This year’s annual report examines a project the Fed is spearheading to improve the U.S. payment system. The essay is written by St. Louis Fed First Vice President David Sapenaro, who recently completed his responsibilities as the project’s interim payments strategy director.View Publication
Although there may be downsides to old age, those 62 and older can take heart in knowing that the odds are in favor of their being wealthier than younger people. And the gap has widened considerably over the past quarter-century—in favor of old people. Read more about the connections between wealth accumulation and age/birth year in the third essay in this series. A video summarizes the findings.
In the April 2015 issue of In the Balance, authors William R. Emmons and Bryan J. Noeth compare two methods of measuring the financial health of the middle class, as well as that of richer and poorer households. The authors believe that the method most often used by economists – using the median income or wealth level – can be ambiguous and even misleading. Instead, Emmons and Noeth recommend looking at the classes of people through the eyes of a sociologist. When the authors do so, they find that the middle class may be hurting financially more than most people realize.
The director and senior economic adviser for the Center for Household Financial Stability co-authored an op-ed in The Washington Post on Dec. 31, 2014. The authors examined the Federal Reserve's recent Survey of Consumer Finances on the wealth and income of African American (and other) families and concluded that, with well-designed economic interventions and some vision among leaders, more financially fragile Americans could thrive.