Search Results
Speech
The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk
Remarks at the Cato Institute’s 40th Annual Monetary Conference (delivered via videoconference).
The Impact of the Fed’s Response to COVID-19 So Far
Since the end of February, the assets of the Federal Reserve have grown by $3 trillion as the Fed has taken measures to alleviate the economic impact of the pandemic.
Working Paper
Text Sentiment About Monetary Policy
This paper uses text data from Federal Open Market Committee (FOMC) meeting transcripts to estimate the reference levels of full employment, inflation, and financial conditions perceived by voting members and to uncover time variation in the Taylor rule parameters. We construct topic dictionaries on economic slack, inflation, and financial markets, and infer reference levels from members’ sentiment using a state-space model. The estimated employment reference level indicates that FOMC voting members generally perceived the labor market as tighter than implied by the Congressional Budget ...