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Jel Classification:E66 

Speech
The national and regional economy

Remarks at the New Jersey Performing Arts Center, Newark, New Jersey.
Speech , Paper 161

Working Paper
Visible Hands: Professional Asset Managers' Expectations and the Stock Market in China

Unemployment insurance and wage subsidies are key tools to support labor markets in recessions. We develop a multi-sector search and matching model with on-the-job human capital accumulation to study labor market policy responses to sector-specific shocks. Our calibration accounts for structural differences in labor markets between the United States and the euro area, including a lower job-finding rate in the latter. We use the model to evaluate unemployment insurance and wage subsidy policies in recessions of different duration. We find that, after a temporary sector-specific shock, ...
International Finance Discussion Papers , Paper 1362

Speech
The regional economic outlook

Remarks by William C. Dudley, President and Chief Executive Officer, New York, New York.
Speech , Paper 178

Journal Article
Industrial Production and Capacity Utilization: Annual Revision and 1997 Developments

In December 1997, the Board of Governors published the results of an annual revision of its measures of industrial production and capacity utilization, which cover the nation's manufacturing, mining, and electric and gas utilities industries. The revision entailed primarily the incorporation of new and more comprehensive source data, the most important of which were annual figures on industry real output in 1995 and survey information on industry utilization rates for the fourth quarters of 1995 and 1996. The revised measures show stronger growth of production and capacity and lower rates of ...
Federal Reserve Bulletin , Volume 84 , Issue 2 , Pages pp. 77-91

Briefing
The Michigan Surveys of Consumers and consumer spending

We provide summary measures for a broad set of questions from the Michigan Surveys of Consumers. These measures summarize consumers' attitudes and expectations with respect to income, wealth, prices, and interest rates. They contain information that goes beyond the information captured by the Michigan Index of Consumer Sentiment, which is constructed from five questions in the same survey. We show that the summary measures have some explanatory power for aggregate consumption behavior over the period from 1987 to the present, even when controlling for economic fundamentals. The explanatory ...
Public Policy Brief

Speech
Beyond the macroeconomy

Remarks at the Economic Press Briefing, Federal Reserve Bank of New York, New York City.
Speech , Paper 183

Journal Article
Fiscal Relief during the COVID-19 Pandemic

In response to the sharp economic downturn during the COVID-19 pandemic, Congress passed unprecedented policy relief measures to support households, businesses, and the broader economy. Compared with previous fiscal stimulus responses, these relief programs have been unmatched in size and scope, speed of response, and novelty of design.Huixin Bi and Chaitri Gulati review recent empirical research on three fiscal relief programs—stimulus checks, augmented unemployment insurance (UI) benefits, and the Paycheck Protection Program (PPP)—to understand their effects on the broader economy as ...
Economic Review , Volume 106 , Issue no.2 , Pages 5-24

Speech
Is the active use of macroprudential tools institutionally realistic?

Panel remarks at the Macroprudential Monetary Policy Conference, Federal Reserve Bank of Boston, Boston, Massachusetts.
Speech , Paper 180

Speech
The U.S. economy and financial system in an international context

Remarks at the Institute of International Bankers Annual General Meeting, New York City.
Speech , Paper 174

Report
What Is Driving Inflation—Besides the Usual Culprits?

The prices of services associated with low-skill workers have been a key driver of “supercore” inflation, which excludes food, energy prices, and shelter prices. Low-skill-services inflation seems to be tied to faster wage growth in those industries coming out of the COVID-19 pandemic. Wage growth in low-skill services has begun to decline, suggesting that there may be lower inflation in these industries going forward. At the same time, wage growth in high-skill services has recently accelerated, suggesting that there may be higher inflation in these industries in the near future.
Current Policy Perspectives

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