Economic Inequality and Poverty

Working Paper

A teetering seesaw with wooden figurines representing people balanced on each side sits on a pile of money.

Minority Inflation, Unemployment, and Monetary Policy

Working Paper Series

December 2024, No. 24-16

This paper addresses the heterogeneous effects of monetary policy on households of different races.

Munseob Lee, Claudia Macaluso and Felipe F. Schwartzman

Blog Post

Drone shot of Liberty, a small town in Randolph County, North Carolina on an overcast day in early Fall.

Land at Risk: Heirs' Property in the Carolinas

Regional Matters

December 19, 2024

In a follow-up to a past Regional Matters post that focused on Maryland and Virginia, this post explores heirs' property in other Fifth District states, including the challenges, risks, and potential resolutions.

Surekha Carpenter and Suzanne Holland

Podcast

Older couple carefully stepping inside their home.

The Rise in Homeowners Aging in Place

Speaking of the Economy

Dec. 11, 2024

John Bailey Jones and Urvi Neelakantan discuss their research on the living arrangements of older individuals and the implications of these homeowners aging in place for wealth accumulation and housing markets. Jones is vice president of microeconomic analysis and Neelakantan is a senior policy economist at the Federal Reserve Bank of Richmond.

Working Paper

Diverse group of office workers brainstorming an idea that's being formulated on a whiteboard.

Assortative Matching and Wages: The Role of Selection

Working Paper Series

November 2024, No. 24-14

Results imply that encouraging high-wage firms to hire low-wage workers may be less effective at reducing wage inequality than wage patterns suggest.

Katarína Borovičková and Robert Shimer

Article

Stacks of coins increasing in a step like-manner with graphical charts in the background showing an upward trend.

Career Progressions and Wage Growth: Decreasing the Gap Between Richer and Poorer Workers

Economic Brief

October 2024, No. 24-32

While closing the gap is difficult to tackle directly through policy, there are potential avenues for policymakers to help.

Katarína Borovičková and Claudia Macaluso

Podcast

Stick figures climbing ladders of different sizes

Not All Career Ladders Are Created Equal

Speaking of the Economy

Sept. 11, 2024

Katarína Borovičková and Claudia Macaluso describe their research on differences in wage growth between workers as they progress in their careers.

Article

An accountant preparing tax forms for a client on their laptop while using a calculator.

How Can We Make a Progressive Tax System More Efficient?

Economic Brief

August 2024, No. 24-26

A progressive tax system may reduce the incentive for households to increase their income.

Marios Karabarbounis

Article

Figure of the residential security map for Richmond, VA. The city is classified into four graded areas: A for safest, B, C, and D for the riskiest.

Redlining and U.S. Residential Mortgage Market Pricing

Economic Brief

July 2024, No. 24-21

The effects of classifying neighborhoods by riskiness of home lending in the 1930s may still have modest effects on interest rates and fees today.

Andrew Ellul, David Marques, Horacio Sapriza, Alex Sclip and Jack Taylor

Article

Close-up on the hands of a woman picking eggs in a supermarket

Understanding SNAP's Role

Econ Focus

First/Second Quarter 2024

Uptake in SNAP, which supports low-income households enduring persistent poverty and fights food insecurity, varies over time and geography depending on the U.S. business cycle as well as state-specific factors.

Carrie Cook, Stephanie Norris, Alvaro Sánchez and Adam Scavette

Article

Angus Deaton

Econ Focus

Fourth Quarter 2023

The Nobel Prize winner on the increase in deaths of despair, skepticism of randomized controlled trials, and the relevance of national boundaries.

David A. Price

Article

Car dealer handing keys over to a buyer.

Transportation Access as a Barrier to Work

Econ Focus

Fourth Quarter 2023

Efforts such as subsidizing public transportation, providing access to auto loans, and limiting driver's license suspension laws could help address employment barriers for low-income and rural individuals.

Joseph Mengedoth
Regional Economist

Article

Portfolios Across the U.S. Wealth Distribution

Economic Brief

November 2023, No. 23-39

Portfolio composition varies widely among age groups.

John Bailey Jones and Urvi Neelakantan

News

Fed Listens Fosters Feedback on Post-Pandemic Recovery

Oct. 30, 2023

Richmond Fed leaders and Federal Reserve Governor Michelle Bowman heard business and community leaders' perspectives on the state of the local economy.

Working Paper

Residential street with standing water that has been flooded.

Charting the Course: How Does Information about Sea Level Rise Affect the Willingness to Migrate?

