Six Hundred Atlantic

The Fed's latest small businesses survey found that 80% of respondents reported challenges related to how they send and receive payments, including credit card processing fees and slow payments systems. Brian Clarke is a payments analyst and deputy director in the Regional & Community Outreach department at the Boston Fed. He breaks down the most important findings from the survey – and how advancements in payments technology might help businesses address their top challenges. Visit bostonfed.org to learn more about payments-related findings from the Small Business Credit Survey. You can read the full report on fedsmallbusiness.org. For more interviews and analysis of the economy in New England and nationwide, visit BostonFed.org/SixHundredAtlantic.aspx. Subscribe to our email list to stay updated on new episodes. 

Synthetic identity fraud is a fast-growing and costly type of financial fraud, and its threat is increasing – thanks to generative AI. Criminals use Gen AI to quickly create synthetic identities and make these fake identities seem more like real people so it's easier to use them to steal. Federal Reserve payments fraud expert Mike Timoney discusses what synthetic identity fraud is and how it's evolved. He says one of the best tools to stop thieves who use generative AI in synthetic identity fraud … is AI. Mike Timoney is a vice president of secure payments at the Boston Fed. Visit BostonFed.org to learn more about how the Federal Reserve is tracking the increase in synthetic identity fraud. You can also listen to a discussion with Timoney on why check fraud is rising, even as check usage declines. For more interviews and analysis of the economy in New England and nationwide, visit BostonFed.org/SixHundredAtlantic.aspx. Subscribe to our email list to stay updated on new episodes.

There are more ways to pay than ever, and payments are critical to the economy. Their safety and efficiency significantly impact the nation's fiscal health. Boston Fed senior economist Joanna Stavins discusses the payments evolution and what to watch out for.

New Englanders love the lottery, and it's long been an important source of public funding. But it's not the only option for people's gambling dollars. Boston Fed researcher Riley Sullivan talks about lottery history, policy, and trends.

The story after the pandemic started was that people were relocating more. But now, New Englanders just aren't making as many moves, either short- or long-distance. Boston Fed economist Pinghui Wu talks about the trend and what it means.

How can smaller cities recover after their industry disappears? The Working Places initiative exists because Boston Fed researchers wanted to answer that question. On its 10th anniversary, director Colleen Dawicki discusses successes and lessons learned. 

Check fraud is on the rise, even as the number of checks in circulation is dropping. Why? Boston Fed payments fraud expert Mike Timoney discusses why checks are an attractive target for thieves and how consumers can protect themselves.

Employers are reluctant to hire people with criminal histories, and that can be a drag on the economy, because they make up a surprisingly large part of the population. What can be done to reduce employer risks while giving this group a fair chance?

Research by a Boston Fed economist indicates that as many as 7 million “gig workers” aren't being counted in the main survey that measures U.S. employment. Why? And how can policymakers get a more accurate view of their contributions to the economy?

The female workforce participation rate has flatlined in the U.S. over the last 30 years. Why? One reason is a lack of state-funded “family policies,” like child care. Meanwhile, the rise of so-called “performance pay” has left some women behind.

“Full employment” is often overshadowed by the better-known half of the Fed's dual mandate from Congress: “stable prices,” but both are equally important to the Fed. This overview defines full employment and looks at why some groups are struggling to reach it.

Kenechukwu Anadu, who co-leads a group focused on bank, non-bank, and financial stability risks, discusses stablecoins – a type of crypto asset – and the potential impacts of their rapid growth on the stability of the financial system.  

Can employers do more to solve the child care crisis? Some policy groups say child care and employer would benefit if they did. Boston Fed senior policy analyst Sarah Savage discusses what deeper employer involvement looks like and what it could mean.

The Boston Fed has long studied New England's opioid crisis because of its economic impacts. In this episode, Boston Fed writer Amanda Blanco and photographer Steve Osemwenkhae discuss what they learned from talking with people fighting addiction and helping others overcome it.

The condition of U.S. currency–including whether it's genuine–is the business of the Federal Reserve because healthy currency is essential to keep the economy moving. But how does the Fed know when notes aren't “fit for commerce?” Or when they're fake?

The pandemic could have wiped out cash, as people increasingly turned to online and touch-free transactions. Instead, cash usage fell, then held steady. Why? In this episode, we examine cash's future and the Fed's role in keeping it available.

