It is not uncommon to observe negative interest rates during uncertain times, when investors flee to safety. But the existence of negative market yields provides no support for policies in which central banks set negative interest rates on deposits held at a central bank.

Most central banks implement quantitative easing through asset purchases. Sweden took a different path.

Politicians, market participants, and economists have argued about whether the increased trading induced by the growth of index funds over the past decade is a cause of high commodity prices.

Assessing the state of the economy requires estimates of trends in employment and the labor force. Large monthly fluctuations make it difficult to infer these from monthly data.

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

This paper investigates whether investors are compensated for taking on commonality risk in equity portfolios. A large literature documents the existence and the causes of commonality in illiquidity, but the implications for investors are less understood. We find a return premium for commonality...

This paper uses several methods to study the interrelationship among Divisia monetary aggregates, prices, and income, allowing for nonstationary, nonlinearities, asymmetries, and time-varying relationships among the series. We propose a multivariate regime switching unobserved components model...

This paper examines the inflation “pass-through” problem in American monetary policy, defined as the relationship between changes in the growth rates of individual goods and the subsequent economy-wide rate of growth of consumer prices. Initial relationships are established with Granger...

Has the competitive balance tilted away from banks and toward credit unions, given the latter’s tax exemption and more-recent ability to draw members from wider pools? Whether it has or not, both industries have seen similar trend growth over the past 15 years—and, in fact, have come to...