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First Quarter 2021

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Posted 2021-01-14

FRED-QD: A Quarterly Database for Macroeconomic Research

by Michael W. McCracken and Serena Ng

In this article, we present and describe FRED-QD, a large, quarterly frequency macroeconomic database that is currently available and regularly updated at The data provided are closely modeled to that used in Stock and Watson (2012a).

Posted 2021-01-14

A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54

by Sriya Anbil, Mark A. Carlson, Christopher Hanes, and David C. Wheelock

This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate from April 1928 through June 1954. 

Posted 2021-01-14

Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation

by Kevin L. Kliesen and David C. Wheelock

In October 1979, Federal Reserve Chairman Paul Volcker persuaded his Federal Open Market Com­mittee (FOMC) colleagues to adopt a new policy framework that (i) accepted responsibility for controlling inflation and (ii) implemented new operating procedures to control the growth of monetary aggregates in an effort to restore price stability. These moves were strongly supported by monetarist-­oriented economists, including the leadership and staff of the Federal Reserve Bank of St. Louis.

Posted 2021-01-14

Financial Shocks or Productivity Slowdown: Contrasting the Great Recession and Recovery in the United States and United Kingdom

by Kieran Larkin

This article contrasts the experiences of the United States and United Kingdom during and after the Great Recession to understand the role of financial shocks in the magnitude of the crises and length of the recoveries. It starts from the common consensus that the Great Recession first and foremost was a financial crisis.