Monetary Policy

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.

Featured Work

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.

Monetary Policy

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.

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.