Working Paper Series

September 2023, No. 23-09

Are people adequately informed about their vulnerability to future climate-related risks, and does their willingness to adapt depend on this knowledge?

Laura Bakkensen, Quynh Nguyen, Toan Phan and Paul Schuler

Blog Post

Daughter using calculator, computer, and receipts to help mother with home finances.

Households Confront the End of Pandemic-Era Assistance Programs

Regional Matters

July 13, 2023

After almost three years, pandemic-era SNAP enhancements ended this spring. Another support — the pause on federal student loan payments — is ending this fall. Are households ready?

Stephanie Norris
Associate Director, Community College Initiative

Podcast

This Paper Blew My Mind

Speaking of the Economy

July 12, 2023

On the 100th episode of the podcast, three leaders of the Richmond Fed 's Research department — Kartik Athreya, Huberto Ennis and Ann Macheras — share the research paper that had a major impact on their careers and the economics profession in general. Paper topics range from bank runs to insuring against risks to knowledge spillovers.

News

Panelists at the May District Dialogues event on Extreme Weather

District Dialogues Explores the Impact of Extreme Weather

June 2, 2023

The most recent District Dialogues program explored ways that extreme weather is affecting the economy and Fifth District communities.

Article

Richmond Fed Leader Co-Chairs Rural Learning Community

May 16, 2023

Richmond Fed Community Development leader Jason Smith co-chairs a national group of Federal Reserve leaders focused on understanding rural communities.

Podcast

Local Impacts of Global Weather Risks

Speaking of the Economy

May 10, 2023

Jeremy Hoffman of the Science Museum of Virginia and Toan Phan at the Federal Reserve Bank of Richmond share their research on the relationship between redlining and the risks of extreme heat and flooding. They also discuss other ways that the economy intersects with weather and the actions that communities can take to make themselves more resilient in the face of extreme weather threats.

Article

Viewing the chart from the latest Economic Brief

Poverty Measures in Research

Econ Focus

First Quarter 2023

While the poverty threshold and income relative to AMI are the two most commonly used measures for determining income eligibility for means-tested programs, researchers may consider additional thresholds against which to characterize the income of populations.

Sierra Stoney

Article

Who's in Need?

Econ Focus

First Quarter 2023

The two most commonly used income benchmarks are the poverty threshold and area median income (AMI). This article discusses differences between them and how they are used to describe income dynamics in the context of the Fifth District.

Sierra Stoney

Article

Historical Redlining and Unequal Environmental Risks

Economic Brief

December 2022, No. 22-51

A new paper finds evidence of causal effects of historical redlining on present-day exposure to environmental and climate risks in six large U.S. cities.

Toan Phan

Article

Photo of Maggie Walker (seated third from right) and staff outside of the St. Luke Penny Savings Bank

Maggie Lena Walker

Econ Focus

Fourth Quarter 2022

Maggie Lena Walker built the St. Luke Penny Savings Bank to last. When it opened its doors in Richmond's Jackson Ward district in 1903, Walker became the first Black woman to establish a bank in the United States.

John Mullin

Article

Expanding Credit Access through Community Development Financial Institutions

Econ Focus

Fourth Quarter 2022

Different people have disparate experiences in accessing credits. Exploring ways to close this credit access gap could provide more economic opportunities for underprivileged areas.

Surekha Carpenter

Article

Community Effects of Climate Change in North Carolina

Econ Focus

Fourth Quarter 2022

The maps included here are from a data-mapping exercise completed by analysts at the Richmond Fed to highlight the impact of flooding on communities within North Carolina through the lens of social vulnerability.

Jessica Olayvar and Caroline Norris

Article

How Big Is the Inheritance Gap Between Black and White Families?

Economic Brief

December 2022, No. 22-49

One of the most striking differences between Black and White households is a large disparity in wealth. A potential source of this gap is differences in transfers of wealth within families through bequests or gifts.

John Bailey Jones and Urvi Neelakantan

Article

People standing in a room discussing at Core Week

Race and Economic Outcomes: A Conference Recap

Economic Brief

December 2022, No. 22-48

Monetary policy, marriage, college admissions, and discrimination and socioeconomic outcomes were among the topics discussed at our recent conference.

Matthew Wells

Working Paper

Long-term Effects of Redlining on Climate Risk Exposure (Revised September 2023)

Working Paper Series

November 2022, No. 22-09R

Our findings underscore the persistent and far-reaching influence of historical redlining policies in shaping unequal climate risk exposure.

