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Richmond Fed Research and Commentary
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Publications
470Is There an Upward Trend in Productivity?
Nov 04, 2026
Post-Hurricane Helene Housing: Where Are We Now?
Oct 15, 2026
The Decline of Student Visas and Its Implications
Oct 13, 2026
Partisan Conflict Over Trade Policy
Oct 06, 2026
Market Power Rose, Why Didn't Profits?
Sep 30, 2026
Why Hike?
Sep 22, 2026
Understanding the Debate on the US-Europe Paradox
Sep 18, 2026
The Diffusion of Bank Reserves in the U.S.
Sep 03, 2026
Rising Fuel Costs in Fifth District States
Sep 03, 2026
FedNow and the Development of U.S. Fast Payments
Aug 26, 2026
Interview with Christiane Baumeister
Aug 17, 2026
Cover Story: Apprenticeships for Rural America
Aug 17, 2026
President's Message: Navigating Supply Shocks
Aug 17, 2026
The Mysterious U.S. Economy
Aug 13, 2026
Capital and AI Investment in the Fifth District
Aug 06, 2026
The Ins and Outs of Long-Term Unemployment
Aug 06, 2026
How Do Sectoral Shocks Shape Future GDP?
Aug 03, 2026
Economic History: The Bank of North America
Jul 07, 2026
How Much Does the US Economy Rely on Fossil Fuels?
Jul 01, 2026
Opinion: Is AI Taking Over?
Jun 23, 2026
How Much Financial Help Do People Give and Receive? Evidence from the Understanding America Survey
Jun 18, 2026
What Foot Traffic Reveals About Demand
Jun 10, 2026
Same Sector, Different Stories: How CDFI Credit Union Experiences Vary by Institution Type
Jun 04, 2026
The Natural Beveridge Curve
May 27, 2026
Navigating Supply Shocks
May 21, 2026
Modelling Unemployment Insurance in the Real World
May 20, 2026
Technology Adoption and Optimal Policy
May 12, 2026
U.S. Import Tariffs in 2025: Realized Tariff Rates, Import Prices, and Local Labor-Market Effects
Apr 15, 2026
Pharmaceutical Onshoring in the Fifth District
Apr 15, 2026
President's Message: Communities Light the Way
Apr 15, 2026
Features: Will AI Investments Pay Off?
Apr 15, 2026
Interview: Ellen McGrattan
Apr 15, 2026
Charting Career and Education Pathways
Apr 15, 2026
Reserve Demand Estimation: A Proposal
Apr 15, 2026
Bank Failures: Solvency and Liquidity
Apr 08, 2026
What Is Trend Inflation?
Apr 01, 2026
Clientelism, Institutions and Sovereign Default
Mar 30, 2026
Reserve Demand Estimation with Minimal Theory
Mar 30, 2026
Stablecoins and the Demand for Dollars
Mar 25, 2026
Opinion: Resisting the Siren Song of Easy Money
Mar 17, 2026
Monthly Job Reports: How Do Private Sources Fare?
Mar 04, 2026
From Incentive to Impact: What Extended Tax Credits Mean for Community Development Finance
Feb 18, 2026
Bank Failures: The Roles of Solvency and Liquidity
Feb 10, 2026
U.S. Economy: The Road Ahead
Feb 03, 2026
Home Health Care and Aging in Place
Jan 14, 2026
Tuning In: 2026 Outlook
Jan 06, 2026
Policy Update: Should Credit Card Fees Be Regulated?
Dec 16, 2025
Federal Reserve: Stablecoins and Financial Stability
Dec 16, 2025
President's Message: Operating With Limited Data
Dec 16, 2025
Why Banks Fail
Dec 16, 2025
Predicting PCE Using the Richmond Fed Price Measure
Dec 12, 2025
Economic History: The First Rung of Housing Markets
Dec 10, 2025
Sea Level Rise and Effects on House Prices
Nov 19, 2025
Operating with Limited Data
Nov 18, 2025
Credit Supply Shocks During a Nonfinancial Recession
Nov 05, 2025
Sovereign default intensity and noise bargaining
Oct 22, 2025
Perspectives From Small-Town Mission-Driven Lenders
Oct 16, 2025
Supervising Failing Banks
Oct 15, 2025
The Past and Future of U.S. Structural Change: Compositional Accounting and Forecasting
Oct 03, 2025
Fifth District Firms' Employment Expectations for the Year Ahead: Findings From the September Business Surveys
Oct 03, 2025
What Drives Business Cycles?
