Speaking of the Economy

Speaking of the Economy is the podcast of the Federal Reserve Bank of Richmond. In each episode, we'll hear from the Richmond Fed's economists and other experts at the Bank and in the communities we serve about the economic issues they are exploring.

Why Do Banks Fail? 08/06/2025

Why Do Banks Fail? Sergio Correia discusses his research on the causes of bank failures and his use of a novel set of historical data to evaluate two different but intertwined potential causes — insolvency of the bank and a run on deposits. Correia recently joined the Federal Reserve Bank of Richmond as a senior economist. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/37662080

Microtransit Solutions in Rural Communities 07/23/2025

Microtransit Solutions in Rural Communities At the Richmond Fed's sixth annual Investing in Rural America Conference, three communities in Virginia and North Carolina shared how they have used on-demand microtransit to address the lack of public transportation options that create barriers for residents without cars. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/37481200

What's Keeping Workers on the Sidelines? 07/16/2025

What's Keeping Workers on the Sidelines? Andy Bauer and John Bailey Jones discuss the factors that have shaped the demand for and supply of labor in recent years. They also talk about the barriers to labor force participation in Maryland, including lack of affordable child care and housing. Bauer is vice president and regional executive for the Baltimore branch of the Federal Reserve Bank of Richmond and Jones is vice president of microeconomic analysis. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/37413330

Getting a Grip on U.S. Tariff Changes 07/09/2025

Getting a Grip on U.S. Tariff Changes Marina Azzimonti discusses the complexities of measuring the regional and sectoral impacts of tariffs and reviews the rapid series of changes to U.S. trade policy since the beginning of 2025. Azzimonti is a senior economist and research advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/37306385

Affordable College, Unaffordable Housing 06/18/2025

Affordable College, Unaffordable Housing Davy Sell and Anthony Tringali discuss the housing needs of community college students and the challenges these institutions face in meeting the demand for affordable options. Sell is a research analyst and Tringali is a research associate at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36999270

Expanding Child Care Access in Rural Communities 06/11/2025

Expanding Child Care Access in Rural Communities At the Richmond Fed's sixth annual Investing in Rural America Conference, childcare providers and experts shared the challenges of providing affordable, quality early care and education in rural communities, as well as solutions they have developed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36940650

What is the Fed's Policy Framework? 06/04/2025

What is the Fed's Policy Framework? Grey Gordon and Felipe Schwartzman discuss the creation and evolution of the Federal Reserve's monetary policy framework and the Fed's current review of the framework. Gordon and Schwartzman are senior economists at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36818530

The Economic Value of Farming in Rural Communities 05/21/2025

The Economic Value of Farming in Rural Communities Joseph Mengedoth provides an overview of the economic contributions of agriculture in the rural parts of the Fifth District. Mengedoth is a regional economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36583655

How the Fed Mines Data for New Insights 05/14/2025

How the Fed Mines Data for New Insights Nicolas Morales, Horacio Sapriza, and Chen Yeh take listeners behind the scenes on how they work with detailed, confidential datasets about businesses and individuals. They also discuss how they gain insights on topics like immigration, credit markets, and labor productivity while safeguarding privacy rights. Morales is an economist, Sapriza is a senior economist and policy advisor, and Yeh is a senior economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36536355

Community Colleges Bring Education Behind Bars 05/07/2025

Community Colleges Bring Education Behind Bars Stephanie Norris and Matthew Wells discuss their recent research on workforce development programs at community colleges that are aimed at helping the incarcerated re-enter the workforce after they are released. Norris is a senior research analyst and Wells is a senior economics writer, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36338655

CFO Optimism Falls as Tariff Concerns Rise 04/23/2025

CFO Optimism Falls as Tariff Concerns Rise Zach Edwards and Daniel Weitz discuss the concerns that chief financial officers across the country reported about their own companies and the national economy in the latest CFO Survey. Edwards is a research analyst on the Regional and Community Analysis team at the Federal Reserve Bank of Richmond and Weitz is a csurvey director at the Federal Reserve Bank of Atlanta. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36213045

A New Way of Detecting Recessions 04/16/2025

A New Way of Detecting Recessions John O'Trakoun and Adam Scavette discuss their new approach to gauging the health of the economy and the likelihood that a recession is taking place before other indicators would detect it. O'Trakoun is a senior policy economist at the Federal Reserve Bank of Richmond and Scavette is a community development economic advisor at the Federal Reserve Bank of Philadelphia. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36135850

What Shapes Productivity Growth? 04/09/2025

What Shapes Productivity Growth? Pierre-Daniel Sarte and Thomas Lubik discuss their research on the components of productivity growth, how that growth has varied over time and across industries, and how much it will benefit from the use of artificial intelligence. Sarte and Lubik are senior advisors in the Research Department at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/36045800

The Economic Toll of Mental Illness 03/26/2025

The Economic Toll of Mental Illness Job Boerma shares a model for how poor mental health affects the economic decisions of consumers and the economy as a whole. Boerma, an assistant professor in economics at the University of Wisconsin-Madison, presented his research at a recent CORE Week at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35808375

Has the Wave of New Businesses Crested? 03/19/2025

Has the Wave of New Businesses Crested? Chen Yeh provides an update on the longevity and broader impacts of the surge in start-ups during the COVID-19 pandemic. Yeh is a senior economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35735240

Hot Topics in Electronic Payments 03/12/2025

Hot Topics in Electronic Payments Vanity McDaniel and Jennifer Stadler provide a snapshot of how consumers pay for goods and services today and reflect on the latest technology trends in the U.S. payments system, including contactless payments, digital wallets, "buy now, pay later," instant payments, and the use of artificial intelligence. McDaniel is a senior payments business advisor at the Federal Reserve Bank of Richmond and Stadler is executive vice president of marketing and membership at PaymentsFirst. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35576625

