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Program Directors

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Emi Nakamura is a Chancellor’s Professor of Economics at the University of California, Berkeley. Her research interests center on monetary and fiscal policy, macroeconomic measurement, and the determinants of business cycles. She has been an NBER affiliate since 2007.

Jon Steinsson Profile.jpg

Jón Steinsson is a Chancellor’s Professor of Economics at the University of California, Berkeley. His research interests include price rigidity, the effects of monetary and fiscal policies on economic activity, and monetary policy design. He has been an NBER affiliate since 2007.

Featured Program Content

This figure is a line graph titled, Impact of Money and Oil Shocks on PCE Inflation. The y-axis is labeled, Log change in PCE. It ranges from negative 0.30 to positive 0.30 percent. It increases in increments of 0.10.  The x-axis is labeled, months, and ranges from 0 to 50, increasing in increments of 5.  There are two lines, one labeled Unexpected oil price increase and the other, Unexpected money supply contraction. Each line has shading around it, representing the 95 percent confidence intervals.  The un
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US inflation was relatively low and stable for three decades beginning in the 1990s. In sharp contrast, it has been relatively high since 2021. Many...
The Fed’s Monetary Tightening and the Risk Levels of US Banks image
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  Between March 7, 2022, and March 6, 2023, the Federal Reserve increased the federal funds rate by nearly 4.5 percentage points. This led to a $2.2...
Estimating the Macroeconomic Impacts of Fed Policies
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How monetary policy actions affect the trajectory of the macroeconomy is a key question for central bankers and macroeconomists. Researchers face formidable...
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