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Newsletter
The Science of Supply and Demand
Pandemics, hurricanes, and other scientific events can alter the course of markets. Changes in technology can, too. This issue of Page One Economics explains the laws of supply and demand and uses graphs to show how price and quantity change when markets shift.
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 ...
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 ...
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.
Speech
Shifting Gears: Rebalance and Realignment in the Economy
Remarks at the Fixed Income Analysts Society, New York City.
Journal Article
Upfront: New from the Richmond Fed's Regional Matters Blog
New from the Richmond Fed’s Regional Matters blog
Speech
The Right Tools for Our Time
Remarks at NABE/Bundesbank International Economic Symposium Eltville am Rhein, Germany.
Speech
Restoring Price Stability
Remarks at Exploring Innovations in Central Banking, Bretton Woods Committee – New York Fed Joint Conference, Federal Reserve Bank of New York, New York City.