System Analytical Work
At five Federal Open Market Committee (FOMC) meetings from January 2025 through July 2025, the FOMC discussed aspects of its monetary policy framework. These discussions were informed by analytical work by research staff across the Federal Reserve System and reported in the FOMC meeting minutes. Eleven memos were presented to the Committee in advance of their framework review discussions. Analysis from these memos is contained in the 10 FEDS (Finance and Economics Discussion Series) papers below, as well as a Fed Listens report (PDF). The FEDS Note article "A Roadmap for the Federal Reserve's 2025 Review of Its Monetary Policy Framework" introduces the analytical work and provides a brief description of each FEDS paper listed below.
FEDS Note: "A Roadmap for the Federal Reserve's 2025 Review of Its Monetary Policy Framework"
Sylvain Leduc, Federal Reserve Bank of San Francisco; Anna Paulson, Federal Reserve Bank of Philadelphia; Trevor Reeve, Federal Reserve Board; and Stacey Tevlin, Federal Reserve Board
FEDS Paper 2025-065: "The Origins, Structure, and Results of the Federal Reserve's 2019–20 Review of Its Monetary Policy Framework"
François Gourio, Federal Reserve Bank of Chicago; Benjamin K. Johannsen, Federal Reserve Board; and David López-Salido, Federal Reserve Board
FEDS Paper 2025-066: "Reviews of Foreign Central Banks' Monetary Policy Frameworks: Approaches, Issues, and Outcomes"
Grey Gordon, Federal Reserve Bank of Richmond; Julio Ortiz, Federal Reserve Board; Benjamin Silk contributed to this project while employed by the Federal Reserve Board
FEDS Paper 2025-067: "Assessing Maximum Employment"
Christopher Foote, Federal Reserve Bank of Boston; Shigeru Fujita, Federal Reserve Bank of Philadelphia; Amanda Michaud, Federal Reserve Bank of Minneapolis; and Joshua Montes, Federal Reserve Board
FEDS Paper 2025-068: "Labor Market Dynamics, Monetary Policy Tradeoffs, and a Shortfalls Approach to Pursuing Maximum Employment"
Brent Bundick, Federal Reserve Bank of Kansas City; Isabel Cairó, Federal Reserve Board; and Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco
FEDS Paper 2025-069: "Retrospective on the Federal Reserve Board Staff’s Inflation Forecast Errors since 2019"
Ekaterina Peneva, Federal Reserve Board; Jeremy Rudd, Federal Reserve Board; and Daniel Villar, Federal Reserve Board
FEDS Paper 2025-070: "Inflation since the Pandemic: Lessons and Challenges"
Ina Hajdini, Federal Reserve Bank of Cleveland; Adam Shapiro, Federal Reserve Bank of San Francisco; A. Lee Smith, Federal Reserve Bank of Kansas City; and Daniel Villar, Federal Reserve Board
FEDS Paper 2025-071: "Pandemic and War Inflation: Lessons from the International Experience"
Anna Lipińska, Federal Reserve Board; Enrique Martínez García, Federal Reserve Bank of Dallas; and Felipe Schwartzman, Federal Reserve Bank of Richmond
FEDS Paper 2025-072: "Implications of Inflation Dynamics for Monetary Policy Strategies"
Hess Chung, Federal Reserve Board; Callum Jones, Federal Reserve Board; Antoine Lepetit, Federal Reserve Board; and Fernando M. Martin, Federal Reserve Bank of St. Louis
FEDS Paper 2025-073: "Accounting for Uncertainty and Risks in Monetary Policy"
Michael Bauer, Federal Reserve Bank of San Francisco; Travis Berge, Federal Reserve Board; Giuseppe Fiori, Federal Reserve Board; Francesca Loria, Federal Reserve Board; and Molin Zhong, Federal Reserve Board
FEDS Paper 2025-074: "Monetary Policy, Uncertainty, and Communications"
Vaishali Garga, Federal Reserve Bank of Boston; Edward Herbst, Federal Reserve Board; Alisdair McKay, Federal Reserve Bank of Minneapolis; Giovanni Nicolò, Federal Reserve Board; and Matthias Paustian, Federal Reserve Board