In his first column, President Santomero talks about "New Beginnings" by introducing himself to the Business Review audience and by listing some of the challenges facing the Philadelphia metropolitan area and some options for dealing with them
Knowledge is power: the importance of economic education
As technological advances continue to expand the range of financial services available to consumers, money management becomes increasingly complicated. Helping consumers navigate this sea of financial products is important. When households are capable of building wealth, they are also capable of building more economically stable neighborhoods and communities. That's one reason economic education is vital to the future health of our nation's economy. In "Knowledge Is Power: The Importance of Economic Education" President Anthony Santomero outlines what the Federal Reserve is doing to ...
The market's evaluation of bank risk: a methodological approach
A farewell from President Santomero
President Anthony M. Santomero reflects on the economic challenges and changes during his tenure as president over the past six years and summarizes some of the Bank?s accomplishments.
Does bank regulation help customers?
The answer, says Federal Reserve Bank of Philadelphia President Anthony Santomero, is yes, no, and maybe. Yes, the government must absorb some of the risks inherent in the banking system in order to maintain the system's stability. No, regulations that ignore the self-interested reactions of both bankers and their customers will not serve those customers well. And maybe, bank regulations, in principle, can help if they increase competition or the flow of information. In practice, however, some regulations designed to improve the quality of information have met with mixed success. President ...
Monetary policy and inflation targeting in the United States.
Should monetary policymakers in the U.S. adopt explicit inflation targeting? After all, the Fed has steadily reduced inflation over the past 25 years without resorting to an explicit inflation target. But having achieved price stability, we must now deal with the matter of maintaining it. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting, which he first discussed in the spring of 2003. This time, he expands that discussion by proposing a specific inflation targeting program
Alternative monies and the demand for media of exchange
What monetary policy can and cannot do
President Santomero reviews both the areas of agreement and those open to debate and offers his perspective on them. He concludes with some thoughts about the implications for the conduct of monetary policy.
Forces shaping Philadelphia's future.
Does Philadelphia have what it takes to expand economic growth and attract more people? It's a challenge, says President Anthony Santomero in "Forces Shaping Philadelphia's Future." The city has many things to recommend it as a location. Nevertheless, it has faced some difficulties in cultivating a role in certain important segments of the economy, and the city's population has been declining. But good things are also happening. Ultimately, Philadelphia's success - and the success of the surrounding area - depends on the creativity and commitment of its civic and business leaders. If they ...
Preparing for the 21st century economy.
After 30 years of university teaching and almost five years as a Reserve Bank president, Anthony M. Santomero knows the importance of education to a well-functioning economy. In recent years, he has seen several broad, long-term trends emerge-trends that will undoubtedly shape our environment and our economic fortunes. In "Preparing for the 21st Century Economy," he talks about two trends he deems to be of particular importance. First is the steady increase in international trade that has spilled over from the second half of the 20th century into the new millennium. Second is the ...