The government increased payments to individuals without reducing spending elsewhere in the budget.

Initial claims may now be useful for forecasting employment growth during periods of increasing economic activity.>

We should expect a third business cycle in succession in which the real federal funds rate reaches its trough well after the economy begins to recover.

The rise in the national debt... is entirely a consequence of the federal government’s increase of expenditures without an offsetting increase in revenues.

The evidence suggests that the combination of a slowdown in trade finance and inventory adjustments likely explain the recent trade dynamics.

Current excess reserves could create a massive increase in the money supply if banks significantly increase their lending or investing.

Greater transparency is a means to better synchronize the public with policymakers and minimize the risks of undesirable economic outcomes.

Policymakers should not think of price stability and economic stability as competing objectives but as complements - the best way to achieve the latter is to be firmly committed to achieving the former.

The FOMC’s two-pronged approach involves a potential conflict: forward guidance assumes a high degree of substitutability across the maturity structure, while quantitative easing assumes a low degree.

On balance, the figure suggests that structural unemployment during economic downturns has increased since 1991.