Speaking of the Economy

Adam Scavette, a regional economist at the Baltimore branch of the Richmond Fed, and Keith Waters of George Mason University discuss their analysis of migration patterns in Maryland and how they might help explain a significant reduction in the state's workforce since the COVID-19 pandemic.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_04_17_outmigration_maryland

Richmond Fed economist Santiago Pinto discusses what economists have learned about policies intended to promote economic development in specific communities. He also outlines the intended and unintended spillover effects beyond the targeted communities.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_04_10_place_based_policies

Richmond Fed economist Nicolas Morales shares his research on immigration policy and how the regulation of the flow of information technology workers from India to the United States during the 1990s benefited both countries' IT sectors.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_04_03_immigration_it_india

Laura Ullrich and Jacob Walker review data they have gathered from the Richmond Fed Survey of Community College Outcomes about high school students who take dual enrollment classes. They also discuss difference in how these classes are funded.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_03_20_dual_enrollment

Richmond Fed economist Nicholas Trachter shares his research on the market concentration and power of firms and whether the increased concentration in national markets has reduced competition in local markets.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_03_13_market_concentration

Felipe Schwartzman and Sonya Waddell discuss their research on the relationship between inflation and firms' expectations for their costs and prices, informed by the responses to special questions added to the Richmond Fed's business surveys since 2021.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_03_06_inflation_expectations

Yaa Opoku-Agyeman of the Bureau of Labor Statistics and Rachel Lee of Uber Eats talk about their careers as economists and how they have applied their research and analysis skills to address everyday issues.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_02_21_econ_in_action

Richmond Fed economist John Bailey Jones shares what he has learned about the savings decisions of people when they're single compared to when they're married, particularly during retirement.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_02_14_marriage_retirement

Richmond Fed economists Andreas Hornstein and Marios Karabarbounis discuss their research on unemployment insurance (UI), most recently on the disincentive effects of the substantial expansion of UI benefits during the COVID-19 pandemic.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_02_07_unemp_insurance

Workforce development was a major topic of conversation when Matt Martin and Erika Bell recently met with business and community leaders in Pickens County and Oconee County, South Carolina. In this episode, Martin and Bell discussed what they learned during their visit. Two local workforce development leaders ? Jeromy Arnett and Ray Farley of Alliance Pickens ? also shared their stories.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_01_24_workforce_development

John O'Trakoun reviews different ways of tracking inflation that are intended to screen out noise and provide a more accurate forecast of price levels. He also discusses his unique approach to capturing this key economic indicator. O'Trakoun is a senior policy economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_01_17_measuring_inflation

Thomas Lubik and Christian Matthes discuss how economists wrestle with measuring the natural rate of interest or r-star, why this measure is important for monetary policymakers, and how their model has evolved to better chart the path of interest rates. Lubik is a senior advisor at the Federal Reserve Bank of Richmond and Matthes is a professor of economics at Indiana University.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2024/speaking_2024_01_10_natural_rate

Kartik Athreya, the Richmond Fed's research director, answers questions submitted by listeners about housing, the Fed's bond purchases, interest rate targeting, and artificial intelligence.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_12_20_ask_richmond_fed

Claudia Macaluso discusses the surge in workers doing their jobs at home during the COVID-19 pandemic and the ongoing effects of the remote work option on labor markets and the economy as a whole. Macaluso is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_12_13_remote_work

Tim Sablik, host of the Speaking of the Economy podcast, reviews the five most popular episodes of 2023 that explored topics beyond inflation and monetary policy.

Full transcript and related links:
https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_23_06_greatest_hits

Laura Ullrich provides an update on the Richmond Fed Survey of Community College Outcomes, which aims to provide more accurate and detailed data on the performance of community colleges and their students. Ullrich is a senior regional economist at the Charlotte branch of the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_11_29_survey_community_colleges

Paul Ho talks about how countries are connected to each other through international trade and how these connections help spread economic shocks across the globe. Ho is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_11_15_cross-country_spillovers

Jarrod Elwell and Jason Smith share what the Federal Reserve Bank of Richmond has learned about the financing needs of rural parts of the Fifth District and how the Bank's Rural Investment Collaborative and other programs help community leaders address those needs. Elwell is a community development manager and Smith is a senior community development advisor at the Richmond Fed.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_11_08_rural_development_finance

