The size and structure of exports in the Fifth District economy
In the last 10 years, exports have played a growing role in the national economy. This has been especially true in the Fifth District since mid-2002.
Monitoring Economic Activity in Real Time Using Diffusion Indices: Evidence from the Fifth District
We provide an analysis that parses out the conditions under which diffusion indices based on disaggregated information are informative about overall economic activity. Building on work by Pinto, Sarte, and Sharp (2015), we highlight the fact that diffusion indices, appropriately scaled, capture contributions of changes in the extensive margin -- e.g. how many sectors are growing or declining rather than by how much individual sectors are growing or declining -- to aggregate growth. In the Fifth Federal Reserve District, for example, this margin captures the bulk of variations in aggregate ...
A regional look at the role of house prices and labor market conditions in mortgage default
A linear fixed effects statistical model is used to study variations in foreclosure rates across metropolitan statistical areas in the Fifth Federal Reserve District. We find that variations in local labor market conditions and house prices do a remarkable job of capturing variation in foreclosure rates. We study the regional variation in foreclosure rates in more detail by examining two localities in our district: Prince William County, Virginia, and Charlotte, North Carolina. Finally, the model is used to provide forecasts of foreclosure rates conditioned on possible paths of labor market ...
From Stylized to Quantitative Spatial Models of Cities
This paper describes the progression from a standard monocentric model of a city to its analog in the quantitative spatial framework recently reviewed by Redding and Rossi-Hansberg (forthcoming). In this progression, we preserve the basics of preferences, technology, and endowments across models. The monocentric model allows for many of a city's characteristics to be endogenous, including size, population, wages, and commercial and residential land rents, but it is also highly stylized. In contrast, quantitative spatial models impose far fewer restrictions in the way that these variables ...
State Labor Markets: What Can Data Tell (or Not Tell) Us?
The Richmond Fed at 100 Years
State and Metro Data, 3Q:14
District digest: economic trends across the region
Two articles: "Living standards in the Fifth district;" and "Earn more, work more: how leisure time has changed"
District digest : Economic trends across the region
"The Roles of New and Existing Establishments in Employment in the Fifth District," article by R. Andrew Bauer, pg. 36-39
District digest: Econonmic trends across the region
"Long-term industry and occupation outlook in the Fifth district"