Economic Research
Papers
Finance and Economics Discussion Series
July 2024 (Revised December 2025)
HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations
Bence Bardóczy, Ettore Savoia, and Mateo Velásquez-Giraldo
August 2025 (Revised December 2025)
Hysteresis and the Role of Downward Nominal Wage Rigidity: Evidence from U.S. States
Hie Joo Ahn and Yunjong Eo
December 2025
LLM on a Budget: Active Knowledge Distillation for Efficient Classification of Large Text Corpora*
Viviana Luccioli, Rithika Iyengar, Ryan Panley, Flora Haberkorn, Xiaoyu Ge, Leland Crane, Nitish Sinha, and Seung Jung Lee
Papers
International Finance Discussion Papers
March 2024 (Revised December 2025)
Inequality and Asset Prices during Sudden Stops
December 2025
Dollarization Waves: New Evidence from a Comprehensive International Bond Database
Swapan-Kumar Pradhan, Eswar Prasad, Előd Takáts, and Judit Temesvary
December 2025
To Cap or Not to Cap? Energy Crises in a Currency Union
FEDS Notes
Data, Models and Tools
A large-scale estimated general equilibrium model of the U.S. economy for FRB/US Model
Models of daily yield curves, and a dynamic term structure model of Treasury yields
Survey of Consumer Finances (SCF):
Information on families' balance sheets, pensions, income, and demographic characteristics
View selected research data from the Federal Reserve Board's working papers and notes series.
Estimated Dynamic Optimization (EDO) Model:
A medium-scale New Keynesian dynamic stochastic general equilibrium (DSGE) model of the U.S. economy.
Disclaimer: The economic research that is linked from this page represents the views of the authors and does not indicate concurrence either by other members of the Board's staff or by the Board of Governors. The economic research and their conclusions are often preliminary and are circulated to stimulate discussion and critical comment.
The Board values having a staff that conducts research on a wide range of economic topics and that explores a diverse array of perspectives on those topics. The resulting conversations in academia, the economic policy community, and the broader public are important to sharpening our collective thinking.