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Keywords:Pandemic 

Briefing
Pondering Payments: Challenges of Reaching All Americans

Policy Perspectives

Journal Article
The Evolving Relationship between COVID-19 and Financial Distress.

During most of the COVID-19 pandemic, regions with high financial distress saw disproportionately more infections and deaths than regions with low financial distress. As of February 2021, cumulative infections appear more evenly distributed. However, total deaths remain higher in financially distressed regions.
Economic Bulletin , Issue February 24, 2021 , Pages 3

Briefing
The Pandemic’s Effects on Children’s Education

School closures and switches to hybrid/virtual learning due to the pandemic adversely affected student achievement through several channels, including a decline in skill accumulation and a disruption of peer effects and peer-group formation.Preliminary evidence suggests that losses took place early in the pandemic and that there has not been an apparent recovery. Also, the impact on students has been far from uniform, as economic losses tend to fall more deeply on younger students and students from disadvantaged backgrounds.Simply returning schools and instructional practices to where they ...
Richmond Fed Economic Brief , Volume 23 , Issue 29

Journal Article
Understanding the Recent Rise in Municipal Bond Yields

In late March, investors sold off municipal bonds at a rapid pace, depressing municipal bond prices and driving up their yields relative to U.S. Treasuries. We find that this initial investor run on the municipal bond market was likely due to increased liquidity demand rather than credit concerns, making the Federal Reserve’s early actions to relieve liquidity stress effective. Going forward, however, municipal bond prices will likely reflect increased credit concerns.
Economic Bulletin , Issue May 27, 2020 , Pages 4

Working Paper
Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children

The initial years of the COVID-19 pandemic and the resulting economic fallout likely posed particular financial strain on U.S. households with children, who faced income disruptions from widespread jobs and hours cuts in addition to new childcare and instruction demands. One common expense for many such households is their student loan payment. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included provisions to curb the impacts of these payments, which have been extended several times. These measures were not targeted and thus applied independent of need. This chapter ...
Finance and Economics Discussion Series , Paper 2023-025

Journal Article
The Global Pandemic and Run on Shadow Banks

In March, the global coronavirus pandemic led to a period of financial stress in which credit conditions tightened at an unprecedented pace. Elements of this stress period can be explained as a classic run on “shadow banks”—nonbank financial institutions that fund long-term assets with short-term debt. Although timely Federal Reserve interventions restored some calm to markets, shadow banks remain vulnerable to future runs because they lack the safeguards available to regulated depository institutions.
Economic Bulletin , Issue May 11, 2020 , Pages 5

Speech
The Great Recalibration of U.S. Monetary Policy

It is a pleasure to participate in this policy panel at the International Research Forum on Monetary Policy sponsored by the Euro Area Business Cycle Network, the European Central Bank, and the Federal Reserve Board. The Federal Open Market Committee (FOMC) met last week; so in my brief prepared remarks, I will review the FOMC’s recent decisions and put them into context. As a reminder, the views I present today will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.
Speech

Briefing
Revisiting the Beveridge Curve: Why Has It Shifted so Dramatically?

Richmond Fed Economic Brief , Volume 21 , Issue 36

Working Paper
Health versus Wealth: On the Distributional Effects of Controlling a Pandemic

To slow the spread of COVID-19, many countries are shutting down nonessential sectors of the economy. Older individuals have the most to gain from slowing virus diffusion. Younger workers in sectors that are shuttered have the most to lose. In this paper, we build a model in which economic activity and disease progression are jointly determined. Individuals differ by age (young and retired), by sector (basic and luxury), and by health status. Disease transmission occurs in the workplace, in consumption activities, at home, and in hospitals. We study the optimal economic mitigation policy of a ...
Research Working Paper , Paper RWP 20-03

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