We study how international linkages and nominal price rigidities jointly shape the dynamics of inflation and output across multiple large economies.

In this paper, we aim to provide insights into two main questions: First, which firms set up plants in which locations? Second, what determine the scale and location of production? Answering these questions requires us to think about plants and firms as distinct, albeit related, economic entities.

To study the allocation of workers across cities, we propose and quantify a spatial equilibrium model with multiple industries that employ CNR and alternative (non-CNR) occupations.

In this paper, we show that variations in the discount factor estimated using inventories correlate well with established independent measures of credit market frictions.

We study the impact of intersectoral and interregional trade linkages in propagating disaggregated productivity changes to the rest of the economy.

We analyze the problem of optimal public investment when government purchases of productive capital assets are financed through income taxes.

The contributions of various sectors to aggregate productivity growth have shifted significantly since World War II.

Technology improvements may not matter as much as the age and experience of the workforce.

How has the economy navigated previous rate cycles, and how do they compare to the current one?

The current cycle appears to be unique in how inflation has moved during this most recent series of rate hikes.

Many models and surveys on inflation expectations exist to help answer this question. In this Economic Brief, we explore the accuracy of these measures of inflation expectations and what information can be obtained from them.

Seemingly small international trade linkages can lead to substantial spillovers across countries, helping explain global comovement in GDP growth and inflation across countries.

Persistence in inflation depends on the time period studied.

In this essay, we describe Marvin Goodfriend's Industrial Development model and ponder its lessons for contemporary policy discussions.

The rebound in employment from pandemic lows varied considerably across regions and sectors.

Since 1980, survey forecasts have been modestly and consistently higher on average than the forecasts derived from a signal extraction model.

Real business cycle (RBC) models have been highly successful at explaining business cycles that occurred before 1984. But since then, shifts in comovements and relative volatilities of key economic aggregates have challenged their preeminence.

Several recent research efforts have found that stimulative fiscal policy — government spending or tax cuts — can have unusual effects when nominal interest rates are as low as they are today. In particular, some studies have found that the government spending "multiplier" can be much larger at the zero lower bound.

This article outlines a semiparametric method to construct the land price surface given a large set of residential property sales, and investigates properties of this surface in Richmond, Virginia, and three surrounding counties.

Rapidly expanding urban populations have pushed out cities' geographic reach in recent years, leading to rising population densities in previously rural areas.