Oct 01, 2025
Opinion: Data Measurement and Monetary Policy
Oct 01, 2025
CDFI Survey Results Over Time
Sep 26, 2025
Staying Sanguine About the Horizon
Sep 26, 2025
The Foreign-Born Workforce in the Fifth District
Sep 04, 2025
Taxation, Compliance, and Clandestine Activities
Sep 01, 2025
Tariff Cost Pass-through Among Fifth District Firms
Aug 26, 2025
How to Gauge Maximum Employment
Aug 20, 2025
Features: Fighting Payments Fraud
Aug 12, 2025
Economic History: The Birth of Modern Finance
Aug 12, 2025
President's Message: How Do Small Towns Grow?
Aug 12, 2025
Why the Consumer Matters
Aug 12, 2025
Forecasting U.S. Productivity
Aug 06, 2025
Recent Employment Changes in the D.C. Area
Jul 17, 2025
Features: South Carolina's Globalized Economy
Jul 16, 2025
Rounding Up: The Impact of Phasing Out the Penny
Jul 09, 2025
How Private Information Distorts OTC Market Outcomes
Jul 02, 2025
Interview: Carmen Reinhart
Jul 01, 2025
Opinion: Researching Rural Economies
Jul 01, 2025
Forecasting Beyond Today's Data
Jun 26, 2025
Economic Effects Everywhere All at Once
Jun 25, 2025
Student Parents: The Power of Wraparound Supports
Jun 11, 2025
Banks in Space
Jun 09, 2025
Failing Bank
Jun 09, 2025
Failing Banks
Jun 09, 2025
The Debt Brake: Unsafe at Any Speed?
Jun 04, 2025
The Impact of Tariffs on Our Region's Firms
Jun 03, 2025
At the Richmond Fed: Going Beyond the Data
May 30, 2025
When Are Tariffs Optimal?
May 28, 2025
Growing Younger: Are Rural Demographics Shifting?
May 22, 2025
Why Is Geographic Mobility Declining?
May 14, 2025
Inflation Expectations of Fifth District Firms
Apr 25, 2025
How Does USDA Funding Flow into the Fifth District?
Apr 17, 2025
How Different Are Rural and Urban Small Businesses?
Apr 10, 2025
Federal Reserve: Good Data is Hard to Find
Apr 01, 2025
Economic History: Rural Free Delivery
Apr 01, 2025
District Digest: Early Childhood Education in the Fifth District: The Challenges and the Opportunities
Mar 27, 2025
Farming Creates Value and Employment for Rural Areas
Mar 06, 2025
Inflation Then and Now
Feb 25, 2025
SOS! Signaling Recessions Earlier
Feb 20, 2025
Interview: Alan Auerbach
Feb 19, 2025
The Price of Tariffs on Fifth District Businesses
Feb 06, 2025
How Do Banks Choose Where to Place Branches?
Feb 01, 2025
Fifth District Firms Are Optimistic Going Into 2025
Jan 07, 2025
2025 Economic Outlook
Jan 03, 2025
Firms' Employment and Wage Outlook Going Into 2025
Dec 20, 2024
Designing Market Shock Scenarios
Dec 19, 2024
Land at Risk: Heirs' Property in the Carolinas
Dec 19, 2024
Features: The Rise of Buy Now, Pay Later Plans
Dec 05, 2024
Policy Update: Stability for Stablecoins?
Dec 05, 2024
Barriers to Rural Investment
Dec 05, 2024
Features: The Philanthropy Gap in Rural America
Dec 05, 2024
The Economic and Human Impacts of Hurricanes
Dec 01, 2024
Anatomy of the Bank Runs in March 2023
Dec 01, 2024
Goodfriend Memorial Lecture: The U.S. Current Account Deficit and the Global Capital Market Revisited
Nov 01, 2024
Examining the Differences in r* Estimates
Nov 01, 2024
The Changing Nature of Technology Shocks
Nov 01, 2024
Interview: Laura Alfaro
Nov 01, 2024
Digital Access Deficiencies in Rural Health Care Deserts: Identifying a Role for Telehealth
Oct 31, 2024
Hurricane Helene: What We Are Learning
Oct 25, 2024
The Politics of Debt in the Era of Rising Rates
Oct 25, 2024
Career Progressions and Wage Growth: Decreasing the Gap Between Richer and Poorer Workers
Oct 01, 2024
District Digest: The Roles of Single-Family Housing Investors, Big and Small, in the Fifth District
Oct 01, 2024
The Living Arrangements of Older Households
Oct 01, 2024
When Uncle Sam Watched Rosie's Kids
Sep 24, 2024
Are College Towns Recession Proof?
