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Journal Article
Have Lags in Monetary Policy Transmission Shortened?
Doh, Taeyoung; Foerster, Andrew (2022-12-21)
The Federal Open Market Committee’s monetary policy has expanded beyond changing the federal funds rate to include forward guidance and balance sheet policy. Using these tools may shorten lags in monetary policy transmitting to inflation. Using a proxy funds rate that incorporates tightening from these additional policy tools, we find evidence of a shorter lag in policy transmission to inflation since 2009, though with high associated uncertainty.
Economic Bulletin , Issue December 21, 2022 , Pages 3

Speech
Monetary Policy Implementation: Adapting to a New Environment
Logan, Lorie (2021-10-14)
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Speech

Working Paper
Fiscal Dominance and US Monetary: 1940–1975
Humpage, Owen F. (2016-12-21)
This narrative investigates the frictions that existed between the Federal Reserve?s monetary policies and the US Treasury?s debt-management operations from the onset of the Second World War through the end of the Federal Reserve?s even-keel actions in mid-1975. The analysis suggests that three factors can help explain why the Federal Reserve compromised the attainment of its statutorily mandated monetary-policy objectives for debt-management reasons: 1) the existence of an existential threat, 2) the fear that to do otherwise would create instability in the banking sector, and 3) the ...
Working Papers (Old Series) , Paper 1632

Working Paper
How Markets Process Macro News: The Importance of Investor Attention
Kroner, Niklas (2025-03-26)
I provide evidence that investors' attention allocation plays a critical role in how financial markets incorporate macroeconomic news. Using intraday data, I document a sharp increase in the market reaction to Consumer Price Index (CPI) releases during the 2021-2023 inflation surge. Bond yields, market-implied inflation expectations, and other asset prices exhibit significantly stronger responses to CPI surprises, while reactions to other macroeconomic announcements remain largely unchanged. The joint reactions of these asset prices point to an attention-based explanation–an interpretation ...
Finance and Economics Discussion Series , Paper 2025-022

Working Paper
Mark Carlson’s The Young Fed: A Review Essay
Rose, Jonathan D. (2025-05-02)
Working Papers , Paper 2025-008

Journal Article
A Taxing Question for the Fed
Fessenden, Helen (2018-01)
The Fed has long emphasized uncertainty in assessing the economic effects of tax cuts. Both history and theory might help explain why
Econ Focus , Issue 1Q , Pages 4-7

Journal Article
Understanding the Recent Rise in Municipal Bond Yields
Gulati, Chaitri; Dice, Jacob; Bi, Huixin; Marsh, W. Blake (2020-05-27)
In late March, investors sold off municipal bonds at a rapid pace, depressing municipal bond prices and driving up their yields relative to U.S. Treasuries. We find that this initial investor run on the municipal bond market was likely due to increased liquidity demand rather than credit concerns, making the Federal Reserve’s early actions to relieve liquidity stress effective. Going forward, however, municipal bond prices will likely reflect increased credit concerns.
Economic Bulletin , Issue May 27, 2020 , Pages 4

Working Paper
Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation
Ihrig, Jane E.; Meade, Ellen E.; Weinbach, Gretchen C. (2015-06-30)
The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. For many years prior to the financial crisis, the FOMC set a target for the federal funds rate and achieved that target through purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large scale ...
Finance and Economics Discussion Series , Paper 2015-47

Working Paper
Monetary Policy Implementation and Private Repo Displacement : Evidence from the Overnight Reverse Repurchase Facility
Kandrac, John; Anderson, Alyssa G. (2016-10-31)
In recent years, the scale and scope of major central banks' intervention in financial markets has expanded in unprecedented ways. In this paper, we demonstrate how monetary policy implementation that relies on such intervention in financial markets can displace private transactions. Specifically, we examine the experience with the Federal Reserve's newest policy tool, known as the overnight reverse repurchase (ONRRP) facility, to understand its effects on the repo market. Using exogenous variation in the parameters of the ONRRP facility, we show that participation in the ONRRP comes from ...
Finance and Economics Discussion Series , Paper 2016-096

Discussion Paper
Expanding the Toolkit: Facilities Established to Respond to the COVID-19 Pandemic
Kovner, Anna; Martin, Antoine (2020-09-22)
The Federal Reserve’s response to the coronavirus pandemic has been unprecedented in its size and scope. In a matter of months, the Fed has, among other things, cut the federal funds rate to the zero lower bound, purchased a large amount of Treasury securities and agency mortgage‑backed securities (MBS) and, together with the U.S. Treasury, introduced several lending facilities. Some of these facilities are very similar to ones introduced during the 2007-09 financial crisis while others are completely new. In this post, we argue that the new facilities, while unprecedented, are a natural ...
Liberty Street Economics , Paper 20200922

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