Journal Article
At the Richmond Fed: The CFO Survey
Wells, Matthew (2022-10)
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 ...
Econ Focus , Volume 22 , Issue 4Q , Pages 3

Journal Article
The Post-9/11 GI Bill
Wells, Matthew (2022-04)
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 ...
Econ Focus , Issue 2Q , Pages 4-8

Journal Article
Climate Change and the Economy
Wells, Matthew (2022-01)
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 ...
Econ Focus , Issue 1Q , Pages 12

Journal Article
Global Banks, Local Branches, and Faraway Crises
Wells, Matthew (2022-01)
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.
Econ Focus , Issue 1Q , Pages 13

Journal Article
Upfront: New
Wells, Matthew (2022-10)
Econ Focus , Volume 22 , Issue 4Q , Pages 2

Journal Article
Federal Reserve: Reserve Bank Boards of Directors
Wells, Matthew (2023-12)
The boards of directors of the 12 Federal Reserve Banks are not typical boards. To be sure, they carry out many of the usual responsibilities of corporate governance, such as approving a strategic plan and monitoring operations, auditing and risk, human resources, executive compensation, and the like. But unlike private sector boards that are primarily concerned with firms' financial health and growth projections, Fed directors are also charged with a much broader task that makes them not just unique among institutional boards, but within American society at large: assisting in the ...
Econ Focus , Volume 23 , Issue 4Q , Pages 4-7

Briefing
Intermediation and Bank Liquidity: A Conference Recap
Mullin, John; Wells, Matthew (2022-08)
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.
Richmond Fed Economic Brief , Volume 22 , Issue 34

Journal Article
At the Richmond Fed: CORE Week
Wells, Matthew (2022-04)
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.
Econ Focus , Issue 2Q , Pages 9

Briefing
Secular Trends in Macroeconomics and Firm Dynamics: A Conference Recap
Sablik, Timothy; Wells, Matthew (2023-01)
How does declining population growth affect firm dynamics? Is income growth volatility decreasing in the U.S.? How do changes in housing prices affect young businesses? Have investments in artificial intelligence improved productivity? These were among the questions addressed by economists during a recent Richmond Fed research conference.
Richmond Fed Economic Brief , Volume 23 , Issue 02

Journal Article
A Short History of Long-Term Mortgages
Wells, Matthew (2023-01)
Americans take today's selection of mortgages for granted, but financing a home is a much different experience than it was a century ago.
Econ Focus , Issue 1Q , Pages 18-22