Nicolas Petrosky-Nadeau

Vice President for Macroeconomic Research

Federal Reserve Bank of San Francisco

I lead the macroeconomic research group at the Federal Reserve Bank of San Francisco, where I advise the Bank President on monetary policy for FOMC meetings. My research focuses on labor market dynamics using search and matching models, with publications in leading journals.

Research Interests

Macroeconomic labor markets, search and matching models, unemployment dynamics, job vacancies, wage determination, business cycle fluctuations, product market frictions, credit market frictions, monetary policy implications

Recent Work

Stacked bar chart showing employment growth concentration in education and health services

Economic Note 2026-01

One Sector Carries the Labor Market

Education and health services are essentially carrying the entire labor market while most other major sectors contract or stagnate.

AEJ: Macroeconomics January 2026

Published Paper

From Deviations to Shortfalls: The Effects of the FOMC's New Employment Objective

Brent Bundick, Nicolas Petrosky-Nadeau

Labor Market Insights

Trends in Women’s LFPR — Canada and the US

Women’s labor force participation in the US and Canada tracked closely until 2000, then diverged sharply. Post-pandemic, the US has surged to a record 78.5%.

View all videos →