Article
Does Monetary Policy Affect Different Racial Groups Differently?
21 Sep ’23
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.
Featured Work
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.
Working Paper
Monetary Policy with Racial Inequality
WP 23-09 – This paper develops a macroeconomic model populated by workers of different races. The model captures racial inequality in terms of income, unemployment, and wealth, and is used to study how monetary policy affects different racial groups.
Report
Monetary Policy Report: Using Rules for Benchmarking, June 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.