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Author:Mester, Loretta J. 

The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World

Good afternoon. I thank Ellen Zentner and the New York Association for Business Economics for the invitation to speak to you today. I believe that one of the important responsibilities of a Federal Reserve policymaker is to share his or her economic perspectives with the public. Congress has wisely given the Fed independence in making monetary policy decisions in pursuit of our statutory goals of price stability and maximum employment. I say "wisely" because a body of research and practical experience both here and abroad show that when central banks formulate monetary policy free from ...
Speech , Paper 69

The Nexus of Macroprudential Supervision, Monetary Policy, and Financial Stability

Good morning. I am very pleased to participate in this conference co-organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research. I want to thank Stephen Ong and Joe Haubrich from the Cleveland Fed and Mark Flood and Greg Feldberg from the OFR for putting together such an interesting program. I also thank the editors of the Journal of Financial Stability, which will be publishing a special volume of the journal with some of the papers from the conference. This is the second in what I hope is a series of conferences co-sponsored by the Cleveland Fed and the OFR. I ...
Speech , Paper 54

Payments and the Pandemic

It is a great pleasure being with you today as part of the 20th Anniversary Chicago Payments Symposium. Over the last two decades, this symposium has established itself as a valuable forum at which those interested in the payments system can gather to learn and share ideas. In recent years, the symposium has fostered important conversations between industry practitioners and policymakers. Those conversations have helped inform the Federal Reserve System’s initiative to improve and modernize the U.S. payments system. That work is ongoing and has reached important milestones this year, ...

Journal Article
What's the point of credit scoring?

Credit scoring is already widely used for consumer lending and is becoming more commonly used in mortgage lending. Now, small business lending is getting into the scoring act. What does this mean for the commercial loan industry? And will it benefit small businesses? In this article, Loretta Mester explains the basics of credit scoring, discusses some of the models used, and looks at some of the implications of the wider use of credit scoring.
Business Review , Issue Sep , Pages 3-16

Perspectives on the Economic Outlook and Monetary Policy. University of Pittsburgh Joseph M. Katz Graduate School of Business and Deloitte LLP, Pittsburgh, PA

Let me begin by thanking Dean Arjang Assad of the Katz Graduate School of Business and Dmitri Shiry of Deloitte for inviting me to speak with you this evening. Dmitri performs important public service as a member of the board of directors of the Cleveland Fed?s Pittsburgh Branch, and it just so happens that this building formerly housed our branch. The regional nature of the Federal Reserve has served the country well for more than 100 years. It allows monetary policy decisions to take into account the diversity of the American economy and its people and helps ensure that those decisions ...
Speech , Paper 97

Journal Article
Managing the recovery in uncertain times: a summary of the 2003 Philadelphia Fed Policy Forum.

Managing the recovery in uncertain times was the topic of our third annual Philadelphia Fed Policy Forum held on November 14, 2003. This event, sponsored by the Bank?s Research Department, brought together a group of highly respected academics, policymakers, and market economists, for discussion and debate about the effect of uncertainty on economic decision-making. Our hope is that the 2003 Policy Forum serves as a catalyst for both greater understanding and more research on policymaking in the face of uncertainty.
Business Review , Issue Q3 , Pages 44-53

Journal Article
Changes in the use of electronic means of payment: 1995-2007

This article updates the tables originally published in an article by Loretta Mester in the March/April 2000 Business Review and subsequently updated in the Second Quarter 2006 issue.
Business Review , Issue Q3 , Pages 29-37

Working Paper
Bank managers' objectives

Working Papers , Paper 94-8

What’s Ahead for the U.S. Economy and Monetary Policy?

Your theme, “Bouncing Back,” seems to sum things up very well, so I could probably end my talk right here. But it is probably better if I take a few moments to discuss my views on the shape of the bounce-back and the implications for monetary policy. Of course, these views will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.When we talk about the economy, it is important to remember that it is made up of households, businesses, including banks, and communities throughout the U.S. All have soldiered on through ...

The Federal Reserve and Monetary Policy Communications: The Tangri Lecture, Rutgers University, New Brunswick, NJ. 01/17/2018

This afternoon I will speak about the structure of the Federal Reserve System and the value of clear monetary policy communications. I?ll summarize some of the improvements the Fed has made to its communications, and then offer my recommendation for potential next steps. Of course, my remarks will reflect my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Speech , Paper 91


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