turn, uses private - sector data on construction starts to build the sampling frame for its construction survey. the data sources for industrial production and capacity utilization can be found at board of governors of the federal reserve system ( 2024 ), “ industrial production and capacity utilization - g. 17, ” webpage, https : / / www. federalreserve. gov / releases / g17 / about. htm. the data sources for consumer credit can be found at board of governors of the federal reserve system ( 2022 ), “ consumer credit - g. 19, ” webpage, https : / / www. federalreserve. gov / releases / g19 / about. htm. - 11 staff and relies on new business applications for employer identification numbers, or eins. 12 during the early months of the pandemic, weekly data from the bfs provided a timely indicator of the initial decline in economic activity, and then later the figures likewise documented the rebound. 13 another measurement invention was created during the early months of the pandemic : the census bureau ’ s high - frequency “ pulse ” surveys — one each for households and businesses. those surveys leveraged existing census bureau resources to provide quick - turnaround information about the rapidly evolving health and economic situations. 14 the household pulse survey was rapidly developed shortly after the pandemic struck the u. s., with participation from a broad set of government agencies. 15 the survey provides a range of economic information about americans, including the pandemic - induced jump in remote work. the survey has adapted over time as the health and economic situations have evolved, incorporating questions about vaccination, access to infant formula during a product shortage, inflation, and other issues. the small business pulse survey provided timely information about employment, revenue, financial conditions, and expectations for future growth, survival, and needs in the highly see kimberly bayard, emin dinlersoz, timothy dunne, john haltiwanger, javier miranda, and john stevens ( 2018 ), “ early - stage business formation : an analysis of applications for employer identification numbers, ” nber working paper series 24364 ( cambridge, mass. : national bureau of economic research, march ), https : / / www. nber. org / papers / w24364. see the box “ small businesses during the covid - 19 crisis ” in board of governors of the federal reserve system ( 2020 ), monetary policy report ( washington :

##b forum on central banking, may 2014. 3 coibion, o., gorodnichenko, y. and wieland, j. “ the optimal inflation rate in new keynesian models : should central banks raise their inflation targets in light of the zero lower bound? ”, the review of economic studies, volume 79, issue 4, 1 october 2012, pp. 1371 – 1406. 8 / 9 bis central bankers'speeches 4 see, for example, borio, c. and zhu, h. ( 2008 ), “ capital regulation, risk - taking and monetary policy : a missing link in the transmission mechanism? ”, bis working papers, no 268, bis, and adrian, t. and shin, h. - s. ( 2010 ), “ liquidity and leverage ”, journal of financial intermediation, vol. 19, pp. 418 – 437. 5 see, for example, bekaert, g., hoerova, m. and lo duca, m. ( 2013 ), “ risk, uncertainty and monetary policy ”, journal of monetary economics, vol. 60, issue 7, pp. 771 – 788, and heider, f., saidi, f. and schepens, g. ( 2017 ), “ life below zero : bank lending under negative policy rates ”, mimeo, available on ssrn. 6 see maddaloni, a. and peydro, j. - l. ( 2011 ), “ bank risk - taking, securitization, supervision, and low interest rates : evidence from the euro area and u. s. lending standards ”, review of financial studies, vol. 24, issue 6, pp. 2121 – 65 and jimenez, g., ongena, s., peydro, j. - l. and saurina, j. ( 2014 ), “ hazardous times for monetary policy : what do twenty - three million bank loans say about the effects of monetary policy on credit risktaking? ”, econometrica, vol. 82, issue 2, pp. 463 – 505. 7 igan, d. and kang, h. ( 2011 ), “ do loan - to - value and debt - to - income limits work? evidence from korea ”, imf working paper, imf. 8 acemoglu, d., johnson, s. and robinson,