Over the course of the 20th century, tipping went from rare and reviled to an almost uniquely American custom. We still like to complain about it.

Some rural and small-town communities see potential for outdoor recreation to reinvigorate their economies.

Rental housing has become less affordable across the country, but rural markets face additional difficulties.

While price-setting is challenging even in normal times, shocks during the past few years, such as the pandemic and inflation, have made it harder.

In July, the Fed launched its first new payment service in more than 40 years.

Since becoming President of the Richmond Fed in 2018, Tom Barkin has made spending time throughout the Fifth District his goal. One of the ways the Richmond Fed's research department supports this goal is through an event series known as Community Conversations.

The persistence of hybrid work has left many wondering about the future of offices. With workers coming in less often, some companies have decided that they need less space.

The COVID-19 pandemic dramatically reduced transit ridership across the country. Operators across the Fifth District are still figuring out how to adapt.

Among the topics discussed were income growth volatility, AI's impact on productivity and how housing price changes affect young businesses.

Talking about the future has become a valuable tool of monetary policy, but recent events have prompted a reevaluation.

Tariffs, property rights and producing inputs versus buying them: These were among the topics discussed at our recent conference.

While the Fed has experience buying assets to respond to crises, questions remain around unwinding those actions

The dollar has been the global currency of choice for nearly a century, but in light of recent U.S.-led financial sanctions, some wonder whether that status will endure.

The Appalachian Regional Commission, created in the 1960s, became a model for regional economic development programs.

Entrepreneurship creates many local benefits, but starting a new business in rural places can be challenging

The pandemic has worsened a long-standing national shortage of nurses. Rural communities face the greatest challenges.

Is money essential? How do self-interested parties bargain to achieve mutually beneficial outcomes? These were among questions addressed at a recent research conference.

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

For policymakers and market participants, inflation can be challenging to predict.

Prepping for medical expenses is more important for singles, while leaving bequests is more important for couples.

Not everyone experiences the same inflation. What does that mean for monetary policy?

New technology is changing where and how some crops are grown.

Facebook and Amazon are examining creating digital currencies, like Alibaba has. What drives platforms to develop these currencies, and should central banks be worried?

Does gender diversity improve team performance? How should vaccines be allocated to combat a pandemic? How do employers affect how immigration impacts native workers? These were among the questions discussed by researchers during a recent virtual research workshop.

With a revised strategy, the Fed responds to challenges facing central banks today

COVID-19 transformed how we work and socialize, which could put the future of cities on a new path

If the coin disruption of 2020 prompts the United States to reconsider the future of physical cash, the first thing on the chopping block could be the humble penny.

The COVID-19 pandemic disrupted the supply of many items, including cold hard cash

Digital connections have become more important in a time of social distancing, but rural broadband access still lags behind cities.

The Fed is using emergency lending powers it invoked during the Great Recession to respond to COVID-19 — but it cast a wider net this time.

Researchers and policymakers are wondering whether the economic losses associated with the COVID-19 pandemic will prove temporary or persistent. Examining the housing crisis of 2006—09 may provide some clues.

Some schools are offering to buy a share of students' future income in exchange for funding their education.

During the Great Depression, communities banded together to bring electricity to America's farmland.

This report looks at small businesses and the assistance programs to aid them during the COVID-19 pandemic.

What does hospital capacity look like in the Fifth District, and how might rural hospital closings impact the current crisis?

There is enough research to suggest that sentiment does play a role in shaping the business cycle. The question facing policymakers is what to do about it.

Researchers and community development experts moved quickly to understand how COVID-19 affected Fifth District communities.

What caused the housing boom and bust of the early 2000s?

Some economists and policymakers have argued for increasing public spending. What might that mean for inflation and monetary policy?

Kevin Bryan of the University of Toronto investigated which new economists rise to the top of the entry-level job market. In other words, what makes a young economist a star?

Fed policy has effects outside U.S. borders, but what can monetary policymakers here and abroad do about it?

The technology behind cryptocurrencies shows promise for raising capital but has also drawn scrutiny from regulators.

Economists at the Richmond Fed study diverging trends in national and local market concentration

National markets in many U.S. industries seem to be increasingly dominated by large companies. Some policymakers have argued that this growing market concentration is a sign of weakening competition, but concentration by itself does not necessarily translate into market power.

The fracking boom might have led workers to forego educational opportunities.

Has the natural rate of interest lost its luster as a navigation aid for monetary policy?

What happens when countries can't or won't repay

Despite new technologies for electronic payments, cash has never been more popular. What's driving the demand?

How are recent moves affecting businesses in the Fifth District?

Policy Update

What motivates entrepreneurs to run a business? Some small-business owners like the Jones family are motivated by values rather than financial gain.

Are markets too concentrated?

Can payments be made to work faster, safer, and more efficiently?

Recent high-profile hacks have renewed calls for improved security, but competing incentives pose a challenge

Book Review

Trade imbalances are a perennial concern for policymakers and the public. But what does it mean for a country to have a trade surplus or deficit?

Jargon Alert

Although very uncommon now, the Fed used to intervene regularly in foreign exchange markets

A financial crisis in Mexico in the mid-1990s sparked a debate about the Fed's role in international markets and its independence

Jargon Alert

Many worry that the Great Recession and mounting student debt have stunted millennials' financial development

Online nonbank lenders have experienced tremendous growth. What promises, and perils, do they hold for the financial system?

Winston-Salem is transforming its economy from tobacco to medical research

From hurricanes to asteroids, how should we determine what steps to take to avert catastrophe?

The financial crisis of 2007-2008 was just the latest chapter in a long debate over how to minimize the risk of bank runs and other liquidity crunches

Virtually no new banks have opened since the Great Recession began. What's behind this drought, and should we be worried?

Multiple central banks have dipped policy rates to negative levels — and uncharted waters

Trading with Cuba

Policy Update

Jargon Alert

Urban revitalization efforts have a mixed record. A combination of “place-based” and “people-based” policies may be most successful.

Policy Update

The public perils of private debt

The Secession Question

The Profession

Are new online markets creating economic value or threatening consumer safety?

Policy Update

The Profession

The rate of new-bank formation has fallen from an average of about 100 per year since 1990 to an average of about three per year since 2010. If this change persists, it will have a large impact on the composition of the banking sector as well as the flow of credit in the economy.

Does the hawk-dove distinction still matter in the modern Fed?

The Richmond Fed has a long tradition of concern for price stability

The posts here aim to analyze local, regional, and national data to gain a better understanding of the Fifth District.

Policy Update

Policy Update

Longer unemployment benefits often mean longer unemployment spells, but economists say that's not always a bad thing

While more is not always merrier, population growth over the last century has had many positive effects

Are investors ignoring financial advice to their detriment? Research by a number of economists suggests otherwise. Using more detailed lifecycle models, they find that young investors may be considering a number of risk factors not captured by simple investment rules of thumb.

How much does the Fed's success depend on who's at the helm?

Are we losing the fight against next-gen bank robbers? The Fed's study found that payment cards were used in 92 percent of fraudulent transactions, with checks and electronic check transfers making up the remainder.

Policy Update

Upfront

In response to the financial crisis and recession of 2007-09, the federal government enacted a number of emergency fiscal policies intended to aid recovery. However, the unconventional and transitory nature of these fiscal policies may have contributed to greater economic uncertainty.

Many merchants have complained that the fees far exceed issuers' costs for processing such transactions. In response to those complaints, Congress directed the Federal Reserve to impose a cap on debit card interchange fees.