Monetary Policy and Macroeconomic Research
Our monetary policy and macroeconomic research focuses on national and international economic issues.
Latest Research
The Role of Technology and Energy Substitution in Climate Change Mitigation
Substitution between different production inputs is an important mechanism for climate change mitigation.
How Optimal Was U.S. Monetary Policy at the Zero Lower Bound?
Forward guidance and large-scale asset purchases effectively offset disinflationary effects from the zero lower bound.
A Strong Labor Market Has Narrowed Gaps between Black and White Non-College Men
Black men without a college degree have seen especially strong gains in employment and wages during the pandemic recovery.
Rapid Declines in the Fed’s Overnight Reverse Repurchase (ON RRP) Facility May Start to Slow
The value of assets held at the Federal Reserve’s overnight reverse repurchase (ON RRP) facility has dropped by close to 60...
Do the Effects of Interest Rate Changes Depend on Inflation?
When inflation is persistently high, the economy reacts to monetary policy more slowly and with more volatility.
Financing Modes and Lender Monitoring
Can banks and shadow banks coexist in the absence of financial regulation and regulatory arbitrage?
Capital Flows and Monetary Policy in Emerging Markets around Fed Tightening Cycles
Emerging markets have responded foremost to domestic inflation when raising rates during U.S. tightening cycles.
Comparing Measures of Rental Prices Can Inform Monetary Policy
The Zillow rental price index leads the official U.S. Bureau of Labor Statistics rental dataset by about six to 10 months.
Labor Constraints and Strong Demand Are Driving Robust Food Services Inflation
Inflation for food services has outpaced inflation for other services due to labor shortages and a fast rebound in spending.