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.

Short-Term Funding Markets

The Short-Term Funding Markets (STFM) section primarily produces research and policy-relevant analysis of short-term funding markets to support and inform the Board in carrying out its monetary policy, financial stability, and macroprudential responsibilities. Staff develop and improve the data, analytical tools, and theory relevant to understanding maturity and liquidity transformation conditions affecting short-term funding market participants without their receiving direct access to a lender of last resort backstop or credible deposit insurance. Staff research covers a broad range of financial markets, activities, and institutions, with a focus on the sources of short-term funding that are subject to investor runs, such as money market mutual funds, commercial paper, repurchase agreements, and securities lending. Section staff strive to use data-oriented, rigorous academic research to develop the technical skill and institutional knowledge needed to conduct durable policy analysis of how the use of short-term funding can affect financial stability, the availability of credit, long-run economic growth, and the transmission of U.S. monetary policy.