Researchers have long investigated why some races have more wealth than others, and inheritances and other forms of intergenerational wealth are often seen as major factors. But Federal Reserve Bank of Boston economist Jeff Thompson says they play a minor role.

Personal excess savings in the U.S. reached extraordinarily high levels during the pandemic, peaking between $2.0 – $2.6 trillion in 2021. That's equal to 10% of the nation's gross domestic product. Economists believe these savings helped keep the economy moving during post-pandemic inflation because consumers could use that money to keep spending. But there's wide disagreement about how much of these excess savings is left – and what happens when it's gone. In this episode of Six Hundred Atlantic, Boston Fed economist Omar Barbiero discusses why excess savings matter, why estimates vary widely, and what surprised him when he studied how fast savings were being depleted across income groups.

Opioid-related deaths spiked more than 60% in two years during the pandemic, and that intensified the focus on treating opioid use disorder. But do some treatments impact employment prospects more than others? In this episode of Six Hundred Atlantic, Boston Fed senior economist Mary Burke discusses certain opioid use disorder medications and how they affect job prospects for patients and reduce the economic burden on society.

In the season's final episode, we're looking at two ongoing pandemic-era trends. One is the unexpected surge in startups. The other is the increasing influence of automation. What do these trends and others tell us about what's ahead for labor markets?

Some economists say the rise of remote work may be the pandemic era's most lasting trend. And they say it comes with big benefits, like better work-life balance. But a drop in commuters could hurt cities. And others predict a remote work pullback is coming soon.

The headlines during the pandemic spoke of a Great Resignation. And millions of “missing jobs.” And a mass and permanent exodus of women from the workforce. But during the pandemic, things weren't always what they first appeared to be.

Some thought the 20 million jobs lost in the first month of the COVID-19 lockdowns was the start of a brutal downturn. But labor markets somehow quickly bounced back. In this overview, we examine fears that weren't realized and changes that look lasting.

Federal Reserve Bank of Boston senior economist and policy advisor Paul S. Willen, co-author of the 2023 working paper “House Prices and Rents in the 21st Century,” discusses key ways that the housing booms of the 2000s and 2020s differ. 

Boston Fed economist Bo Zhao discusses the potential financial impacts of climate change in New England, including projections from his report, “The Effects of Weather on Massachusetts Municipal Expenditures: Implications of Climate Change for Local Governments in New England.”

The Boston Fed's chief of information security, Anjan Bagchee, is constantly monitoring the growing ransomware threat. Bagchee discusses the increasing sophistication of the attacks, their economic implications, and how organizations can protect themselves. 

The nation's child-care sector is in crisis because affordable, high-quality care is so hard to find. But this care is even more scarce for those who don't work 9-to-5. In a bonus episode, we hear from four moms and get insight from Boston Fed expert Sarah Savage.

There's agreement on the need to close racial disparities, but it's fair to ask if solutions are even possible in today's polarized environment. So we did. Georgetown's Harry Holzer and Brown's Glenn Loury discuss racism, narratives, and backlash.

Researchers say even in high-crime areas, it's usually just a few streets segments causing the problems. And they say that focusing on lowering crime in these areas of “concentrated disadvantage” can have a major impact on closing racial disparities.

The country's sharp geographic segregation is fueling racial disparities, and our racist past has helped create divides. But researchers say a voluntary phenomenon called “racial sorting” may be playing an underappreciated role.

Disparities in academic achievement across racial groups exist at all levels, and they aren't closing. No one really knows how to narrow the gaps, which defy easy diagnosis. But experts say that even if there aren't “silver bullets,” there is hope.

Racial disparities in wealth are jarringly sharp. Asians and whites are the nation's highest-wealth groups, and they are trailed significantly by Hispanics and Blacks. Closing wealth gaps is a priority, but the gaps are both complex and controversial.

The nation's enduring racial disparities are highly politicized and emotional. Some say racism entirely explains the gaps. Others say that's too narrow – numerous factors are at play. In this overview, we discuss what's at stake as these gaps persist.

Racial disparities in the U.S. have persisted for decades – in wealth, in education, in crime, in neighborhoods. Their impacts are profound, their causes hotly debated. This season, we seek insight in research, data, and a mix of perspectives.

Susan M. Collins talks about taking over as president and CEO of the Federal Reserve Bank of Boston during a busy time for the Bank and an important and challenging time for the Federal Reserve.

