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Bank:Federal Reserve Bank of Richmond  Series:Annual Report 

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Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years

President Jeffrey Lacker and Research Publications Content Manager Renee Haltom explore the Fed's role in financial stability. Following the global financial crisis of 2007-08, the Fed has been given enhanced regulatory responsibilities to prevent future crises. However, most of the Fed's actions in pursuit of financial stability have historically come through emergency lending once crises are underway. The authors conclude that arguments in favor of emergency lending are based on erroneous readings of history. Instead, emergency lending may undermine financial stability, as well as the Fed's ...
Annual Report

Report
Land of opportunity? Economic mobility in the United States. 2012 annual report of the Federal Reserve Bank of Richmond

Economics writer Jessie Romero and group vice president Kartik Athreya interpret data that suggest economic mobility has decreased in recent years. Many factors contribute to mobility, but for most people advancement depends on opportunities to obtain human capital ? opportunities that are not as good for children in poor families. Initiatives that focus on early childhood education seem to yield high returns on investment. Their feasibility on a large scale is unknown, but they may have the potential to help the United States achieve a more inclusive prosperity.
Annual Report

Report
Systemic risk and the pursuit of efficiency

In this essay, senior economist Kartik Athreya identifies systemic risk with the presence of linkages between market participants, where problems for one directly create problems for others. He argues that such situations can arise from the use of contractual arrangements, especially debt that requires frequent refinancing and liquidation in the event of an inability to repay. The presence of spillover effects can, in turn, lead to outcomes in the wake of shocks that can be improved via policy intervention. Nonetheless, he cautions against taking this as a license to intervene after the fact, ...
Annual Report

Report
Understanding Urban Decline

Senior policy economist Santiago Pinto and economics writer Tim Sablik discuss the forces that drive urbanization and the factors that determine where firms and households locate within cities. Pinto and Sablik also evaluate a variety of place-based and people-based policy responses to urban decline. Because every city is different, the authors caution that revitalization efforts that worked for one city may not work for another.
Annual Report

Report
The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond

This year's article was co-authored by Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and director of research. The authors discuss the key events of the financial crisis, examine which factors contributed to it, and consider how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.
Annual Report

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