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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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We work to support a safe and sound financial system and foster an efficient and accessible payments system.
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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We share research, data and resources and regularly engage regional leaders and policymakers to understand and address community‑specific economic issues.
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Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Working Papers

December 2012, No. 12-09R

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models (Revised September 2015)

Carlos Carvalho and Felipe F. Schwartzman

November 2012, No. 12-08R

Ad-valorem platform fees, indirect taxes and efficient price discrimination (Revised August 2016)

Zhu Wang and Julian Wright

November 2012, No. 12-07

Accounting for Unemployment: The Long and Short of It

Andreas Hornstein

October 2012, No. 12-06

The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage

James McAndrews and Zhu Wang

August 2012, No. 12-05

Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks

Huberto M. Ennis and Alexander L. Wolman

June 2012, No. 12-04

Accounting for Unemployment in the Great Recession: Nonparticipation Matters

Marianna Kudlyak and Felipe F. Schwartzman

April 2012, No. 12-03R

Systematic Job Search: New Evidence from Individual Job Application Data (Revised September 2014)

Marianna Kudlyak, Damba Lkhagvasuren and Roman Sysuyev

April 2012, No. 12-02

Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts

Luca Benati and Thomas A. Lubik

March 2012, No. 12-01

Fiscal Rules and the Sovereign Default Premium

Juan Carlos Hatchondo, Leonardo Martinez and Francisco Roch

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