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

Monetary Policy and Macroeconomic Research

Latest Research

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...

Economic Bulletin

To Improve the Accuracy of GDP Growth Forecasts, Add Financial Market Conditions

More timely data on current macroeconomic conditions can reduce uncertainty about forecasts, helping policymakers mitigate the...

Economic Review

Puzzlingly Divergent Trends in Household Wealth and Business Formation

Economic theory suggests wealthier households are more likely to start businesses—but the rate of new business formation has...

Economic Bulletin

The Evolving Relationship between COVID-19 and Financial Distress

During most of the COVID-19 pandemic, regions with high financial distress saw disproportionately more infections and deaths...