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Working Paper
Did the Great Inflation occur despite policymaker commitment to a Taylor rule?
The authors study the hypothesis that misperceptions of trend productivity growth during the onset of the productivity slowdown in the United States caused much of the great inflation of the 1970s. They use the general equilibrium, sticky price framework of Woodford (2002), augmented with learning using the techniques of Evans and Honkapohja (2001). The authors allow for endogenous investment as well as explicit, exogenous growth in productivity and the labor input. They assume the monetary policymaker is committed to using a Taylor-type policy rule. The authors study how this economy reacts ...
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President's Message
When the Federal Reserve was created more than 100 years ago, the primary goal was financial stability. In the aftermath of the financial crisis of 2007-2009, today's public discourse about the Fed is largely focused on its roles with respect to monetary policy, being the lender of last resort and supervision of financial institutions. Nonetheless, financial stability remains of utmost importance. One aspect of financial stability that is receiving increased attention is the payment system. A reliable, efficient and safe payment system is essential to a healthy economy. Quite possibly, the ...
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President's Message: The St. Louis Fed's New Center for Household Financial Stability
President James Bullard announces the St. Louis Fed's new Center for Household Financial Stability. This year's annual report features some of the Center's research.
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President's Message: Gateway to the World’s Economic Data
People frequently tell St. Louis Fed President James Bullard that the main way they know the St. Louis Fed is through FRED—the Bank’s signature economic database.
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President’s Message: Connecting with the Communities We Serve
The St. Louis Fed connects with those we serve in a variety of ways. Our 2019 annual report focuses on the St. Louis Fed’s community development efforts, including the Delta Communities initiative and Investment Connection program.
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President's Message: Reflections on the Pandemic at the One-Year Mark
Efforts intended to contain the pandemic caused a sharp reduction in economic activity. U.S. monetary and fiscal policy responses were significant and effective.