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Journal Article
The Post-9/11 GI Bill
In 2008, Congress passed and President George W. Bush signed the largest expansion of federal education aid to veterans since the original GI Bill at the end of World War II. Under the Post-9/11 Veterans' Educational Assistance Act of 2008, commonly known as the Post-9/11 GI Bill, service members who served at least 90 days on active duty after Sept. 10, 2001, or their dependents, are entitled to up to 36 months of educational assistance to pursue higher education. Depending on the program, they can receive education or job training tuition, books, and fees, as well as a monthly housing ...
Journal Article
Climate Change and the Economy
Richmond Fed senior economist Toan Phan has spent the past decade exploring the economics of climate change. His research in this area began as he was finishing graduate school in 2012, when he was struck by the potential economic implications of climate-related disasters like flooding and hurricanes. So, along with colleagues Riccardo Colacito of the University of North Carolina and Bridget Hoffmann of the Inter-American Development Bank, he began a project to understand the relationship between increasing temperatures and economic growth. The resulting article, "Temperature and Growth: A ...
Journal Article
At the Richmond Fed: The CFO Survey
Every quarter, The CFO Survey collects the views of chief financial officers and other financial leaders throughout the United States, gathering insight into their firms' financial outlook and concerns, as well as their perceptions of the economy. The survey, which is a collaboration among the Richmond Fed, the Atlanta Fed, and the Fuqua School of Business at Duke University, meets a crucial need for policymakers who rely on real-time data from businesses of all sizes when making decisions, especially during volatile times. "In this period of uncertainty, a business survey like this has been ...
Journal Article
At the Richmond Fed: CORE Week
In February 2021, Richmond Fed Research Director Kartik Athreya and his colleagues began to think about how to increase the visibility of the Fed’s economic research and how they might better attract and retain top, diverse talent. At the same time, the shift to remote work brought on by COVID-19 led Athreya and several senior colleagues also to consider how to make the most of this new work environment. They asked the research department’s economists to identify what elements of their work could be done remotely and what required everyone to be together in person.
Briefing
Race and Economic Outcomes: A Conference Recap
How does monetary policy affect racial inequality and minority unemployment? What explains the difference in marriage rates between Black and White Americans? How do racial preferences in college admissions affect who gets in? Do historical discriminatory institutions have effects on current socioeconomic outcomes? These were among the questions addressed by economists during a recent Richmond Fed research conference.
Journal Article
Economic History: The Bank War
In his July 1832 veto message of the bill rechartering the Second Bank of the United States, President Andrew Jackson didn't hold back. Beyond characterizing the bank as hopelessly corrupt, he argued "the powers conferred upon [the bank were] ... not only unnecessary, but dangerous to the Government and the country." He went on, warning that if it continued to operate, "great evils... might flow from such a concentration of power in the hands of a few men irresponsible to the people." He argued that its power would only grow, as its leaders could "put forth their strength to influence ...
Journal Article
Federal Reserve: The Fed's Dollar Liquidity Swap Lines
The World Health Organization declared COVID-19 a pandemic on March 11, 2020, and fear and uncertainty permeated daily life. The global economy was not immune from the panic. Dollars were quickly becoming scarce: Global trading of the currency ground to a halt, and since dollars were about the safest asset available, those who had them were not about to part with them. On top of that, a spike in demand by those seeking the safety of dollars led to a rapid increase in price. But the dollar was the world's dominant currency and medium of exchange. Without it, banks around the world wouldn't be ...
Journal Article
Economic History: Rural Free Delivery
For much of the nation's history, rural Americans had to travel — sometimes great distances — to send and receive their mail or they had to hire a private courier to deliver it. When the weather made travel on country roads difficult, rural families could sometimes go weeks without any contact or communication with the outside world. This situation was in stark contrast to that of Americans who lived in urban areas, where mail had been delivered daily since 1863. In 1890, however, there were far more people living in the countryside than in cities: 41 million Americans, or 65 percent of ...
Journal Article
A Short History of Long-Term Mortgages
Americans take today's selection of mortgages for granted, but financing a home is a much different experience than it was a century ago.
Journal Article
Features: Rethinking Retirement Savings
How much is enough to live comfortably in retirement? Would $30,000 a year be enough? Maybe if you live in a low-cost area, and the house is paid off. How about $15,000? It would be a stretch, at best. Yet recent census numbers indicate millions of Americans over the age of 65 must figure out how to make ends meet on these incomes. A quarter of seniors, almost 14 million retirees, live on only $15,000, while a little over half, 29 million retirees, live on only $30,000 a year. For these Americans, the prospects of a comfortable retirement appear uncertain.