,9.550764227,4.8,6,9.7 2016-08-01,8.372084625,9.567040935,4.9,5.9,9.6 2016-09-01,8.493019981,9.654912756,5,6,9.7 2016-10-01,8.473835002,9.695800165,4.9,5.9,9.6 2016-11-01,8.330374055,9.458385093,4.7,5.8,9.4 2016-12-01,8.321284117,9.423288234,4.7,5.7,9.2 2017-01-01,8.297640034,9.410293217,4.7,5.8,9.3 2017-02-01,8.219385659,9.324269652,4.7,5.7,9.1 2017-03-01,8.148066031,9.219741741,4.4,5.4,8.7 2017-04-01,8.108697701,9.136654362,4.4,5.3,8.6 2017-05-01,8.104354015,9.114548835,4.4,5.2,8.5 2017-06-01,8.022231537,9.047652579,4.3,5.3,8.5 2017-07-01,7.976603935,9.005708646,4.3,5.3,8.5 2017-08-01,8.098034896,9.140298297,4.4,5.3,8.6 2017-09-01,7.918905258,8.927920767,4.2,5.1,8.3 2017-10-01,7.883117058,8.875020788,4.1,5,8 2017-11-01,7.911297962,8.859973983,4.2,5,8 2017-12-01,7.904664864,8.877652727,4.1,5.1,8.1 2018-01-01,7.869625418,8.831042677,4.1,5.1,8.2 2018-02-01,7.824222281,8.827412969,4.1,5.1,8.2 2018-03-01,7.826529725,8.792598665,4,4.9,7.9 2018-04-01,7.814668486,8.764302761,3.9,4.7,7.8 2018-05-01,7.75650832,8.698925349,3.8,4.6,7.7 2018-06-01,7.781432749,8.693028026,4,4.9,7.8 2018-07-01,7.678534717,8.563349776,3.9,4.7,7.5 2018-08-01,7.779387034,8.639747155,3.8,4.7,7.4 2018-09-01,7.667952097,8.563791773,3.7,4.6,7.5 2018-10-01,7.659633254,8.580014915,3.8,4.6,7.5 2018-11-01,7.635513192,8.558307471,3.7,4.7,7.6 2018-12-01,7.680276367,8.581914028,3.9,4.8,7.6 2019-01-01,7.796671893,8.781448589,4,4.9,8.1 2019-02-01,7.674151247,8.523869161,3.8,4.7,7.3 2019-03-01,7.664498609,8.535827565,3.8,4.6,7.3 2019-04-01,7.596672482,8.489983329,3.6,4.4,7.3 2019-05-01,7.572891523,8.399324712,3.6,4.4,7.1 2019-06-01,7.578255971,8.403795884,3.7,4.6,7.2
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.
Subscriptions
Order past issues of Econ Focus magazine and other publications from the Richmond Fed’s Research Department, and get email alerts when new content is published online.
