Perspective
Carefully Balancing Both Hard and Soft Data in Policy Discussions
Throughout the nearly nine years I have been president and CEO at the Philadelphia Fed, my foremost responsibility has been our work through monetary policy to achieve the Fed’s dual mandate of price stability and maximum employment. To some, it can seem like a very static process, but how I arrive at these important decisions is much more dynamic. Let me explain.
Featured Work
Article
Does Monetary Policy Affect Different Racial Groups Differently?
Research in Focus — Makoto Nakajima of the Philadelphia Fed developed a model to study how monetary policy affects different racial groups, and he considers its policy implications.
Report
Monetary Policy Report: Using Rules for Benchmarking, December 2023
This special report highlights ongoing work to benchmark the stance of monetary policy using a range of policy rules that are widely employed in studies of monetary economics.
Working Paper
Lending by Servicing: Monetary Policy Transmission Through Shadow Banks
WP 23-14 – We propose a new conceptual framework for monetary policy transmission through shadow banks in the mortgage market that highlights the role of mortgage servicing in generating non-deposit funds for lending.