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Journal Article
Price Stability Built to Last
The economy is healthy and price stability is within sight. But progress is not victory, and considerable uncertainty and risks remain. To finish the job will take fortitude and patience, along with the agility to respond as the economy evolves. The following is adapted from the keynote address by the president of the Federal Reserve Bank of San Francisco at the 40th Annual NABE Economic Policy Conference in Washington, DC, on February 16.
Discussion Paper
The Global Supply Side of Inflationary Pressures
U.S. inflation has surged as the economy recovers from the COVID-19 recession. This phenomenon has not been confined to the U.S. economy, as similar inflationary pressures have emerged in other advanced economies albeit not with the same intensity. In this post, we draw from the current international experiences to provide an assessment of the drivers of U.S. inflation. In particular, we exploit the link among different measures of inflation at the country level and a number of global supply side variables to uncover which common cross-country forces have been driving observed inflation. Our ...
Potential Impacts of the War in Ukraine on the Fourth District
This District Data Brief examines the trade connections between Ukraine and Russia and the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It appears that supplies to the District will be substantially reduced for several items that Ukraine and Russia export, such as primary metals and fertilizer. We should expect prices to rise for these goods, as they have already for petroleum. However, there are generally alternate global suppliers for many of the goods sold by Ukraine and Russia, so Fourth District ...
Speech
Reflections on Phasing Policy Amidst (Pandemic) Uncertainty: the 2023 Goldman Lecture in Economics at Wellesley College
In her remarks, President Collins focuses on economic policymaking under uncertainty. She discusses the making of monetary policy in the current cycle, where the recent pandemic and its aftermath figure so prominently and create particular uncertainty. President Collins also offers some takeaways to students about learning and careers.
Speech
Perspectives on the Economy: Remarks at the Annual Convention of the Maine Bankers Association
Susan Collins shared her views about the economic outlook and monetary policy. Then she provided a few perspectives on banking in New England and in particular Maine – highlighting the importance of banks of all sizes to a vibrant, inclusive economy. She ended with a few points about the Fed’s work across the region, and the shared opportunities to collaborate in the public interest.
Speech
Parsing the Pandemic’s Effects on Labor Markets
Opening Remarks at the Bank’s 66th Economic Conference, “Labor Markets During and After the Pandemic”. Potentially long-lasting effects of the pandemic on the labor market, such as increased remote work and accelerated automation of service-sector jobs, are likely to have differential effects across the workforce. Understanding these differences is important for achieving the Fed’s mission of a vibrant, inclusive economy in the wake of COVID-19.
Briefing
Networks, Innovation and Productivity: A Conference Recap
How do employment targets affect firm dynamics? What is the relationship between inventor migration, and local productivity and knowledge spillovers? How are surplus gains from inventions distributed? These were among the questions addressed by economists during a recent Richmond Fed research conference.Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in May. Researchers presented papers on a variety of topics, including digital advertising, R&D allocation, production networks, and knowledge creation and diffusion.
Speech
Reading the Recovery
Remarks at Council on Foreign Relations (delivered via videoconference).
Speech
Restoring Balance
Remarks at New Jersey City University (delivered via videoconference).