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Journal Article
The Great Telegraph Breakthrough of 1866
Economic History article titled: "The Great Telegraph Breakthrough of 1866: The transatlantic telegraph cable amounted to the information revolution of the day, tying global markets together in unprecedented ways"
Briefing
Understanding the Surge in Commercial Real Estate Lending
U.S. banks have increased their commercial real estate (CRE) lending significantly in the past five years. Economists and regulators note that some positive factors are driving this trend, but they also see potential risks. Analysts at the Richmond Fed have found that some banks could be especially vulnerable if economic conditions deteriorate. These include institutions that are in certain major urban areas and have high concentrations of CRE loans, rapid CRE loan growth, and heavy reliance on "noncore" (or illiquid) funding. But the analysts also conclude that, overall, banks' CRE exposures ...
Briefing
Whom Do the Federal Reserve Bank Boards Serve?
The long-standing governance model of the Federal Reserve Banks, including their boards and the directors who serve on them, is under growing criticism. Calls are increasing for the boards to sever direct ties to banking and finance and become more diverse in their representation, as well as to offer more transparency to the public. As history shows, this governance model always has been the subject of political scrutiny, as public concepts of diversity ? and the Fed's functions ? have evolved over time.
Journal Article
Market Jitters
Review of the following article. {{p}} "Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock." Jeffrey Hoopes, Patrick Langetieg, Stefan Nagel, Daniel Reck, Joel Slemrod, Bryan Stuart. National Bureau of Economic Research Working Paper No. 22209, April 2016.
Journal Article
Underinsuring for Old-Age Care
Journal Article
Too Small to Succeed?
The hard facts of education economics are putting some small colleges at risk
Journal Article
Getting Unstuck
Washington, D.C., is notorious for congestion. Can smarter pricing provide a way out of clogged highways, packed parking, and overburdened mass transit?
Briefing
Did Banking Reforms of the Early 1990s Fail? Lessons from Comparing Two Banking Crises
New Richmond Fed research on community and midsize banks evaluates the Federal Deposit Insurance Corporation Improvement Act (FDICIA) and Basel I by comparing failures in the 1986-92 period to those in 2007-13. Banks greatly increased commercial real estate lending between the two banking crises, but higher capital mitigated this risk. Failure rates in the recent crisis were mainly driven by the severity of the economic shocks. However, higher capital did not help contain FDIC losses, which were much larger in the recent crisis. One possible explanation is limitations in the accounting ...
Journal Article
The HIV/AIDS Challenge
Book Review of The Economics of the Global Response to HIV/AIDS by Markus Haacker, Oxford: Oxford University Press, 2016, 290 pages
Journal Article
1965: The Year the Fed and LBJ Clashed
The storied showdown between Fed Chairman Bill Martin and President Lyndon Johnson wasn't just about personalities. It was a fundamental dispute over the Fed's policymaking role.