Timely Topics

“During the pandemic, a lot of people had reasons to retire and the way that markets evolved allowed them to retire,” says Miguel Faria-E-Castro, a research economist at the Federal Reserve Bank of St. Louis. He is joined by Lowell Ricketts, a data scientist at the Institute for Economic Equity, to discuss the “Great Retirement,” how COVID-19 is connected to increased retirements and the demographics of those retirees.

“Over the past few decades, production has become more global … and as a result, the production process today is more fragmented and is more complex than what it was several decades ago,” says Ana Maria Santacreu, senior economist at the St. Louis Fed, who discusses her research on disrupted supply chains.

“The impact that everyday people can have on policy and procedures,” surprised Alice K. Houston when she first became a member of the board of directors at the Federal Reserve Bank of St. Louis. She shares her experiences as a child of the civil rights movement growing up in segregated Louisville, challenges she faced as a minority business owner and her commitment to community service.

“The initial effects of the pandemic on employment were actually uneven across occupations,” says Serdar Birinci, economist at the St. Louis Fed, adding that service industries saw the largest effects.

“There are a couple of differences between Black and white millennials that may help explain these [wealth] disparities,” says Lowell Ricketts, data scientist at the Institute for Economic Equity at the St. Louis Fed, who cites student loans and home ownership. Ricketts joins Ana Hernández Kent, senior researcher, in a discussion about the wealth accumulation of millennials.

“As countries have become more integrated, not only in terms of trading goods and services but also in terms of trading ideas, protecting intellectual property has become more important,” says Ana Maria Santacreu, a senior economist at the Federal Reserve Bank of St. Louis.

“We believe rural communities will achieve longer-term, more durable success if they look inside their boundaries for opportunities to invest in and focus on,” says Daniel Paul Davis, vice president and community affairs officer at the St. Louis Fed. Davis joins Andrew Dumont, senior community development analyst at the Federal Reserve Board of Governors, as they discuss a new book they co-edited, Investing in Rural Prosperity.

William M. Rodgers III, vice president and director of the Institute for Economic Equity at the Federal Reserve Bank of St. Louis, discusses how the St. Louis Fed works to promote a more inclusive and equitable economy: “We are focused on advancing research that informs equity-based policies and practices leading to an economy that works for everybody.”

Paulina Restrepo-Echavarria, senior economist at the Federal Reserve Bank of St. Louis, discusses how the post-World War II Bretton Woods agreement applies to life in 2021—a time when America and the world are in various stages of recovery from the COVID-19 pandemic.

“We really needed to help move the needle on educational materials, and so, we’re working to provide educators with up-to-date information and quality teaching resources,” says Federal Reserve Economist Jane Ihrig. She joins economic education coordinator Scott Wolla in discussing how educators should update their teaching on Fed monetary policy tools.

Juan Sanchez, assistant vice president and economist at the Federal Reserve Bank of St. Louis, talks about trends in credit card debt, mortgage debt and foreclosures during the pandemic and how they compare with those of the financial crisis.

“Access to college types can be used as an effective tool for the purpose of fighting inequality,” says Oksana Leukhina, economist and research officer at the St. Louis Fed. She talks about how changes to the current meritocratic college admissions system in the U.S. could combat inequality.

Meredith Covington, Supervisory Policy and Risk Analysis manager, and Ana Hernández Kent, Institute for Economic Equity senior researcher, discuss how the “she-cession” is disproportionately affecting women of color and sparking conversations about caregiving responsibilities.

Oksana Leukhina, economist and research officer at the Federal Reserve Bank of St. Louis, talks about the importance of students understanding the college selection process in the U.S. to tip the scale in their direction.

Paulina Restrepo-Echavarria, senior economist at the Federal Reserve Bank of St. Louis, discusses what firms consider when weighing the decision to post wages for open positions or negotiate with prospective employees instead.

Four senior executives at the Federal Reserve Bank of St. Louis talk about their careers, challenges they have faced as Black Americans and what organizations and allies can do to promote diversity, equity and inclusion.

YiLi Chien, economist and research officer at the St. Louis Fed, discusses how investing in the stock market can play a role in wealth inequality. He also explains why some people may choose to not invest in stocks, despite their higher returns historically.

The St. Louis Fed’s Community Development team discusses their work to promote a more inclusive, equitable economy, “one in which everyone can derive benefit regardless of their background, the color of their skin, their gender, or the ZIP code where they reside.”

Researchers at the St. Louis Fed’s Center for Household Financial Stability discuss how demographic variables—such as birth year, race and education—play into the state of wealth and equity in the United States.

Alexander Monge-Naranjo, research officer and economist at the Federal Reserve Bank of St. Louis, briefly talks about both the challenges and opportunities presented to the U.S. as the rest of the world becomes better educated.