Monetary Policy and Macroeconomic Research
Latest Research
How Many Workers Are Truly “Missing” from the Labor Force?
Around 2 million workers are missing from the labor force relative to the pre-pandemic trend.
Monetary Policy and Intangible Investment
Monetary policy could become less effective as investment in intangible goods continues to grow.
The Term Structure of Monetary Policy Uncertainty
FOMC announcements transmit to financial markets and the economy not only by changing the expected path of future interest...
The Income Share of Energy and Substitution: A Macroeconomic Approach
U.S. producers may be able to substitute other inputs for energy over the long run, allowing the share of GDP spent on energy...
Wealth in the Utility Function and Consumption Inequality
Consumers’ desire for wealth as an end in itself leads to a lower real interest rate, a higher equity premium, and greater...
Bank Profitability Rebounds despite Compressed Interest Margins
Pandemic monetary and fiscal policies helped bank profitability recover.
Does Access to Free Pre-Kindergarten Increase Maternal Labor Supply?
Access to free pre-kindergarten programs increases the labor force participation of prime-working-age mothers by 2.3...
How Did the 2018–19 U.S. Tariff Hikes Influence Household Spending?
Young, Black, and Hispanic households spent higher shares of their total spending on goods affected by increased tariffs in...
Federal Enhancements to Unemployment Insurance Supported Tenth District Incomes in 2020
Federal supplements to state unemployment insurance mitigated income losses from COVID-19-related disruptions across the...