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

Monetary Policy and Macroeconomic Research

Latest Research

Economic Bulletin

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.

Economic Review

Monetary Policy and Intangible Investment

Monetary policy could become less effective as investment in intangible goods continues to grow.

Research Working Paper

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...

Research Working Paper

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...

Research Working Paper

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...

Economic Bulletin

Bank Profitability Rebounds despite Compressed Interest Margins

Pandemic monetary and fiscal policies helped bank profitability recover.

Research Working Paper

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...

Economic Review

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...

Economic Bulletin

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...