A close-up of gold bars.

Monetary Policy

Working Paper

Price-Level Determination Under the Gold Standard

WP 24-06 – How does an economy behave in a historical environment where gold is the international monetary standard? We find that key features of this monetary system are long-run price stability and the nonneutrality of money in the short run.

Featured Work

Monetary Policy Report: Using Rules for Benchmarking, March 2024

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


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.

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.