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Bank:Federal Reserve Bank of Cleveland 

Journal Article
Fighting home equity fraud and predatory lending: one community's solution

This special issue, CR Report, focuses on one community's efforts to fight home equity fraud and predatory lending.
Community Reinvestment Report , Issue Sum

Journal Article
Inventories and the business cycle: an overview

A review of research on the relationship between inventory investment and business cycle fluctuations, focusing on the developments of the last 15 years. A central issue in the literature, the relative importance of demand and supply shocks as sources of fluctuations, continues to be debated.
Economic Review , Issue Q III , Pages 11-22

Journal Article
Theories of loan commitments: a literature review

A loan commitment is an agreement by which a bank promises to lend to a customer at prespecified terms while retaining the right to renege on its promise if the borrower's creditworthiness deteriorates. The contract also specifies the various fees that must be paid over the life of the commitment. Loan commitments are widely used in the economy. As their use has spread, a rich literature has evolved to explain why they exist, how they are priced, and how they affect the risk of the bank and the deposit insurer. This article summarizes what we have learned on these issues. Its main insight is ...
Economic Review , Issue Q III , Pages 2-19

Toward a More Inclusive Economy

It is clear that the adverse effects of the pandemic have not been evenly distributed. They have been borne by the most vulnerable in our economy: lower-income and minority workers and communities; those who do not have the opportunity to work from home; those who do not live in areas with reliable telecommunications and internet services or access to adequate healthcare; and the smaller of small businesses. Indeed, the results from a recent Fed survey show that between March and July, a larger percentage of low-income workers, less educated workers, and Black and Hispanic workers were laid ...

Working Paper
Household Finance after a Natural Disaster: The Case of Hurricane Katrina

Little is known about how affected residents are able to cope with the fi nancial shock of a natural disaster. We investigate the impact that flooding from a major US hurricane had on household finance. Spikes in credit card borrowing and overall delinquency rates for the most flooded residents are modest in size and short-lived. Greater flooding results in larger reductions in total debt. Lower debt levels appear to be driven by homeowners using flood insurance to repay their mortgages rather than to rebuild. Debt reductions are larger in census tracts where mortgages were likely to be ...
Working Papers (Old Series) , Paper 1406

Working Paper
Non-nested specification tests and the intermediate target for monetary policy

An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.
Working Papers (Old Series) , Paper 8301

Price stability: why we seek it and how best to achieve it

Federal Reserve Bank of Cleveland President Sandra Pianalto explains why price stability is essential for maximum employment and how the adoption of a numerical target for inflation may improve the central bank?s ability to achieve both objectives. Find the essay, along with Frequently Asked Questions about inflation.
Annual Report

Journal Article
Government-subsidized training: a plan for prosperity?

Many analysts believe that the United States should subsidize training to increase its workers' skills because employers don't provide enough. This Commentary asks whether the present level of training is truly insufficient, or whether firms' incentives may already be in synch with the social costs and benefits of training.
Economic Commentary , Issue May

Working Paper
Export-Led Decay: The Trade Channel in the Gold Standard Era

Flexible exchange rates can facilitate price adjustments that buffer macroeconomic shocks. We test this hypothesis using adjustments to the gold standard during the Great Depression. Using prices at the goods level, we estimate exchange rate pass-through. Using novel monthly data on city-level economic activity, combined with employment composition and sectoral export data, we show that American exporting cities were significantly affected by changes in bilateral exchange rates. With those results we calibrate a general equilibrium model to obtain aggregate effects from cross-sectional ...
Working Papers , Paper 21-11r

Journal Article
The Long-Run Costs of Higher Inflation

This Economic Commentary provides an overview of several frictions and the channels through which they affect economic welfare under elevated trend inflation above 2 percent. These frictions, associated with financial transactions, price and wage stickiness, and cognitive limitations, suggest that inflation imposes significant costs on society. Higher inflation may lead to a steeper Phillips curve, a situation which increases the volatility of inflation and interest rates.
Economic Commentary , Volume 2023 , Issue 17



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Mester, Loretta J. 130 items

Haubrich, Joseph G. 101 items

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