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 ...

We document evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange (FX) reserve holdings in response to a U.S. interest rate increase. Countries with ...

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 ...

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 ...

Payroll job growth has slowed significantly in the past year, yet the unemployment rate has barely budged. This has led policymakers to conjecture that labor supply has slowed. Our recent SF Fed Blog ...

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