Investments in stocks earn a substantially higher return than investment in safer assets in the long run, even after adjusting for risks in the stock market. However, not all households own stocks (Mankiw and Zeldes, 1991), and the share of U.S. households that invest in stocks has been much...

The Federal Open Market Committee's (FOMC or "Committee") postmeeting statements constitute one of the key vehicles through which the Committee communicates its assessment of the economy, its policy actions, and its thinking about future policy

The authors use a new statistical method to attribute daily changes in U.S. Treasury yields and inflation compensation to changes in investor beliefs about domestic and foreign growth, inflation, and monetary policy

Runs are an inherent vulnerability of the markets for short-term funding. Financial crises since the advent of banking have often exhibited systemic bank runs. The resulting disruptions to financial markets generally have had significant adverse impacts on the real economy

The ways in which the Federal Open Market Committee (FOMC or "Committee") communicates its views on economic and financial conditions, the economic outlook, and its policy intentions have evolved over time

This week marks the 10th anniversary of Hurricane Katrina's tragic landfall near New Orleans, Louisiana, and the forced relocation of hundreds of thousands of families who lost their homes in the disaster. This mass population displacement boosted, for an extended period, population density and...