Inflation and prices

• Monetary Policy Transmission amid Demand Reallocations

  Staff Working Paper 2024-42 Julien Bengui, Lu Han, Gaelan MacKenzie

  We analyze the transmission of monetary policy during different phases of a sectoral demand reallocation episode when there are frictions to increasing production in a sector. Monetary policy is more effective in reducing inflation when a larger proportion of sectors are expanding or expect to expand in the near future.

  Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components, Inflation and prices, Monetary policy transmission JEL Code(s): E, E1, E12, E2, E24, E3, E31, E5, E52

• Immigration and US Shelter Prices: The Role of Geographical and Immigrant Heterogeneity

  Staff Working Paper 2024-40 James Cabral, Walter Steingress

  The arrival of immigrants increases demand for housing and puts upward pressure on shelter prices. Using instrumental variables based on the ancestry composition of residents in US counties, we estimate the causal impact of immigration on local shelter prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Housing, Inflation and prices, International topics, Regional economic developments JEL Code(s): J, J6, J61, R, R2, R23, R3, R31

• Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US?

  Staff Working Paper 2024-38 Jing Cynthia Wu, Yinxi Xie, Ji Zhang

  We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Central bank research, Fiscal policy, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E6, E63