Monetary Policy


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

Monetary Policy


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.

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.

Monetary Policy

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.