The Boston Fed's Prabal Chakrabarti is helping direct a new 3-year research effort into racial wealth disparities in Massachusetts. He discusses the project's ambitious aims and how it expands on the Bank's impactful “The Color of Wealth” report. 

The focus across the Federal Reserve System is curbing inflation, which just hit a 40-year high. Evidence of inflation's effects on consumers is everywhere – in the media, in stores, at gas stations, and beyond. That's made Americans increasingly aware of rising inflation, and according to a new study published by the Boston Fed, that can make it more difficult to rein it in. Boston Fed Senior economist Jenny Tang is co-author of the paper called “Inflation Levels and (In)attention,” which looks at the ways inflation can be affected by how much attention people pay to it. In the latest episode of Six Hundred Atlantic, Tang speaks about how different levels of attention can influence everything from what kind of mortgage a person chooses to whether they think it's a good time to go appliance shopping.

Season 2 of Six Hundred Atlantic looked at a broken child care sector, including hopes the pandemic would trigger reform by highlighting child care's problems and importance. In a bonus episode, experts Beth Mattingly and Tom Weber discuss the evolving crisis.

Something is different these days in the push for child care reform. There's momentum. Some say right now is the best window for reform in decades. But others are skeptical, citing its massive costs and a spending-weary public.

The American ideal once saw women at home, while men went to work. But cultural expectations have changed, and for many women that's not possible or desirable. Still, women say the child care system hasn't adjusted, and they bear the brunt of its problems.

Steep child care costs matter, and not just to the parents who pay them. Those fees are also the sector's main source of revenue. Advocates see this as one of the system's major flaws, and they say parents, providers, and workers all suffer for it.

Polls indicate strong support for investing in a better child care system. Actual legislative results tell another story. Does history offer clues about why comprehensive reform has been so elusive, even though – on the surface – the idea is popular?

Child care follows a familiar storyline in the U.S.: Crisis comes, people act. Then momentum fades, and the system limps ahead. What's preventing lasting reform? Advocates say many underestimate the sector's broad impacts on the economy and the future.

The nation’s struggling child care system follows a familiar storyline: Crisis comes, people act. Then momentum fades, and the flawed sector limps forward. What is the cost to our economy and our families? This season, Six Hundred Atlantic looks at child care’s difficult present and uncertain future. Is major change ahead? Or will the story stay the same?

This season of Six Hundred Atlantic focuses on growing regional gaps in variables such as income or health – trends that are decades in the making. Now, they’re being shaped by the global COVID-19 pandemic. Are cities in trouble? Are rural areas poised for a rebound? Urbanist Richard Florida and economist Edward Glaeser join Six Hundred Atlantic for a conversation about our post-pandemic future.

The blunt truth is this: Many communities that were struggling economically decades ago are still struggling now. Existing policies simply aren’t working. Is it time to think about “place?” Economists traditionally have focused on policies aimed at improving an individual’s prospects and been skeptical about policies that focus on helping particular places. But some say it’s time for a new way of thinking.

Research shows that where people are from can be extremely important to their health, including how long they’ll live. But why? As economists try to make sense of this, some are exploring regional levels of sentiments like hope, purpose, and happiness. They say these subjective feelings can be measured with hard data, and they have undeniable impacts on how long – and how well – people live.

For decades, Americans took this famous advice: “Go West, young man!” But fewer are today. Interstate migration has been dropping for decades. People aren’t moving, even from bad economic situations or places with no future. The question is whether the unwillingness or inability of people to move is worsening regional economic and social divisions.

Rural areas are by no means the only places struggling in America, but there’s no denying their problems. Decades-long trends show despair is up in rural America and economic growth is down. Meanwhile, “superstar cities” are headed in exactly the opposite direction. These high-demand locales with high incomes offer a stark contrast to places in long decline and accent an urban-rural divide that policymakers say must be closed.

Does where you are born and live matter when it comes to educational opportunity? To how much money you’ll make? To how long you’ll live? The answer to all those questions is yes, and these regional disparities are only getting worse. Why is this happening, what can be done, and how do policymakers need to think differently?

The American story tells us our possibilities are limited only by our aspirations. But what if when it comes to our financial, physical, and emotional well-being, where we were born and live is more important than ever? This season, Six Hundred Atlantic takes a look at “geographic disparities” – widening gaps in economic and social well-being between regions.