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Bank:Federal Reserve Bank of Cleveland  Series:Economic Commentary 

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

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

Journal Article
Trends in the Noninterest Income of Banks

A large fraction of banks? revenue comes from noninterest income, which includes items such as overdraft fees and ATM charges. We investigate whether this source of income has increased since the financial crisis, given that banks? interest income may have been impacted by the low interest rate environment. We find that total noninterest income has actually decreased. However, service charges, one of the subcomponents of noninterest income, have increased. The increase in service charges is masked in the data on total noninterest income because other types of noninterest income, specifically ...
Economic Commentary , Issue September

Journal Article
New Rules for Credit Default Swap Trading: Can We Now Follow the Risk?

Credit default swaps, a useful but complex financial innovation of the 1990s, were traded over the counter before the financial crisis. Because of this infrastructure, a very opaque market emerged?and from it, the severe risk imbalances that helped fuel the crisis. Reforms are now being worked out and put in place which will move the majority of credit default swaps transactions to more transparent exchanges. Market participants will be able to see pre-trade and posttrade pricing, and regulators will have access to information that will allow them to monitor risk concentrations as they ...
Economic Commentary , Issue June

Journal Article
Why is the dividend yield so low?

The dividend yield on stocks has dropped sharply over the last decade. Is its drop a consequence of irrational exuberance? This Commentary assesses alternative explanations for the diminished dividend yield.
Economic Commentary , Issue Apr

Journal Article
Service-sector wages: the importance of education

A study of how education affects wages in the manufacturing and service sectors, concluding that higher levels of basic education are necessary in order for both displaced manufacturing workers and new labor-force entrants to compete in the rapidly growing service sector.
Economic Commentary , Issue Dec

Journal Article
The debt burden: what you don't see

An examination of the federal deficit and a discussion of how an increasing debt burden could cause a serious threat to long-term U.S. economic growth.
Economic Commentary , Issue May

Journal Article
Private money in our past, present, and future

The government isn?t the only entity allowed to issue money. Private citizens and businesses can too, and throughout U.S. history, they often have. But private money?as such money is called?isn?t issued much these days. What lessons have our experiences with private money taught us, and what do they imply for our money today and in the future?
Economic Commentary , Issue Jan

Journal Article
Unbalanced growth and the U.S. productivity slowdown

An explanation of the slower trend rate of U.S. productivity growth in the past two decades as a natural response to unbalanced growth, whereby resources are shifted from sectors with high productivity growth rates to those with lower rates, such as the rapidly expanding service sector.
Economic Commentary , Issue Jan

Journal Article
The power of price stability

The economy has been expanding for the past few years, but concerns are growing over the pressures placed on it by fiscal deficits, current account imbalances, and energy shocks. Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland, explains why she thinks the Federal Reserve can best meet those challenges and promote economic prosperity by maintaining price stability. This Commentary contains the text of her remarks to the Levy Economics Institute of Bard College on April 21, 2005.
Economic Commentary , Issue May




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