Tom Bilston and Tony Murray discuss how banks use machine learning, chat bots and other forms of AI as well as what these technological innovations mean for bank examiners, both in terms of the risks they monitor and how they do their job. Bilston is Assistant Vice President and Horizontal Team Lead, LISCC Program, Capital Retail Credit; and Murray is SRC Strategy, Risk and Innovation Team Lead at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_10_25_ai_banking

Andy Bauer and Danny Twilley discuss the research they are doing to better understand gaps in the housing markets of rural communities and small towns and the unique challenges they face in addressing these gaps. Bauer is vice president and regional executive for the Baltimore branch of the Federal Reserve Bank of Richmond. Twilley is assistant vice president of economic, community and asset development for the Brad and Alys Smith Outdoor Economic Development Collaborative at West Virginia University.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_10_18_rural_housing

Santiago Pinto provides preliminary evidence of learning losses among K-12 students during the COVID-19 pandemic. He also discusses the causes, distribution and consequences of these losses. Pinto is a senior economist and policy advisor at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_10_11_pandemic_learning_losses

Sonya Waddell and Chen Yeh provide an update on credit market conditions, based on recent results of the CFO Survey and other surveys of borrowers and lenders. They also discuss the macroeconomic forces that shape the supply and demand sides of the market, including the current round of monetary policy tightening. Waddell is a vice president and economist and Yeh is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_09_27_credit_crunch

Stephanie Norris explains the concept of social capital, its value in the economic development of communities and the challenges of measuring it. Norris is a senior research analyst at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_09_20_social_capital

Marina Azzimonti and Arantxa Jarque, director and associate director of the Center for Advancing Women in Economics, discuss the Center's recent launch at the Federal Reserve Bank of Richmond and the need for such an organization within the economics profession. Azzimonti is a senior economist and research advisor and Jarque is a senior policy economist at the Richmond Fed.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_09_13_advancing_women_economics

Borys Grochulski and John O'Trakoun share the latest data on the market for office buildings and commercial real estate in general. They also discuss the current state of lending to office developers and whether the rise in office vacancies poses risks to the broader economy. Grochulski is a senior economist and O'Trakoun is a senior policy economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_08_23_office_market

John Bailey Jones discusses his recent research on the relationship between marital status and the labor force participation of men. Jones is vice president of microeconomic analysis at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_08_16_marriage_male_labor

Paul Ho talks about how economists model the interactions between monetary policy and the economy and the challenges of determining the economic effects of policy with precision. Ho is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_08_09_monetary_policy_uncertainty

Nicolas Morales discusses his research on supply chains and the factors that can help them resist and recover from economic shocks, like the COVID-19 pandemic. Morales is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_07_26_supply_chains

Grey Gordon discusses his research on sovereign debt, the economic consequences of an increase in the cost of that debt, and the implications for the United States in the wake of the recent debt ceiling debate. Gordon is a senior economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_07_19_government_debt

On the 100th episode of the podcast, three leaders of the Richmond Fed 's Research department ? Kartik Athreya, Huberto Ennis and Ann Macheras ? share the research paper that had a major impact on their careers and the economics profession in general. Paper topics range from bank runs to insuring against risks to knowledge spillovers. 

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_07_12_papers

Andy Bauer, Renee Haltom and Matt Martin share what their business contacts have told them about regional economic conditions in the Fifth District. Bauer, Haltom and Martin are regional executives at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_06_28_23_regional_update

Anita Brown-Graham describes the key components of lasting development in rural communities. She shared these insights in her keynote at the Richmond Fed's Investing in Rural America conference in April 2023. Brown-Graham is a professor of public law and government and director of ncIMPACT at the University of North Carolina at Chapel Hill.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_06_21_rural_developments

Aubrey George, Conner Mulloy and Sean McCrary share their experiences as research associates supporting the economists in the Research department at the Federal Reserve Bank of Richmond. George and Mulloy are completing their second year as RAs while McCrary is a Ph.D. student at the University of Pennsylvania.

Full transcript and related links: https://richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_06_07_23_research_associates

Vanity McDaniel provides an update on FedNow, the first new payments platform launched by the Federal Reserve in 50 years, and why the Fed decided to facilitate real-time or "instant" payments in the financial system. McDaniel is a senior payments business advisor at the Federal Reserve Bank of Richmond.

