For our 150th episode, Anna Kovner reviews her career path to becoming the research director at the Federal Reserve Bank of Richmond and reflects on the work of the Bank's Research department. Kovner also offers her views on various topics — including the banking turmoil of 2023, the Fed's "lender of last resort" role, current risks to the financial system, and the "neutral rate" of interest — as well as the current state of the national economy.
R-Star

The natural rate of interest, also called r-star, is a key concept for understanding and interpreting macroeconomic relationships and the effects of monetary policy. The Richmond Fed produces the Lubik-Matthes Natural Rate of Interest estimate quarterly.

A careful comparison of the approaches allows policymakers to discern possible strengths and weaknesses of each approach.
Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, looks back on recent economic trends and how they have shaped the current state of the national economy.
Several factors may have been permanently altered since the onset of the pandemic.
President Tom Barkin explores why it has been particularly challenging to predict the path of the economy over the last few years.
Demographic factors can simultaneously work in opposite directions when it comes to r*.