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National Economy
Our economists research and analyze monetary policy, the business cycle, growth, the labor market and other domestic economic issues.
 
Features
New York Area Workshop on Monetary Policy
On November 7, 2008, the Federal Reserve Bank of New York will sponsor the fall 2008 meeting of the Monetary Policy Workshop.
 
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Employment rates, unemployment rates, hours worked and payroll changes
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Money growth rates in monetary aggregates, M1, M2 and M3
Inflation
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Recent Articles
Staff ReportsInterpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels
The authors review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop a potential explanation for the decline in aggregate volatility since the 1980s and its consequences.
By Steven J. Davis and James A. Kahn, Staff Reports 334, July 2008
Staff ReportsBanking Globalization, Monetary Transmission, and the Lending Channel
The authors show that the large banks that operate globally rely on internal capital markets with their foreign affiliates to help smooth domestic liquidity shocks.
By Nicola Cetorelli and Linda S. Goldberg, Staff Reports 333 July 2008
Staff ReportsHuman Capital and Economic Activity in Urban America
This paper examines the relationship between human capital and economic activity in U.S. metropolitan areas, extending the existing literature in two important ways.
By Jaison R. Abel and Todd M. Gabe, Staff Reports 332, July 2008
Staff ReportsDurable Goods Inventories and the Great Moderation
This paper revisits the hypothesis that changes in inventory management were an important contributor to volatility reductions during the Great Moderation.
By James A Kahn, Staff Reports 325, May 2008
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