Monetary Policy and Macroeconomic Research

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

Latest Research

Research Working Paper

The Role of Technology and Energy Substitution in Climate Change Mitigation

Substitution between different production inputs is an important mechanism for climate change mitigation.

Research Working Paper

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.

Economic Review

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.

Economic Bulletin

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...

Economic Review

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.

Research Working Paper

Financing Modes and Lender Monitoring

Can banks and shadow banks coexist in the absence of financial regulation and regulatory arbitrage?

Economic Review

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.

Economic Bulletin

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.

Economic Bulletin

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.