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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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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.

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- Special Reports: Economic Impact of COVID-19
Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Research Associates

Matthew Murphy

Matthew Murphy is a research associate at the Federal Reserve Bank of Richmond. Murphy is a graduate of the University of Minnesota with bachelor's degrees in biochemistry and economics. His research interests include labor economics, applied microeconomics and bargaining.

As a second-year associate, Murphy has collaborated with several economists at the Richmond Fed, including Marios Karabarbounis, Huberto Ennis, Alexander Wolman, Joshua Weiss and John O'Trakoun. He is working on projects exploring labor market decisions and wage growth, the distribution of reserves and intangible investment. In addition, he assists in tracking macroeconomic data to inform monetary policy.

Bank Publications

Economic Brief, January 2021, No. 21-01

High-Frequency Indexes Excel in Times of Extreme Uncertainty

In rapidly evolving crises, indexes of financial conditions based on high-frequency data give policymakers more timely information than better-known indicators.

Matthew Murphy

Special Reports, November 12, 2020

The Employment Recovery of Small and Large Employers

Policymakers, national pundits, and researchers often point to the importance of small firms in job creation. Did small firms play a special role in the recovery of aggregate employment during the COVID-19 pandemic?

Marios Karabarbounis, Matthew Murphy and Nicholas Trachter

Special Reports, July 9, 2020

Does Social Distancing Explain Variation in COVID-19 Infection Rates? A Cross-Regional Analysis

Marios Karabarbounis, Matthew Murphy and Nicholas Trachter

Economic Brief, December 2019, No. 19-12

Predicting Recessions

Matthew Murphy, Jessie Romero and Roy H. Webb