Labor market conditions are similar in regions that are near each other. This is called positive spatial correlation.

"For me, relaxing the policy rate to make sure it continues to be modestly restrictive — but not so restrictive that it ...

Sylvain Leduc, executive vice president and director of research at the Federal Reserve Bank of San Francisco, shared views ...

Economic activity in the Twelfth District edged down slightly during the mid-August to September reporting period. Employment ...

The fraction of men working in the United States has declined consistently since the 1950s. This has contributed to slower labor force growth and resulted in considerable gaps between labor force ...

I do want to caution us against thinking all bubbles are financial. I don't see many signs that that's the case. Research and ...

The Fed’s SBCS captures how small businesses in the U.S. are doing and their experiences accessing financing. This important information is shared with lenders, policymakers, and those who support ...

The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme ...

Using novel measures of information acquisition, we document causal evidence of a feedback loop between firms’ credit access and information acquisition. To examine the macroeconomic implications of ...

We identify corporate commitments for reductions of greenhouse gas emissions—green pledges—from news articles using a large language model. About 8% of publicly traded U.S. companies have made green ...

The Phillips curve plays a central role in the macroeconomics literature. However, there is little consensus on the forcing variable that drives inflation in the model, i.e., on the appropriate ...

Global supply chain disruptions due to the COVID-19 pandemic have increased the costs of trade between countries. Given the interconnectedness of the U.S. economy with the rest of the world, higher ...