Sep 19, 2024
Virginia's Employment Recovery: Now And Then
Sep 05, 2024
At the Richmond Fed: Taking a Closer Look at Housing
Sep 01, 2024
Bank Capital and Real GDP Growth
Sep 01, 2024
Tracing Bank Runs in Real Time
Sep 01, 2024
Corporate Bond Market Distress
Sep 01, 2024
Are Customers Pulling Back on Spending? Evidence From the Richmond Fed Business Surveys
Aug 29, 2024
Features: Food Banks: Lifelines to Those in Need
Aug 13, 2024
Policy Update: Independence, If You Can Keep It
Aug 13, 2024
New from the Richmond Fed's Regional Matters blog
Aug 13, 2024
Features: Rethinking Retirement Savings
Aug 13, 2024
Bank Lending Standards and the U.S. Economy
Aug 12, 2024
Understanding Immigration in the Fifth District: Where Did International Migrants Settle?
Jul 12, 2024
Interview: Raghuram Rajan
Jul 01, 2024
Tracking College Tuition Growth
Jul 01, 2024
District Digest: Preparing to Work: The Demand for Postsecondary Education and How It's Changing
Jul 01, 2024
Employment Change: Are Workers Coming or Going?
Jun 14, 2024
Do Research Universities Recession Proof Their Regions? Evidence from State Flagship College Towns
Jun 07, 2024
Aggregate Effects of the Adoption of AI
Jun 01, 2024
How Do Demographics Influence r*?
Jun 01, 2024
Economic Policy Uncertainty in Election Years
Jun 01, 2024
Following the Money: State and Local Funding for Community Colleges in the Fifth District
May 24, 2024
Connecting Women Economists
May 21, 2024
Residual Seasonality in Monthly Core Inflation
May 01, 2024
Interview: Ulrike Malmendier
Apr 16, 2024
The End of the Student Loan Repayment Moratorium
Apr 16, 2024
District Digest: Understanding SNAP's Role
Apr 16, 2024
President's Message: A Forecasting Personality Test
Apr 16, 2024
Policy Update: Will Chevron Keep its Stripes?
Apr 16, 2024
When Economists Navigate by the Stars
Apr 16, 2024
Investing in the Great Outdoors
Apr 16, 2024
Can China Avoid a Liquidity-Trap Recession? Some Unintended Consequences of Macroprudential Policies
Apr 01, 2024
Weathering the Storm: Supply Chains and Climate Risk
Apr 01, 2024
Weathering the Storm: Supply Chains and Climate Risk
Apr 01, 2024
Remotely Interesting? Sensing Tools Shed Light on On-Site Expectations in the Fifth District
Mar 26, 2024
Sectoral Development Multipliers
Mar 13, 2024
State Labor Market Update: January 2024 Data Release
Mar 11, 2024
Real Estate Commissions and Home Search Efficiency
Mar 01, 2024
Stargazing: Estimating r* in Other Countries
Mar 01, 2024
Real Estate Commissions and Homebuying
Feb 28, 2024
Non-Credit Workforce Programs at Community Colleges
Feb 22, 2024
Unlocking Housing Supply: What Can We Learn About Recent Construction and Permitting Patterns in Our Region?
Feb 14, 2024
Diverging Trends in Market Concentration
Feb 07, 2024
Are Place-Based Policies a Boon for Everyone?
Feb 01, 2024
Essentiality of Money: A Historical Perspective
Jan 01, 2024
Economic History: Milton Friedman, Dissenter
Jan 01, 2024
Milton Friedman, Dissenter
Jan 01, 2024
Of Soft, Hard and Aborted Landings
Jan 01, 2024
Opinion: Why Is Returning to the Office Contentious?
