Press Releases

Economic Brief

March 2, 2017

Essay Explores Asymmetric Effects of Monetary Policy

Economic research has demonstrated that the Fed’s ability to slow down the economy through contractionary policy is greater than its ability to stimulate the economy through expansionary policy. The Richmond Fed’s latest Economic Brief supports this finding and further suggests that the asymmetry between these effects on the unemployment rate is greater than previous research has indicated.

The Richmond Fed’s Economic Brief series provides web-exclusive essays on current economic issues and trends. Sign up to receive an email notification when a new essay is posted.


As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District—including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia—to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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Laura Fortunato
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