Monetary Policy

Working Paper

Are Fiscal Transfers Inflationary?

WP 26-23 – We assess the inflationary effects of fiscal transfers by leveraging advances in the identification of fiscal policy shocks within the recently proposed rotation-invariant time-varying structural vector autoregression.

Featured Work

Monetary Policy

Working Paper

International Currency Dominance

WP 26-21 – We propose a model of the international monetary system to study currency competition and the emergence of a dominant currency.

Thoughts on the U.S. Economy and the Year Ahead

Philadelphia Fed President and CEO Anna Paulson shared her perspective on economic issues at the 2026 Allied Social Science Associations Annual Meeting.

Does Experiencing High Inflation Change Economic Behavior?

Philadelphia Fed President and CEO Anna Paulson gave a presentation at the 2026 Allied Social Science Associations (ASSA) annual meeting. She participated in a panel discussion titled Lifetime Experiences and Implications for Monetary Policy.