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Networks, Innovation and Productivity: A Conference Recap

How do employment targets affect firm dynamics? What is the relationship between inventor migration, and local productivity and knowledge spillovers? How are surplus gains from inventions distributed? These were among the questions addressed by economists during a recent Richmond Fed research conference.Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in May. Researchers presented papers on a variety of topics, including digital advertising, R&D allocation, production networks, and knowledge creation and diffusion.
Richmond Fed Economic Brief , Volume 23 , Issue 17

Potential Impacts of the War in Ukraine on the Fourth District

This District Data Brief examines the trade connections between Ukraine and Russia and the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It appears that supplies to the District will be substantially reduced for several items that Ukraine and Russia export, such as primary metals and fertilizer. We should expect prices to rise for these goods, as they have already for petroleum. However, there are generally alternate global suppliers for many of the goods sold by Ukraine and Russia, so Fourth District ...
Cleveland Fed District Data Brief

Working Paper
Supply or Demand? Policy Makers' Confusion in the Presence of Hysteresis

Policy makers need to separate between temporary demand-driven shocks and permanent shocks in order to design optimal aggregate demand policies. In this paper we study the case of a central bank that ignores the presence of hysteresis when identifying shocks. By assuming that all low frequency output fluctuations are driven by permanent technology shocks, monetary policy is not aggressive enough in response to demand shocks. In addition, we show that errors in assessing the state of the economy can be self-perpetuating if seen through the lens of the mistaken views of the policymaker. We show ...
Working Paper Series , Paper 2023-21

Discussion Paper
W(h)ither U.S. Crude Oil Production?

People across the world have cut back sharply on travel due to the Covid-19 pandemic, working from home and cancelling vacations and other nonessential travel. Industrial activity is also off sharply. These forces are translating into an unprecedented collapse in global oil demand. The nature of the decline means that demand is unlikely to respond to the steep drop in oil prices, so supply will have to fall in tandem. The rapid increase in U.S. oil production of recent years was already looking difficult to sustain before the pandemic, as evidenced by the limited profitability of the sector. ...
Liberty Street Economics , Paper 20200504

Restoring Balance

Remarks at New Jersey City University (delivered via videoconference).

Perspectives on the Economy: Remarks at the Annual Convention of the Maine Bankers Association

Susan Collins shared her views about the economic outlook and monetary policy. Then she provided a few perspectives on banking in New England and in particular Maine – highlighting the importance of banks of all sizes to a vibrant, inclusive economy. She ended with a few points about the Fed’s work across the region, and the shared opportunities to collaborate in the public interest.

Reflections on Phasing Policy Amidst (Pandemic) Uncertainty: the 2023 Goldman Lecture in Economics at Wellesley College

In her remarks, President Collins focuses on economic policymaking under uncertainty. She discusses the making of monetary policy in the current cycle, where the recent pandemic and its aftermath figure so prominently and create particular uncertainty. President Collins also offers some takeaways to students about learning and careers.

Reading the Recovery

Remarks at Council on Foreign Relations (delivered via videoconference).

Remarks at the 22nd Annual Regional and Community Banker’s Conference at the Federal Reserve Bank of Boston

Federal Reserve Bank of Boston President & CEO Susan M. Collins participated in the Bank’s 22nd Annual Regional & Community Bankers Conference. In her remarks, President Collins says inflation is still taking a toll across New England, but the Fed sees evidence that inflation is moderating. The impacts of the pandemic remain unusual, and that means a high degree of uncertainty will be an inescapable part of the near-term policymaking environment, necessitating patience. She also says the region’s banking industry plays an essential role, serving communities and providing households and ...

Price Stability Built to Last



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