Board of Governors of the Federal Reserve System

Research and Statistics

The Division of Research and Statistics is responsible for developing and presenting economic and financial data and analysis for the use of the Board, the Federal Open Market Committee, and other Federal Reserve System officials. This information serves as background for the formulation and conduct of monetary, regulatory, and supervisory policies. In addition, the division fosters a broader understanding of issues relating to economic policy by providing leadership in economic and statistical research and by supplying data and analyses for public release.

Prices and Wages

The Prices and Wages section is responsible for analysis, forecasting, and research regarding U.S. prices and wages. Section members are key participants in the preparation of the staff economic and financial outlook that are transmitted to the Federal Open Market Committee prior to each of its eight meetings yearly. Additionally, section members conduct in-depth analysis of issues related to the section’s core mission and report that analysis in memos and other communications to the members of the Board, FOMC, and senior staff. Ultimately, the aim of the section is to help monetary policymakers make the best policy decisions possible, given a state-of-the-art knowledge of economic theory and empirics. In that connection, the section prizes the intensive application of available data to questions of relevance to monetary policymakers, disciplined by well-founded economic models.

The section also maintains a vigorous research agenda, focusing especially on topics of relevance to the core mission of the section. The research agenda and the current analysis agendas of the section interact favorably with one another: On the one hand, the fact that section members are actively engaged in research positions them to be able to provide research-quality analysis of current issues in macroeconomics. On the other hand, the fact that section members are engaged in the monetary policy process helps inform their choice of research topics, inclining them toward topics of direct relevance to the policy process. A range of outlets for this work is regularly used, including but not limited to the Fed’s own outlets for both working papers and shorter notes, as well as traditional journals in the economics and related fields.