Search Results

Showing results 1 to 10 of approximately 160.

(refine search)

Journal Article
Negative Sentiment toward Spending and Declining Real Incomes May Meaningfully Lower Consumption

Despite a contraction in real GDP in the first half of 2022, consumer spending has remained resilient. We examine a set of factors that have historically affected consumption growth and find that excess savings have boosted consumer spending during the COVID-19 pandemic. However, as excess savings decline and economic relationships normalize, negative sentiment toward spending and declining real incomes may meaningfully lower consumption.
Economic Bulletin , Issue November 4, 2022 , Pages 4

Discussion Paper
Consumers Increasingly Expect Additional Government Support amid COVID-19 Pandemic

The New York Fed’s Center for Microeconomic Data released results today from its April 2020 SCE Public Policy Survey, which provides information on consumers' expectations regarding future changes to a wide range of fiscal and social insurance policies and the potential impact of these changes on their households. These data have been collected every four months since October 2015 as part of our Survey of Consumer Expectations (SCE). Given the ongoing COVID-19 pandemic, households face significant uncertainty about their personal situations and the general economic environment when forming ...
Liberty Street Economics , Paper 20200526b

Desk Operations: The New Normal

Remarks at the Annual Primary Dealer Meeting (delivered via videoconference).

Journal Article
Steering Toward Sustainable Growth

The inflation outlook combined with a strong labor market leave no doubt that further monetary policy tightening is appropriate. The question is, how much and how quickly? The appropriate path of policy confronts the economic headwinds immediately ahead while also laying the groundwork for the economy we want in the future. The following is adapted from remarks by the president of the Federal Reserve Bank of San Francisco to the Center for Business and Economic Research, at the University of Nevada, Las Vegas, on April 20.
FRBSF Economic Letter , Volume 2022 , Issue 10 , Pages 6

Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic

Remarks at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference).

Discussion Paper
Delaying College During the Pandemic Can Be Costly

Many students are reconsidering their decision to go to college in the fall due to the coronavirus pandemic. Indeed, college enrollment is expected to be down sharply as a growing number of would-be college students consider taking a gap year. In part, this pullback reflects concerns about health and safety if colleges resume in-person classes, or missing out on the “college experience” if classes are held online. In addition, poor labor market prospects due to staggeringly high unemployment may be leading some to conclude that college is no longer worth it in this economic environment. ...
Liberty Street Economics , Paper 20200713

An Update on the Economy and the Main Street Lending Program

Today I would like to speak with you about the pandemic, its effects on the economy, the implications for Federal Reserve policymaking, and some of the steps that the Fed is taking to address the crisis and mitigate its financial impact on American households and businesses.

Working Paper
Productivity in the World Economy During and After the Pandemic

This paper reviews how productivity has evolved around the world since the pandemic began in 2020. Productivity in many countries has been volatile. We conclude that the broad contours of productivity growth during this period have been heavily shaped by predictable cyclical patterns. Looking at U.S. industry data, we find little evidence that the sharp rise in telework has had a notable impact, good or bad, on productivity. Stepping back, the data so far appear consistent with a continuation of the slow-productivity-growth trajectory that we faced before the pandemic.
Working Paper Series , Paper 2023-29

Discussion Paper
Spending Down Pandemic Savings Is an “Only-in-the-U.S.” Phenomenon

Household saving soared in the United States and other high-income economies during the pandemic, as consumers cut back on spending while government policies supported incomes. More recently, saving behavior has diverged, with the U.S. saving rate dropping below its pre-pandemic average while saving rates elsewhere have remained above their pre-pandemic averages. As a result, U.S. consumers have been spending down the “excess savings” built up during the pandemic while the excess savings abroad remain untapped. This divergent behavior helps explain why U.S. GDP has returned to its ...
Liberty Street Economics , Paper 20231011

Journal Article
Pandemic Unemployment Effects across Demographic Groups

Workers in service industries and occupations with a lot of close social contact suffered the highest job losses during the pandemic recession. This differed from previous downturns, which tended to have their most severe effects on industries with high concentrations of manual labor. As a result, the unemployment impact of the pandemic on different demographic groups has not followed historical patterns, particularly for Asian, Black, and female workers. The unemployment gap between these racial groups has not been as wide as previous economic fluctuations would have predicted.
FRBSF Economic Letter , Volume 2022 , Issue 12 , Pages 05


FILTER BY Content Type

Discussion Paper 64 items

Speech 40 items

Journal Article 28 items

Working Paper 23 items

Report 3 items

Briefing 2 items

show more (1)


Williams, John C. 17 items

Deitz, Richard 12 items

Van der Klaauw, Wilbert 12 items

Abel, Jaison R. 11 items

Bram, Jason 10 items

Rosengren, Eric S. 10 items

show more (147)

FILTER BY Jel Classification

E32 12 items

R10 11 items

D14 10 items

E2 10 items

I18 9 items

I14 7 items

show more (73)

FILTER BY Keywords

pandemic 160 items

COVID-19 112 items

inflation 25 items

monetary policy 19 items

covid19 17 items

employment 17 items

show more (388)