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Bank:Federal Reserve Bank of Richmond 

High Labor Market Churn During the 2020 Recession

Richmond Fed research has found that job losses during the COVID-19 recession have been concentrated in high-turnover sectors, with turnover rates in those occupations even higher than they were during the Great Recession. Workers displaced from high-turnover occupations often avoid long periods of unemployment, but they are historically less likely to develop long-term employment relationships, which limits their potential for sustained wage growth.
Richmond Fed Economic Brief , Volume 21 , Issue 06

Journal Article
A Business Cycle Analysis of Debt and Equity Financing

This article provides an introductory, yet comprehensive, business cycle analysis of firm financing. Using data from Compustat, we find that debt issuance is procyclical while the net sale of stock is countercyclical. However, an equity financing measure that includes stock compensation and especially mergers turns out to be weakly procyclical. Nevertheless, there is widespread heterogeneity in firm financing. Compared to large firms, the equity issuance of small firms tends to be more procyclical while debt issuance tends to be less procyclical. We then examine how well a quantitative model ...
Economic Quarterly , Issue 1Q , Pages 51-85

Journal Article
Historical origins of the cost-push fallacy

Economic Quarterly , Issue Sum , Pages 53-74

Journal Article
Recent financial deregulation and the interest elasticity of M1 demand

Economic Review , Volume 72 , Issue Jul , Pages 13-24

Short-term municipal securities


Working Paper
Playing with Money

Experimental studies in monetary economics usually study infinite horizon models. Yet, the time constraints of the laboratory sessions in which these models are conducted create finite horizons that imply monetary equilibria cannot exist. Moreover, laboratory subjects do not treat the probabilistic termination rule typically used in a manner consistent with the discount factor that the rule is intended to replace. Thus, it is unclear whether these experiments evaluate subjects' use of money to ameliorate trading frictions as an equilibrium phenomenon, their inability to understand backward ...
Working Paper , Paper 19-2

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

Journal Article
Small business: employment trends in small business

Cross Sections , Issue Spr , Pages 14

Journal Article
Observing the Great Observers

Book Review of Evolution of Economic Ideas: Adam Smith to Amartya Sen and Beyond by Vinay Bharat-Ram, Oxford: Oxford University Press, 2017, 198 pages.
Econ Focus , Issue 4Q , Pages 35-35

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.
Econ Focus , Issue 1Q , Pages 18-22




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Nash, Betty Joyce 139 items

Sablik, Timothy 124 items

Gerena, Charles 119 items

Steelman, Aaron 105 items

Romero, Jessica Sackett 91 items

Price, David A. 81 items

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Federal Reserve District, 5th 265 items

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