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

Monetary Policy and Macroeconomic Research

Latest Research

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...

Economic Review

What Happens When the Minimum Wage Rises? It Depends on Monetary Policy

The central bank’s policy stance may influence how an increase in the minimum wage affects the economy.

Research Working Paper

Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment

Following monetary policy contractions, firms with financial flexibility take advantage of declining prices for capital goods...

Economic Review

Women without a College Degree, Especially Minority Mothers, Face a Steeper Road to Recovery

The pandemic-induced recession weighed most on the labor force participation of prime-age women without a bachelor’s degree, ...

Economic Bulletin

What Has Driven the Recent Increase in Retirements?

During the pandemic, the share of retirees in the U.S. population rose much faster than its normal pace. Typically, an...

Economic Review

Fiscal Relief during the COVID-19 Pandemic

The fiscal policy response to the pandemic aided sectors of the economy most in need of funds, but the long-term effects of...