Dec 01, 2023
Research Spotlight: Assessing Unemployment Insurance
Dec 01, 2023
Policy Update: Taking Back Bankers' Compensation
Dec 01, 2023
President's Message: The Great Job Reshuffling
Dec 01, 2023
Sorting in the Labor Market
Dec 01, 2023
Dealer costs and customer choice
Dec 01, 2023
Federal Reserve: Reserve Bank Boards of Directors
Dec 01, 2023
Boosting the Supply of Rural Rental Housing
Dec 01, 2023
Interview: Angus Deaton
Dec 01, 2023
How Domestic Outsourcing Affects the Labor Market
Nov 01, 2023
Portfolios Across the U.S. Wealth Distribution
Nov 01, 2023
Profits and Inflation in the Time of COVID
Nov 01, 2023
A Penny for Your Thoughts? How Survey Comments Help Us Understand Our Region's Labor Market
Oct 19, 2023
The Collateral Channel and Bank Credit
Oct 01, 2023
Perspectives on the Banking Turmoil of 2023
Oct 01, 2023
Charting the Course: How Does Information about Sea Level Rise Affect the Willingness to Migrate?
Sep 14, 2023
Housing Affordability Challenges for Renters and Homeowners in the Rural Fifth District
Sep 07, 2023
The Higher Education Emergency Relief Fund (HEERF) and Its Impact on Fifth District Community Colleges
Aug 31, 2023
The State of Hiring in the Fifth District
Aug 22, 2023
Addressing Baltimore's Abandoned Housing
Aug 17, 2023
Fifth District State Business Cycles
Aug 03, 2023
A Rate Cycle Unlike Any Other
Aug 01, 2023
Mortgage Spreads and the Yield Curve
Aug 01, 2023
The Pandemic's Effects on Children's Education
Aug 01, 2023
Nonmetro Homeownership Affordability in Decline
Jul 06, 2023
CDFIs on the Prize: Recent Federal Awards for Community Development Financial Institutions
Jun 16, 2023
How Well Insured Are Older Americans?
Jun 01, 2023
Are Capital Expenditures Getting Too Expensive?
May 05, 2023
Unemployment Changes as Recession Indicators
Apr 01, 2023
Sovereign Debt and Credit Default Swaps
Mar 14, 2023
Heterogeneous Districts, Interests, and Trade Policy
Mar 01, 2023
Trade-offs in Fulfilling the Fed's Dual Mandate
Mar 01, 2023
Climate Defaults and Financial Adaptation
Mar 01, 2023
Detecting Inflation Instability
Mar 01, 2023
Averaging Impulse Responses Using Prediction Pools
Feb 01, 2023
Why Are Startups Important for the Economy?
Feb 01, 2023
Policies for Improving Sovereign Debt Restructurings
Feb 01, 2023
Marriage and Work among Prime-Age Men
Jan 13, 2023
Interview: Melissa Kearney
Jan 01, 2023
Averting a Treasury Market Crisis
Jan 01, 2023
Research Spotlight: Hidden Effects of Global Trade
Jan 01, 2023
At the Richmond Fed: Wiser Policy for Seniors
Jan 01, 2023
At the Richmond Fed: Community Conversations
Jan 01, 2023
A Short History of Long-Term Mortgages
Jan 01, 2023
Opinion: Investing in Women's Careers
Jan 01, 2023
Research Spotlight: Marriage is Extra Work
Jan 01, 2023
Policy Update: A Brewing Debate over ESG
Jan 01, 2023
New from the Richmond Fed's Regional Matters blog
Jan 01, 2023
Out of the Office, Into a Financial Crisis?
Jan 01, 2023
Opinion: Why Do Bank Runs Happen?
Jan 01, 2023
Opinion: Unique Challenges in the Housing Market
Jan 01, 2023
Policy Update: The CFPB in the Supreme Court, Again
Jan 01, 2023
President's Message: Learning From Our District
Jan 01, 2023
District Digest: Who's in Need?
Jan 01, 2023
Economic History: The Bank War
Jan 01, 2023
Economic History: The Rise and Fall of Company Towns
Jan 01, 2023
President's Message: Bringing Talent to Small Towns
Jan 01, 2023
Public Transit Rides Out the Pandemic Storm
Jan 01, 2023
President's Message: A Labor Drought?
Jan 01, 2023
Interview: Annamaria Lusardi
Jan 01, 2023
Interview: Daron Acemoglu
Jan 01, 2023