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Newsletter
Using the Federal Reserve’s Beige Book to Track Economic Activity
Walstrum, Thomas; Brave, Scott
(2014-11)
This article provides the public a first look at a new set of indexes constructed from the Chicago Fed?s Beige Book survey, and describes their ability to track economic activity.
Chicago Fed Letter
, Issue Nov
Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Logan, Lorie
(2020-07-15)
Remarks at SIFMA Webinar.
Speech
Journal Article
A Taxing Question for the Fed
Fessenden, Helen
(2018-01)
The Fed has long emphasized uncertainty in assessing the economic effects of tax cuts. Both history and theory might help explain why
Econ Focus
, Issue 1Q
, Pages 4-7
Working Paper
Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation
Ihrig, Jane E.; Meade, Ellen E.; Weinbach, Gretchen C.
(2015-06-30)
The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. For many years prior to the financial crisis, the FOMC set a target for the federal funds rate and achieved that target through purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large scale ...
Finance and Economics Discussion Series
, Paper 2015-47
Working Paper
How Does the Fed Adjust its Securities Holdings and Who is Affected?
Ihrig, Jane E.; Weinbach, Gretchen C.; Mize, Lawrence
(2017-09-22)
The Federal Open Market Committee indicated in its September 2017 post-meeting statement that it will initiate in October a balance sheet normalization program to gradually reduce its securities holdings. This action will put in place a policy of reinvesting and redeeming portions of the principal payments received by the Federal Reserve from its holdings of Treasury and agency securities. How are these adjustments to the Federal Reserve?s securities holdings transacted and who is affected? This paper provides a primer regarding how the Federal Reserve accounts for these securities ...
Finance and Economics Discussion Series
, Paper 2017-099
Journal Article
Are longer-term inflation expectations stable?
Bundick, Brent; Hakkio, Craig S.
(2015-03-09)
Bundick and Hakkio use survey data to evaluate the stability of forecasters' long-term inflation expectations.
Macro Bulletin
Journal Article
Odyssean Forward Guidance in Monetary Policy: A Primer
Campbell, Jeffrey R.
(2013-10)
This article shows how central bank forward guidance can improve macroeconomic outcomes by altering current expectations of future inflation and output.
Economic Perspectives
, Issue Q IV
, Pages 130-138
Briefing
Projecting the Evolution of the Fed's Balance Sheet
Kirk, Kyler; Ennis, Huberto M.
(2022-04)
As the Fed embarks on balance sheet policy normalization, there is natural interest in understanding the projected evolution of the Fed's asset portfolio over the next three to four years. Several important assumptions are needed to be able to predict the path of the balance sheet. Based exclusively on public information, we use alternative sets of plausible assumptions to construct and analyze several different scenarios for the future of this critical policy-relevant lever.
Richmond Fed Economic Brief
, Volume 22
, Issue 15
Journal Article
Forecasting the Stance of Monetary Policy under Balance Sheet Adjustments
Davig, Troy A.; Smith, Andrew Lee
(2017-05-10)
Macro Bulletin
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