Economic Review
A quarterly research publication with articles on macroeconomics and monetary policy, regional and international economics, banking and financial markets.
Latest Articles
The Evolving Link between Oil Prices and U.S. Consumer Spending
Oil price swings are less likely to yield major changes in consumption, even among lower-income households.
Did the Federal Reserve Anchor Inflation Expectations Too Low?
Federal Reserve communications better anchored longer-term inflation expectations, but may have anchored them too low.
How You Say It Matters: Text Analysis of FOMC Statements Using Natural Language Processing
In FOMC statements, qualitative descriptions of economic conditions can affect bond prices as much as quantitative information.
Drought Risk to the Agriculture Sector
Farmer losses from extreme drought represent an economically relevant share of crop production values.
The Macroeconomic Fallout of Shutting Down the Banking System
Preventing the suspension of bank deposits during recessions may also prevent longer-term economic losses.
Unconventional Monetary Policy and International Interest Rate Spillovers
Expansionary spillovers from foreign central banks may have weighed down long-term interest rates in the United States since 2015.