Looking Ahead at 2025 02/19/2025

Looking Ahead at 2025 Renee Haltom and Sonya Waddell share what recent surveys and conversations with Fifth District contacts reveal about the expectations of businesses for their own prospects and the economy as a whole, as well as firms' concerns about inflation, labor markets, and other potential issues in 2025. Haltom is a regional executive and vice president and Waddell is a vice president at the Federal Reserve Bank of Richmond., Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35341125

The Flow of Capital Into Rural Communities 02/12/2025

The Flow of Capital Into Rural Communities Emily Corcoran and Jen Giovannitti discuss the demand and supply factors that influence the financing of community development in rural areas, as well as the issues that impede the flow of capital into the places that need it. Corcoran is a senior manager of regional and community analysis at the Federal Reserve Bank of Richmond and Giovannitti is president of the Claude Worthington Benedum Foundation. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35229835

When Countries Borrow, The Strength of Their Institutions Matters 02/05/2025

When Countries Borrow, The Strength of Their Institutions Matters Marina Azzimonti discusses the rise in the cost of borrowing for countries following the COVID-19 pandemic and the broader implications of this trend for emerging countries, especially those that don't have strong governmental institutions. Azzimonti is a senior economist and research advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/35134580

The Ongoing Recovery From Pandemic-Era Learning Losses 01/22/2025

The Ongoing Recovery From Pandemic-Era Learning Losses Amanda Neitzel and Santiago Pinto report on the progress of students after the disruptions of the COVID-19 pandemic, differences in the persistence of learning losses, and efforts to remediate these losses. Neitzel is an assistant research professor at the Center for Research and Reform in Education at Johns Hopkins University, while Pinto is a senior economist and policy advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34946615

Keeping Dollars Flowing Around the Globe 01/15/2025

Keeping Dollars Flowing Around the Globe Ricardo Reis discusses how swap lines have supported the flow of U.S. currency into global financial markets to meet their liquidity needs and the dollar's prominence in those markets, especially during the 2007-08 financial crisis and the COVID-19 pandemic. Reis is an economics professor at the London School of Economics and a long-term consultant at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34856445

Tracing the Educational Pathways of Community College Students 01/08/2025

Tracing the Educational Pathways of Community College Students Laura Ullrich and Stephanie Norris dive into the initial results of the 2024 Survey of Community College Outcomes, including information on completion rates, transfer rates, and enrollment at more than 120 community colleges in five states. Ullrich and Norris are the director and associate director, respectively, of the Richmond Fed's Community College Initiative. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34711650

The Economic and Business Impacts of Hurricane Helene 12/18/2024

The Economic and Business Impacts of Hurricane Helene Bethany Greene and Jason Kosakow review the damage wrought on communities in western North Carolina and other parts of the Fifth District from Hurricane Helene last September. They also share what their business contacts have told them about Helene's economic impacts, both within and outside of the hurricane's path. Greene is a regional economist at the Charlotte branch of the Richmond Fed and Kosakow is the Bank's survey director. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34475990

The Rise in Homeowners Aging in Place 12/11/2024

The Rise in Homeowners Aging in Place John Bailey Jones and Urvi Neelakantan discuss their research on the living arrangements of older individuals and the implications of these homeowners aging in place for wealth accumulation and housing markets. Jones is vice president of microeconomic analysis and Neelakantan is a senior policy economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34347885

Will Interest Rates Remain Elevated as Monetary Policy Normalizes? 12/04/2024

Will Interest Rates Remain Elevated as Monetary Policy Normalizes? Felipe Schwartzman explains how he and other economists define the natural rate of interest, what factors have influenced this theoretical estimate of where long-term interest rates will settle, and what it tells us about how the cost of savings and borrowing will respond as monetary policy normalizes after the COVID-19 pandemic. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/34265545

A Conversation with the Richmond Fed's New Research Director 11/20/2024

A Conversation with the Richmond Fed's New Research Director For our 150th episode, Anna Kovner reviews her career path to becoming the research director at the Federal Reserve Bank of Richmond and reflects on the work of the Bank's Research department. Kovner also offers her views on various topics — including the banking turmoil of 2023, the Fed's "lender of last resort" role, current risks to the financial system, and the "neutral rate" of interest — as well as the current state of the national economy. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/33996297

When There Are No Banks Around 11/13/2024

When There Are No Banks Around Alaina Barca and Surekha Carpenter examine the decline in the number of bank branches in certain communities and the economic effects of that trend. They also share data from the Banking Deserts Dashboard developed for the Fed Communities website. Barca is a community development research analyst at the Philadelphia Fed and Carpenter is a research analyst at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/33901947

Small Businesses and Their Financing Needs 11/06/2024

Small Businesses and Their Financing Needs Erika Bell and Emily Corcoran discuss the capital needs of small business owners and recent insights yielded by the Federal Reserve's annual Small Business Credit Survey. Bell is community development regional manager for North Carolina and South Carolina and Corcoran is senior manager of regional and community analysis, both at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/33746062

How Banks Are Adapting to Changing Flood Risks 10/23/2024

How Banks Are Adapting to Changing Flood Risks Toan Phan reviews the risks faced by banks from the increased frequency and intensity of floods and other extreme weather events, and how banks and financial markets have responded to those risks. Phan is a senior economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/33517872

The Role of Anchor Institutions in Regional Economies 10/16/2024

The Role of Anchor Institutions in Regional Economies Deborah Diamond and Adam Scavette discuss how anchor institutions such as universities and hospitals fit into the economic life of communities. Diamond is director of the Anchor Economy Initiative at the Federal Reserve Bank of Philadelphia and Scavette is a regional economist at the Baltimore office of the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/33466527

Speaking of the Economy

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