Federal Reserve Bank of Cleveland

President’s Speech:

President Mester discusses “The Federal Reserve’s New Monetary Policy Strategy” at a Money and Macro Finance Society videoconference
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Read our latest, then talk to us

See Cleveland Fed Digest for a Q&A about community banks during the pandemic and two opportunities for you to tell us what you think.
2020 Small Business Credit Survey Open through October 31

Are you a small business owner with fewer than 500 employees? We want to hear from you! Take our survey (it should take you only 10 minutes).
The Fed’s response during the COVID-19 pandemic

Just published, the seventh in a series of infographics explains another action the Fed is taking to support the economy. Read it.
An Uphill Battle: COVID-19’s Outsized Toll on Minority-Owned Firms

Why have minority-owned small businesses suffered more severe pandemic effects than their nonminority-owned counterparts? This report examines the possible explanations for race-level differences. Read more

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10.22.20

Short-Time Compensation: An Alternative to Layoffs during COVID-19

Pawel Krolikowski Anna Weixel

We discuss the costs and benefits of short-time compensation (STC), an unemployment insurance program that allows workers with temporarily reduced hours to receive some unemployment insurance benefits. We describe the provisions for STC in the Middle Class Tax Relief and Job Creation Act of 2012 and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and report the utilization of STC before and after these acts. The number of states with STC programs has remained unchanged at 27 since the beginning of the pandemic, but STC utilization has recently risen to unprecedented levels, driven largely by increases in Michigan and Washington. However, these increases are small relative to increases in Germany’s popular Kurzarbeit program, suggesting that the United States’ STC program may still have scope for expansion. Read More
10.22.20

Were Fourth District Local Governments Ready for a Recession? How the Great Recession Influenced How Much They Save

Stephan D. Whitaker Cornelius Johnson

Did the Great Recession give local governments a better idea of how much savings they needed to weather another economic downturn? To find out, our economists studied financial statements from 25 cities and 25 counties in the Fourth District at two points in time: the most recent statements available and at the close of the 2007, just before the Great Recession. Read More
10.19.20

Equality Is Not Enough: Reflections on the Paycheck Protection Program

Treye Johnson

Our society often designs and implements policies that prioritize equality, but prioritizing equity or justice would better address the disparities between racial groups. Read More