Search Results
Journal Article
Forecasting growth over the next year with a business cycle index
The current economic recovery is proceeding at a tepid pace despite massive federal fiscal stimulus and extremely low interest rates. Forecasts derived from business cycle indicators produced by the Chicago and Philadelphia Federal Reserve Banks predict that real U.S. GDP growth through the first half of 2011 will remain at or below potential. If these forecasts prove accurate, then the historical relationship between real GDP growth and the labor market suggests that the unemployment rate could rise by as much as 0.5 percentage point during this period.
Working Paper
The market-perceived monetary policy rule
We introduce a novel method for estimating a monetary policy rule using macroeconomic news. Market forecasts of both economic conditions and monetary policy are affected by news, and our estimation links the two effects. This enables us to estimate directly the policy rule agents use to form their expectations, and in so doing flexibly capture the particular dynamics of policy response. We find evidence that between 1994 and 2007 the market-perceived Federal Reserve policy rule changed: the output response vanished, and the inflation response path became more gradual but larger in long-run ...
Speech
The uncertain economic outlook and the policy responses
Presentation to the Forecasters Club of New York, March 25, 2009
Speech
The economic outlook for 2009 and community banks
Presentation to the 128th Assembly for Bank Directors, Big Island, HI, February 6, 2009
Speech
Outlook for the U.S. economy and community banks
Presentation to the Oregon Bankers Association Annual Convention with the Idaho Bankers Association, Coeur d?Alene, Idaho, July 28, 2009
Speech
Perspectives on the economic outlook and monetary policy, a speech delivered at at Xavier University in Cincinnati, Ohio on May 11, 2011
In a speech at Xavier University in Cincinnati, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed why the economic outlook is so important to the monetary policymaking process and what goes into economic forecasting. She also shared her economic outlook.
Speech
Sailing into headwinds: the uncertain outlook for the U.S. economy
Presentation to Joint Meeting of the San Francisco and Salt Lake City Branch Boards of Directors. Closing Luncheon. Salt Lake City, UT, September 8, 2010
Speech
The Federal Reserve and the economic recovery
Presentation to the Bishop Ranch Forum, San Ramon, California, February 8, 2012 ; President Williams presented similar remarks to The Columbian?s 2012 Economic Forecast Breakfast in Vancouver, Washington, on January 10, 2012.