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Series:Speech  Bank:Federal Reserve Bank of Boston 

Addressing the Economic Effects of the COVID-19 Pandemic

Today, we’re witnessing the pandemic’s stark effects on public health. Meanwhile, the necessary response – social distancing – has stilled our strong economy, disrupting countless lives and livelihoods. It’s also been distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full-blown financial crisis. Traditional economic models are challenged by this unique situation. To me, the most important factors are how well we avoid financial spillovers, and how effective the fiscal stimulus is, as well as the progression of COVID-19 infections. ...

Observations on Monetary Policy and the Zero Lower Bound: Remarks for a Panel Discussion at the 2020 Spring Meeting of the Shadow Open Market Committee: “Current Monetary Policy: The Influence of Marvin Goodfriend”

I would like to thank the organizers of this conference for inviting me to participate on this panel – and more broadly for organizing a conference examining many of the challenges policymakers have faced over the past 20 years. As many of you know, these were challenges that Marvin Goodfriend anticipated, well before the Great Recession forced policymakers to confront them. Specifically, our panel topic – monetary policy and the zero lower bound – is one that Marvin devoted a good deal of thought to. And as I’ll touch on today, his emphasis on this topic proved prescient.

The Main Street Lending Program and Other Federal Reserve Actions

Today I’ll focus on two of the Federal Reserve’s lending programs being run by the Boston Fed: the Money Market Mutual Fund Liquidity Facility and the Main Street Lending Program.

An Update on the Economy and the Main Street Lending Program

Today I would like to speak with you about the pandemic, its effects on the economy, the implications for Federal Reserve policymaking, and some of the steps that the Fed is taking to address the crisis and mitigate its financial impact on American households and businesses.

The Main Street Lending Program and Other Federal Reserve Actions

The economy has suffered a truly severe shock from the COVID-19 public health crisis. The unemployment rate has risen very significantly in response to necessary shutdowns intending to limit the health impact of the pandemic. However, even when businesses are free to open, many may face diminished demand until customers once again feel secure leaving their homes, which underlines that public health is at the root of this crisis and its solutions.

The economic outlook

In a speech in Hartford, Boston Fed President Eric Rosengren said that despite recent improvements in economic conditions, "we remain far from where we need to be."
Speech , Paper 80

Exploring the economy’s recent progress, and the implications for policy: remarks at the Lake Champlain Regional Chamber of Commerce and the Central Vermont Chamber of Commerce, South Burlington, Vermont, May 10, 2017

Speaking in Vermont, Boston Fed President Eric Rosengren said he expects the economy to remain on solid footing, and said conditions justify continuing a gradual increase in the federal funds rate and also beginning to reduce gradually the assets on the Federal Reserve's balance sheet.
Speech , Paper 119

Lessons from the U.S. experience with quantitative easing

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, to The Peterson Institute for International Economics and Moody's Investors Service's 8th Joint Event on Sovereign Risk and Macroeconomics, Frankfurt, Germany, February 5, 2015.
Speech , Paper 94

The U. S. economy: an optimistic outlook, but with some important risks: remarks at the Greater Boston Chamber of Commerce Economic Outlook Breakfast, Boston, Massachusetts, April 13, 2018

Boston Fed President Eric Rosengren said that his own economic forecast and the forecasts of his colleagues on the Fed's policy committee are "quite positive" ? citing fairly strong economic growth, job creation, falling unemployment, and inflation rising close to the Federal Reserve's 2 percent target. But Rosengren detailed both short-run and longer-run risks to that positive outlook.
Speech , Paper 131

Reviewing monetary policy frameworks: remarks at a Forum on the Federal Reserve’s Inflation Target, the Hutchins Center on Fiscal and Monetary Policy, the Brookings Institution, Washington, D.C., January 8, 2018

Eric Rosengren's panel remarks were delivered at The Brookings Institute event, ?Should the Fed stick with the 2 percent inflation target or rethink it??
Speech , Paper 125




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