The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal exposure to macroeconomic risk, and that FD can increase macroeconomic vulnerability. To do this, we first establish three facts: (i) regions in the U.S. vary significantly in their "FD-intensity," measured either by how much additional credit households therein can access, or in how delinquent they typically are on debts, (ii) shocks that are typically viewed as "aggregate" in nature hit geographic areas quite differently, and (iii) FD is an economic "pre-existing condition": the share of an aggregate shock borne by a region is positively correlated with the level of FD present at the time of the shock. Using an empirically disciplined and institutionally rich model of consumer debt and default, we show that in the shocks dealt by the Great Recession and in the initial months in the COVID-19 pandemic, FD mattered. Our model implies that the uneven...

At the Richmond Fed, we’re driven by our mission to strengthen the economy and our communities. We take great pride in what we do, knowing it impacts everyday people every day.

When you join our team, you’ll be welcomed into an organization that embraces differences, cares about our communities, and empowers each other to lead from where we are to make things better.

Bring your passion and we’ll provide challenging and purposeful careers in a variety of fields, opportunities to grow and a wide range of benefits that support your health and wealth.

It’s all part of what makes #MyRichmondFed a great place to work!

In our Research department, about 20 economists split their time between working on policy-related questions and their own independent academic research. Research associates help the economists with their research and policy memos. These memos are used to brief the Richmond Fed’s president on the state of the economy, policy questions and current economic research.

If you’re a recent college graduate thinking about applying to a Ph.D. program, working as a research associate is an ideal way to learn more about academic economic research.

Learn more about our research associate program. When searching for an opportunity, select "Economic/Research" in the search criteria.

This virtual conference will provide undergraduate economics students with information on the range of career paths open to them and a forum to discuss the importance of having a variety of perspectives in the field of economics. Attendees will hear how economists' personal experiences and perspectives have influenced their paths and the projects they have chosen. Students will also have the opportunity to ask questions of economists who are currently working in different areas of the profession and to network with fellow students and recent college graduates who are working in the field of economics.

The event is being hosted by the Federal Reserve Bank of Richmond in partnership with Undergraduate Women in Economics and the Robins School of Business at the University of Richmond.

The virtual conference is complimentary but registration is required due to the limited capacity for interactive sessions in Zoom. Once the capacity on Zoom is reached, there...

Introduction

Across the country, K-12 students have returned to classrooms that look very different than they did a year ago. The COVID-19 pandemic has caused many school districts to shift classrooms to a completely virtual environment with students learning remotely. Other school districts are pursuing a hybrid approach with a combination of in-person and online learning. For school districts operating in person, social distancing and other health protocols still make the school day much different from before.

While the overall instructional environment has changed for many teachers and students, another layer of change is happening that is specific to different subject areas. One subject area that the Richmond Fed has particularly strong ties to is economics and personal finance. The Richmond Fed (and the Federal Reserve System overall) has a long-standing commitment to economic and financial education as part of our public service mission. Throughout the...

The College Fed Challenge is an academic competition where teams of students research and analyze economic conditions and present their analysis including a recommendation for monetary policy. The College Fed Challenge competition can increase students’ awareness and understanding of the unique role of the Federal Reserve in the economy and enhance research, presentation and critical thinking skills.

This virtual conference will provide undergraduate economics students with information on the range of career paths open to them and a forum to discuss the importance of having a variety of perspectives in the field of economics. Attendees will hear how economists' personal experiences and perspectives have influenced their paths and the projects they have chosen. Students will also have the opportunity to ask questions of economists who are currently working in different areas of the profession and to network with fellow students and recent college graduates who are working in the field of economics.

The event is being hosted by the Federal Reserve Bank of Richmond in partnership with Undergraduate Women in Economics and the Robins School of Business at the University of Richmond.

The virtual conference is complimentary but registration is required due to the limited capacity for interactive sessions in Zoom. Once the capacity on Zoom is reached, there...