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Journal Article
Climate Change and the Economy
Richmond Fed senior economist Toan Phan has spent the past decade exploring the economics of climate change. His research in this area began as he was finishing graduate school in 2012, when he was struck by the potential economic implications of climate-related disasters like flooding and hurricanes. So, along with colleagues Riccardo Colacito of the University of North Carolina and Bridget Hoffmann of the Inter-American Development Bank, he began a project to understand the relationship between increasing temperatures and economic growth. The resulting article, "Temperature and Growth: A ...
Journal Article
At the Richmond Fed: The CFO Survey
Every quarter, The CFO Survey collects the views of chief financial officers and other financial leaders throughout the United States, gathering insight into their firms' financial outlook and concerns, as well as their perceptions of the economy. The survey, which is a collaboration among the Richmond Fed, the Atlanta Fed, and the Fuqua School of Business at Duke University, meets a crucial need for policymakers who rely on real-time data from businesses of all sizes when making decisions, especially during volatile times. "In this period of uncertainty, a business survey like this has been ...
Journal Article
At the Richmond Fed: CORE Week
In February 2021, Richmond Fed Research Director Kartik Athreya and his colleagues began to think about how to increase the visibility of the Fed’s economic research and how they might better attract and retain top, diverse talent. At the same time, the shift to remote work brought on by COVID-19 led Athreya and several senior colleagues also to consider how to make the most of this new work environment. They asked the research department’s economists to identify what elements of their work could be done remotely and what required everyone to be together in person.
Journal Article
Features: Community Colleges and Workforce Training in the Criminal Justice System
Darrin Casper was ready to start fresh."I was just tired of doing the things I was doing. I needed to do something different because I kept winding up in the same place," says Casper, who was released in April 2024 after serving four and a half years in prison in North Carolina. "My family members have always been there for me, and I just needed to make the change."Casper's aunt had been looking for local programs that could help him with the transition and eventually discovered the Craven-Pamlico Re-entry Council. Operated by Craven Community College, the council provides a range of services ...
Briefing
Intermediation and Bank Liquidity: A Conference Recap
How might a central bank digital currency alter banking system operations? What is the effect of credit easing on the dynamics of bank runs? Does increased competition among banks mean a more fragile banking system, and what can be done about it? These were among the research questions addressed by economists during a recent Richmond Fed research conference.
Journal Article
Global Banks, Local Branches, and Faraway Crises
In an article recently published in the Journal of International Economics, Horacio Sapriza of the Richmond Fed and Ricardo Correa and Andrei Zlate of the Fed Board of Governors suggested an alternative pathway for the spread of financial shocks. In particular, they used the case of the 2011 European debt crisis to show that local branches of global banks can also amplify shocks through pathways distinct from any effects stemming from their parent banks' capitalization levels.
Journal Article
Semiconductor Industrial Policy and the Fifth District
Chatham County, N.C., is a long way from Silicon Valley. Around 76,000 residents live here among the rolling hills of the Piedmont region, nestled between the Atlantic Plain and the Appalachian Mountains. Farming and mining have been the primary industries for generations. The county is about 2,700 miles away from Silicon Valley, the Bay Area region widely acknowledged as the world's semiconductor innovation hub for over half a century. But despite these differences in geography and reputation, in September 2022, Wolfspeed, a firm originally founded in North Carolina in 1987 as a developer ...
Journal Article
The Post-9/11 GI Bill
In 2008, Congress passed and President George W. Bush signed the largest expansion of federal education aid to veterans since the original GI Bill at the end of World War II. Under the Post-9/11 Veterans' Educational Assistance Act of 2008, commonly known as the Post-9/11 GI Bill, service members who served at least 90 days on active duty after Sept. 10, 2001, or their dependents, are entitled to up to 36 months of educational assistance to pursue higher education. Depending on the program, they can receive education or job training tuition, books, and fees, as well as a monthly housing ...
Journal Article
Upfront: New
Journal Article
Features: Food Banks: Lifelines to Those in Need
It's a Friday night and food distribution at the Chesterfield Food Bank Outreach Center, pictured above, is in full swing. Inside the cavernous warehouse in suburban Richmond, across the street from a veterinary clinic and an auto shop, staff members keep everyone on task while the latest pop hits keep the beat. Scores of volunteers — retirees, religious and scout groups, and families — work the different sections of fresh fruits and vegetables, frozen meats, canned and dry goods, and more. Many sing along as they fill the shopping carts of other volunteers cycling through a canyon of ...