Claire Conzelmann, Arianna Salazar-Miranda, Toan Phan and Jeremy Hoffman

Article

Trade, Specialization, Property Rights and Wealth Inequality: A Conference Recap

Economic Brief

October 2022, No. 22-42

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

Tim Sablik

Article

Do Black Households Face Higher and More Volatile Inflation?

Economic Brief

July 2022, No. 22-25

Many assume that inflation affects all households the same. But that doesn't appear to be true.

Munseob Lee

Article

JFK meets with the Council of Appalachian Governors in 1960

Connecting a Region Apart

Econ Focus

Second Quarter 2022

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

Tim Sablik

Article

A More Comprehensive Measure of the Black-White Wealth Gap

Economic Brief

May 2022, No. 22-17

Commonly used summary statistics for measuring the Black-White wealth gap have significant limitations. Here's a measure to help address these limitations.

John Bailey Jones and Urvi Neelakantan

Podcast

white man on big stack of coins and black man on small stack of coins displaying a gap in earnings

Understanding the Black-White Wealth Gap

Speaking of the Economy

April 27, 2022

Urvi Neelakantan and Kristen Broady review their research on differences in wealth between races and potential causes behind these differences. They also discuss potential solutions to closing wealth gaps. Neelakantan is a senior policy economist at the Richmond Fed and Broady is a senior economist, economic advisor, and director of the Economic Mobility Project at the Chicago Fed.

Speech

Our Differences Matter: Heterogeneity in Macroeconomic Analysis

April 22, 2022

Research Director Kartik Athreya discussed economic disparities and the implications for households, researchers and policymakers.

Kartik Athreya
Executive Vice President and Director of Research

Article

Revisiting the Community Reinvestment Act

Econ Focus

First Quarter 2022

The Community Reinvestment Act (CRA) was enacted in 1977 as part of an attempt to remedy the legacy of redlining and to encourage banks to meet the needs of minority and low- and moderate-income communities.

John Mullin

Podcast

The Economics of Crime and Policing

Speaking of the Economy

Feb. 10, 2022

Ray Owens and Santiago Pinto discuss current trends in crime rates, the challenges of determining the extent of crime and its causes, and the impact of policing on crime rates. They also review research on racial bias in policing and the impact of police violence against Black citizens. Owens and Pinto are senior economists at the Federal Reserve Bank of Richmond.

Article

Edward Glaeser

Econ Focus

Fourth Quarter 2021

Harvard University economist on urbanization, the future of small towns, and "Yes In My Back Yard."

David A. Price

Podcast

Whose Land is It? Heirs' Property and Losses in Intergenerational Wealth

Speaking of the Economy

Nov. 23, 2021

Parker Agelasto and Ebonie Alexander discuss how losses in property rights when they're transferred between generations can contribute to the creation and widening of wealth gaps.

Blog Post

Whose Land Is It? Heirs’ Property and Its Role in Generational Land Retention

Regional Matters

October 14, 2021

Heirs' property, land passed through generations without a clear title, is an unstable form of landownership that can lead to lost capital and wealth.

Surekha Carpenter and Sonya Ravindranath Waddell

Blog Post

Two women working at a cash register in a cafe

The Pandemic’s Toll on Minority Women in the Labor Force

Regional Matters

September 24, 2021

This post explores lagged recovery in labor force participation for Black and Hispanic women that started at the onset of the COVID-19 recession.

Katie Daniluk and Sierra Stoney

Podcast

Keeping Renters in Their Homes

Speaking of the Economy

Sept. 16, 2021

Peter Dolkart discusses what is happening with renters in the Fifth District as state and national moratoriums on evictions wane and COVID-19 infections surge.

Working Paper

a flooded house illustrating climate change risk

Race and Environmental Worries

Working Paper Series

September 2021, No. 21-15

We use survey data to document a strong heterogeneity in stated degrees of worry about environmental problems across racial groups.

Ranie Lin, Lala Ma and Toan Phan

Article

What Do Recent Studies Say About Crime and Policing? Part 2

Economic Brief

September 2021, No. 21-29b

Part two of our series examines studies on racial disparities in policing, crime reporting and the effectiveness of training programs.

Raymond E. Owens III and Santiago Pinto

Article

Close up image of police cruiser's driver side.

What Do Recent Studies Say About Crime and Policing? Part 1

Economic Brief

September 2021, No. 21-29a

Part one of our two-part Economic Brief examines the impact of crime on communities, the relationship between crime and policing, and how policing affects deterrence.

