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Journal Article
The Post-9/11 GI Bill
Fewer veterans are using their education benefits. Is this trend a problem — or a sign of a more welcoming job market?
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.
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
Features: Finding New Opportunities for Federal Workers
For 25 years, Michael Rodriguez has worked in international public health, most recently leading a multi-country, $40 million U.S. Agency for International Development funded project to strengthen health care systems in regions plagued by persistent violent conflict, climate disasters, and displaced populations. When the federal government shuttered the agency's operations in February, he found himself furloughed at first and then ultimately let go on March 10.
Journal Article
Federal Reserve: The Fed's Dollar Liquidity Swap Lines
The World Health Organization declared COVID-19 a pandemic on March 11, 2020, and fear and uncertainty permeated daily life. The global economy was not immune from the panic. Dollars were quickly becoming scarce: Global trading of the currency ground to a halt, and since dollars were about the safest asset available, those who had them were not about to part with them. On top of that, a spike in demand by those seeking the safety of dollars led to a rapid increase in price. But the dollar was the world's dominant currency and medium of exchange. Without it, banks around the world wouldn't be ...
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
Averting a Treasury Market Crisis
The Treasury bond market suffered a liquidity crisis at the start of the COVID-19 pandemic. What reforms are needed to make sure it doesn't happen again?
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
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
Federal Reserve: Stablecoins and Financial Stability
Signed into law in July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was a huge step forward for the cryptocurrency industry. The bipartisan legislation marked the federal government's first effort at creating a regulatory framework for cryptocurrencies and signaled that crypto had finally achieved a status and size worthy of the government's attention.