Current Issues—Concise studies of topical economic and financial issues
Economic Policy Review—The Group's flagship policy journal
Staff Reports—Technical working papers
Course: Macroeconomics and Monetary Policy
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2014 Readings | Mathematical Complexity |
| Low | |
| Monetary Policy, Financial Conditions, and Financial Stability Tobias Adrian and Nellie J Liang Staff Reports , No. 690 , September 2014 | Low |
| Central Bank Macroeconomic Forecasting during the Global Financial Crisis: The European Central Bank and Federal Reserve Bank of New York Experiences Lucia Alessi, Eric Ghysels, Luca Onorante, Richard Peach, and Simon Potter Staff Reports , No. 680 , July 2014 | Medium |
| Job Search Behavior over the Business Cycle Toshihiko Mukoyama, Christina Patterson, and Aysegul Sahin Staff Reports , No. 689 , August 2014 | Medium |
| What Predicts U.S. Recessions? Weiling Liu and Emanuel Moench Staff Reports , No. 691 , September 2014 | Medium |
| When Does a Central Bank's Balance Sheet Require Fiscal Support? Marco Del Negro and Christopher Sims Staff Reports , No. 701 , November 2014 | Medium |
| Costly Information, Planning Complementarities and the Phillips Curve Sushant Acharya Staff Reports , No. 698 , November 2014 | High |
2013 Readings | Mathematical Complexity |
| Estimating the Impacts of the U.S. LSAPs on Emerging Market Economies' Local Currency Bond Markets Alexander Tepper, Jeffrey Moore, Myeongguk Suh, and Sunwoo Nam Staff Reports , No. 595 , January 2013 | Low |
| The High-Frequency Response of Energy Prices to Monetary Policy: Understanding the Empirical Evidence Carlo Rosa Staff Reports , No. 598 , February 2013 | Low |
| The Effects of Policy Guidance on Perceptions of the Fed's Reaction Function Katherine Femia, Steven Friedman, and Brian Sack Staff Reports , No. 652 , November 2013 | Low |
| The Inflation-Output Trade-Off Revisited Gauti Eggertsson and Marc P. Giannoni Staff Reports , No. 608 , March 2013 | Medium |
| Dynamic Effects of Credit Shocks in a Data-Rich Environment Jean Boivin, Marc P. Giannoni, and Dalibor Stevanovic Staff Reports , No. 615 , May 2013 | Medium |
| Inflation in the Great Recession and New Keynesian Models Marco Del Negro, Marc P. Giannoni, and Frank Schorfheide Staff Reports , No. 618 , May 2013 | Medium |
| Leverage Asset Pricing Tobias Adrian, Emanuel Moench, and Hyun Song Shin Staff Reports , No. 625 , August 2013 | Medium |
| The Macroeconomics of Trend Inflation Guido Ascari and Argia M. Sbordone Staff Reports , No. 628 , August 2013 | Medium |
| Accounting for Breakout in Britain: The Industrial Revolution through a Malthusian Lens Alexander Tepper Staff Reports , No. 639 , September 2013 | Medium |
| Federal Reserve Tools for Managing Rates and Reserves Antoine Martin, James McAndrews, Ali Palida, and David Skeie Staff Reports , No. 642 , September 2013 | Medium |
| The FRBNY DSGE Model Marco Del Negro, Stefano Eusepi, Marc P. Giannoni, Argia M. Sbordone, Andrea Tambalotti, Matthew Cocci, Raiden Hasegawa, and M. Henry Linder Staff Reports , No. 647 , October 2013 | Medium |
| Another View on U.S. Treasury Term Premiums J. Benson Durham Staff Reports , No. 658 , December 2013 | Medium |
| The Over-the-Counter Theory of the Fed Funds Market: A Primer Gara Afonso and Ricardo Lagos Staff Reports , No. 660 , December 2013 | Medium |
| Household Leveraging and Deleveraging Alejandro Justiniano, Giorgio Primiceri, and Andrea Tambalotti Staff Reports , No. 602 , March 2013 | High |
| Inflation Risk and the Cross Section of Stock Returns Fernando Duarte Staff Reports , No. 621 , May 2013 | High |
| Fiscal Foundations of Inflation: Imperfect Knowledge Stefano Eusepi and Bruce Preston Staff Reports , No. 649 , October 2013 | High |
| Fundamental Disagreement Emanuel Moench, Philippe Andrade, Richard K. Crump, and Stefano Eusepi Staff Reports , No. 655 , December 2013 | High |
| Liquidity Policies and Systemic Risk Tobias Adrian and Nina Boyarchenko Staff Reports , No. 661 , December 2013 | High |