Full transcripts and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_05_24_fednow

Hugo Hopenhayn discusses his research on the factors that affect the entry and exit of firms in a market, as well as the reallocation of labor and other resources that results from this "creative destruction." Hopenhayn is a professor of economics at UCLA and a long-term consultant at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_05_17_birth_death_firms

Jeremy Hoffman of the Science Museum of Virginia and Toan Phan at the Federal Reserve Bank of Richmond share their research on the relationship between redlining and the risks of extreme heat and flooding. They also discuss other ways that the economy intersects with the climate around us and the actions that communities can take to make themselves more resilient in the face of climate change.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_05_10_extreme_weather

Surekha Carpenter discusses why adequate access to credit is important for individuals and the economy overall, what contributes to gaps in access, and how community development financial institutions have addressed those gaps. Carpenter is a research analyst on the Regional and Community Analysis team at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_04_19_unequal_credit

Jason Kosakow and Sonya Waddell discuss the expectations of regional and national business leaders about the economy, based on responses to the CFO Survey and the Federal Reserve Bank of Richmond's regional business surveys during the first quarter of 2023. Kosakow is the Richmond Fed's survey director and Waddell is a vice president and economist who oversees the regional and community development research team.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_04_12_business_expectations

Gadi Barlevy discusses recent research on the potential tension between the Fed's roles in maintaining low, stable prices and providing liquidity when financial markets are in trouble. Barlevy is a senior economist and economic advisor at the Federal Reserve Bank of Chicago. He was interviewed on Feb. 8, 2023, before the spate of bank failures that occurred in March 2023.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_04_05_financial_price_stability

Santiago Pinto discusses his research on commuting patterns in the Fifth District and how these patterns may help us better understand the economic connections between rural and urban communities. Pinto is a senior economist and policy advisor at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_03_15_commuting

Robert Hetzel reviews the evolution of monetary policymaking through the lens of his new book, The Federal Reserve: A New History. In part two of this two-part discussion, he focuses on the Fed's policies during the Great Inflation and the Great Moderation and after the Great Recession, as well as the role of the Federal Reserve Bank of Richmond during these periods. Hetzel was a senior economist and research advisor at the Richmond Fed from 1975 to 2018.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_03_08_monetary_history_2

Robert Hetzel looks at the evolution of monetary policymaking through the lens of his new book, The Federal Reserve: A New History. In part one of this two-part conversation, he discusses the Fed's policy shifts in the two decades following the Treasury-Fed Accord of 1951 and the role of the Federal Reserve Bank of Richmond during that period. Hetzel was a senior economist and research advisor at the Richmond Fed from 1975 to 2018.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_03_08_monetary_history_1

Greta Harris and Jim Tobin offer their perspectives on the housing market, from the impacts of the COVID-19 pandemic and recent increases in mortgage rates to the continuing challenge of building affordable housing. Harris is president and CEO of the Better Housing Coalition and Tobin is executive vice president and chief lobbyist for the National Association of Home Builders.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_03_01_housing

Ethan Bullard tells the story of Maggie L. Walker, focusing on her legacy as a bank executive, entrepreneur and activist who fought systemic discrimination against women and blacks. Bullard is curator at the Maggie L. Walker National Historic Site in Richmond, Va.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_02_22_maggie_walker

Tom Barkin discusses the state of inflation and the monetary policy response of the Federal Reserve, as well as his outlook on the national economy. Barkin is president and CEO of the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_02_08_barkin_inflation

Sierra Latham and Sarah Gunn discuss the current shortage of teachers nationally and in the Fifth Federal Reserve District, how supply-demand forces have contributed to this labor market gap, and what is happening in response. Latham is a senior research analyst and Gunn is director of economic education at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_02_01_teacher_shortage

Chen Yeh discusses the factors that have contributed to an increase in new business formation during the COVID-19 pandemic and the economic implications of this entrepreneurship surge. Yeh is an economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_01_18_startups

Huberto Ennis explores how the Federal Reserve used its asset purchases to deal with market disruptions and the unprecedented economic issues related to the COVID-19 pandemic. He also discusses why and how the Fed is unwinding these purchases. Ennis is group vice president for macro and financial economics at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_01_11_balance_sheet

Claudia Macaluso and Sonya Ravindranath Waddell discuss recent challenges in finding and retaining workers, and how businesses have changed their recruitment tactics, adjusted wages, and made other changes in response to these challenges. Macaluso is an economist and Waddell is a vice president and economist at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2023/speaking_2023_01_04_tight_labor

Joanne Hsu talks about the widely followed Surveys of Consumers and the information they provide on inflation expectations. Hsu is director of the surveys and a research associate professor at the Institute for Social Research at the University of Michigan. She was a panelist at the "Demystifying Inflation" session of the Richmond Fed's District Dialogues event series on November 7, 2022.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/speaking_2022_12_21_consumer_surveys