We analyze the recent behavior of oil and equity prices in the context of our earlier work, Datta, et al. (2021), which focuses on the previous zero lower bound (ZLB) episode, in the aftermath of the Global Financial Crisis. We find that the correlation between oil and equity returns and the...

In response to the global financial crisis, the Federal Open Market Committee lowered the target for the federal funds rate to a range of 0 to 25 basis points in December 2008, and maintained that target range until the end of 2015. Over that same period, longer-term interest rates in the United...

This note uses information provided in the quarterly Summary of Economic Projections (SEP) of Federal Open Market Committee (FOMC) meeting participants to extract estimates of the neutral federal funds rate--defined as the value of the federal funds rate that is "neither expansionary nor...

This note explores the substitutability between policy rate hikes and reductions in the size of the Federal Reserve's balance sheet for the removal of policy accommodation. We do so using a version of the FRB/US model augmented to incorporate the effects of changes in the Federal Reserve's asset...

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...