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Report
Maximum employment: what we know (and don’t know) about the labor market
Developing issues in the labor market are clouding the outlook for both the unemployment rate and the natural rate of unemployment over the next few years. Both rates at their current levels clearly argue for providing an accommodative monetary policy, as long as inflation remains consistent with the Federal Open Market Committee?s price stability objective. ; During the next few years, I expect that our economy will continue to grow, that unemployment will decline, and that inflation will average about 2 percent. Monetary policy will need to be adjusted in response to incoming data that may ...
Report
Putting systemic risk on the radar screen
As the nation ponders its response to the greatest financial crisis in generations, plans for regulatory reform are everywhere. Proposals to break up big financial companies, create a new agency for consumer protection, and lay out additional rules for derivatives, insurance companies, and hedge funds?they?re all on the table.
Report
Governments and money
A discussion of the history of attempts to protect the purchasing power of money, which contends that fostering competition among currencies may be the best way to generate economic growth through price stability.
Report
Innovation, growth, and economic policy in an environment of change
In this report, we explore innovation as the engine of economic prosperity and argue that the greatest strength we possess is our ability to induce and embrace change, from the integration of new technologies to new peoples and cultures. Indeed, if we hope to remain an ongoing, vital player in the global economy, flexibility is likely to be our most valuable asset.
Report
A puzzle for the world
An analysis of the strength of the U.S. dollar in 1984 and imbalances in U.S. international transactions.
Report
Understanding the persistence of poverty
Millions of U.S. citizens continue to live in poverty within one of the wealthiest and most productive nations in the world. The Federal Reserve Bank of Cleveland's 2006 Annual Report reviews some of the reasons for the persistence of poverty in America and suggests that better education and training may be the best defense against poverty.
Report
Breaking the housing crisis cycle
A plan for breaking the housing crisis cycle is emerging from the epicenter of the nation?s foreclosure meltdown. In its just-released annual report, the Federal Reserve Bank of Cleveland is calling for a multi-faceted approach that aims to address the interconnected problems that have led to too many Americans losing their homes and too many neighborhoods falling into disrepair.
Report
Central banks and crisis management
As 2007 began, historians prepared to reflect on several anniversaries of financial turmoil. It had been 10 years since the East Asian crisis, 20 years since the Black Monday stock market crash, 100 years since the Panic of 1907, and 150 years since the Hamburg financial crisis of 1857. Not many, however, could have predicted that 2007 would write its own chapter in history with the subprime mortgage meltdown.
Report
Deflation
The Great Depression and Japan's more recent experience convinced some central bankers that deflation is dangerous. This report, however, argues that deflation is an acceptable economic outcome if it is occasional, small in magnitude, and accompanied by strong productivity growth. They analyze the economic impact of deflation and conclude that while the zero, or very low, nominal interest rates that often accompany deflation can cause problems, many of the problems attributed to deflation are not unique to falling prices per se. Some business people mistakenly fear deflation when the real ...