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Speech
Emerging from recession: Implications for growth, inflation, and monetary policy, New York, New York, October 1, 2009
Pianalto, Sandra (2009)
In a speech in New York City, Cleveland Federal Reserve Bank President Sandra Pianalto comments on current economic conditions, explains why she thinks the country's economic recovery will be gradual and bumpy, and gives her thoughts on what this gradual path to recovery may mean for inflation and monetary policy.
Speech , Paper 24

Working Paper
Inflation expectations and the transmission of monetary policy
Roberts, John M. (1998)
New Keynesian models with sticky prices and rational expectations have a difficult time explaining why reducing inflation usually requires a recession. An explanation for the costliness of reducing inflation is that inflation expectations are less than perfectly rational. To explore this possibility, I estimate the degree of nonrationality implicit in two survey measures of inflation expectations. I find that the surveys reflect an intermediate degree of rationality: Expectations are nether perfectly rational nor as unsophisticated as simple autoregressive models would suggest. I also find ...
Finance and Economics Discussion Series , Paper 1998-43

Conference Paper
Monetary policy in the information economy
Woodford, Michael (2001)
Proceedings - Economic Policy Symposium - Jackson Hole

Newsletter
Open for Business: Understanding the Fed's Discount Window
Geiger, Amanda (2025-03-03)
Explore what the discount window is, how depository institutions access it, and how it helps the Federal Reserve conduct monetary policy.
Page One Economics Newsletter

Journal Article
Monetary theory and electronic money : reflections on the Kenyan experience
Townsend, Robert M.; Suri, Tavneet; Jack, William (2010-01)
This article uses a class of models of money and the payments system to inform an analysis of "mobile banking" in the context of the rapid expansion of M-PESA, a new technology in Kenya that allows payments via mobile phones (even without any access to a bank account), and currently reaches close to 38 percent of Kenyan adults. The separation of households and firms in space and time suggests, in theory, from various separate models, a number of implications. These include (i) the potential gain, under some circumstances, from allowing net e-money credit creation, (ii) the impact that the ...
Economic Quarterly , Volume 96 , Issue 1Q , Pages 83-122

Journal Article
Opinion: Inflation and the Road Ahead for Research
Athreya, Kartik B. (2022-10)
While the Fed has never been a stranger to criticism, the criticism has been notable and specific during the past year. The subject: inflation. This is of course fully understandable. Memories remain fresh of last spring and summer, when annual inflation in "personal consumption expenditures" — which the Fed targets to grow at just 2 percent per year — reached 7 percent. Current inflation remains well above target.
Econ Focus , Volume 22 , Issue 4Q , Pages 32

Interest rate volatility contributed to higher mortgage rates in 2022
Frame, W. Scott; McCormick, Matthew (2023-04-04)
The Federal Reserve aggressively tightened monetary policy in 2022, responding to high and persistent inflation. The resulting borrowing cost increase for households and firms was generally anticipated. However, fixed-rate mortgage interest rates were especially sensitive to the policy regime change.
Dallas Fed Economics

Journal Article
Monetary policy alternatives for Latin America
Quispe-Agnoli, Myriam (2001-07)
During the 1990s, many Latin American countries began to address their problems with recession, inflation, and unemployment through dramatic economic reforms and monetary policy strategies that included exchange rate pegs, monetary aggregate targeting, or inflation targeting. Inflation targeting, in particular, had begun to lower inflation rates and to stabilize or increase real economic growth in countries such as New Zealand, Canada, and the United Kingdom. But has inflation targeting proved as successful for Latin American economies? ; This article describes the recent history of monetary ...
Economic Review , Volume 86 , Issue Q3 , Pages 43-53

Working Paper
The liquidity trap, the real balance effect, and the Friedman rule
Ireland, Peter N. (2005)
This paper studies the behavior of the economy and the efficacy of monetary policy under zero nominal interest rates, using a model with population growth that nests, as a special case, a more conventional specification in which there is a single infinitely lived representative agent. The paper shows that with a growing population, monetary policy has distributional effects that give rise to a real balance effect, thereby eliminating the liquidity trap. These same distributional effects, however, can also work to make many agents much worse off under zero nominal interest rates than they are ...
Working Papers , Paper 05-3

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