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National Economy

Our economists research and analyze monetary policy, the business cycle, growth, the labor market and other domestic economic issues.

New from Liberty Street Economics Blog

The Great Moderation, Forecast Uncertainty, and the Great Recession In this post, we attempt to quantify the role the Great Moderation played in making the Great Recession appear nearly impossible in the eyes of macroeconomists. By Ging Cee Ng and Andrea Tambalotti

Recent Articles

The Evolution of Treasury Cash Management during the Financial Crisis This paper examines how a change in Federal Reserve credit policy during the crisis was associated with the change in Treasury cash management practices. Understanding the relationship between Federal Reserve credit policy and Treasury cash management is important because the relationship illuminates an important but sometimes unappreciated interface between the Treasury and the Fed. By Paul J. Santoro, Current Issues in Economics and Finance (18) 3, April 2012

How Deeply Held Are Anti-American Attitudes among Pakistani Youth? Evidence Using Experimental Variation in Information This paper investigates how attitudes toward the United States are affected by the provision of information. We use an experimentally generated panel of attitudes, obtained by providing urban Pakistanis with fact-based statements describing the United States in either a positive or negative light. By Adeline Delavande and Basit Zafar, Staff Reports 558, April 2012

The Supply Side of the Housing Boom and Bust of the 2000s In this paper, we take a closer look at developments on the supply side of the housing market. Following a short literature review, we begin with a descriptive review of housing production, sales, and prices at the national, regional, and state levels. We then look at developments in the homebuilding industry over this period. By Andrew Haughwout, Richard W. Peach, John Sporn, and Joseph Tracy, Staff Reports 556, March 2012

DSGE Model-Based Forecasting The authors explain how to use DSGE models for all three purposes—forecasting, story telling, and policy experiments—and review their forecasting record. By Marco Del Negro and Frank Schorfheide, Staff Reports 554, March 2012

Current Economic Indicators

Economic Growth and Output Business finance, personal finance, production, demand, income, consumption and savings data

Employment Employment rates, unemployment rates, hours worked and payroll changes

Health Sector Indicators Medical care expenditures and inflation in medical and health services employment

Household Credit Conditions Quarterly Report on Household Debt and Credit

Inflation Commodity prices, Price Producer Index (PPI), Consumer Price Indices (CPI), Personal Consumption Expenditures (PCE) and wages

Leading Indicators Conference Board's Index of Leading Indicators and the Institute of Supply Management's Purchasing Managers' Index

Monetary Conditions Money growth rates in monetary aggregates, M1, M2 and M3

U.S. Trade Exports and imports for U.S. trade by destination and origin