2021 • 21–7
Breaking the Implicit Contract: Using Pension Freezes to Study Lifetime Labor Supply
by Dhiren Patki
As part of the nation’s central bank, the Boston Fed shares responsibility for carrying out the Federal Reserve’s dual mandate—to promote price stability and maximize employment. The Research Department plays a key role in carrying out this mission by conducting original, empirical research, briefing the Bank President on our findings in preparation for his participation in FOMC deliberations and other monetary and economic policy discussions, providing analysis to our Board of Directors in support of their primary credit rate recommendations to the Board of Governors, and conducting periodic interviews with regional businesses to collect anecdotal information for the Beige Book.
We also aim to influence public policy decisions by participating in academic debates at conferences and through other scholarly outlets such as peer-reviewed journals. Our staff of economists, policy and data analysts, research assistants, computing technicians, editors, librarians and administrative specialists work together to achieve these goals