2012 Readings | Mathematical Complexity |
| An Empirical Study of Trade Dynamics in the Fed Funds Market Gara Afonso and Ricardo Lagos Staff Reports , No. 550 , February 2012 | Low |
| Did monetary and fiscal expansions help stabilize expectations during the Great Recession? Carlos Carvalho, Stefano Eusepi, and Christian Grisse Current Issues , Vol. 18 , No. 2 | Low |
| How "Unconventional" Are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices Carlo Rosa Staff Reports , No. 560 , May 2012 | Low |
| Discussion of "An Integrated Framework for Multiple Financial Regulations" by Charles Goodhardt, Anil Kashyap, Dimitrios Tsomocos, and Alex Vardoulakis Tobias Adrian Staff Reports , No. 583 , November 2012 | Low |
| The Price is Right: Updating of Inflation Expectations in a Randomized Price Information Experiment Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar Staff Reports , No. 543 , January 2012 | Medium |
| Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge Stefano Eusepi, Marc P. Giannoni, and Bruce Preston Staff Reports , No. 547 , February 2012 | Medium |
| Optimal Interest Rate Rules and Inflation Stabilization versus Price-Level Stabilization Marc P. Giannoni Staff Reports , No. 546 , February 2012 | Medium |
| The Forward Guidance Puzzle Marco Del Negro, Marc P. Giannoni, and Christina Patterson Staff Reports , No. 574 , October 2012 | Medium |
| Heterogeneous Inflation Expectations, Learning, and Market Outcomes Carlos Madeira and Basit Zafar Staff Reports , No. 536 , January 2012 | High |
| Is Increased Price Flexibility Stabilizing? Redux Saroj Bhattarai, Gauti Eggertsson, and Raphael Schoenle Staff Reports , No. 540 , January 2012 | High |
| Optimal Target Criteria for Stabilization Policy Marc P. Giannoni and Michael Woodford Staff Reports , No. 535 , January 2012 | High |
| Deficits, Public Debt Dynamics, and Tax and Spending Multipliers Matthew Denes, Gauti Eggertsson, and Sophia Gilbukh Staff Reports , No. 551 , February 2012; revised September 2012 | High |
| Trade Dynamics in the Market for Federal Funds Gara Afonso and Ricardo Lagos Staff Reports , No. 549 , February 2012 | High |
| Intermediary Leverage Cycles and Financial Stability Tobias Adrian and Nina Boyarchenko Staff Reports , No. 567 , August 2012 | High |
2011 Readings | Mathematical Complexity |
| Stigma in Financial Markets: Evidence from Liquidity Auctions and Discount Window Borrowing during the Crisis Olivier Armantier, Eric Ghysels, Asani Sarkar, and Jeffrey Shrader Staff Reports , No. 483 , January 2011 | Low |
| Expectations of Inflation: The Biasing Effect of Thoughts about Specific Prices Wandi Bruine de Bruin, Wilbert van der Klaauw, and Giorgio Topa Staff Reports , No. 489 , April 2011 | Low |
| How Does Slack Influence Inflation? Richard Peach, Robert Rich, and Anna Cororaton Current Issues , Vol. 17 , No. 3 | Low |
| The Production Impact of "Cash-for-Clunkers": Implications for Stabilization Policy Adam Copeland and James Kahn Staff Reports , No. 503 , July 2011 | Low |
| Why Small Businesses Were Hit Harder by the Recent Recession Aysegul Sahin, Sagiri Kitao, Anna Cororaton, and Sergiu Laiu Current Issues , Vol. 17 , No. 4 | Low |
| BASEL III: long-term impact on economic performance and fluctuations P. Angelini, L. Clerc, Vasco Curdia, L. Gambacorta, A. Gerali, A. Locarno, Roberto Motto, W. Roeger, S. Van den Heuvel, and Jan Vlcek Staff Reports , No. 485 , February 2011 | Medium |
| Sectoral Price Facts in a Sticky-Price Model Carlos Carvalho and Jae Won Lee Staff Reports , No. 495 , May 2011 | Medium |
| Medium | |
| Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs? Olivier Armantier, Wandi Bruine de Bruin, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar Staff Reports , No. 509 , August 2011 | Medium |
| Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts John Donaldson, Natalia Gershun, and Marc P. Giannoni Staff Reports , No. 531 , December 2011 | Medium |
| Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09 Tobias Adrian, Paolo Colla, and Hyun Song Shin Staff Reports , No. 528 , December 2011 | Medium |
