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Report
Understanding the persistence of poverty
Millions of U.S. citizens continue to live in poverty within one of the wealthiest and most productive nations in the world. The Federal Reserve Bank of Cleveland's 2006 Annual Report reviews some of the reasons for the persistence of poverty in America and suggests that better education and training may be the best defense against poverty.
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Federal Reserve policy promotes growth
A view of the relationship between monetary policy and the economy, reflecting the belief that maintaining price stability does not require high interest rates and less growth.
Report
Central banks and crisis management
As 2007 began, historians prepared to reflect on several anniversaries of financial turmoil. It had been 10 years since the East Asian crisis, 20 years since the Black Monday stock market crash, 100 years since the Panic of 1907, and 150 years since the Hamburg financial crisis of 1857. Not many, however, could have predicted that 2007 would write its own chapter in history with the subprime mortgage meltdown.
Report
Theory ahead of rhetoric: measurement and the “New Economy”
The annual report essay discusses the measurement system used to track U.S. economic activity, and why it is not yet up to the task of effectively measuring aspects of economic activity that contribute the most to long-term economic growth. For historical reasons, our measuring system has concentrated on expenditure and output; going forward, though, it will need to gauge the true economic values of land, labor, and capital more accurately. Contemporary theories about the business cycle and economic growth indicate that conventional methods of measuring these factors fall short of what we ...
Report
The unfolding of the 1983 recovery
An examination of the 1983 economic expansion focusing on the effects of monetary policy and a discussion of the prospects for continued economic growth.
Report
Maximum employment: what we know (and don’t know) about the labor market
Developing issues in the labor market are clouding the outlook for both the unemployment rate and the natural rate of unemployment over the next few years. Both rates at their current levels clearly argue for providing an accommodative monetary policy, as long as inflation remains consistent with the Federal Open Market Committee?s price stability objective. ; During the next few years, I expect that our economy will continue to grow, that unemployment will decline, and that inflation will average about 2 percent. Monetary policy will need to be adjusted in response to incoming data that may ...
Report
Putting systemic risk on the radar screen
As the nation ponders its response to the greatest financial crisis in generations, plans for regulatory reform are everywhere. Proposals to break up big financial companies, create a new agency for consumer protection, and lay out additional rules for derivatives, insurance companies, and hedge funds?they?re all on the table.
Report
Theory ahead of rhetoric: economic policy for a \\"new economy\\"
The most important theoretical developments in economics of the past 20 years undermine the notion that substantial benefits are to be had from policies aimed at smoothing what has come to be known as the ?business cycle.? These fine-tuning policies, moreover, may prove costly if their price is higher, unpredictable inflation. Although policymakers may have conquered the fine-tuning impulse, they have perpetuated the language that accompanies it. That is, the language of monetary policy has failed to keep pace with theory and practice. In a world where expectations matter, the language of ...
Report
Governments and money
A discussion of the history of attempts to protect the purchasing power of money, which contends that fostering competition among currencies may be the best way to generate economic growth through price stability.