Search Results
Discussion Paper
The COVID-19 Pandemic and the Fifth District Economy
As the COVID-19 pandemic spreads across the country, Americans are taking measures to distance themselves from their communities, both voluntarily and by mandate. What measures have Fifth District jurisdictions taken and what might this mean for the Fifth District economy?
Journal Article
Understanding Hawks and Doves
How do hawks and doves on the Federal Open Market Committee differ in their views of appropriate monetary policy and their related projections for inflation and unemployment? We find that hawks project higher inflation despite building tighter policy paths into their projections. Doves project lower inflation despite having easier policy paths, although their projections are somewhat closer to the median. In addition, hawks see a steeper inflation-unemployment tradeoff than doves up to a one-year horizon.
Speech
Unrealized gains: investing in our region's economic and human capital potential
President Patrick T. Harker discusses investing in our region?s economic and human capital potential at Capital for Communities: Pay for Success Financing, a conference hosted by the Philadelphia Fed's Community Development Studies & Education Department.
Newsletter
Economic Outlook Symposium: Summary of 2018 Results and 2019 Forecasts
According to participants in the Chicago Fed?s annual Economic Outlook Symposium (EOS), the U.S. economy is forecasted to grow at a pace somewhat above average in 2019, with inflation ticking down and the unemployment rate remaining low.
Speech
Views on the Economy and Monetary Policy Loretta J. Mester; The Economic Club of Pittsburgh, the World Affairs Council of Pittsburgh, CFA Society Pittsburgh, and the Pittsburgh Association for Financial Professionals, Pittsburgh, PA
My talk today also lets me explain my views on monetary policy. Congress has given the Fed its monetary policy goals of maximum employment and price stability. At the same time, Congress has also wisely granted the Fed independence in setting monetary policy in pursuit of those goals, meaning that policy decisions are insulated from short-run political considerations. But accountability must go hand in hand with that independence. I call this ?accountable independence.? In order for the public and Congress to have the information they need to hold the Fed accountable for monetary policy ...
Journal Article
Did quantitative easing work?
Did QE lower yields and stimulate the economy? What about risks? Weighing the evidence requires a bit of theory.
Speech
An Update on the U.S. Economy and Monetary Policy
In my remarks three years ago, I characterized 2019 as a year of transition for the economy and monetary policy. At that time, economic growth was expected to transition to a more sustainable pace after above-trend growth in 2018, and we were completing a monetary policy transition that had been underway for some time: a transition away from the emergency monetary policy settings needed in the wake of the Great Recession to more normal policy.Today, we are at the start of another monetary policy transition, this time away from the extraordinary accommodation that was necessary earlier in the ...
Speech
The new normal for the U.S. economy
President Patrick T. Harker gives opening remarks at the Bank?s 2015 Policy Forum: The New Normal for the U.S. Economy. He highlights how technology/innovation, social issues, and monetary policy all have important implications for policy over the long term. He also shares his own policy perspectives.