| Has U.S. Monetary Policy Tracked the Efficient Interest Rate? Vasco Curdia, Andrea Ferrero, Ging Cee Ng, and Andrea Tambalotti Staff Reports , No. 510 , August 2011 | High |
| Learning the Fiscal Theory of the Price Level: Some Consequences of Debt Management Policy Stefano Eusepi and Bruce Preston Staff Reports , No. 515 , September 2011 | High |
| The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities Marco Del Negro, Gauti Eggertsson, Andrea Ferrero, and Nobuhiro Kiyotaki Staff Reports , No. 520 , October 2011 | High |
| Optimized Taylor Rules for Disinflation when Agents are Learning Timothy Cogley, Christian Matthes, and Argia M. Sbordone Staff Reports , No. 524 , November 2011 | High |
| The Macroeconomic Effects of Large-Scale Asset Purchase Program Han Chen, Vasco Curdia, and Andrea Ferrero Staff Reports , No. 527 , December 2011 | High |
2010 Readings | Mathematical Complexity |
| Financial Intermediation, Asset Prices, and Macroeconomic Dynamics Tobias Adrian, Emanuel Moench, and Hyun Song Shin Staff Reports , No. 422 , January 2010 | Low |
| Macro Risk Premium and Intermediary Balance Sheet Quantities Tobias Adrian, Emanuel Moench, and Hyun Song Shin Staff Reports , No. 428 , January 2010 | Low |
| The Effect of Question Wording on Reported Expectations and Perceptions of Inflation Wandi Bruine de Bruin, Wilbert van der Klaauw, Julie S. Downs, Baruch Fischhoff, Giorgio Topa, and Olivier Armantier Staff Reports , No. 443 , April 2010 | Low |
| An Introduction to the FRBNY Consumer Credit Panel Donghoon Lee and Wilbert van der Klaauw Staff Reports , No. 479 , November 2010 | Low |
| The Measurement of Rent Inflation Jonathan McCarthy and Richard Peach Staff Reports , No. 425 , January 2010 | Medium |
| Medium | |
| Social Security, Benefit Claiming, and Labor Force Participation: A Quantitative General Equilibrium Approach Selahattin Imrohoroglu and Sagiri Kitao Staff Reports , No. 436 , March 2010 | Medium |
| Short-Run Fiscal Policy: Welfare, Redistribution, and Aggregate Effects in the Short and Long-Run Sagiri Kitao Staff Reports , No. 442 , April 2010 | Medium |
| Improving Survey Measures of Household Inflation Expectations Wandi Bruine de Bruin, Simon Potter, Robert Rich, Giorgio Topa, and Wilbert van der Klaauw Current Issues , Vol. 16 , No. 7 , August/September 2010 | Medium |
| Correlated Disturbances and U.S. Business Cycles Vasco Curdia and Ricardo Reis Staff Reports , No. 434 , February 2010 | High |
| High | |
| Policy Analysis with DSGE Models: An Introduction Argia M. Sbordone, Andrea Tambalotti, Krishna Rao, and Kieran Walsh Economic Policy Review | High |
| State-Dependent Pricing under Infrequent Information: A Unified Framework Marco Bonomo, Carlos Carvalho, and Rene Garcia Staff Reports , No. 455 , June 2010 | High |
| The Central-Bank Balance Sheet as an Instrument of Monetary Policy Vasco Curdia and Michael Woodford Staff Reports , No. 463 , July 2010 | High |
| Tax Buyouts Marco Del Negro, Fabrizio Perri, and Fabiano Schivardi Staff Reports , No. 467 , August 2010 | High |
| Fitting Observed Inflation Expectations Marco Del Negro and Stefano Eusepi Staff Reports , No. 476 , November 2010 | High |
2009 Readings | Mathematical Complexity |
| Money, Liquidity, and Monetary Policy Tobias Adrian and Hyun Song Shin Staff Reports , No. 360 , January 2009 | Low |
| Low | |
| Prices and Quantities in the Monetary Policy Transmission Mechanism Tobias Adrian and Hyun Song Shin Staff Reports , No. 396 , October 2009 | Low |
| How Rigid Are Producer Prices? Pinelopi Goldberg and Rebecca Hellerstein Staff Reports , No. 407 , November 2009 | Low |
| Implications of the Financial Crisis for Potential Growth: Past, Present, and Future Charles Steindel Staff Reports , No. 408 , November 2009 | Low |
| Do Alternative Measures of GDP Affect Its Interpretation? Bart Hobijn and Charles Steindel Current Issues , Vol. 15 , No. 7 , November 2009 | Low |
| CONDI: A Cost-of-Nominal-Distortions Index Stefano Eusepi, Bart Hobijn, and Andrea Tambalotti Staff Reports , No. 367 , March 2009 | Medium |
