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.


The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.

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