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Working Paper
Average Inflation Targeting and Household Expectations
Using a daily survey of U.S. households, we study how the Federal Reserve’s announcement of its new strategy of average inflation targeting affected households’ expectations. Starting with the day of the announcement, there is a very small uptick in the minority of households reporting that they had heard news about monetary policy relative to prior to the announcement, but this effect fades within a few days. Those hearing news about the announcement do not seem to have understood the announcement: they are no more likely to correctly identify the Fed’s new strategy than others, nor ...
Speech
A Monetary Policymaker’s Lexicon at Market News International, New York, NY
Thank you for the invitation to present some remarks and to participate in what I am sure will be an interesting question and answer session to follow. I say ?interesting? because over the 18 months in which I?ve served as president of the Federal Reserve Bank of Cleveland, I find that whenever I present remarks, I learn a lot from the questions posed by the audience ? most likely, more than they learn from me. I view the exchange of ideas with the public as one of a Fed president?s duties, but it has also turned out to be one of its pleasures. Another pleasure of mine is serving on the ...
Working Paper
Communicating Monetary Policy Rules
Despite the ubiquity of inflation targeting, central banks communicate their frameworks in a variety of ways. No central bank explicitly expresses their conduct via a policy rule, which contrasts with models of policy. Central banks often connect theory with their practice by publishing inflation forecasts that can, in principle, implicitly convey their reaction function. We return to this central idea to show how a central bank can achieve the gains of a rule-based policy without publicly stating a specific rule. The approach requires central banks to specify an inflation target, inflation ...
Speech
Transcript of Moderated Conversation at UC Berkeley Event, US Economy: 10 Years after the Crisis: November 27, 2017
Transcript of Moderated Conversation at UC Berkeley Event, US Economy: 10 Years after the Crisis: November 27, 2017.
Journal Article
Information and Communications Technology Spending and City Size
Firms in big cities are spending more on information and communications technology than firms in small cities, a likely cause of the growing economic divide between big and small U.S. cities.
Working Paper
Average Inflation Targeting and Household Expectations
Using a daily survey of U.S. households, we study how the Federal Reserve’s announcement of its new strategy of average inflation targeting affected households’ expectations. Starting with the day of the announcement, there is a very small uptick in the minority of households reporting that they had heard news about monetary policy relative to prior to the announcement, but this effect fades within a few days. Those hearing news about the announcement do not seem to have understood the announcement: they are no more likely to correctly identify the Fed’s new strategy than others, nor ...
Speech
Global Issues, Global Implications
Remarks at the Central Reserve Bank of Peru (BCRP) Centenary Conference (delivered via videoconference).
Speech
Transitions: The Economy, Monetary Policy, and Policy Communications; 02.19.19, Lyons Companies and the Center for Economic Education and Entrepreneurship, Alfred Lerner College of Business and Economics, University of Delaware, Newark, DE
If I had to choose a banner headline, I would characterize 2019 as a year of transitions, for the economy, for monetary policy, and for how we communicate about policy. I would like to spend my time this morning on some of the factors affecting these transitions. The views I?ll present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Speech
Acknowledging Uncertainty, 10-07-2016; Shadow Open Market Committee Fall Meeting, New York, NY
I would like to share my perspective as someone who has participated in some of those policy decisions. I will comment on how I approach monetary policymaking in an uncertain world, review the types of uncertainty policymakers and economists need to deal with, and provide some recommendations for improving monetary policy communications. Of course, the views I?ll present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Speech
Diversity and Inclusion: We Are Not Where We Need to Be: remarks at OPEN Finance Forum, New York City
Remarks at OPEN Finance Forum, New York City.