| Monetary Tightening Cycles and the Predictability of Economic Activity Arturo Estrella and Tobias Adrian Staff Reports , No. 397 , October 2009 | Medium |
| Conventional and Unconventional Monetary Policy Vasco Curdia and Michael Woodford Staff Reports , No. 404 , November 2009 | Medium |
| Measuring Consumer Uncertainty about Future Inflation Wandi Bruine de Bruin, Charles F Manski, Giorgio Topa, and Wilbert van der Klaauw Staff Reports , No. 415 , December 2009 | Medium |
| Real Time Underlying Inflation Gauges for Monetary Policymakers Marlene Amstad and Simon Potter Staff Reports , No. 420 , December 2009 | Medium |
| The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data Carlos Carvalho and Niels Dam Staff Reports , No. 419 , December 2009 | Medium |
| Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation Nicola Cetorelli and Pietro Peretto Staff Reports , No. 375 , June 2009 | High |
| Credit Spreads and Monetary Policy Vasco Curdia and Michael Woodford Staff Reports , No. 385 , August 2009 | High |
| Consumption Heterogeneity, Employment Dynamics and Macroeconomic Comovement Stefano Eusepi and Bruce Preston Staff Reports , No. 399 , October 2009 | High |
| Investment Shocks and the Relative Price of Investment Alejandro Justiniano, Giorgio Primiceri, and Andrea Tambalotti Staff Reports , No. 411 , December 2009 | High |
2008 Readings | Mathematical Complexity |
| Low | |
| Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels Steven J. Davis and James A. Kahn Staff Reports , No. 334 , July 2008 | Low |
| Financial Intermediaries, Financial Stability, and Monetary Policy Tobias Adrian and Hyun Song Shin Staff Reports , No. 346 , September 2008 | Low |
| Rethinking the Measurement of Household Inflation Expectations: Preliminary Findings Wilbert van der Klaauw, Wandi Bruine de Bruin, Giorgio Topa, Simon Potter, and Michael Bryan Staff Reports , No. 359 , December 2008 | Low |
| Medium | |
| Medium | |
| Imperfectly-Credible Disinflation under Endogenous Time-Dependent Pricing Marco Bonomo and Carlos Carvalho Staff Reports , No. 355 , November 2008 | Medium |
| Monetary Policy Implementation Frameworks: A Comparative Analysis Antoine Martin and Cyril Monnet Staff Reports , No. 313 , January 2008 | High |
| Investment Shocks and Business Cycles Alejandro Justiniano, Giorgio Primiceri, and Andrea Tambalotti Staff Reports , No. 322 , March 2008 | High |
| Monetary Policy Analysis with Potentially Misspecified Models Marco Del Negro and Frank Schorfheide Staff Reports , No. 321 , March 2008 | High |
| A Study of Competing Designs for a Liquidity-Saving Mechanism Antoine Martin and James McAndrews Staff Reports , No. 336 , July 2008 | High |
| Banking Globalization and Monetary Transmission Nicola Cetorelli and Linda S. Goldberg Staff Reports , No. 333 , July 2008 | High |
| High | |
| Central Bank Communication and the Liquidity Trap Stefano Eusepi Staff Reports , No. 342 , September 2008 | High |
| Debt, Policy Uncerainty and Expectations Stabilization Stefano Eusepi and Bruce Preston Staff Reports , No. 343 , September 2008 | High |
2007 Readings | Mathematical Complexity |
| Medium | |
2006 Readings | Mathematical Complexity |
| The Yield Curve as a Leading Indicator: Some Practical Issues Mary R. Trubin and Arturo Estrella Current Issues , Vol. 12 , No. 5 , July/August 2006 | Medium |
2000 Readings | Mathematical Complexity |
| Understanding the Recent Behavior of U.S. Inflation Donald Rissmiller and Robert Rich Current Issues , Vol. 6 , No. 8 , July 2000 | Low |
Readings | Mathematical Complexity |
| Understanding the Survey of Primary Dealers Steven Friedman, Ellen Correia Golay, and Michael McMorrow Current Issues , Vol. 19 , No. 6 | Low |
| Globalization and Inflation Dynamics: The Impact of Increased Competition Argia M. Sbordone Staff Reports , No. 324 , April 2008 | Medium |
| Signal or Noise? Implications of the Term Premium for Recession Forecasting Joshua Rosenberg and Samuel Maurer Economic Policy Review | High |
