Cleveland Fed Creates Central Banking Think Tank
The Federal Reserve Bank of Cleveland announces the creation of a central banking research program, The Central Bank Institute, to identify best practices in central banking.
The Central Bank Institute will provide opportunities for the sharing of knowledge and ideas among some of the world's leading academicians and central bankers. The Institute will explore questions of central bank design, including their participation in payment services and financial institution supervision. The Institute will also examine how central banks worldwide are evolving as they adjust to a host of contemporary challenges-innovations in payment technologies, new types of financial institutions, and increasingly global markets.
"What makes The Central Bank Institute unique," according to Federal Reserve Bank of Cleveland President Jerry Jordan, "is that it will devote special attention to the connections between the primary responsibilities of central banking: formulating and implementing monetary policy; supervising and regulating financial institutions; and the clearing and settlement of payments."
In addition to hosting conferences, The Central Bank Institute will sponsor an exchange of economists between the Cleveland Reserve Bank and foreign central banks. Through its activities, the Institute will promote the development of a body of research that will enable central banks to make informed choices about their own goals and business practices.
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, supervises certain banks and all bank holding companies, and provides payment services to depository institutions and the U.S. government. Payment services include check clearing, electronic payments, and the distribution and processing of currency and coin.
The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.