Recent surges in trade policy uncertainty highlight the fragility of global supply chains, prompting businesses to consider ...

Andrew Foerster, senior research advisor at the Federal Reserve Bank of San Francisco, shared views on the current economy ...

Using long-run cross-country panel data, we document that (i) contemporaneous credit growth strongly predicts contemporaneous equity returns with positive sign, and (ii) lagged credit growth strongly ...

We document that the Fed’s perceived monetary policy response to inflation shifted materially over the post-pandemic period. In forward-looking policy rules estimated from surveys of macroeconomic ...

Internal migration has been cited as a key channel by which societies will adapt to climate change. We show in this paper that this process has already been happening in the United States. Over the ...

Here’s a snapshot of a recent outreach visit in Alaska from Mary C. Daly, President and CEO at the Federal Reserve Bank of ...

President Daly joined Steven Davis, Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover ...

Using novel measures of information acquisition, we document causal evidence of a feedback loop between firms’ credit access and information acquisition. To examine the macroeconomic implications of ...

After growing substantially during the 1980s through the early 2000s, the college wage premium more recently has been largely unchanged, or stagnant. We extend the canonical production-function model ...

The 2021 Diary of Consumer Payment Choice (Diary) finds that the COVID-19 pandemic has continued to affect the way U.S. consumers use and hold cash. The share of payments made in cash dropped sharply ...

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 ...

Asymmetries play an important role in many macroeconomic models. We show that assumptions on household and firm expectations ...