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The Many Lives of Federal Job Training
Federal job training programs have long enjoyed bipartisan support. Yet their emphasis has varied greatly across the years. At times, they have been advocated primarily as a means of helping workers displaced by automation or international trade. At other times, the focus has been on creating opportunities for those from disadvantaged backgrounds. More recently, they have gained attention as a possible remedy for a perceived "skills mismatch" that many observers see reflected in record high job vacancy rates.
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.
Federal Reserve: The Fed, the Stock Market, and the "Greenspan Put"
Market commentors noticed a pattern during Alan Greenspan's tenure as Fed chair from 1987 to 2006. The Fed, it appeared to some, had developed a policy of bailing out stock investors by injecting liquidity into the economy amid large stock market declines. This perceived tendency came to be called the "Greenspan put."
Projecting Unemployment and Demographic Trends
Demographic forces have profoundly shaped the dynamics of U.S. labor force participation and unemployment over the past forty years. Recognizing the importance of these employment indicators for the conduct of monetary policy, this Economic Brief explores how they have been influenced by the U.S. population's changing gender, educational, and age profile. Based on the authors' estimates, the trend U.S. unemployment rate will decline to 4.3 percent over the next ten years as the population continues to age and increase its educational attainment.
At the Richmond Fed: Wiser Policy for Seniors
The American population is aging rapidly. The share of people who are 65 or older grew from 12 percent in 2000 to 17 percent in 2020. It's forecast to grow to 22 percent by 2040, according to the U.S. Census Bureau.In view of this trend, economists are attempting to improve their understanding of the economic decisions facing older people — decisions that are likely to become increasingly important for the U.S. economy as the population distribution skews older.
Economic History: Maggie Lena Walker
Maggie Lena Walker built the St. Luke Penny Savings Bank to last. When it opened its doors in Richmond's Jackson Ward district in 1903, Walker became the first Black woman to establish a bank in the United States. She would stand at its helm as president for nearly 30 years, safely steering it through periodic bouts of economic turmoil, eventually increasing its assets more than tenfold. To cap off her career, she would solidify the bank's long-term prospects by orchestrating mergers with two other banks during the depths of the Great Depression.
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
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.
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