Our Team

Chen Yeh

Chen Yeh is a senior economist in the Research Department. Yeh joined the Federal Reserve Bank of Richmond in August 2019 after working as an assistant professor of economics at the University of Illinois at Urbana-Champaign. He earned his doctorate from the University of Chicago.

Yeh's research explores heterogeneity at the firm level and its importance for the aggregate economy, utilizing a variety of large scale data sets. He applies insights from macroeconomics and industrial organization to study the behavior of firms at the micro level and its implications for aggregate fluctuations, productivity and growth.

Academic Publications

Monopsony in the US Labor Market

American Economic Review, Vol. 112, July 2022: 2099-2138

Chen Yeh, Claudia Macaluso and Brad Hershbein
Bank Publications

Economic Brief, January 2025, No. 25-01

Will the Pandemic Surge in Employer Business Formation Last?

Related indicators have been reverting to historical trends, suggesting the startup boom may be subsiding.

Chen Yeh

Economic Brief, March 2024, No. 24-11

Developments in Antitrust Policy Against Labor Market Monopsony

The effects of monopsony seem to be getting more attention recently.

Chen Yeh

Economic Brief, July 2023, No. 23-24

How Costly Is Rising Market Power for the U.S. Economy?

A 2020 paper on market power has ignited considerable attention, follow-up and criticism.

Chen Yeh

Economic Brief, February 2023, No. 23-06

Why Are Startups Important for the Economy?

The startup rate has been declining for decades, but another measure of business growth has spiked since the pandemic started.

Chen Yeh

Economic Brief, October 2022, No. 22-41

Price Changes and Monetary Non-Neutrality

The newer a product is, the more likely its price will change and the larger the price change will likely be.

Chen Yeh

Economic Brief, January 2022, No. 22-01

Measuring Labor Market Power in the U.S. Manufacturing Sector

Workers are not fully compensated for their marginal contributions to their employers' revenues, and employers' market power has been increasing since the early 2000s.

Chen Yeh

Economic Brief, August 2021, No. 21-24

Can an Individual Large Firm Impact the U.S. Business Cycle?

Contrary to the traditional view, adverse events for a single firm can affect the economy as a whole, if the firm is large enough.

Chen Yeh
Media Mentions

"Has the Wave of New Businesses Crested?," Speaking of the Economy, March 19, 2025.

"Do Employers Have Too Much Power in Labor Markets?," Speaking of the Economy, August 7, 2024.

"Where is the Credit Crunch?," Speaking of the Economy, September 27, 2023.

"Start-Up Surge," Speaking of the Economy, January 18, 2023.

"Business Cycle Shocks: From Households to Big Firms," Speaking of the Economy, October 13, 2021.

Contact Us

Chen Yeh