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Keywords:Pandemic 

Journal Article
Labor Markets Are Tight, but Conditions Vary across States

A record 4.4 million employees quit their jobs in September 2021, and many businesses are struggling to fill open positions. Although at a national level the labor market appears historically tight, we show that labor market tightness differs widely across states. Most states have tighter labor markets than before the pandemic, but others have struggled to recover.
Economic Bulletin , Issue Dec 22, 2021 , Pages 4

Journal Article
KC Fed LMCI Suggests Recent Inflation Is Not Due to the Tight Labor Market

A tight labor market tends to raise wages and lower unemployment, but an overly tight labor market can cause inflation. Labor market momentum, as measured by the Kansas City Fed Labor Market Conditions Indicators (LMCI), can signal whether the current level of activity in labor markets is inflationary.
Economic Bulletin , Issue October 20, 2021 , Pages 4

Briefing
From Then to FedNow: Payments Innovation and the Federal Reserve

Since its founding, the Federal Reserve System has evolved its payments services to be responsive to changes in the industry and to meet the needs of its customers and the public generally. To be sure, episodes of tragedy and crisis can amplify the gaps in legacy systems and approaches, and the COVID-19 pandemic is no exception as it highlights shifting consumer payments preferences.
Policy Perspectives , Issue December 18, 2020 , Pages 3

Briefing
Bank Lending in the Time of COVID

We discuss the evolution of bank lending during the first several months of the COVID-19 pandemic. Large domestic banks and foreign-related banks increased significantly their lending to businesses during these months, much of it through existing lines of credit. Small domestic banks played an active role in providing paycheck protection loans. In terms of consumer credit, the stock of banks' residential mortgage loans did not change substantially, and the amount of bank credit flowing directly to consumers decreased.
Richmond Fed Economic Brief , Volume 21 , Issue 05

Discussion Paper
The COVID-19 Pandemic and the Fifth District Economy

As the COVID-19 pandemic spreads across the country, Americans are taking measures to distance themselves from their communities, both voluntarily and by mandate. What measures have Fifth District jurisdictions taken and what might this mean for the Fifth District economy?
Regional Matters

Working Paper
The COVID-19 Pandemic and Asian American Employment

This paper documents that the employment of Asian Americans with no college education has been especially hard hit by the economic crisis associated with the Covid-19 pandemic. This cannot be explained by differences in demographics or in job characteristics. Asian American employment is also harder hit unconditional on education. This suggests that different selection into education levels across ethnic groups alone cannot explain the main results. This pattern does not apply to the 2008 economic crisis. Our findings suggest that this period might be fundamentally different from the previous ...
Working Paper Series , Paper WP-2020-19

Journal Article
Coronavirus Dampens China’s First-Quarter GDP

The novel coronavirus spread in China long before other countries, making China a potential early signal of the virus’s economic effects. Using a range of statistical models, we estimate that the coronavirus outbreak may have reduced China’s real GDP by an annualized rate of 32 percent, leading year-over-year growth to decline from 6 percent in 2019:Q4 to −3.8 percent in 2020:Q1.
Economic Bulletin , Issue April 6, 2020 , Pages 5

Journal Article
Expected U.S. Macroeconomic Performance during the Pandemic Adjustment Period

St. Louis Fed President James Bullard recommends declaring a “National Pandemic Adjustment Period” and discusses three broad goals of macroeconomic policy during this period.
The Regional Economist , Volume 28 , Issue 1

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