Search Results
Showing results 1 to 10 of approximately 23.
(refine search)
Report
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.
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
Innovation, growth, and economic policy in an environment of change
In this report, we explore innovation as the engine of economic prosperity and argue that the greatest strength we possess is our ability to induce and embrace change, from the integration of new technologies to new peoples and cultures. Indeed, if we hope to remain an ongoing, vital player in the global economy, flexibility is likely to be our most valuable asset.
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
A puzzle for the world
An analysis of the strength of the U.S. dollar in 1984 and imbalances in U.S. international transactions.
Report
2013 Annual Report Why Inflation Is Very Low, and Why It Matters
One of the Federal Reserve?s mandates is maintaining stable prices. During my more than three decades in the Federal Reserve System, the focus has been primarily on avoiding high and variable inflation, and over most of that period, the Federal Reserve has successfully fulfilled its objective to keep inflation in check. More recently, however, our attention has turned to a less familiar concern?persistently low inflation. While high inflation has well-known costs for economic performance, the problems posed by persistently low inflation can be equally harmful. As its title promises, this ...
Report
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
Rhetoric aligned with theory: talking productively about interest rates
If the recession that began in March 2001 has ended, as many believe, it will be hard to oppose the sentiment that the U.S. economy has navigated some fairly treacherous waters with minimal damage. To many, no doubt, the 475 basis point reduction in the federal funds rate engineered by the FOMC will be one of the heroes of the recovery?expansion story. Should we not, then, re-evaluate the position this Bank has taken in the past?that policymakers should keep their eyes on long-term objectives rather than reacting to perceived, short-term gaps between output and its ?potential??
Report
Altered states: a perspective on 75 years of state income growth
According to a study featured in the Federal Reserve Bank of Cleveland's 2005 Annual Report, differences in state income levels can be explained largely by two factors: innovation and workforce skills. The study's findings suggest that increasing a region's knowledge base should be a primary component of economic development strategies.
Report
Breaking the housing crisis cycle
A plan for breaking the housing crisis cycle is emerging from the epicenter of the nation?s foreclosure meltdown. In its just-released annual report, the Federal Reserve Bank of Cleveland is calling for a multi-faceted approach that aims to address the interconnected problems that have led to too many Americans losing their homes and too many neighborhoods falling into disrepair.