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Discussion Paper
Financial Conditions and Risks to the Economic Outlook
Financial conditions have swung considerably over the past two and half years. They moved from very accommodative levels in late 2021 to providing a significant drag on economic activity in 2022 and 2023. Since early this year, they eased moderately amid monetary policy communications signaling that the federal funds rate had likely reached its peak for this monetary policy tightening cycle.
Discussion Paper
Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas
The steady rise in income inequality and the broad range of actions undertaken by central banks in recent years – first to stabilize the global economy during the 2008-09 financial crisis and second to stave off the pandemic-induced economic collapse – have brought the distributional footprint of monetary policy to the forefront of the economic policymaking discussion (Bernanke, 2015; Draghi, 2016; BIS, 2021).
Discussion Paper
What Happens When Banks Tighten C&I Loan Supply?
The supply of bank credit is an important driver of macroeconomic outcomes, with significant implications for employment and output (Basset et al., 2014; Chodorow-Reich, 2014). However, studying credit supply is not straightforward for several reasons.