Briefing
The Cost of Fed Membership
Richardson, Gary; Fessenden, Helen (2016-02)
Since the Federal Reserve's founding, it has paid a regular dividend to banks that are members of the Federal Reserve System in exchange for those banks holding stock in Federal Reserve Banks. Recent transportation legislation reduced these dividends and used the savings to help fund the bill. While this move provided a short-term financing fix, it also raised a much bigger question of whether banks will want to remain members of the Federal Reserve System.
Richmond Fed Economic Brief , Issue Feb

Journal Article
1965: The Year the Fed and LBJ Clashed
Fessenden, Helen (2016-07)
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.
Econ Focus , Issue 3Q/4Q , Pages 4-7

Journal Article
Research Spotlight: Revisiting the 'Paradox of Choice'
Fessenden, Helen (2014-10)
"Paying Attention or Paying Too Much in Medicare Part D." Jonathan D. Ketcham, Claudio Lucarelli, and Christopher A. Powers. American Economic Review, January 2015, vol. 105, no. 1, pp. 204-233.
Econ Focus , Issue 4Q , Pages 11-11

Briefing
Understanding the Surge in Commercial Real Estate Lending
Muething, Catherine; Fessenden, Helen (2017-08)
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 ...
Richmond Fed Economic Brief , Issue August

Journal Article
JARGON ALERT: Real Interest Rate
Fessenden, Helen (2015-04)
Econ Focus , Issue 2Q , Pages 8-8

Journal Article
Book Review: Inequality: The Long View
Fessenden, Helen (2015-10)
Unequal Gains: American Growth and Inequality Since 1700 by Peter H. Lindert and Jeffrey G. Williamson, Princeton: Princeton University Press, 2016, 424 pages.
Econ Focus , Issue 4Q , Pages 35-35

Briefing
How Couples Approach Portfolio Allocation
Lazaryan, Nika; Neelakantan, Urvi; Fessenden, Helen (2017-02)
The classical theory of household portfolio allocation finds that the share of household wealth invested in risky assets is independent of the level of household wealth. However, this prediction is at odds with empirical observations. This Economic Brief presents findings that reconcile the two. A model in which a household's portfolio allocation reflects the preferences of both spouses, adjusted for the bargaining power of each spouse, predicts that the wealthier a household becomes, the greater the share of its wealth will be invested in risky assets.
Richmond Fed Economic Brief , Issue February

Journal Article
When Banking Was 'Free'
Fessenden, Helen (2018-01)
From 1837 until the Civil War, currency issuance and banking were left to the states. Can this era offer lessons for today's cryptocurrency boom?
Econ Focus , Issue 1Q , Pages 28-30

Journal Article
Will America Get a Raise?
Fessenden, Helen (2016-01)
Economists debate why wage growth has been so sluggish during the recovery from the Great Recession
Econ Focus , Issue 1Q , Pages 10-14

Journal Article
Regional News at a Glance
Fessenden, Helen (2014-10)
Econ Focus , Issue 4Q , Pages 2-2