Monetary Policy and Macroeconomic Research
Our monetary policy and macroeconomic research focuses on national and international economic issues.
Latest Research
Although income taxes have been the main source of U.S. government revenue for a century, tariffs once played a greater role.
Since the 1990s, banks’ fixed costs have increased substantially while marginal and average costs have declined.
A dual mandate that includes promoting maximum employment can enhance a central bank’s ability to achieve price stability.
Without unemployment insurance, workers frequently stay put in safe but lower-productivity jobs and reject risky high-wage jobs.
A new method for analyzing dynamic distributions predicts an investment boom and lull after AI accelerates growth.
The AI boom is concentrated in the most volatile sectors of the U.S. economy and could keep volatility elevated going forward.
New research shows how operationally similar central bank asset purchases can have markedly different effects.
Monetary policy may play a role in stabilizing inflation expectations after an oil shock.
An aging population, lower immigration, and high labor participation rates together suggest the labor force is near its peak.