Deciding to undertake a series of tightening actions present unique challenges for Federal Reserve policymakers. These challenges are both political and economic. Using a variety of economic and financial market metrics, this article examines how the economy and financial markets evolved in...

In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...

Macroprudential policy improves economic outcomes by reducing the likelihood and severity of financial crises. Yet it is pertinent to ask, are there unintended long run consequences to the introduction of a macroprudential policy regime, and are these consequences conditional on the a priori...