The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Good afternoon. I thank Ellen Zentner and the New York Association for Business Economics for the invitation to speak to you today. I believe that one of the important responsibilities of a Federal Reserve policymaker is to share his or her economic perspectives with the public. Congress has wisely given the Fed independence in making monetary policy decisions in pursuit of our statutory goals of price stability and maximum employment. I say "wisely" because a body of research and practical experience both here and abroad show that when central banks formulate monetary policy free from ...
The Nexus of Macroprudential Supervision, Monetary Policy, and Financial Stability
Good morning. I am very pleased to participate in this conference co-organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research. I want to thank Stephen Ong and Joe Haubrich from the Cleveland Fed and Mark Flood and Greg Feldberg from the OFR for putting together such an interesting program. I also thank the editors of the Journal of Financial Stability, which will be publishing a special volume of the journal with some of the papers from the conference. This is the second in what I hope is a series of conferences co-sponsored by the Cleveland Fed and the OFR. I ...
Payments and the Pandemic
It is a great pleasure being with you today as part of the 20th Anniversary Chicago Payments Symposium. Over the last two decades, this symposium has established itself as a valuable forum at which those interested in the payments system can gather to learn and share ideas. In recent years, the symposium has fostered important conversations between industry practitioners and policymakers. Those conversations have helped inform the Federal Reserve System’s initiative to improve and modernize the U.S. payments system. That work is ongoing and has reached important milestones this year, ...
Perspectives on the Economic Outlook and Monetary Policy. University of Pittsburgh Joseph M. Katz Graduate School of Business and Deloitte LLP, Pittsburgh, PA
Let me begin by thanking Dean Arjang Assad of the Katz Graduate School of Business and Dmitri Shiry of Deloitte for inviting me to speak with you this evening. Dmitri performs important public service as a member of the board of directors of the Cleveland Fed?s Pittsburgh Branch, and it just so happens that this building formerly housed our branch. The regional nature of the Federal Reserve has served the country well for more than 100 years. It allows monetary policy decisions to take into account the diversity of the American economy and its people and helps ensure that those decisions ...
What’s Ahead for the U.S. Economy and Monetary Policy?
Your theme, “Bouncing Back,” seems to sum things up very well, so I could probably end my talk right here. But it is probably better if I take a few moments to discuss my views on the shape of the bounce-back and the implications for monetary policy. Of course, these views will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.When we talk about the economy, it is important to remember that it is made up of households, businesses, including banks, and communities throughout the U.S. All have soldiered on through ...
The Federal Reserve and Monetary Policy Communications: The Tangri Lecture, Rutgers University, New Brunswick, NJ. 01/17/2018
This afternoon I will speak about the structure of the Federal Reserve System and the value of clear monetary policy communications. I?ll summarize some of the improvements the Fed has made to its communications, and then offer my recommendation for potential next steps. Of course, my remarks will reflect my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Emerging from recession: Implications for growth, inflation, and monetary policy, New York, New York, October 1, 2009
In a speech in New York City, Cleveland Federal Reserve Bank President Sandra Pianalto comments on current economic conditions, explains why she thinks the country's economic recovery will be gradual and bumpy, and gives her thoughts on what this gradual path to recovery may mean for inflation and monetary policy.
Inflation, inflation expectations, and monetary policy - presentation at the Copper Development Association, Global Market Trends Conference, Oak Brook, Illinois, September 8, 2006
Understanding why the prices of commodities, like copper, increase or decrease is one of the many pieces of the puzzle that we as policymakers try to fit together to help us figure out how the economy and inflation will perform in the future. Inflation is what the Federal Reserve can control - not the price of oil or copper or any other commodity. By anchoring the inflation expectations of households and businesses, we will help sustain the prosperity that generations of Americans have come to enjoy. And as we learn more about how inflation expectations are formed, we can do our job as ...
The National and Regional Economic Outlook and Monetary Policy, 11-30-2016; The African American Chamber of Commerce of Western Pennsylvania Annual Business Luncheon, Pittsburgh, PA
Today, I would like to focus on our monetary policy role by discussing my outlook for both the national and regional economy and my views on monetary policy. The economic expansion is now in its eighth year, and considerable progress has been and continues to be made on both parts of the Fed?s statutory goals of full employment and price stability. In my view, the underlying fundamentals supporting the economic expansion remain sound. As we gain more clarity about the policies that might be forthcoming, the FOMC will assess their effects, as well as the implications of economic and financial ...
The recovery and monetary policy, a speech presented to the Oberlin College Department of Economics, Oberlin, Ohio, on December 2, 2010
In a speech at Oberlin College, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto described the issues the Federal Reserve considers when making monetary policy decisions. She also gave her outlook on the economy and discussed why she decided that purchasing additional Treasury securities was the right course of action for the Federal Reserve.