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Author:Mester, Loretta J. 

Speech
Toward a More Inclusive Economy

It is clear that the adverse effects of the pandemic have not been evenly distributed. They have been borne by the most vulnerable in our economy: lower-income and minority workers and communities; those who do not have the opportunity to work from home; those who do not live in areas with reliable telecommunications and internet services or access to adequate healthcare; and the smaller of small businesses. Indeed, the results from a recent Fed survey show that between March and July, a larger percentage of low-income workers, less educated workers, and Black and Hispanic workers were laid ...
Speech

Journal Article
Was job quality “job one” in the tri-state region’s economic recovery?

Employment growth has been the most hesitant part of this recovery. Labor markets have been weaker for longer in this recovery than in the other postwar recoveries, even the so-called ?jobless recovery? of 1991-92, at least by some measures.
Research Rap Special Report , Issue Dec

Working Paper
Measuring the performance of banks: theory, practice, evidence, and some policy implications

The unique capital structure of commercial banking ? funding production with demandable debt that participates in the economy?s payments system ? affects various aspects of banking. It shapes banks? comparative advantage in providing financial products and services to informationally opaque customers, their ability to diversify credit and liquidity risk, and how they are regulated, including the need to obtain a charter to operate and explicit and implicit federal guarantees of bank liabilities to reduce the probability of bank runs. These aspects of banking affect a bank?s choice of risk vs. ...
Working Papers , Paper 13-31

Working Paper
Core measures of inflation as predictors of total inflation

Policymakers tend to focus on core inflation measures because they are thought to be better predictors of total inflation over time horizons of import to policymakers. The authors find little support for this assumption. While some measures of core inflation are less volatile than total inflation, core inflation is not necessarily the best predictor of total inflation. The relative forecasting performance of models using core inflation and those using only total inflation depends on the inflation measure and time horizon of the forecast. Unlike previous studies, the authors provide a measure ...
Working Papers , Paper 11-24

Speech
Perspectives on the Economic Outlook and Banking Supervision and Regulation; 2017-08-02; The Community Bankers Association of Ohio Annual Convention, Cincinnati, OH

Today, I enjoy the fruits of the strong relationship that has developed between Ohio bankers and the Cleveland Fed. The bankers who serve on our Community Depository Institutions Advisory Council (CDIAC) and on our board of directors generously provide me with their valuable insights into regional economic and banking conditions. As you all know, community banks play a vital role in the economic health of their communities, providing creditworthy businesses the wherewithal to prosper and households the ability to improve their financial standing and quality of life. Because of their important ...
Speech , Paper 85

Journal Article
The changing nature of the payments system: should new players mean new rules?

Traditional forms of payment, such as currency, coin, and paper checks, are quickly being eclipsed by electronic forms, such as payments made by ATM, credit card, or automated clearing house. More recently, smart cards, debit cards, and PC banking have joined this electronic army of new ways to make payments. A parallel development has been the entrance of many nonbank players into the payments arena. Nowadays, settlement and clearing can be done by entities that are not necessarily banks, the customary center of the U.S. payments system. As these new entrants grow in number and become more ...
Business Review , Issue Mar , Pages 3-26

Working Paper
Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance

SUPERSEDES WP16-15 We consider how size matters for banks in three size groups: banks with assets of less than $1 billion (small community banks), banks with assets between $1 billion and $10 billion (large community banks), and banks with assets between $10 billion and $50 billion (midsize banks). Community banks have potential advantages in relationship lending compared with large banks. However, increases in regulatory compliance and technological burdens may have disproportionately increased community banks? costs, raising concerns about small businesses? access to credit. Our evidence ...
Working Papers , Paper 18-11

Working Paper
Deposits and relationship lending

The authors empirically examine the hypothesis that access to deposits with inelastic rates (core deposits) permits a bank to make contractual agreements with borrowers that are infeasible if the bank must pay market rates for its funds. Access to core deposits insulates a bank's costs of funds from exogenous shocks, allowing the bank to insulate its borrowers against exogenous credit shocks. The authors find that, controlling for competitive conditions in loan markets, banks funded more heavily with core deposits provide more smoothing of loan rates in response to exogenous changes in ...
Working Papers , Paper 98-22

Working Paper
When does the prime rate change?

Working Papers , Paper 90-16

Speech
Comments on “Managing Disinflations” by Stephen G. Cecchetti, Michael E. Feroli, Peter Hooper, Frederic S. Mishkin, and Kermit L. Schoenholtz with Matthew Luzzetti and Justin Weidner

In the time I have, I will comment on three aspects of the paper: the empirical estimation of the Phillips curve, the role of inflation expectations, and the lessons for policymakers operating in an uncertain environment. The views I present will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.
Speech

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