Monetary Policy and Macroeconomic Research
Latest Research
Why Are Americans Saving So Much of Their Income?
For much of 2020, Americans have saved a greater share of their income than ever before. This increase in savings appears to...
The Macroeconomic Fallout of Shutting Down the Banking System
Preventing the suspension of bank deposits during recessions may also prevent longer-term economic losses.
U.S. Federal Debt Has Increased, but Appears Sustainable for Now
The unprecedented fiscal stimulus packages that Congress passed earlier this year provided timely assistance to households and...
COVID-19 Poses Risks for State and Local Public Pensions
If the coronavirus pandemic leads to a protracted recession, public pension funding could weaken further in the years to come. ...
The G-Spread Suggests Federal Reserve Restored Calm to Treasury Markets
In March, the coronavirus pandemic led to a sell-off in Treasury markets and a subsequent period of financial stress. I use...
COVID-19 Challenges State and Local Government Finances
As the coronavirus pandemic wreaks havoc on the U.S. economy, state and local governments will not be immune from the pain. In...