Raymond E. Owens III and Santiago Pinto

Article

What Difference Does a Minimum Wage Make?

Econ Focus

Second/Third Quarter 2021

Many states, including some in the Fifth District, have enacted legislation in the last year to increase the minimum wage, and those increases will have both direct and indirect effects on workers, households, and businesses in the District.

Stephanie Norris and Sonya Ravindranath Waddell

Article

Benefits Cliffs

Econ Focus

Second/Third Quarter 2021

The Richmond Fed has been working to educate policymakers and workers in the Fifth District about benefits cliffs

Neeraja Deshpande

Article

Illustration of some activity with charts

Is the Fed Too Active?

Econ Focus

Second/Third Quarter 2021

Some observers have recently voiced concern that Fed activities in the areas of climate change and inequality may put the institution at risk.

Kartik B. Athreya

Working Paper

Incarceration, Earnings, and Race

Working Paper Series

July 2021, No. 21-11

We study the implications of incarceration for the earnings and employment of different groups, characterized by their race, gender, and education.

Grey Gordon, John Bailey Jones, Urvi Neelakantan and Kartik B. Athreya

Speech

Understanding Disparities in Hispanic Employment

June 30, 2021

President Tom Barkin spoke to a joint meeting of Hispanic Chambers of Commerce about the challenges and opportunities facing Hispanic workers.

Tom Barkin
President, Federal Reserve Bank of Richmond

Speech

Comprendiendo las disparidades en el empleo hispano

June 30, 2021

El presidente Tom Barkin habló en una reunión conjunta de Cámaras Hispanas de Comercio sobre los desafíos y oportunidades que enfrentan los trabajadores hispanos.

Tom Barkin
President, Federal Reserve Bank of Richmond

Podcast

Wage, Income and Wealth Inequality in America

Speaking of the Economy

June 28, 2021

This episode shares part of a 2019 presentation by Laura Ullrich about wage, income and wealth inequality, an issue that was brought into focus during the COVID-19 pandemic.

Podcast

The Critical Role of HBCUs in Higher Education

Speaking of the Economy

May 19, 2021

Regional economist Laura Ullrich shares her insights on historically black colleges and universities and their role in workforce development and the economy in general.

Podcast

Beyond Jail: The Economic Consequences of Incarceration

Speaking of the Economy

May 12, 2021

Millions of Americans face diminished earnings and employment prospects years after they have spent time in prison. Grey Gordon and Urvi Neelakantan share their insights.

Article

Matthew Jackson

Econ Focus

First Quarter 2021

Stanford University economist on human networks, the friendship paradox, and the information economics of protest movements

David A. Price

Article

Soul City: Race, Equality, and the Lost Dream of an American Utopia

Econ Focus

First Quarter 2021

Soul City had broad support when McKissick unveiled his concept for a self-sustaining community developed by blacks at a press conference in 1969, but it also had its detractors from all sides of the rhetorical spectrum.

Charles Gerena

Podcast

Diversity in Economics and Central Banking

Speaking of the Economy

March 25, 2021

Senior policy economist Arantxa Jarque discusses the importance of having diverse voices represented at the Federal Reserve and in the economics profession in general.

Speech

Investing to Address Disparities

March 23, 2021

President Tom Barkin spoke about investments to help address long-term disparities exposed by COVID-19.

Tom Barkin
President, Federal Reserve Bank of Richmond

Blog Post

Woman happy by her sign that Business is Open

How Many Businesses in the Fifth District are Minority-Owned?

Regional Matters

March 18, 2021

An estimated 30 percent of Fifth District businesses are minority-owned, but this trails the minority share of the population.

Nicholas Haltom and Joseph Mengedoth

Blog Post

The Landscape of the Rural Fifth District: Does Race Matter?

Regional Matters

March 11, 2021

Rural black Fifth District communities have long suffered fewer economic opportunities and thus worse economic outcomes.

Surekha Carpenter and Sonya Ravindranath Waddell

Article

Incarceration's Life-Long Impact on Earnings and Employment

Economic Brief

March 2021, No. 21-07

Research finds that first-time incarceration can decrease men's lifetime earnings as well as increase the number of years spent unemployed or out of the labor force.

Grey Gordon and Urvi Neelakantan

Article

High Labor Market Churn During the 2020 Recession

Economic Brief

February 2021, No. 21-06

High labor market churn in the COVID-19 recession may exacerbate barriers to sustained wage growth for workers in high-turnover service sector jobs.

