Search Results
Working Paper
Assessing the macroeconomic impact of bank intermediation shocks: a structural approach
We take a structural approach to assessing the empirical importance of shocks to the supply of bank-intermediated credit in affecting macroeconomic fluctuations. First, we develop a theoretical model to show how credit supply shocks can be transmitted into disruptions in the production economy. Second, we use the unique micro-banking data to identify and support the model's key mechanism. Third, we find that the output effect of credit supply shocks is not only economically and statistically significant but also consistent with the vector autogression evidence. Our mode estimation indicates ...
Journal Article
Leisure and Hospitality: Strong Demand and Supply Constraints
Strong household finances, along with pent-up demand from the pandemic, has fueled discretionary spending on recreation and experiences for Nebraskans.
Journal Article
The Tight Labor Market in the Rocky Mountain Region is Showing Some Signs of Easing
Labor market conditions are showing some early signs of softening, as imbalances between labor demand and supply are improving. While labor markets remain strong in the Rocky Mountain Region, contacts suggest moderating labor market tightness in the coming year. This Rocky Mountain Economist provides an overview of recent regional labor market conditions, and prospects for the regional labor market in 2024 reported by businesses throughout the region.
Speech
X Marks the Spot: Making Missing Markets
Remarks at Intermediating Impact: Making Missing Markets, Federal Reserve Bank of New York, New York City.
Speech
Our Work Is Not Yet Done
Remarks at the New York Bankers Association, New York City.
Speech
A Bedrock Commitment to Price Stability
Remarks at the 2022 U.S. Hispanic Chamber of Commerce National Conference, Phoenix, Arizona.
Working Paper
Monetary Tightening and Financial Stress during Supply- versus Demand-Driven Inflation
The paper explores the state-dependent effects of a monetary policy tightening on financial stress, focusing on a novel dimension: whether inflation is driven by supply factors versus demand factors at the time of the policy intervention. We use local projections to estimate the effect of high frequency identified monetary policy surprises on a variety of financial stress measures, differentiating the effects based on whether inflation is supply-driven or demand-driven. We find that financial stress flares up after a monetary tightening when inflation is supply-driven whereas it remains ...
Working Paper
Decomposing Supply and Demand Driven Inflation
The extent to which either supply or demand factors drive inflation has important implications for economic policy. I propose a framework to decompose inflation into supply- and demand-driven components. I generate two new data series, the supply and demand-driven contributions to personal consumption expenditures (PCE) inflation, which quantify the degree to which either demand or supply is driving inflation in a current month. The series show expected time-series patterns. The demand-driven contribution tends to decline during recessions, while the supply-driven contribution tends to follow ...
Speech
The Right Tools for Our Time
Remarks at NABE/Bundesbank International Economic Symposium Eltville am Rhein, Germany.
Journal Article
Upfront: New from the Richmond Fed's Regional Matters Blog
New from the Richmond Fed’s Regional Matters blog