Search Results
How Recessions Impact Household Net Worth
Recouping net worth lost during three recessions proved uneven for those with the least wealth.
Speech
A Different Kind of Recession
Remarks at the Institute of International Finance: Central Banking in the Age of COVID-19 Summit (delivered via videoconference).
Speech
The Economy’s Outlook, Challenges, and Way Forward
Recent economic data have been encouraging, but President Rosengren believes the most difficult part of the recovery is still ahead of us. A full recovery probably requires the availability of vaccines and more effective treatments for the virus because until then, many businesses and households are unlikely to return to more normal spending habits. While he anticipates a slowly improving economy, economic activity still faces serious headwinds. Potential financial impediments and challenges in the labor market make the recovery process more gradual than any of us would prefer. Improvement in ...
Speech
The Economic Recovery: Are We There Yet?
Remarks at Women in Housing and Finance 2021 Annual Symposium (delivered via videoconference).
Speech
A New York Moment
Remarks at The Future of New York City: Charting an Equitable Recovery for All, Federal Reserve Bank of New York, New York City.
Speech
Financial Stability Factors and the Severity of the Current Recession [UBS European Virtual Conference]
Economic shocks happen, but the severity of the consequences depends on how fragile, or susceptible to financial instability, the economy was prior to the shock. In the U.S., excessive risk-taking behavior prior to COVID-19 is likely to delay the recovery, even though the initial response by fiscal and monetary policymakers was a prompt and substantial mitigant.
Speech
The Economy’s Outlook, Challenges, and Way Forward
President Rosengren’s comments were delivered at the Massachusetts Bankers Association’s New England Conference, and were based on a speech he delivered on September 23, 2020 to the Boston Economic Club.
Discussion Paper
How Have the Euro Area and U.S. Labor Market Recoveries Differed?
The initial phase of the pandemic saw the euro area and U.S unemployment rates behave quite differently, with the rate for the United States rising much more dramatically than the euro area rate. Two years on, the rates for both regions are back near pre-pandemic levels. A key difference, though, is that U.S. employment levels were down by 3.0 million jobs in 2021:Q4 relative to pre-pandemic levels, while the number of euro area jobs was up 600,000. A look at employment by industry shows that both regions had large shortfalls in the accommodation and food services industries, as expected. A ...
Discussion Paper
Will Capital Flows through Global Banks Support Economic Recovery?
While policymakers around the world have aggressively and swiftly reacted to the common negative economic shock from COVID-19, the timing and forms of policy responses in the economic recovery stage may be more geographically differentiated. The range in policy responses, along with variations in the financial health of banks, likely will affect the flow of international credit through global banks. In this post, we ask whether, based on historical precedent, global banks are likely to provide additional support to the economic recovery in the locations they serve.
Speech
The Economy in the Time of Coronavirus
Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference).