A range of tariffs on U.S. imports has been enacted or considered recently. Trade tariffs can potentially affect price inflation for consumption and investment goods. Estimates suggest that the impact ...

Using a two-country monetary union framework with financial frictions, we quantify the efficacy of targeted asset purchases, ...

Presentation to the 18th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies—“Meeting the Challenges of the Financial Crisis” Organized by the Levy Economics Institute of ...

Profiles: Google Scholar | RePEc Working Papers Explaining Stagnation in the College Wage Premium 2025-01 | with Bengali and Zhao | January 2025 abstract After growing substantially during the 1980s ...

We examine how the media’s systematic selection of reporting topics influences household responses to inflation news. In a model where households learn about inflation from news coverage, households ...

This paper reviews how productivity has evolved around the world since the pandemic began in 2020. Productivity in many countries has been volatile. We conclude that the broad contours of productivity ...

The Phillips curve plays a central role in the macroeconomics literature. However, there is little consensus on the forcing variable that drives inflation in the model, i.e., on the appropriate ...

Employment growth has consistently come in above pre-pandemic estimates of the rate needed for unemployment to stay near its long-run natural rate. Even so, unemployment has held steady, which raises ...

Extreme heat decreases labor productivity in sectors like construction, where much work occurs outdoors. Because construction is an important component of investment, lost productivity today will slow ...

This data series is part of the Center for Monetary Research. The Treasury yield premium model by Jens H.E. Christensen and Glenn D. Rudebusch (CR) decomposes the nominal yield curve into three ...

We examine how the media’s systematic selection of reporting topics influences household responses to inflation news. In a model where households learn about inflation from news coverage, households ...

The federal debt as a share of U.S. GDP is nearing its historical high from World War II. This ratio fell sharply over the three decades after World War II due to a primary surplus, rapid economic ...