Search Results
Briefing
2020 Richmond Fed Research Digest
Summaries of work by economists in the Bank’s Research Department published externally from June 1, 2019, through May 31, 2020
Journal Article
At the Richmond Fed: The Non-Employment Index
Something unusual happened during the economic recovery following the Great Recession. By the end of 2014, the official unemployment rate, as measured by the Bureau of Labor Statistics (BLS), had declined by more than 4 percentage points from its October 2009 recessionary peak of 10 percent. Yet the share of the working-age population that was employed had increased by far less — just under 1 percentage point.
Briefing
Networks, Innovation and Productivity: A Conference Recap
How do employment targets affect firm dynamics? What is the relationship between inventor migration, and local productivity and knowledge spillovers? How are surplus gains from inventions distributed? These were among the questions addressed by economists during a recent Richmond Fed research conference.Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in May. Researchers presented papers on a variety of topics, including digital advertising, R&D allocation, production networks, and knowledge creation and diffusion.
Briefing
Sovereign CDS Dealers as Market Stabilizers
Economists at the Richmond Fed analyze the role of dealer-provided liquidity in sovereign credit default swap markets. Using newly available data from the Depository Trust and Clearing Corporation, they track the positions held by large dealers during crises in Ukraine, Venezuela, and Argentina. The researchers find that large dealers tended to increase their provision of insurance as risk increased during those episodes — a finding that is consistent with the notion that they tend to act as market stabilizers during times of turmoil.
Journal Article
Supply Chain Disruptions, Inflation, and the Fed
Used cars became a hot commodity during the pandemic, with their prices increasing by roughly 50 percent between January 2020 and December 2021. The spike in used car prices was a prominent example of how global supply chain disruptions have contributed to U.S. inflation. It also highlighted the complexity of global supply and demand relationships.
Journal Article
Banking, In and Out of the Shadows
Highlighted Research of "Optimal Liquidity Policy With Shadow Banking." Borys Grochulski and Yuzhe Zhang. Economic Theory, September 2018
Journal Article
Emerging equity markets in the global economy
Developing-country equity markets have changed greatly in the last several years. The author examines recent structural reforms and their effects on equity portfolio inflows in several of the most highly capitalized emerging equity markets. He also analyzes broad trends in these markets, giving particular attention to the integration of the markets with the global financial system.