Monetary Policy and Macroeconomic Research

Our monetary policy and macroeconomic research focuses on national and international economic issues.

Latest Research

Economic Bulletin

Consumer Debt Is High, but Consumers Seem to Have Room to Run

Debt-to-income measures are historically low, suggesting consumers may be able to take on more debt without stressing finances.

Research Working Paper

Labor Market Shocks and Monetary Policy

Worker mobility played a key role in shaping inflation dynamics during the Great Recession and COVID-19 recoveries.

Economic Bulletin

Current Monetary Policy May Be Less Restrictive Than It Seems

Lowering inflation to 2 percent may require monetary policy to remain restrictive for some time.

Economic Bulletin

Foreign-Born Women Have Driven the Recent Increase in Prime-Age Women in the Labor Force

The labor force of prime-age (25 to 54) women has rebounded since the pandemic, driven by foreign-born women.

Economic Review

Why Do Net Interest Margins Behave Differently across Banks as Interest Rates Rise?

Banks with declining net interest margins during the 2022–23 tightening cycle were more reliant on capital market funding.

Research Working Paper

Uninsurable Income Risk and the Welfare Effects of Reducing Global Imbalances

Encouraging savings in debtor economies can help balance their current accounts while raising wages globally.

Economic Bulletin

Corporate Interest Expenses Are Expected to Increase Further

As fixed-rate corporate debt issued during the pandemic matures, firms may need to refinance this debt at higher interest rates.

Research Working Paper

Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic

Fiscal and monetary policies likely contributed to the persistent rise in inflation during the post-pandemic period.

Economic Bulletin

Decline in Number of Workers with “Some College” Is Boosting Healthcare Wage Inflation

About 1.5 million workers with some post-secondary schooling but less than a bachelor’s degree are missing from the labor force.