Claudia Macaluso

Podcast

Unequal Access to Child Care

Speaking of the Economy

Feb. 10, 2021

Kartik Athreya shares his experiences on the Back to Work Virginia Task Force, which is developing policies and practices for strengthening the child care industry.

Blog Post

rural Black population, historical image

The Black Population of the Fifth District Across the Rural-Urban Continuum: A Historical Perspective

Regional Matters

February 4, 2021

This article provides some history on the evolution of the Fifth District population across race and the rural-urban continuum since the late 1800s.

Sonya Ravindranath Waddell
Vice President

Article

Understanding the Racial Wealth Gap

Econ Focus

Fourth Quarter 2020

Richmond Fed economists are using novel approaches to understand racial wealth differences

Podcast

The Benefits Cliff: Keeping Working Families From Falling Off the Edge

Speaking of the Economy

Jan. 13, 2021

Tiffany Hollin-Wright and Erika Bell explain "benefits cliffs" ― when workers receiving public assistance earn a raise and then are disqualified from receiving government help.

Blog Post

Is a Wave of Evictions Coming?

Regional Matters

November 20, 2020

The COVID-19 pandemic has depressed housing security and increased eviction risk for renters in the Fifth District. Although helpful for tenants, some federal pandemic-response provisions are ending in December.

Peter M. Dolkart and Stephanie Norris

Podcast

Why Economists Care about Climate Change

Speaking of the Economy

Nov. 18, 2020

Toan Phan talks about his research on the effects of climate change on economic growth and discusses other work on this important topic.

Article

two seniors reviewing a check from the SSA

Lifespan Inequality and Social Security Reform

Economic Brief

November 2020, No. 20-12

What does lifespan inequality mean for Social Security reform?

John Bailey Jones and John Mullin

Podcast

Combating COVID-19 and Systemic Inequalities

Speaking of the Economy

Oct. 7, 2020

Tiffany Hollin-Wright discusses the work being done by Community Development staff at the Richmond Fed and in the Federal Reserve to respond to current health and economic crises, in particular their disproportionate impact on communities of color.

Article

A Teachable Moment?

Econ Focus

Second/Third Quarter 2020

In economics, the data always matter. So whatever our theories may say, economists have produced many studies that have identified evidence of racial discrimination.

Kartik B. Athreya

Article

Confronting a Tragic Reality

Econ Focus

Second/Third Quarter 2020

Our nation has recently increased its focus on a tragic reality: Life outcomes vary widely by race.

Tom Barkin
President and Chief Executive Officer

Article

The Making of Reston and Columbia

Econ Focus

Second/Third Quarter 2020

Reston, Va., and Columbia, Md., were founded in the 1960s with similar visions for inclusive, connected communities.

Emily Wavering Corcoran
Senior Manager

Speech

A Tragic Reality

Aug. 3, 2020

Richmond Fed president Tom Barkin discusses racial inequality in the Fifth District and how the Richmond Fed is working to make a positive difference.

Tom Barkin
President, Federal Reserve Bank of Richmond

Blog Post

Demographics and Disparities in the Fifth District

Regional Matters

July 24, 2020

Although the Fifth District’s black population tends to have higher employment and educational attainment compared to the nation’s, there are still significant disparities relative to whites.

Jessie Romero

Blog Post

Home Repair Costs in Baltimore

Regional Matters

July 2, 2020

The COVID-19 pandemic has put housing stability at the forefront of public policy discussions, and home repair is a critical piece of that conversation. What were total home repair costs in Baltimore prior to the pandemic, and how might COVID-19 impact home repair?

Benjamin Lukas and Eileen Divringi

Speech

The Foundation for Long-Term Recovery

June 15, 2020

Read President Tom Barkin’s new essay on how supporting families and workers supports the economy’s long-term recovery.

Tom Barkin
President, Federal Reserve Bank of Richmond

Speech

Different Realities, Different Recoveries

May 21, 2020

Read President Tom Barkin’s new essay about how people experience the COVID-19 pandemic differently.

Tom Barkin
President, Federal Reserve Bank of Richmond

Speech

A Message from President Tom Barkin

March 27, 2020

As the nation and the Fifth District of the Federal Reserve Bank face the impact of COVID-19, the Richmond Fed remains connected to our communities, delivering on our mission-critical responsibilities and continuing our important work.

Tom Barkin
President, Federal Reserve Bank of Richmond

Article

Understanding Geographic Inequality

Econ Focus

Fourth Quarter 2019

The Richmond Fed is working to understand how economic outcomes vary across different regions and different groups of people.

Jessie Romero

Article