Journal Article
Econ Focus: Why Don't More Young People Buy Stocks?
Fuller, Brandon (2022-04)
Standard life-cycle models of portfolio choice suggest that individuals should participate in the stock market throughout their lives. Yet the data show that this is not typically the case early in life. Rather, there is a pattern of high human capital investment (that is, acquiring skills that the labor market values) and low stock market participation in youth, a pattern that reverses as individuals age.
Econ Focus , Issue 2Q , Pages 29

Briefing
How Do Real Exchange Rates Vary in Hard and Soft Sovereign Defaults?
Fuller, Brandon; Gordon, Grey; Guerrón-Quintana, Pablo (2022-10)
Sovereign defaults differ tremendously in creditor losses. Existing research has established that hard defaults (large creditor loss defaults) are associated with worse outcomes for GDP per capita than soft defaults. In this article, we document that hard defaults also feature worse real exchange rate depreciations.
Richmond Fed Economic Brief , Volume 22 , Issue 40