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

Monetary Policy and Macroeconomic Research

Latest Research

Economic Bulletin

Why Are Americans Saving So Much of Their Income?

For much of 2020, Americans have saved a greater share of their income than ever before. This increase in savings appears to...

Economic Review

The Macroeconomic Fallout of Shutting Down the Banking System

Preventing the suspension of bank deposits during recessions may also prevent longer-term economic losses.

Economic Bulletin

U.S. Federal Debt Has Increased, but Appears Sustainable for Now

The unprecedented fiscal stimulus packages that Congress passed earlier this year provided timely assistance to households and...

Economic Bulletin

COVID-19 Poses Risks for State and Local Public Pensions

If the coronavirus pandemic leads to a protracted recession, public pension funding could weaken further in the years to come. ...

Economic Bulletin

The G-Spread Suggests Federal Reserve Restored Calm to Treasury Markets

In March, the coronavirus pandemic led to a sell-off in Treasury markets and a subsequent period of financial stress. I use...

Economic Bulletin

COVID-19 Challenges State and Local Government Finances

As the coronavirus pandemic wreaks havoc on the U.S. economy, state and local governments will not be immune from the pain. In...