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The Research & Statistics Group is comprised of the following three functions: Research, Data and Statistics, and Group Shared Services.
Research
Economists in Research contribute to the Bank’s work and support the formulation and execution of policy in the areas of monetary policy, regional and household activity, banking supervision, payments systems, and financial markets. They also conduct and publish independent research that shapes professional thinking about issues central to the Federal Reserve as well as economics more broadly. The core areas of focus for research economists are:
- Economists in Capital Markets conduct research on asset pricing, financial intermediation, and market microstructure, and on the interactions between financial markets, financial institutions, and the macroeconomy. They also support the formulation and implementation of monetary policy and the monitoring of financial markets and financial stability.
- Researchers in Financial Intermediation focus on bank and non-bank financial institutions. Topics of study include the evolving activities of these institutions; their interconnections; their supervisory and regulatory framework; their role in the conduct of monetary policy; their role for the macroeconomy, both domestically and globally; and risks to financial stability.
- Economists in International Studies provide policy-relevant analysis and research on a variety of topics at the intersection of international macroeconomics, trade, spatial economics, and international finance. In addition, they support the Bank’s internal forecast process by analyzing the international economic outlook and its impact on U.S. net exports and trade.
- Labor and Product Markets analyzes a range of micro-founded macroeconomic topics. With respect to the labor market, areas of focus include cyclical developments and long-term trends in unemployment, employment, labor force participation, and wage growth. For product markets, areas of interest include productivity growth, firm dynamics, consumption, import competition, and wage/price inflation.
- Researchers in Macroeconomic and Monetary Studies produce high-quality analysis to advance understanding of the macroeconomy and to support the design and implementation of monetary policy. Topics studied include the determinants of the natural rate of interest, the dynamics of inflation, the role of heterogeneity in macro models, and the distributional effects of monetary policy.
- Researchers in Microeconomics study the behavior of consumers, households, and firms, heterogeneities in economic outcomes, and the economics of cities and regions including the Second Federal Reserve District. Through the Center for Microeconomic Data, economists collect and analyze a wide array of microdata for research and policy purposes.
- Economists in Money and Payments Studies conduct theoretical and empirical research on money markets and the institutions active in these markets—mainly banks, money market funds, and government-sponsored enterprises—as well as on monetary policy implementation, payment and settlement systems, financial system architecture, and emerging issues at the intersection of technology and finance.
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Data and Statistics
The Data and Statistics Function manages the collection of financial and bank structure data from domestic and foreign depository institutions, capital market participants, and bank holding companies. These data are used regularly in the implementation of monetary and foreign exchange policy, the construction of the monetary aggregates, bank supervision and compliance monitoring, and the monitoring of domestic and international markets. Data and Statistics is also responsible for driving the Bank's strategy on data, elevating the capacity for connecting and synthesizing the increasing number and scale of disparate and complex informational sources, and creating insightful analysis and policy work. It also provides advisory services on data quality and analytics.
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Group Shared Services
Group Shared Services supports both Research and Data and Statistics. Its responsibilities include:
- Technology and business support for the Research & Statistics Group, and research and information services for the Bank.
- The editing, design, and production of all publications for the Research & Statistics Group.
- Special editorial and design assignments for other areas of the Bank.
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