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Bank:Federal Reserve Bank of Richmond 

Journal Article
Small business: The big picture of small business owners

Cross Sections , Volume 11 , Issue Win , Pages 26

Journal Article
Oyster industry suffers setback in Chesapeake Bay area

Cross Sections , Issue Win , Pages 3-4

Journal Article
An error-correction model of the long-term bond rate

Economic Quarterly , Issue Fall , Pages 49-68

Journal Article
CEO compensation : trends, market changes, and regulation

The average pay of a chief executive officer (CEO) in a top U.S. firm has increased six-fold in the last three decades. Simultaneously, the composition of pay has moved away from salary-based and increasingly toward performance-based compensation in the form of stock grants and stock option grants. This has strengthened the link between CEO pay and firm performance. Anecdotal evidence on the recent corporate fraud scandals suggests that some incentive problems remain unsolved. However, the academic literature reviewed in this article concludes that changes in market characteristics and the ...
Economic Quarterly , Volume 94 , Issue Sum , Pages 265-300

Conference Paper
The Canadian payment system: an evolving structure

Proceedings

Journal Article
State and Metro Data, 3Q:14

Econ Focus , Issue 1Q , Pages 40-43

Journal Article
Interview : David Feldman

Related links : https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q4/interview_weblinks.cfm
Econ Focus , Volume 14 , Issue 4Q , Pages 26-30

Working Paper
Heterogeneity and aggregation in the labor market : implications for aggregate preference shifts

The cyclical behavior of hours of work, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market clearing. We show that a simple heterogeneous agent economy with incomplete markets and indivisible labor generates an aggregation error that looks much like the preference residual in aggregate data. Our results caution against viewing the preference residual as a failure of labor-market clearing or a ...
Working Paper , Paper 03-17

Working Paper
Optimal Vaccine Policies: Spillovers and Incentives

We offer a novel theoretical framework to study optimal vaccination policies. The key features of the model are that agents: 1) differ both in their potential exposure (x) to others and vulnerability (y​) to severe illness, 2) exert negative externalities through interaction, and 3) can take voluntary preventative measures, for instance self-isolation. Our main result is a complete characterization of the second-best policy. Three striking features emerge. First, it is non-monotone – people with intermediate y are vaccinated more than those with either low or high y. Second, it exhibits ...
Working Paper , Paper 21-06

Briefing
Small business lending during the recession

Access to credit enables businesses to smooth income streams and take advantage of growth opportunities. Without credit, a business may be forced to cut production or restrain growth. If credit constraints affect businesses across economic sectors, the result could be widespread declines in production and employment. Since the recession started in 2007, there has been a growing concern that small businesses may lack adequate access to credit. This Economic Brief examines the complexity of small business credit issues
Richmond Fed Economic Brief , Issue Feb

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Nash, Betty Joyce 139 items

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