Central banks set policy to support the economy, provide liquidity, and promote financial stability. Modern central banking ...

In this paper we exploit 150 years of tariff policy in the US and abroad to estimate the short-run effects of tariff shocks ...

This brief updates prior work on homebuying behavior before and after the COVID-19 pandemic. It finds continued declines in ...

Getting monetary policy right requires looking at near- and medium-term economic impacts of cyclical and secular forces, ...

Banks may be indirectly exposed to trade policy through lending and through the broader effects of trade on the economy. Analysis finds that exposure to recent trade shocks was concentrated in large ...

If you unpack the data, you don’t see inflation running up in services or housing, and importantly, you don’t see it ...

SF Fed President Daly discussed principles for modern central banking at the Institute of International and European Affairs ...

We study the pass-through of corporate taxes into consumer prices, leveraging 1,058 municipal tax rate changes affecting 4,754 German firms. A 1 p.p. increase ...

Appropriately adjusting recent labor market data shows that the growth in labor supply has slowed at the same pace as payroll ...

Regional engagement furthers the SF Fed’s mission of advancing the nation’s monetary, financial, and payment systems to build ...

Involuntary part-time employment—the share of people who work less than 35 hours per week but want and are available to work full-time—has increased since 2023. While this contrasts with steady ...