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Discussion Paper
(Unmet) Credit Demand of American Households

One of the direct effects of the 2008 financial crisis on U.S. households was a sharp tightening of credit. Households that had previously been able to borrow relatively freely through credit cards, home equity loans, or personal loans suddenly found those lines closed off—just when they needed them the most. In recent months, aggregate statistics such as the Federal Reserve’s Consumer Credit series and the Senior Loan Officer Opinion Survey have shown a gradual improvement in consumer credit. The former series is an indicator of interaction of credit supply and demand, while the latter ...
Liberty Street Economics , Paper 20131106

Price Stability: The Foundation for a Strong Economy

Remarks at the University of Puerto Rico – Mayagüez, Mayagüez, Puerto Rico.

Journal Article
Price Stability Built to Last

The economy is healthy and price stability is within sight. But progress is not victory, and considerable uncertainty and risks remain. To finish the job will take fortitude and patience, along with the agility to respond as the economy evolves. The following is adapted from the keynote address by the president of the Federal Reserve Bank of San Francisco at the 40th Annual NABE Economic Policy Conference in Washington, DC, on February 16.
FRBSF Economic Letter , Volume 2024 , Issue 01 , Pages 6

Price Stability Built to Last


Journal Article
GDP Decline, Inflation Heighten Uncertainty in U.S. Economic Outlook

The U.S. GDP outlook weakened in the first quarter of 2022 amid higher inflation, but demand remained solid for goods, services and labor.
The Regional Economist

Discussion Paper
The Global Supply Side of Inflationary Pressures

U.S. inflation has surged as the economy recovers from the COVID-19 recession. This phenomenon has not been confined to the U.S. economy, as similar inflationary pressures have emerged in other advanced economies albeit not with the same intensity. In this post, we draw from the current international experiences to provide an assessment of the drivers of U.S. inflation. In particular, we exploit the link among different measures of inflation at the country level and a number of global supply side variables to uncover which common cross-country forces have been driving observed inflation. Our ...
Liberty Street Economics , Paper 20220128

Reflections on Phasing Policy Amidst (Pandemic) Uncertainty: the 2023 Goldman Lecture in Economics at Wellesley College

In her remarks, President Collins focuses on economic policymaking under uncertainty. She discusses the making of monetary policy in the current cycle, where the recent pandemic and its aftermath figure so prominently and create particular uncertainty. President Collins also offers some takeaways to students about learning and careers.

Perspectives on the Economy: Remarks at the Annual Convention of the Maine Bankers Association

Susan Collins shared her views about the economic outlook and monetary policy. Then she provided a few perspectives on banking in New England and in particular Maine – highlighting the importance of banks of all sizes to a vibrant, inclusive economy. She ended with a few points about the Fed’s work across the region, and the shared opportunities to collaborate in the public interest.

Parsing the Pandemic’s Effects on Labor Markets

Opening Remarks at the Bank’s 66th Economic Conference, “Labor Markets During and After the Pandemic”. Potentially long-lasting effects of the pandemic on the labor market, such as increased remote work and accelerated automation of service-sector jobs, are likely to have differential effects across the workforce. Understanding these differences is important for achieving the Fed’s mission of a vibrant, inclusive economy in the wake of COVID-19.

Discussion Paper
What's Behind Firms' Reported Improvements in Meeting Demand?

According to special question results from our most recent monthly business survey, Fifth District firms reported improvement in their ability to meet customer demand compared to earlier in the year. Moreover, the majority of respondents said they expect to fully meet customer demand in the next 12 months. Although firms have continued to take action to boost production, softening demand itself may be another reason for the reported improvements.
Regional Matters



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