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Keynote remarks by Chairman Warsh at the 2026 Jackson Hole Economic Policy Symposium
1+ hour, 6+ min ago (1741+ words) Regulatory and Policy Resources Banking and Data Structure At “Financial Innovation: Implications for Payments and Policy,” an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming Thank you. It's great to be here again…...
Minutes of the Board's discount rate meetings on July 20 and July 29, 2026
2+ day, 21+ hour ago (87+ words) Regulatory and Policy Resources Banking and Data Structure For release at 2:00 p.m. EDT The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....
Optimal Monetary and Fiscal Policy under Limited Foresight
6+ day, 19+ hour ago (279+ words) Martin Bodenstein and Junzhu ZhaoWe investigate Barro's random walk hypothesis according to which distortionary labor taxes should follow a random walk for any stochastic process of government expenditures, see Barro (1979). When agents experience cognitive discounting as in Gabaix (2020), they perceive…...
Beyond the Unemployment Rate: A Structural Labor Market Indicator
1+ week, 1+ day ago (385+ words) Isabel Cairó, Hess Chung, Francesco Ferrante, Cristina Fuentes-Albero, Camilo Morales-Jimenez, and Damjan PfajfarLabor market variables frequently send conflicting signals about the degree of slack or tightness, often complicating policy assessments at critical junctures. This paper develops a Structural Labor Market…...
Minutes of the Federal Open Market Committee, July 28–29, 2026
1+ week, 1+ day ago (36+ words) Regulatory and Policy Resources Banking and Data Structure For release at 2:00 p.m. EDT The minutes can be viewed on the Board’s website. Minutes of Federal Open Market Committee July 28–29, 2026: HTML | PDF...
Government bond-backed repo markets: between resilience and vulnerability
2+ week, 2+ day ago (358+ words) Ayelen Banegas, Lucas Devigne, Mulalo Mamburu, Kleopatra Nikolaou, Anna Samarina, Fabio TamburriniThis paper synthesizes the literature on vulnerabilities in government bond-backed repo markets, focusing on the features that contribute to both the fragility and stability of these markets. The literature…...
Inflation Uncertainty and Endogenous Planning Horizons
3+ week, 1+ day ago (230+ words) Christopher Gust, Edward Herbst, and David López-SalidoWe develop a finite-horizon planning model in which firms choose how far ahead to plan when setting prices. Planning further ahead improves a firm's pricing decision but requires cognitive effort. We derive analytical solutions…...
Measuring Macroeconomic Stars: A Framework with Scarring Effects
3+ week, 6+ day ago (403+ words) Manuel Gonzalez-Astudillo, Jean-Philippe Laforte, Antoine LepetitPotential output and the natural rate of unemployment are commonly estimated through trend-cycle decompositions, where they are identified as underlying trends reflecting slow-moving supply factors. In this paper, we extend this framework to accommodate the…...
How Firms Form Beliefs and the Implications for Inflation
4+ week, 1+ hour ago (232+ words) Robert Minton and Hugo MonneryUsing survey data from U.S. firms, we study the primitive beliefs for pricesetting: firms’ forecasts of their own marginal costs. These forecasts are disconnected from CPI expectations, (over)react to current and past costs systematically, and underreact…...
Federal Reserve Board issues enforcement actions with former employee of Regions Bank and former employee of First Interstate Bank
4+ week, 1+ day ago (82+ words) Regulatory and Policy Resources Banking and Data Structure For release at 11:00 a.m. EDT The Federal Reserve Board on Thursday announced the execution of the following enforcement actions listed below: Consent prohibition order against Simon Alberto Gonzalez Former employee of Regions Bank,…...