Monetary Economics

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<div class="page-header__share"> <div class="share"> <span class="share__label">Share</span> <div class="share__buttons addthis_toolbox addthis_default_style"> <a class="share__btn addthis_button_twitter" title="Twitter" href="#share_twitter"> <span class="share__btn-text">X</span><span class="share__btn-icon"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="19" viewBox="0 0 24 19"> <g transform="scale(0.075,0.075) translate(10,0)"> <path d="m236 0h46l-101 115 118 156h-92.6l-72.5-94.8-83 94.8h-46l107-123-113-148h94.9l65.5 86.6zm-16.1 244h25.5l-165-218h-27.4z"/> </g> </svg> </span> </a> <a class="share__btn addthis_button_linkedin" target="_blank" title="LinkedIn" href="#share_linkedin"> <span class="share__btn-text">LinkedIn</span><span class="share__btn-icon"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="23" viewBox="0 0 24 23"> <g 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class="page-header__intro-inner"> <p>The Monetary Economics Program studies the conduct and effects of monetary policy, including its impact on interest rates and inflation, and the consequences of policy actions by central banks. It also considers macroeconomic forces that impinge on central bank decision-making.</p> <a class="link link--arrow" href="/conferences/monetary-economics-program-meeting-fall-2024">Read summaries of presentations at the latest program meeting</a> <a href="/reporter/2021number4/monetary-economics-program-report" class="link link--arrow">Read the latest Program Report</a> <a href="/affiliated-scholars?facet=user_programs%3AMonetary%20Economics&page=1&perPage=50&sortBy=alpha#listing-2019022" class="link link--arrow">Affiliated scholars</a> </div> </div> </div> <div class="page-subtitle page-subtitle--centered page-subtitle--grey"> <h2 class="page-subtitle__title"> Codirectors </h2> </div> <section class="promo-grid promo-grid--2-up promo-grid--grey promo-grid--row-rules"> <div class="promo-grid__promos"> <div class="digest-card digest-card--right-image"> <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2024-07/Emi%20Nakamura180x250.jpg?itok=MlYeVedX" width="160" height="222" alt="Emi Nakamura" typeof="foaf:Image" /> <div class="digest-card__title"> </div> <div class="digest-card__summary"> <p><a href="/people/emi_nakamura"><span>Emi Nakamura</span></a><span> is a Chancellor’s Professor of Economics at the University of California, Berkeley. Her research interests center on monetary and fiscal policy, macroeconomic measurement, and the determinants of business cycles. She has been an NBER affiliate since 2007.</span></p> </div> </div> <div class="digest-card digest-card--right-image"> <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2020-09/Jon%20Steinsson%20Profile.jpg?itok=j7zG9fxN" width="160" height="165" alt="Jon Steinsson Profile.jpg" typeof="foaf:Image" /> <div class="digest-card__title"> </div> <div class="digest-card__summary"> <p><span><span><span><a href="/people/jon_steinsson">Jón Steinsson</a> is a Chancellor’s Professor of Economics at the University of California, Berkeley. His research interests include price rigidity, the effects of monetary and fiscal policies on economic activity, and monetary policy design. He has been an NBER affiliate since 2007.</span></span></span></p> </div> </div> </div> </section> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title"> Featured Program Content </h2> </div> <section class="promo-grid promo-grid--3-up"> <div class="promo-grid__promos"> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202311/effect-feds-quantitative-easing-bank-lending"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-11/w31693_ReserveSupply_figure_Final_editedv2-01.jpg?itok=JXRUPrlY" width="800" height="450" alt="The Effect of the Fed’s Quantitative Easing on Bank Lending Figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2023-11/w31693_ReserveSupply_figure_Final_editedv2-01.jpg?itok=JXRUPrlY" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/202311/effect-feds-quantitative-easing-bank-lending"> <span property="schema:name">The Effect of the Fed’s Quantitative Easing on Bank Lending</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <div class="today-promo__desc">Banks face a tradeoff between lending out as many of their assets as possible to maximize interest revenue and keeping enough liquid assets on hand to...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/20237/rising-oil-prices-loose-monetary-policy-and-us-inflation"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-06/OilInflation_figure_final_v2_0.jpg?itok=0obBAOYJ" width="800" height="450" alt="This figure is a line graph titled, Impact of Money and Oil Shocks on PCE Inflation. The y-axis is labeled, Log change in PCE. It ranges from negative 0.30 to positive 0.30 percent. It increases in increments of 0.10. The x-axis is labeled, months, and ranges from 0 to 50, increasing in increments of 5. There are two lines, one labeled Unexpected oil price increase and the other, Unexpected money supply contraction. Each line has shading around it, representing the 95 percent confidence intervals. The un" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2023-06/OilInflation_figure_final_v2_0.jpg?itok=0obBAOYJ" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/20237/rising-oil-prices-loose-monetary-policy-and-us-inflation"> <span property="schema:name">Rising Oil Prices, Loose Monetary Policy, and US Inflation</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Authors: <span class="page-header__author-item"> <a href="/people/luca_gagliardone">Luca Gagliardone</a> </span> <span class="page-header__author-item"> & <a href="/people/mark_gertler">Mark Gertler</a> </span> </li> </ul> <div class="today-promo__desc">US inflation was relatively low and stable for three decades beginning in the 1990s. In sharp contrast, it has been relatively high since 2021. Many...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/20235/feds-monetary-tightening-and-risk-levels-us-banks"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-04/w31048.jpg?itok=8cecnB3E" width="800" height="450" alt="The Fed’s Monetary Tightening and the Risk Levels of US Banks image" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2023-04/w31048.jpg?itok=8cecnB3E" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/20235/feds-monetary-tightening-and-risk-levels-us-banks"> <span property="schema:name">The Fed’s Monetary Tightening and the Risk Levels of US Banks</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Authors: <span class="page-header__author-item"> <a href="/people/erica_jiang">Erica Xuewei Jiang</a>, </span> <span class="page-header__author-item"> <a href="/people/gregor_matvos">Gregor Matvos</a>, </span> <span class="page-header__author-item"> <a href="/people/tomasz_piskorski">Tomasz Piskorski</a> </span> <span class="page-header__author-item"> & <a href="/people/amit_seru">Amit Seru</a> </span> </li> </ul> <div class="today-promo__desc">  Between March 7, 2022, and March 6, 2023, the Federal Reserve increased the federal funds rate by nearly 4.5 percentage points. 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