Fed Challenge Research

Fed Basics

For a good understanding of what the Federal Reserve is and what it does, visit the Federal Reserve Education website. There you will find an overview of the Federal Reserve’s history, structure and responsibilities including monetary policy, regulatory functions, and services provided to depository institutions.

The Federal Reserve Bank of St. Louis has put together an online presentation, "In Plain English: Making Sense of the Federal Reserve." It provides an excellent overview depicting the entities and responsibilities of the Federal Reserve System. In addition, the Federal Reserve Today, a booklet developed by the Federal Reserve Bank of Richmond, provides a detailed explanation of the functions, objectives and organization of the Federal Reserve System.

The Federal Reserve Bank of Philadelphia has a publication describing a Federal Open Market Committee (FOMC) meeting, called "A Day in the Life of the FOMC." Former governor Lawrence Meyer gave a first-hand account of the meetings in his speech entitled “Come with Me to the FOMC”. Additionally, try "U.S. Monetary Policy: An Introduction" by the Federal Reserve Bank of San Francisco.

The Federal Reserve Independence installment of the Federal Reserve Bank of Cleveland’s Drawing Board video series provides an overview of the Federal Reserve System while discussing the importance of an independent Fed.

The Federal Reserve Bank of New York also provides an FOMC Simulation for the classroom.

Economic Indicators / Market Data

Economic Indicators "By the Numbers" -- Definitions, importance to the Fed
Advance Report on Durable Goods Shipments, New Orders, and Unfilled Orders - Data on shipments, new orders, and unfilled orders, expressed in current dollars
Beige Book - Anecdotal information on current economic conditions by region
Bureau of Economic Analysis -- National, international and regional economic data provided by the U.S. Department of Commerce
Bureau of Labor Statistics, Economy at a Glance -- Graphs and numbers for consumer and producer prices, employment, unemployment, and productivity
Business Sales and Inventories -- Total current-dollar sales and inventories for the manufacturing, wholesale, and retail sectors of the economy
Composite Index of Leading Indicators -- A barometer of economic activity over three to six months
The Conference Board Business Cycle Indicators -- Economic indicators that are useful in determining current conditions and predicting the future direction of the economy
Consumer Confidence -- The level of confidence individual households have in the performance of the economy
Consumer Credit -- Loans to households for financing consumer purchases of goods and services and for refinancing existing consumer debt
Consumer Price Index (CPI) -- An index designed to measure the change in price of a fixed market basket of goods and services
Employment Cost Index -- Changes in labor costs of money wages and salaries and noncash fringe benefits in nonfarm private industry and state and local government for workers at all levels of responsibility
FedStats -- Gateway to statistics from over 100 Federal agencies
FRED2 -- Database of more than 800 U.S. economic time series maintained by the Federal Reserve Bank of St. Louis
Housing Starts -- An estimate of the number of housing units on which construction was started
Import and Export Prices -- Measures the change in prices of U.S. imports and exports
Industrial Production/Capacity Utilization -- An index designed to measure changes in the level of output in the industrial sector of the economy
Light -Weight Vehicle Sales -- Total unit sales and leases of domestic and imported new automobiles and light-weight trucks
M2 -- One measure of the nation's supply of money, defined as M1 (currency in circulation, demand deposits, travelers' checks, and other checkable deposits) plus noninstitutional money market funds and small time and savings deposits
National Economic Indicators -- Charts complied by the Federal Reserve Bank of New York
Nonfarm Payroll Employment -- An estimate of the number of payroll jobs at all nonfarm business establishments and government agencies
Real Gross Domestic Product (GDP) -- The total value of goods and services produced within the Borders of the United States
Retail Sales -- An estimate of the total sales of goods by all U.S. retail establishments
State of the Nation on Stat-USA -- A comprehensive source for U.S. economic indicators and related press releases
Statistical Abstract of the U.S. -- A collection of statistics on social and economic conditions in the United States
Summary of National Economic Data -- Twenty-five tables and related charts on U.S. economic activity, updated weekly by the Federal Reserve Bank of Boston
U.S. Census Bureau -- Online access to census data, publications, products, and programs
U.S. Economic Data -- Charts on the U.S. economy, updated weekly by the Federal Reserve Bank of Dallas
Yield on 10-Year Treasury Bond -- The current market interest rate or yield on U.S. Treasury bonds maturing 10 years in the future

Publications

The Federal Reserve System: Purposes and Functions (Ch. 2 & 3) -- Official guide to monetary policy
Federal Reserve Publications Catalog -- Comprehensive listing
Fed Ed -- Links to various Federal Reserve education resources
Reports to Congress -- Regular and special reports by Federal Reserve members to Congress
The Fed in Print -- A searchable index to Federal Reserve economic research
Monetary Policy Page -- Articles, speeches, and other resources on monetary policy compiled by the Federal Reserve Bank of Minneapolis
Resources for Economists on the Internet -- Dictionaries, glossaries, and encyclopedias provided by the American Economic Association